★ Low-threshold multisig vs TVL
Meteora's assessment for RD-F-028 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Squads v3 multisig controls DLMM upgrades. Threshold (M) and member count (N) not decoded this pass — borsh RPC decode required but unavailable in agent environment. TVL $319.9M requires 3-of-5 or higher peer norm. No public threshold attestation found. July 2025 governance forum confirms team controls decisions without DAO voting. Cannot confirm threshold adequacy; risk of low threshold given no external signers confirmed. Yellow pending threshold decode. SOLANA_GOVERNANCE.md reference table shows Raydium at 2/3 (acknowledged low), Jupiter at 4/7, Kamino 5/10.
Sources #
- InternalSolana Governance Verification Methodology — empirical reference tableSOLANA_GOVERNANCE.md curated reference table: Jupiter 4/7 (v3), Raydium 2/3 (v3), Kamino 5/10 (v4)retrieved 2026-05-16
- Meteora Community Call Recap 3 April 2024MeteoraAg Medium community call April 2024 — ideally external signers, not from team; aspirationalretrieved 2026-05-16
- July 2025 Thinking on MET and GovernanceJuly 2025 Thinking on MET and Governance — team retains control, no DAO votingretrieved 2026-05-16
Methodology #
Determine whether the multisig threshold is abnormally low relative to TVL peer cohort (e.g., 2-of-3 for a protocol with >$100M TVL where peer norm is 5-of-8).
See the full factor methodology and distribution across all protocols →