Mizan by Elabify
Institutional risk governance for digital assets.
Built for treasuries that need evidence, not vibes.
Mizan is a multi-tenant platform that lets stablecoin issuers, family offices, and institutional treasury teams score every protocol they touch, track positions across every ledger they hold, and produce board-ready evidence packs. The full product is available as a self-serve workspace at mizan.elabify.com. Free magic-link sign-in, no credit card.
Each workspace is isolated by Postgres row-level security from the moment it is created. No tenant ever sees another tenant’s data, not even via a bug in the application code.
What ships with your workspace
Every workspace gets the full product on day one. Not a stripped-down trial.
Two templates ship by default. Lite is a 15-question quick screen for positions under your workspace materiality threshold. Enterprise covers 10 pillars, 22 red flags, and 10 stress scenarios. Either template is editable per workspace.
Live positions across every supported chain via Alchemy, pool health via DeFiLlama. The dashboard chart spans 7, 30, 90, 180, or 360 days, plus an all-time view. Every capital change appears as a marker on the line.
A 24-item institutional submission checklist tied to every assessment, covering investment objectives, market and pair analysis, technical risk, impermanent loss modelling, operational plan, financial projections, stablecoin credit risk, regulatory and compliance, counterparty and custody, and stress testing.
Configurable rules covering hurdle-rate breaches, peg deviations, pool liquidity drops, and impermanent-loss budget breaches. Delivered by email or webhook. Per-rule deduplication windows prevent storms.
Daily, weekly, or monthly position snapshots emailed to your committee as XLSX attachments. Filter presets let you scope each subscription to a slice of the book.
Every mutation captured to a per-workspace audit log. Who did what, when, and what the values were before and after. Exportable for compliance review.
Workspace currency is configurable across USD, EUR, GBP, AUD, CAD, CHF, JPY, NZD, HKD, and SGD. Capital, max-position, and materiality threshold all reformat instantly.
For workspaces that need to run on their own infrastructure: Helm chart and Docker images available on request. The hosted version and the self-host build run from the same source tree.
One real assessment, end to end
What the framework looks like when an assessor runs it on a real protocol.
- P1 Legal structure
- P2 Custody & safety
- P3 Oracle architecture
- P4 Collateral quality
- P5 Hedge integrity
- P6 Credit & yield
- P7 Smart-contract security
- P8 Team & operations
- P9 Liquidity & peg
- P10 Regulatory
Composite of 3.14 lands in the 3.00 to 3.49 band, which the active template maps to PASS WITH NOTES. Allocation guidance and review cadence follow the verdict scale below.
The framework
Structured-product methodology, adapted for DeFi. Editable per workspace.
Two templates ship by default. Lite is a 15-question quick screen for positions under your workspace materiality threshold. Enterprise v3.2 organises due diligence into four risk families and ten weighted pillars, drawing on rating-agency structured-product methodology. Either template is editable per workspace: clone the system version, change pillar weights, criterion text, thresholds, or auto-escalators, and the next assessment uses the override. System templates stay untouched as a reference.
Can I recover principal in the worst case?
Pillars: P1 Legal structure, P2 Custody.
Does the yield mechanism work under stress?
Pillars: P3 Oracle, P4 Collateral, P5 Hedge, P6 Credit & yield.
Who can fail and what happens?
Pillars: P7 Smart contract, P8 Team & operations.
Can I exit at fair value when I want to leave?
Pillars: P9 Liquidity & peg, P10 Regulatory.
Protocols we evaluate
Curated assessor baselines for two dozen plus protocols. Add your own for bespoke work.
Mizan ships with curated baselines across DeFi lending, AMM and concentrated liquidity, yield aggregation, liquid staking and restaking, tokenised RWA, and stablecoin issuance. Workspaces can add custom protocols for bespoke assessments. The catalog expands roughly every release.
| Category | Protocols | Most-weighted pillars |
|---|---|---|
| DeFi lending | Aave v3, Morpho Blue, Compound v3, Spark, Euler v2 | P3, P4, P5, P7 |
| AMM and concentrated liquidity | Uniswap v3, Curve, Balancer, Aerodrome | P4, P7, P9 |
| Liquid staking and restaking | Lido, Rocket Pool, EigenLayer | P3, P5, P9 |
| Yield aggregation | Yearn v3, Pendle, Convex | P4, P6, P8, P9 |
| Institutional and tokenised RWA | Canton Network, Maple, Centrifuge | P1, P6, P10 |
| Stablecoin issuance | Sky, Ethena, Stabull, PayPal USD | P2, P4, P10 |
| Bespoke | Add your own protocol via the workspace catalog | configurable |
Scoring and verdicts
Five-tier allocation guidance with template-configurable thresholds.
Every assessment produces a composite 0 to 4 score mapped to one of five verdicts. Thresholds live in the workspace’s active template. Clone and override the system defaults if your investment policy uses different bands.
| Composite | Verdict | Typical guidance |
|---|---|---|
| 3.50 to 4.00 | PASS | Full policy allocation. Quarterly review. |
| 3.00 to 3.49 | PASS WITH NOTES | Approved with documented caveats. Action items tracked. |
| 2.50 to 2.99 | WATCH | Reduced allocation. Binding remediation plan. Monthly review. |
| 1.50 to 2.49 | CONCERN | Pilot only. Risk-committee sign-off required. |
| below 1.50 | FAIL | No allocation. Revisit after material remediation. |
Eight conditions trigger an automatic FAIL even if the composite would otherwise pass: OFAC or sanctioned-address exposure, stressed time-to-exit beyond 24 hours, a single admin key controlling funds, no Tier-1 audit on the deployed bytecode, a materiality-threshold breach with no remediation, an anonymous core team with no accountable principal, unregistered-securities exposure in the target jurisdiction, and opaque collateral with no proof of reserves. These mirror standard institutional auto-disqualifier conventions and are editable per workspace template.
Use cases
Six common shapes the framework takes in production.
Evaluate deployment of idle USDC, USDT, or tokenised T-bill reserves. Focus areas: redemption risk, peg stability, and KYC and AML posture. Relevant pillars: P1, P2, P4, P9, P10.
Compare Aave v3, Morpho Blue, and Compound v3 using identical criteria for oracle architecture and liquidation mechanics. Relevant pillars: P3, P4, P7, P8.
Assess Aerodrome and Curve pools including subvault nesting, blast radius, and impermanent-loss analysis. Relevant pillars: P6, P7, P9.
Evaluate Lido and EigenLayer on slashing risk, oracle dependency, and redemption-queue capacity. Relevant pillars: P3, P5, P9.
Apply the framework to tokenised T-bills and structured finance, weighted toward legal documentation and credit analysis. Relevant pillars: P1, P6, P10.
Produce board-ready outputs: composite scores, family heatmaps, red-flag registers, scenario tables, and capital-over-time charts. Scheduled reports deliver the same packs on a daily, weekly, or monthly cadence.
Get started
Two paths. Same product underneath.
Sign in with a magic link, name your workspace, and run your first assessment in about ten minutes. Free for evaluation, pricing on request when you are ready to add the team.
Sign up at mizan.elabify.comPrefer to have us run the framework on your behalf? We can produce peer comparables, draft your investment policy alignment, or embed in your risk committee for a series of reviews.
Talk to the teamSelf-hosted on your own infrastructure? Helm chart and Docker images available on request. Contact us for access.