// what I verified
Claims, and where each one stands.
Every claim on this page carries its evidence tier. Nothing is smoothed over, and nothing a project told me is presented as something I checked.
A Daml-native money market following an Aave v3 style design: users supply into per-asset reserves, flag deposits as collateral, borrow against that basket, and face liquidation when a position becomes unhealthy. Interest accrues through scaled balances and compounding indices.
Halborn security assessmentAn independent security assessment by Halborn is published in full, covering the lending core, reserve accounting, the on-chain risk engine, the oracle integration and the liquidation lifecycle.
halborn.com/audits/alpendCredit decisions are recomputed on-chain from a Chainlink Data Streams price oracle, including an on-chain secp256k1 report verifier.
Halborn security assessmentProtocol source is public at github.com/AlpendHQ/alpend-protocol.
GitHubBuilt by Palladium Labs, a Daml-native research and engineering firm in San Francisco, with a named founder and CEO (Akash Gaurav) and co-founder and CTO (Akshay Sinha).
Palladium Labs; Quadrant issue 01 verificationAlpend is a Featured App on the Canton Network, a General Member of the Canton Foundation, and an Active Validator on Canton.
alpend.com; docs.alpend.com/canton-networkAlpend describes itself as backed by leading crypto-native investors and strategic ecosystem partners. No backer is named anywhere I could find, so the item scores zero under the Quadrant rubric.
Canton ecosystem listingPalladium Labs announced a Genesis Fund of 10 million CC, around $1.5M, to support builders on Canton, on 23 June 2026. Announced after Quadrant issue 01 scored the project.
Palladium Labs release, 23 June 2026Alpend announced Alpend-1, a vault-based borrowing protocol on Canton where users lock CC as collateral and borrow ONE. Alpend's own docs describe ONE as a CC-backed debt instrument geared to $1 (docs.alpend.com/one/overview). ONE was made acquirable via DVP as of 19 May 2026. The vaulting protocol itself is described in Alpend's own docs as not yet fully live: the Stability Vault's liquidation-gain yield source is listed as "active when Alpend-1 launches."
@AlpendHQ, 19 May 2026; docs.alpend.com/one/overview; docs.alpend.com/resources/glossaryOn 28 July 2026, Palladium Labs was announced as the first builder using BitSafe's open-sourced Decentralization Manager framework to enable multi-party authorization for Alpend's protocol operations. This is the first public step toward replacing the single-operator custody model documented in the Halborn audit, but no updated audit or publicly documented multi-party arrangement has been published. The custody catalyst remains open at this tier.
Chainwire, 28 July 2026; Decrypt, 28 July 2026Marketing positions Alpend as institutional-grade credit infrastructure. The published audit records a single-operator custody model in which the operator holds custody and risk authority. Both can be true at once, and the second is the one that governs risk today.
Halborn assessment; The Golden Record readPalladium describes Alpend as running live in production while Alpend's own site describes a beta open to a select group of whitelisted users. These are not the same claim, and the narrower one is the one I treat as current.
palladiumlabs.org; alpend.com// the quadrant
Placement, issues 01 and 02.
Scored on the published seven-item substance checklist. Every item is binary and announced claims score zero until verified.
Scored in Quadrant issue 01, the permanent archived record of that placement.
// what would move it
Catalysts.
Each one names what I am watching and what would prove me wrong.
The audit's most consequential sentence is that a single operator holds custody and risk authority. Until that changes, counterparty risk sits with one party regardless of how the contracts behave. This is the item that decides whether the institutional framing is earned. On 28 July 2026, Palladium Labs was announced as the first builder adopting BitSafe's Decentralization Manager to enable multi-party authorization. That is a direction, not a completed arrangement: no updated audit or publicly documented replacement model has been published yet.
Beta access is gated. An open market is what turns a working protocol into a usable one, and it is also the point at which usage becomes observable to outsiders.
Named backers is one of the seven Quadrant substance items and currently scores zero. Naming them moves confirmed substance from 4 to 5 of 7.
// what I could not verify
Gaps.
These are findings, not omissions. I looked and state what I found.
Named backers. The project claims backing from crypto-native investors and ecosystem partners. No name appears in any source I checked, so the claim cannot be verified and does not score.
Usage figures. No TVL, supplied volume, borrow volume or user count is published. The whitelisted beta makes this unobservable from outside.
Whitelist scale. Neither the size of the whitelist nor the criteria for joining it are published.
Custody roadmap. The single-operator model is documented in the Halborn audit. On 28 July 2026, Palladium Labs announced adoption of BitSafe's Decentralization Manager framework for multi-party authorization. No updated audit or public specification of the replacement arrangement has been published. Gap remains open until that documentation exists.
Tradecraft integration. A CoinMarketCap article (June 2026) described an Alpend integration with Tradecraft pools to enable on-chain liquidations. No primary source from Alpend, Palladium Labs, or Tradecraft was found confirming this. Cannot be verified at primary source level and is not included in claims above.
// open to the project
Sections Alpend can fill.
These stay empty until the project supplies them. Anything supplied is labeled as supplied, dated, and never rendered as something I verified. Declining changes nothing else on this page.
Custody arrangement specification
Palladium Labs announced adoption of BitSafe's Decentralization Manager on 28 July 2026. What the resulting multi-party arrangement looks like in practice, on what timeline it is being audited, and how it replaces the single-operator model documented in the Halborn assessment.
Backers
Named investors and partners, so the claim can move off announced tier.
Usage figures
TVL, supplied and borrowed volume, with a methodology.
Whitelist criteria
Who can join the beta and how many are in it.
Position disclosure. I hold $CC and $CNTN. Alpend's ONE asset is collateralized by CC, which is why this page triggers disclosure even though Alpend itself is not a holding.
// corrections
Correction log.
No corrections recorded. First published 22 July 2026. Freshness update 28 Sep 2026: added Active Validator status (Confirmed, docs.alpend.com); added Alpend-1 and ONE (Announced, sourced to 19 May 2026); added the 28 Jul 2026 BitSafe Decentralization Manager announcement (Announced); updated the custody gap, still open; added the Tradecraft integration as an open gap with no primary source; evidence profile 6 confirmed, 4 announced, 2 speculated, 5 open.