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Disclosures · updated continuously

Everything we'd rather you didn't have to ask for.

The running record of Onyx's own conflicts, corrections, gifts, sponsors, and screening results. If a ratings agency won't disclose about itself what it demands of the projects it rates, it isn't one.

Gift log entries
14
since founding · all declined or logged
Corrections published
7
including one above the fold
Active sponsors
6
9% of revenue · cap is 10%
Screening violations
2
both terminated · both public
Annual reports

The independence report.

Published every March by the Independence Officer, unedited by the executive team. Revenue mix, violations, gift log, screening statistics, treasury holdings.

FY2025 · current

Independence Report & Revenue Disclosure

Revenue mix 46/27/18/9. Two enforcement actions. One declined sponsorship, named. First report audited by an external reviewer.
2026-03-12 · 48 pp · sha256 c1e8…40aa
FY2024

Independence Report & Revenue Disclosure

First full year. Revenue mix 61/22/11/6. One enforcement action. Gift log established after a rated project sent the office a case of wine.
2025-03-14 · 31 pp · sha256 9b02…e3f7
2024 · partial

Founding Disclosure Statement

Cap table, founder holdings at launch, divestment schedule, and the board independence structure — published before the first rating.
2024-03-02 · 9 pp · sha256 4d77…12c9
Wallet screening

Trailing 12 months.

Disclosed employee wallets are diffed against the coverage universe every 24 hours under Independence Policy R-2.3.

Wallets screened
247
across 58 employees, 14 chains
Screening runs
365 / 365
no missed days · runs are logged on-chain
3
Flags raised
2 false positives (airdrops, returned) · 1 violation → termination
Median flag-to-resolution
2.1 days
policy allows 5 business days
Gift log

Gifts & hospitality, complete.

Everything above CHF 100 offered by a rated or applying entity. The log exists because refusing quietly protects the refuser, not the reader.

DateFromItemStatus
2026-05-30Rated DeFi protocol (Certified)Conference speaking fee, $8,000, offered to lead reviewerDeclined
2026-04-11Marketplace providerHardware wallet engraved with provider logo (~CHF 180)Returned
2026-02-02L2 foundation (applicant)Invitation, all-expenses off-site in Lisbon, 2 analystsDeclined
2025-12-19Rated infra projectHoliday hamper to Zug office (~CHF 240), donated to local food bankLogged
2025-09-04GameFi studio (pre-review)Advisory token allocation offered to reviewer — see enforcement recordReported
2025-06-27Audit firm (vetted)Dinner following joint panel, CHF 130/headLogged
Sponsorships

Who is paying us right now.

Every active paid placement, its surface, and its share of revenue. Capped at 10% of annual revenue by board policy.

SponsorSurfaceTermRating relationshipStatus
Ledger EnterpriseNewsletter footer · The Onyx Brief2026-01 → 2026-12Not rated (hardware)Active
ChainalysisEditorial landing · sidebar2026-03 → 2026-09Not rated (services)Active
FireblocksRatings directory · top strip2026-02 → 2026-08Not rated (custody infra)Active
Aave LabsHomepage · marketplace teaser2025-11 → 2026-11Rated: 91 Certified. Score fell 2 pts during campaign, Feb 2026Active
NansenNewsletter footer · alternating2026-04 → 2026-10Not rated (analytics)Active
Safe (Gnosis)For-projects page · footer band2026-05 → 2027-05Rated: 88 CertifiedActive
ConsensysEditorial · sidebar2025-08 → 2026-02Not rated (holding co)Ended
How to read this table. Sponsored placements always carry the flat PlacementSponsored pill and never share shape language with earned credentials. A sponsor's rating moves like anyone else's — Aave's did, mid-campaign, and the campaign continued because the contract explicitly says it must.
Corrections

What we got wrong.

Every published correction to a rating, case, or article. Corrections run with the same prominence as the original error.

DateDocumentCorrectionStatus
2026-05-20NovaPlay rating (81, Certified)Multi-sig signer diversity accepted from self-attestation; signers were sock puppets. Rating withdrawn, methodology gained Sec. 05.4. "That is on us."Corrected
2026-03-08Watchlist case ONX-2026-0019Initial memo misattributed a treasury wallet to the project; it belonged to a market maker. Case amended, project notified, memo diff published.Corrected
2025-11-30Editorial · restaking series pt. 2Overstated an operator's slashing exposure by 3× due to a decimals error in our indexer. Figure corrected within 6 hours.Corrected
2025-07-14Ratings directoryTVL column showed stale data for 11 Solana projects for ~30 hours after an indexer fault. Banner disclosed the window.Corrected
2025-02-21Analyst re-review (post-termination)Following the January violation, one of the terminated analyst's ratings was revised upward on re-review — disclosed because bias cuts both ways.Corrected
Conflict register

Standing conflicts & recusals.

Declared relationships that trigger automatic recusal. Names are internal; roles and scopes are public.

DeclaredRoleConflict & standing remedy
2025-10-02Senior analyst · DeFiSpouse employed by a rated custody provider. Recused from that provider's category; reviews reassigned permanently.
2025-04-18Board member (independent)LP in a fund holding rated assets. Excluded from all rating-committee materials; disclosure renewed quarterly.
2024-09-11Co-founder · CROPre-founding advisory tokens (vested 2023) in one rated project — divested on a published schedule, completed 2025-01. Recused from that project through v3.2.
2024-03-02Editorial leadPrior employer (The Block) covered by media-coverage sections. May not review coverage of former employer; standing since founding disclosure.