The Vector Risk Framework
Philidor Analytics assesses vaults using a data-driven approach. We decompose every vault into three fundamental Risk Vectors using objective on-chain metrics.
1. Philosophy
Subjective labels like “Blue Chip” are prone to bias. Philidor Analytics replaces opinions with measurable facts.
Subjective
“This protocol is established and safe.”
Objective (Philidor Analytics)
“This protocol has been live for 1,400 days with 5 independent audits.”
2. Vector 1: Asset Composition (40%)
We categorize assets by their collateral quality.
| Exposure Type | Score |
|---|---|
| Spot ExposureHolding an asset directly | 10/10 |
| Blue-chip CollateralETH, WBTC, USDC, USDT, DAI | 10/10 |
| Established CollateralLSTs (stETH, rETH), secondary stables | 8/10 |
| Other CollateralLess liquid assets | 5/10 |
3. Vector 2: Platform Code (40%)
We measure code safety using Lindy (time), Audits (eyes), and Dependencies (complexity).
Lindy Score
Code that has survived longer is statistically safer.
- > 2 Years: ~9/10
- > 1 Year: ~7/10
- < 6 Months: <4/10
Audit Density
More independent audits = more confidence.
- Baseline: 1 Audit is mandatory
- Standard Audit: +1 point
- Contest Audit: +2 points
Dependency Risk
A vault is only as safe as its weakest link. Each dependency applies a multiplier:
- Prime Dependency (Score 8+): 0.95x (minimal penalty)
- Core Dependency (Score 5-7): 0.80x (moderate penalty)
- Edge Dependency (Score <5): 0.50x (severe penalty)
Incident Penalty
Recent security incidents cap the score:
- Incident < 30 days ago: capped at 2
- Incident < 90 days ago: capped at 5
- Incident < 180 days ago: capped at 8
4. Vector 3: Governance (20%)
We measure Exit Window — if something goes wrong, how long do you have to withdraw?
| Configuration | Score |
|---|---|
| Immutable Contract | 10/10 |
| Timelock ≥ 7 days | 9/10 |
| Timelock ≥ 48h | 8/10 |
| Timelock ≥ 24h | 5/10 |
| Timelock < 24h | 1/10 |
5. Final Score & Tiers
The scores from the three vectors are aggregated:
| Tier | Score | Meaning |
|---|---|---|
| Prime | 8.0 - 10.0 | Mature code (>2y), multiple audits, safe governance. |
| Core | 5.0 - 7.9 | Audited but may be newer or have flexible governance. |
| Edge | 0.0 - 4.9 | High risk: unaudited, very new, or instant admin powers. |
Hard Disqualifications
A vault is capped at Edge tier (score 4.9) if:
- No audit exists for the protocol version
- Platform score is 0
Version 2.0 · Last updated January 2026