Key Concepts

Vaults

A vault is an ERC-4626 tokenized yield position. Users deposit assets (e.g., USDC) and receive shares representing their proportional claim on the vault's holdings. Vaults earn yield through lending, liquidity provision, staking, or more complex strategies.

Philidor tracks 700+ vaults across 9 protocols and 6 chains.

Risk Scores

Every vault receives a composite risk score from 0 to 10, where higher indicates stronger relative resilience under the current methodology and evidence state.

The model is deterministic for a given input state and methodology version.

The composite formula:

Score = 0.4 × Asset + 0.4 × Platform & Strategy + 0.2 × Governance

Scores are recomputed every 30 minutes. See the full Risk Framework for scoring details.

Risk Tiers

Vaults are classified into three tiers based on their composite score:

v4.1 also emits a suitability label (institutional, qualified, speculative, not_assessed) using review status, confidence, flags, and score criteria.

Tiers are relative risk classifications, not recommendations. Prime does not mean "safe" — it means strongest observable security characteristics.

Risk Vectors

Three independent vectors, each measuring a different dimension of risk:

Asset Composition (40%)

Quality of underlying assets using v4.1 category-specific dimensions (for example fiat_backed_stablecoin, lst, wrapped_btc). Asset scoring is cap-driven: review status, hard-fail flags, overrides, staleness, and unresolved address safeguards can bind.

Platform & Strategy (40%)

Probability that the protocol's code or strategy causes loss. Three sub-components averaged then adjusted:

• Lindy score — protocol maturity: 10 × (1 - e^(-days/365))
• Audit density — number and quality of audits (contests get 2x credit)
• Strategy complexity — 14-type taxonomy from lending (10) to options/derivatives (2)

Multiplicatively adjusted by dependency safety factors and incident caps.

Governance Controls (20%)

Depositor's exit window. Immutable contracts score 10; no timelock scores 1. Weighted at 20% because governance risk is partially depositor-mitigable (timelocks give time to exit).

Protocols

9 supported DeFi protocols:

Curators

Entities that manage vault allocations and parameters. Examples: Gauntlet, Steakhouse, Re7, MEV Capital. Curators are tracked with their vault portfolios, actions, and track records.

Chains

6 supported networks:

APR

APR is stored as a decimal: 0.05 = 5%.

• apr_net — total APR including base yield + incentive rewards
• base_apr — native protocol yield only (lending rate, share price accrual)
• Rewards — token emissions (MORPHO, ARB), points, trading fees, sub-strategies

Invariant: apr_net = base_apr + SUM(reward APRs)

Phil — Automated Execution (Coming Soon)

Phil is a trust-minimized protocol for automated DeFi strategy execution. Users configure a strategy once and sign a session key — Phil's agent then executes continuously on their behalf (rebalancing, collateral management, liquidation protection) while three structurally independent parties must agree before any transaction executes, enforced by audited smart contracts.

The three enforcement layers: independent co-approval (Phil proposes, Philidor co-signs), onchain policy (curator-governed registries defining permitted protocols, functions, and parameter bounds), and trustless emergency exits (automatic fund recovery on adverse onchain conditions — no signature required).

Phil is currently in development. Full protocol documentation is available in the Phil repository.

Next steps

• Risk Framework — full scoring methodology with worked examples
• API Reference — explore the data via REST API
• Data Reference — complete data format specification