Kurtosis
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Methodology
Looking through the token to the yield source underneath.
Kurtosis rates on-chain fixed income positions across their full economic chain: the held asset, the wrapper protocol, how you exit, and what each depends on. Every rating comes with its explicit reasoning and the exact conditions that would change it.
Deconstructs the yield generation engine beneath the token wrapper. Evaluates collateral backing, credit quality, seniority, cash flow stability, and first-loss junior absorption limits.
Evaluates smart contract logic, yield stripping and principal token tokenization, account segregation terms, and deployed binaries against matched security audits.
Tests the realization path back to clean settlement currency (USDC). Distinguishes between theoretical liquidity figures and measured, executable market depth at volume.
Identifies single points of failure, administrative keys, multi-sig thresholds, oracle price feeds, and legal rights under applicable insolvency frameworks.