Key Concepts

Vaults

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

Philidor tracks 800+ vaults across 11 protocol modules and 10 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.

Score = 0.30 × Asset
  + 0.30 × Platform and Strategy
  + 0.20 × Control and Governance
  + 0.20 × History

Scores are recomputed on hourly sync cycles, with incident-triggered rescoring within minutes. See the full Risk Framework for scoring details.

Risk Tiers

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

The framework also emits a suitability label using review status, confidence, flags, and score criteria.

The API publishes published_risk_tier with boundary stability. Promotions dwell for 6 hours, demotions dwell for 24 hours, and hard floors publish material deterioration immediately. See Published-Tier Stability.

Tiers are relative risk classifications, not recommendations. Prime means strongest observable security characteristics, not safety.

Risk Vectors

Four vectors measure distinct dimensions of risk.

Asset Composition (30%)

Quality of underlying assets using category-specific dimensions. Asset scoring is cap-driven, and review status, hard-fail flags, overrides, staleness, and unresolved address safeguards can bind.

Platform and Strategy (30%)

Probability that the protocol code or strategy causes loss. The vector averages Lindy score, audit score, and strategy score, then applies dependency factors and severity-aware incident caps.

Control and Governance (20%)

Depositor exit window and governance control surface. Immutable contracts score 10. AMM no-pause control scores 9. Timelocks score on the live ladder from 9 at seven days to 1 when no timelock exists.

History (20%)

Recent operational instability and confirmed loss history. Critical and Warning events are time-decayed, Warnings have diminishing returns, and confirmed lifetime Critical loss events carry a non-decaying penalty.

Protocols

11 protocol modules are registered in the indexer. See Supported Protocols for versions, audits, and incident history.

Curators

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

Chains

9 supported networks are listed below.

Events Severity

Events use three public severities.

Severity affects alerts, display floors, and the History vector when the event is vault-scoped.

Holders

Holder endpoints measure ownership concentration for vault share tokens. Public responses separate protocol-managed addresses from external holders, include entity labels where available, and mark coverage as complete or indexing.

APR

APR is stored as a decimal. 0.05 means 5%.

• apr_net is total APR including base yield and incentive rewards
• base_apr is native protocol yield only
• Rewards include token emissions, points, trading fees, and sub-strategies

apr_net = base_apr + SUM(reward APRs)

Next Steps

• Risk Framework for full scoring methodology with worked examples
• API Reference for REST API documentation
• Data Reference for data format specification