Example response
The response this call returned, captured 2026-10-15 12:12:43 UTC.
{
"portal": {
"provenance": "third-party-supplier",
"serviceId": "treasury-capital-score",
"schemaCheck": "unchecked"
},
"data": {
"schema_version": "tcs-6-paid-response/1.0",
"report_id": "tcs6_bb8ee1c0-502c-43b3-8b07-c24f45732b09",
"analysis_status": "provisional",
"as_of": "2026-10-15T06:07:34Z",
"currency": "USD",
"entity": {
"entity_id": "aave",
"name": "Aave Protocol / Aave DAO",
"entity_type": "defi_protocol",
"peer_cohort": "DeFi protocol",
"registry_status": "partially_verified"
},
"payment_entitlement": {
"release_condition": "verified_payment_webhook_and_ready_validated_report",
"entitlement_id": "ent_1a240177-1475-4de9-aeaf-c5f3da620cf8",
"payment_verified_at": "2026-10-15T12:12:45.372Z",
"delivery_expires_at": null
},
"capital_perimeter": {
"included_classes": [
"On-chain assets controlled by a verified treasury address, Safe, timelock, or governance-controlled contract",
"Publicly disclosed off-chain cash, money-market funds, T-bills, and custody balances",
"Protocol-owned liquidity and LP positions net of embedded borrowing and realization costs"
],
"excluded_classes": [
"TVL, deposits, collateral, bridge balances, or insurance funds beneficially owned by users",
"Circulating market capitalization, FDV, token price, and unissued token supply",
"Unvested grants, unsigned commitments, and expected future token emissions"
],
"beneficial_ownership_rule": "Only assets whose control by the entity is evidenced count toward treasury capital; one economic exposure is counted once across addresses, wrappers, and bridges.",
"known_perimeter_gaps": [
"Network-specific Aave Collector contracts and approved operational Safes under Aave governance. Excludes Aave Labs corporate assets, user deposits, protocol TVL, and GHO/Umbrella/Safety Module assets unless separately consolidated.",
"Aave's own treasury totals include DAO-held AAVE ($65.68M of $168.16M on 2026-02-28); TCS-6 counts AAVE as native_token with a 60-100% haircut instead."
]
},
"headline": {
"gross_adjusted_treasury_usd": 40552099.35,
"obligations_usd": 0,
"net_realizable_treasury_usd": 40552099.35,
"capital_scale_percentile": 79.5,
"capital_scale_peer_count": 22
},
"hard_gates": [
{
"id": "entity_identity",
"status": "pass",
"evidence_refs": [],
"effect": "Entity perimeter is distinguishable from user funds and unrelated wallets."
},
{
"id": "control_coverage",
"status": "pass",
"evidence_refs": [],
"effect": "100% of reported gross value has verified control evidence (threshold 60%)."
},
{
"id": "valuation_freshness",
"status": "fail",
"evidence_refs": [],
"effect": "1 verified position(s) have prices older than 60 minutes or holdings older than 90 days at as_of; affected metrics marked stale and confidence reduced."
}
],
"dimensions": [
{
"id": "D1",
"name": "Net Realizable Capital Scale",
"weight_pct": 20,
"score": 100,
"status": "complete",
"confidence": 43.3,
"primary_metrics": [
{
"name": "gross_adjusted_treasury_usd",
"value": 40552099.35,
"unit": "USD",
"method": "sum(fair_value * (1 - haircut) * control_factor)",
"status": "stale",
"source_refs": "…"
},
{
"name": "net_realizable_treasury_usd",
"value": 40552099.35,
"unit": "USD",
"method": "gross_adjusted - recorded obligations (contingencies probability-weighted)",
"status": "stale",
"source_refs": "…"
},
{
"name": "same_cohort_nrt_percentile",
"value": 79.55,
"unit": "percentile",
"method": "mid-rank within cohort; requires >= 20 eligible peers (have 22)",
"status": "estimated",
"source_refs": "…"
}
],
"evidence_refs": [
"REG:https://github.com/bgd-labs/aave-address-book/tree/main/src/AaveV3Ethereum.sol",
"RPC:ethereum",
"CG"
],
"rationale": "Net Realizable Treasury $40.6M sits at the 80th same-cohort percentile."
},
{
"id": "D2",
"name": "Liquidity and Operating Runway",
"weight_pct": 20,
"score": 0,
"status": "complete",
"confidence": 53.3,
"primary_metrics": [
{
"name": "tier_0_to_1_hqla_usd",
"value": 12271649.47,
"unit": "USD",
"method": "post-haircut value of cash equivalents, fiat-backed stablecoins, BTC/ETH-class assets; excludes any flagged for redemption limits, legal restriction, lockup, active depeg, thin depth, or custody concentration",
"status": "stale",
"source_refs": "…"
},
{
"name": "expected_12m_cash_uses_usd",
"value": 91880000,
"unit": "USD",
"method": "documented budget + debt service + unavoidable commitments",
"status": "single_source",
"source_refs": "…"
},
{
"name": "liquidity_runway_months",
"value": 1.6,
"unit": "months",
"method": "12 * hqla / expected_12m_cash_uses",
"status": "estimated",
"source_refs": "…"
}
],
"evidence_refs": [
"REG:https://github.com/bgd-labs/aave-address-book/tree/main/src/AaveV3Ethereum.sol",
"RPC:ethereum",
"CG"
],
"rationale": "Tier 0-1 liquid assets of $12.3M cover 1.6 months of documented cash needs."
},
{
"id": "D3",
"name": "Obligation and Claim Coverage",
"weight_pct": 15,
"score": 100,
"status": "provisional",
"confidence": 50,
"primary_metrics": [
{
"name": "obligations_due_or_enforceable_usd",
"value": 0,
"unit": "USD",
"method": "no material known obligations in documented legal/contingency evidence",
"status": "estimated",
"source_refs": "…"
},
{
"name": "net_realizable_treasury_usd",
"value": 40552099.35,
"unit": "USD",
"method": "see D1",
"status": "stale",
"source_refs": "…"
},
{
"name": "claim_coverage_ratio",
"value": "no_material_known_obligations",
"unit": "x",
"method": "denominator is zero; ratio not computed",
"status": "not_meaningful",
"source_refs": "…"
}
],
"evidence_refs": [
"AAVE-RSETH-FUNDING-2026",
"AAVE-FUNDING-UPDATE-2026-06",
"REG:https://github.com/bgd-labs/aave-address-book/tree/main/src/AaveV3Ethereum.sol"
],
"rationale": "No material known obligations are documented; scored on legal and contingency evidence rather than an unbounded ratio."
}
],
"overall_score": {
"score": 44,
"coverage_pct": 100,
"decision_band": null,
"status": "provisional",
"method_version": "tcs-6/1.0"
},
"confidence": {
"score": 97.8,
"label": "high",
"source_quality": 98.1,
"data_coverage": 100,
"cross_source_consistency": 92.3,
"recency_fit": 100
},
"data_coverage": {
"verified_control_value_pct": 100,
"offchain_disclosed_value_pct": 0,
"fresh_price_value_pct": 100,
"obligation_visibility_status": "partial"
},
"source_manifest": [
{
"source_ref": "EXP:ethereum",
"title": "ethereum token balances (Blockscout)",
"publisher": "Blockscout",
"url": "https://eth.blockscout.com",
"retrieved_at": "2026-10-15T06:07:34Z",
"observation_time": "2026-10-15T06:07:34Z",
"source_tier": 1,
"rights_status": "permitted_for_derived_output"
},
{
"source_ref": "RPC:ethereum",
"title": "ethereum chain state via JSON-RPC",
"publisher": "Pocket Network",
"url": "https://eth.api.pocket.network",
"retrieved_at": "2026-10-15T06:07:34Z",
"observation_time": "2026-10-15T06:07:34Z",
"source_tier": 1,
"rights_status": "permitted_for_derived_output"
},
{
"source_ref": "EXP:arbitrum",
"title": "arbitrum token balances (Blockscout)",
"publisher": "Blockscout",
"url": "https://arbitrum.blockscout.com",
"retrieved_at": "2026-10-15T06:07:34Z",
"observation_time": "2026-10-15T06:07:34Z",
"source_tier": 1,
"rights_status": "permitted_for_derived_output"
}
],
"risks": [
{
"id": "rseth_defi_united_2026",
"category": "counterparty",
"severity": "medium",
"description": "April 2026 rsETH (Kelp DAO / LayerZero bridge) incident. The DAO donated 25,000 ETH to DeFi United; owner judgment (2026-10-03) is that its exposure is capped at that amount. Recovery-loan balances aren't published. AAVE buybacks paused since 2026-04-19.",
"monitoring_action": "Track funding updates and the DeFi United repayment waterfall; add remaining facility balances as obligations once published."
},
{
"id": "service_provider_turnover_2026",
"category": "other",
"severity": "low",
"description": "BGD Labs (engagement ended 2026-04-01) and Chaos Labs (exit announced 2026-04-06) left as service providers; Aave Labs is now the primary technical provider.",
"monitoring_action": "Re-check service-provider budget lines at the next full budget publication."
},
{
"id": "revenue_decline_2026",
"category": "other",
"severity": "medium",
"description": "DAO Total Revenue fell each quarter of 2026: Q1 $37.9M -> Q2 $24.6M -> Q3 $18.9M (insights.aave.com Income Statement). TokenLogic attributes early-2026 strength partly to episodic liquidation and SVR fees. At the Q3 run-rate ($75.6M) recurring inflows are below committed budget lines ($91.88M).",
"monitoring_action": "Update the run-rate each quarter from the Income Statement; watch borrow-fee and GHO revenue trends."
}
],
"data_gaps": [
{
"field": "D6.address_or_custody_reconciliation_pct",
"reason": "Required evidence is not yet available for this metric.",
"impact": "D6 scored conservatively.",
"remediation": "Collector or registry curation to supply a cited source."
},
{
"field": "holdings.arbitrum.0x053D55f9B5AF8694c503EB288a1B7E552f590710.token_list",
"reason": "Explorer token list unavailable (HTTP 403 from https://arbitrum.blockscout.com/api/v2/addresses/0x053D55f9B5AF8694c503EB288a1B7E552f590710/token-balances); 7 known tokens were read on chain instead.",
"impact": "Tokens outside the known list (last accepted holdings and common tokens) may be missed at this address.",
"remediation": "Next run retries the explorer."
},
{
"field": "holdings.base.0xBA9424d650A4F5c80a0dA641254d1AcCE2A37057.token_list",
"reason": "Explorer token list unavailable (HTTP 403 from https://base.blockscout.com/api/v2/addresses/0xBA9424d650A4F5c80a0dA641254d1AcCE2A37057/token-balances); 7 known tokens were read on chain instead.",
"impact": "Tokens outside the known list (last accepted holdings and common tokens) may be missed at this address.",
"remediation": "Next run retries the explorer."
}
],
"disclaimer": "This report is derived from public evidence and stated assumptions as of the reported timestamp. It is not legal, tax, accounting, or personalized investment advice, and it does not authorize or execute any transaction."
}
}