The work behind the ratings.
Investigations, methodology notes and analysis from the editorial bench.
Forty-two days from Certified to Removed. The full reconstruction of the largest GameFi treasury event of 2026 — what the audit missed, what the docs misrepresented, and what the team did in the 96 hours after the transactions.
The Q2 2026 methodology update adds a KYC sub-criterion weight, clarifies how anonymous-team projects are scored, and revises the audit recency window. Here's the full diff with rationale.
Lido's share of staked ETH has plateaued at 28% — below the 33% threshold that has dominated the discourse. But the operator-level concentration story is different and worth looking at closely.
The AI agents category requires a different evidence base than DeFi. Here's how methodology v3.2 handles it — and what we learned from the first 24 ratings.
312 applications received, 187 accepted, 14 removed for cause. Plus three methodology gaps we surfaced this quarter that informed v3.2.
Hamster Kombat reached 240M players. Notcoin moved 35M wallets on-chain. The Telegram-native category needs different evaluation criteria than DeFi or GameFi. Here's our working framework.
Of 232 providers who applied to the Onyx marketplace since 2024, we accepted 51. The other 181 were declined. The pattern in the rejections is the most useful artifact we've produced this year.
Restaking went from a thesis to a $14B category. Onyx's 18-month review of EigenLayer's operational track record, AVS slashing events, and the unsolved questions.