First-depositor / share-inflation guard

Superstate's assessment for RD-F-075 — scored not_applicable on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.

Evidence summary #

No share-inflation / first-depositor attack surface. Shares are minted by Superstate admin at fund NAV per share (oracle-priced); no permissionless first-depositor path exists that could exploit share-to-asset ratio. AllowList-gated subscription prevents any public first-depositor scenario. Taxonomy §Cat 4 PD-024: first-depositor guard is lending-only context.

Sources #

Docs
Superstate docs full text — subscription and minting mechanicsSuperstate docs: token minting is admin-controlled (Superstate Admin Address); subscription via AllowList-gated process; NAV per share is oracle-derived, not vault-ratio-derivedretrieved 2026-05-16
Audit
0xMacro superstate-2 audit (2024-07-10)0xMacro superstate-2: no ERC-4626 vault interface; share price is NAV-oracle-set, not ratio-to-deposited-assetsretrieved 2026-05-16

Methodology #

Determine whether the vault has a first-depositor guard (seed deposit on deploy, virtual-share offset, or floor-check).

See the full factor methodology and distribution across all protocols →

rubric_version v1.7.0 protocol superstate factor RD-F-075 score not_applicable collected_at 2026-05-16 00:06:37