Audit log

Every state-changing event for Adrena Protocol: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-31 20:20:56Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"2b1edbbe-6527-4c86-b13d-b6bf0f536b49","kind":"publish","page_slug":"adrena-protocol","published_at":"2026-05-31T20:20:55.969Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Adrena Protocol","sections":[{"content":"Adrena Protocol launched in 2024 as a decentralized, open-source, peer-to-pool perpetual and spot exchange on the Solana blockchain. The protocol's codebase was derived from the Solana Labs perpetuals reference implementation, a publicly documented starting point that the team modified and extended. According to investor Pivot Global's published investment thesis, the team consisted of 'well-respected anonymous Solana native builders who were core contributors to the Solana Perpetuals program.' The platform offered up to 100x leverage on crypto perpetuals (SOL/USDC, WBTC/USDC, BONK/USDC at launch) with oracle-based pricing supplied by Pyth Network, and zero liquidation fees as a stated competitive differentiator. Adrena's GitHub organization (AdrenaFoundation) hosts the open-source program code and related repositories.","heading":"Overview and Background","severity":"low","sources":[{"credibility":2,"name":"Pivot Global Investment into Adrena","type":"other","url":"https://paragraph.com/@pivotglobal/pivot-globals-investment-into-adrena"},{"credibility":2,"name":"AdrenaFoundation GitHub Organization","type":"official","url":"https://github.com/AdrenaFoundation"},{"credibility":2,"name":"What is Adrena? - Official Docs","type":"official","url":"https://docs.adrena.trade/about-adrena/what-is-adrena"}]},{"content":"The founding team of Adrena Protocol chose to remain anonymous throughout the protocol's operational life. Pivot Global's published investment note explicitly described the team as 'well-respected anonymous Solana native builders.' No founder names, LinkedIn profiles, or verifiable real-world identities have been publicly disclosed. In their November 2025 maintenance-mode announcement, the team stated they had 'never sold any vested ADX' and expressed hope that the community would continue the protocol's vision — but these claims cannot be independently verified given the anonymous nature of the team. An anonymous founding team is a recognized risk factor in DeFi: it reduces accountability and makes it harder to assess the competence or integrity of the people controlling protocol upgrades, treasury funds, and governance. The Adrena vision document acknowledged that governance power over the platform was 'mainly held by the team and early contributors through their vesting tokens for the first few months,' representing a period of significant centralized control before community tokens could counterbalance team voting power. No details about multi-signature security arrangements for the admin keys or upgrade authority are disclosed in publicly available documentation.","heading":"Team Anonymity and Centralization Risk","severity":"high","sources":[{"credibility":2,"name":"Pivot Global Investment into Adrena — team described as anonymous","type":"other","url":"https://paragraph.com/@pivotglobal/pivot-globals-investment-into-adrena"},{"credibility":2,"name":"Adrena Vision Document (docs.adrena.xyz)","type":"official","url":"https://docs.adrena.xyz"},{"credibility":2,"name":"MEXC News — maintenance mode announcement including team token statement","type":"news_article","url":"https://www.mexc.co/news/163458"}]},{"content":"Adrena's smart contracts were audited by OtterSec, a Solana-focused security firm. According to the protocol's own documentation (published at launch), an OtterSec audit covered the core program, though the audit was described as an interim report that did not cover the full feature set including take-profit and stop-loss actions, with a final report noted as forthcoming. The vision document mentioned plans for a second audit from an additional firm and an ongoing Immunefi bug bounty program following Immunefi's severity classification, with rewards reportedly up to $250,000 for critical bugs. However, no published audit PDF with detailed findings was located in public search results, and no active Immunefi listing for Adrena was confirmed. CertiK's Skynet page for Adrena Protocol shows the project was not audited by CertiK and scored 72.03 on CertiK's Skynet scale, with a notably low Code Security component score of 30 out of 100. CertiK also noted no active bug bounty program at the time of its assessment. The absence of a publicly retrievable final audit report and the low CertiK Code Security rating are risk signals, though the code is open-source and the OtterSec audit does appear to have been conducted. No security exploits or fund losses attributed to Adrena Protocol smart contract vulnerabilities have been reported in publicly available sources.","heading":"Security Audits and Bug Bounty","severity":"medium","sources":[{"credibility":2,"name":"Adrena Protocol - CertiK Skynet Project Insight","type":"research","url":"https://skynet.certik.com/projects/adrena-protocol"},{"credibility":2,"name":"Adrena Vision Document — audit and bug bounty section","type":"official","url":"https://docs.adrena.xyz"},{"credibility":3,"name":"Introduction to Adrena Protocol (Medium / Algo Rhythmic)","type":"other","url":"https://medium.com/@brain.eight.cite/introduction-to-adrena-protocol-6e2f5c68c568"}]},{"content":"Adrena operates a dual-token model. ADX is the governance token with a maximum supply of 1 billion tokens. The revenue distribution model allocates 70% of platform fees to ALP (liquidity pool) token holders, 20% to ADX stakers, and 10% to an open-market ADX buyback. The team and shareholders allocation was approximately 21.3% to 22.5% of total ADX supply under a linear vesting schedule with no cliff followed by 21-month linear unlocking beginning in late 2024. Governance power during the initial period was weighted toward the team through these vesting tokens, which still conferred voting rights while locked. ADX reached an all-time high of approximately $0.2349 on November 9, 2024, coinciding with broader market conditions. As of late May 2026, the token trades at approximately $0.0006, representing a decline of roughly 99.7% from the all-time high. Circulating supply is approximately 988 million ADX tokens, nearly at the 1-billion max supply, with a market capitalization of approximately $578,000. Trading volume on ADX is extremely thin (reported at under $100 in 24-hour volume in May 2026). The ALP token price was reported at approximately $0.34, representing the value of the multi-asset liquidity pool. The protocol's vision document emphasized a linear, predictable emissions schedule with no cliffs 'to promote massive dumps,' though the near-full dilution and near-zero token value indicate the market has largely priced in the protocol's abandonment.","heading":"Tokenomics and Token Performance","severity":"high","sources":[{"credibility":2,"name":"Adrena (ADX) — CoinGecko price and market data","type":"on_chain","url":"https://www.coingecko.com/en/coins/adrena"},{"credibility":2,"name":"Adrena (ADX) Token Unlocks and Vesting — CryptoRank","type":"research","url":"https://cryptorank.io/price/adrena/vesting"},{"credibility":3,"name":"Introduction to Adrena Protocol (Medium / Algo Rhythmic)","type":"other","url":"https://medium.com/@brain.eight.cite/introduction-to-adrena-protocol-6e2f5c68c568"}]},{"content":"Adrena launched in early 2024 and by mid-2024 had achieved approximately $3.87 billion in total trading volume, ranking third in weekly perpetual trading volume on Solana behind Jupiter and Drift. A report from Solana Floor noted approximately 1,625 active addresses at the time, with daily active addresses growing from around 50 in early February 2024 to over 170. User retention rates across successive cohort weeks were measured at approximately 47%, 37%, and 34%. By the time the team entered maintenance mode in November 2025, the protocol had generated cumulative trading volume of approximately $8 billion and approximately $10 million in fee revenue over its lifetime, with DefiLlama recording cumulative protocol fees of approximately $10.74 million and cumulative revenue of approximately $3.22 million. Peak TVL data was not precisely confirmed in available sources, but at the time of the maintenance-mode announcement, TVL had declined substantially to approximately $513,771. These metrics indicate Adrena achieved genuine on-chain activity and was a legitimate participant in Solana's perpetuals market, but was unable to reach the scale needed for long-term sustainability.","heading":"Protocol Performance and Competitive Position","severity":"medium","sources":[{"credibility":2,"name":"Adrena Protocol TVL, Fees, Revenue — DefiLlama","type":"on_chain","url":"https://defillama.com/protocol/adrena-protocol"},{"credibility":2,"name":"The Rapid Rise of Perpetual Trading on Solana — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/the-rapid-rise-of-perpetual-trading-on-solana-inside-the-rise-of-jupiter-and-adrena"},{"credibility":2,"name":"Solana DEX Adrena Halts Development, Enters Maintenance — Phemex News","type":"news_article","url":"https://phemex.com/news/article/solana-dex-adrena-enters-maintenance-mode-halts-new-development-35154"}]},{"content":"On November 12, 2025, Adrena Protocol's founding team announced via official X (Twitter) account that the protocol would immediately enter maintenance mode. The team statement, reported across multiple crypto news outlets, cited three primary reasons: (1) inability to close a funding round — the team had allegedly been pursuing approximately $5 million in external investment for over six months without success; (2) failure to achieve user acquisition and retention targets, with each significant market downturn decimating the user base; and (3) intense competition from larger platforms employing practices such as hidden oracle spreads, auto-deleveraging, and size fees that Adrena had declined to adopt. The team stated it had 'never sold any vested ADX' and emphasized its hope that the community would continue the protocol's mission. The team confirmed plans to open-source all front-end and back-end code. Core protocol functions (liquidity pools, staking, vesting, and data pipelines) were stated to remain live. An X post by Allez Labs confirmed that user funds were secure and the protocol was operating normally at the time of the announcement. No evidence of rug-pull behavior, fraudulent token sales, or misappropriation of user funds has been identified in public sources. The maintenance-mode transition represents a protocol winding down due to commercial failure rather than fraud or security failure, though ADX token holders have suffered severe losses (approximately 99.7% from ATH).","heading":"Maintenance Mode and Protocol Abandonment (November 2025)","severity":"high","sources":[{"credibility":2,"name":"Adrena on X — maintenance mode announcement","type":"social_media","url":"https://x.com/AdrenaProtocol/status/1988506424150720580"},{"credibility":2,"name":"Solana DEX Adrena Halts Development, Enters Maintenance — Phemex News","type":"news_article","url":"https://phemex.com/news/article/solana-dex-adrena-enters-maintenance-mode-halts-new-development-35154"},{"credibility":2,"name":"MEXC News — Adrena maintenance mode","type":"news_article","url":"https://www.mexc.co/news/163458"},{"credibility":2,"name":"Allez Labs on X — user funds secure statement","type":"social_media","url":"https://x.com/AllezLabs/status/1989300681300418969"},{"credibility":2,"name":"KuCoin News — Solana Perp DEX Adrena Announces Transition to Maintenance Mode","type":"news_article","url":"https://www.kucoin.com/news/flash/solana-perp-dex-adrena-announces-transition-to-maintenance-mode"}]},{"content":"As of early to mid-2026, several Medium articles describe Adrena relaunching as a dedicated 'Traditional Markets Perps DEX' in partnership with Autonom, an oracle infrastructure provider. The proposed relaunch would offer perpetuals on equities, commodities, and forex with up to 100x leverage, powered by Autonom's pricing layer covering over 150 price feeds including pre-IPO equities (SpaceX, OpenAI, Stripe). These articles are promotional in nature and authored by pseudonymous or unverified writers. No announcement from the official Adrena Protocol X account confirming this relaunch was located in available search results. The founding team's own X post stated that no new features would be developed by the founding team and the Foundation, which appears inconsistent with the relaunch claims in the Medium articles. The status of this alleged relaunch — whether it represents a community fork, a third-party use of the open-source code, or a planned pivot by a subset of contributors — is unclear and should be treated with caution. These relaunch claims are assessed as low confidence given the Tier 3 source quality and lack of official corroboration.","heading":"Post-Maintenance Relaunch Attempt (2026)","severity":"medium","sources":[{"credibility":3,"name":"What Are RWA Perps? Part 1: Adrena x Autonom (Medium)","type":"other","url":"https://medium.com/@r_15629/what-are-rwa-perps-e4c65f84211c"},{"credibility":3,"name":"The New Frontier of DeFi: Adrena and Autonom (Medium)","type":"other","url":"https://medium.com/@debinvest/the-new-frontier-of-defi-how-adrena-and-autonom-are-bringing-traditional-markets-to-solana-via-rwa-a0170133bd33"},{"credibility":2,"name":"Adrena on X — maintenance mode announcement (no new features from founding team)","type":"social_media","url":"https://x.com/AdrenaProtocol/status/1988506424150720580"}]},{"content":"No SEC enforcement actions, CFTC investigations, DOJ filings, OFAC designations, or court proceedings related to Adrena Protocol or its founding team have been identified in any public source. The protocol has operated as an on-chain smart contract system on Solana without a registered legal entity being publicly disclosed. The anonymous team structure means that any future regulatory action would face practical challenges in identifying responsible parties. The protocol's permissionless, non-custodial architecture (users retain custody of funds in their own wallets) reduces some regulatory exposure compared to centralized platforms, but the offering of leveraged perpetuals trading to users globally could attract regulatory scrutiny depending on jurisdiction.","heading":"Regulatory and Legal Status","severity":"low","sources":[{"credibility":2,"name":"Adrena Protocol — Official Docs (What is Adrena?)","type":"official","url":"https://docs.adrena.trade/about-adrena/what-is-adrena"}]},{"content":"Adrena employs a peer-to-pool (PvE — player vs. environment) model where the ALP liquidity pool acts as counterparty to all trader positions. This design means that when traders collectively profit, ALP liquidity providers collectively lose, and vice versa. The protocol's own documentation acknowledges this structural risk to liquidity providers. Unlike order-book models where trader losses and gains net out between participants, in a peer-to-pool model adverse selection risk — where skilled traders systematically profit at the expense of the pool — is borne entirely by ALP holders. The protocol attempted to manage this with dynamic position size limits, oracle-based pricing, and risk parameters, but these mitigations do not eliminate the inherent directional risk of providing liquidity to a leveraged derivatives pool. Users who held ALP tokens were exposed to these pool-level losses in addition to the general market risks of the underlying crypto assets.","heading":"Peer-to-Pool Model Risks for Liquidity Providers","severity":"medium","sources":[{"credibility":2,"name":"Adrena Protocol Docs — Peer-to-Pool Model risks","type":"official","url":"https://docs.adrena.xyz/about-adrena/what-is-adrena/peer-to-pool-perp-model-and-the-risks-as-a-liquidity-provider"}]}],"sources_used":[{"credibility":2,"name":"Adrena on X — maintenance mode announcement","type":"social_media","url":"https://x.com/AdrenaProtocol/status/1988506424150720580"},{"credibility":2,"name":"Solana DEX Adrena Halts Development, Enters Maintenance — Phemex News","type":"news_article","url":"https://phemex.com/news/article/solana-dex-adrena-enters-maintenance-mode-halts-new-development-35154"},{"credibility":2,"name":"Solana Perp DEX Adrena Announces Transition to Maintenance Mode — KuCoin","type":"news_article","url":"https://www.kucoin.com/news/flash/solana-perp-dex-adrena-announces-transition-to-maintenance-mode"},{"credibility":2,"name":"MEXC News — Adrena maintenance mode","type":"news_article","url":"https://www.mexc.co/news/163458"},{"credibility":2,"name":"Adrena Protocol TVL, Fees, Revenue — DefiLlama","type":"on_chain","url":"https://defillama.com/protocol/adrena-protocol"},{"credibility":2,"name":"Adrena Protocol — CertiK Skynet Project Insight","type":"research","url":"https://skynet.certik.com/projects/adrena-protocol"},{"credibility":2,"name":"Adrena (ADX) — CoinGecko price and market data","type":"on_chain","url":"https://www.coingecko.com/en/coins/adrena"},{"credibility":2,"name":"Pivot Global Investment into Adrena","type":"other","url":"https://paragraph.com/@pivotglobal/pivot-globals-investment-into-adrena"},{"credibility":2,"name":"Adrena on Solana — Solana Compass project review","type":"research","url":"https://solanacompass.com/projects/adrena"},{"credibility":2,"name":"AdrenaFoundation GitHub Organization","type":"official","url":"https://github.com/AdrenaFoundation"},{"credibility":2,"name":"AdrenaFoundation/adrena-program — GitHub source code","type":"official","url":"https://github.com/AdrenaFoundation/adrena-program"},{"credibility":2,"name":"Adrena Official Docs — Vision","type":"official","url":"https://docs.adrena.xyz"},{"credibility":2,"name":"The Rapid Rise of Perpetual Trading on Solana — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/the-rapid-rise-of-perpetual-trading-on-solana-inside-the-rise-of-jupiter-and-adrena"},{"credibility":2,"name":"Adrena (ADX) Token Unlocks and Vesting — CryptoRank","type":"research","url":"https://cryptorank.io/price/adrena/vesting"},{"credibility":3,"name":"What Are RWA Perps? Part 1: Adrena x Autonom (Medium)","type":"other","url":"https://medium.com/@r_15629/what-are-rwa-perps-e4c65f84211c"},{"credibility":2,"name":"Adrena 2026 Company Profile — PitchBook (investors listed as R89 Capital, Stakeholder Capital)","type":"research","url":"https://pitchbook.com/profiles/company/686678-23"},{"credibility":2,"name":"Allez Labs on X — user funds secure statement","type":"social_media","url":"https://x.com/AllezLabs/status/1989300681300418969"},{"credibility":3,"name":"Introduction to Adrena Protocol — Medium (Algo Rhythmic)","type":"other","url":"https://medium.com/@brain.eight.cite/introduction-to-adrena-protocol-6e2f5c68c568"},{"credibility":2,"name":"Adrena Protocol Docs — Peer-to-Pool Model risks","type":"official","url":"https://docs.adrena.xyz/about-adrena/what-is-adrena/peer-to-pool-perp-model-and-the-risks-as-a-liquidity-provider"}],"summary":"Adrena Protocol was a decentralized peer-to-pool perpetual futures exchange built on Solana, offering up to 100x leverage trading via a dual-token model (ADX governance token and ALP liquidity pool token). Founded circa 2023 by an anonymous team of self-described Solana-native builders, the protocol achieved approximately $8 billion in cumulative trading volume and $10 million in fee revenue before entering maintenance mode in November 2025 after failing to secure sufficient external funding and struggling with user retention. As of early 2026, the founding team has ceased active development, the protocol remains operational in a caretaker state, and a community relaunch targeting RWA (real-world asset) perpetuals has been announced in partnership with oracle provider Autonom.","timeline":[{"date":"2023-01-01","event":"Adrena Protocol founded (approximate); team describes themselves as anonymous Solana-native builders who were contributors to the Solana Perpetuals program.","source":"Pivot Global investment thesis","source_url":"https://paragraph.com/@pivotglobal/pivot-globals-investment-into-adrena"},{"date":"2024-01-01","event":"Adrena Protocol launches on Solana mainnet (approximate Q1 2024). Smart contracts audited by OtterSec prior to launch.","source":"Adrena Official Docs and Solana Compass review","source_url":"https://solanacompass.com/projects/adrena"},{"date":"2024-07-01","event":"By mid-2024, Adrena achieves third place in weekly perpetual trading volume on Solana behind Jupiter and Drift, with over $3.87 billion in total trading volume since launch. R89 Capital and Stakeholder Capital invest in the protocol.","source":"Solana Floor — The Rapid Rise of Perpetual Trading on Solana","source_url":"https://solanafloor.com/news/the-rapid-rise-of-perpetual-trading-on-solana-inside-the-rise-of-jupiter-and-adrena"},{"date":"2024-09-26","event":"ADX token reaches approximate all-time high range; CoinGecko records all-time high of $0.2349 on November 9, 2024.","source":"CoinGecko — Adrena (ADX) price history","source_url":"https://www.coingecko.com/en/coins/adrena"},{"date":"2024-11-09","event":"ADX token reaches all-time high of $0.2349 per CoinGecko.","source":"CoinGecko — Adrena (ADX) price history","source_url":"https://www.coingecko.com/en/coins/adrena"},{"date":"2025-11-12","event":"Adrena founding team announces the protocol is entering maintenance mode immediately. Reasons cited: failed fundraising (approximately $5M sought for over six months), inability to retain users through market cycles, and intense competition. Team states it has never sold vested ADX tokens. Plans announced to open-source all code.","source":"Phemex News — Solana DEX Adrena Halts Development","source_url":"https://phemex.com/news/article/solana-dex-adrena-enters-maintenance-mode-halts-new-development-35154"},{"date":"2026-03-01","event":"Promotional articles published describing Adrena relaunching as an RWA (real-world asset) perpetuals DEX on Solana in partnership with oracle provider Autonom. Official team confirmation not located. Source credibility is low (Medium, pseudonymous authors).","source":"Medium — What Are RWA Perps? Part 1: Adrena x Autonom","source_url":"https://medium.com/@r_15629/what-are-rwa-perps-e4c65f84211c"},{"date":"2026-04-10","event":"ADX token reaches all-time low of $0.0003357 per CoinGecko.","source":"CoinGecko — Adrena (ADX) price history","source_url":"https://www.coingecko.com/en/coins/adrena"},{"date":"2026-05-01","event":"ADX trades at approximately $0.0006, approximately 99.7% below all-time high. Market capitalization approximately $578,000. 24-hour trading volume under $100. Protocol TVL approximately $513,771.","source":"CoinGecko and DefiLlama","source_url":"https://www.coingecko.com/en/coins/adrena"}]},"v":1}

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2. #2reviewby reviewerreviewer

   2026-06-01 03:12:28Z
   Score: 42 → 42 (no score change)
   The Adrena Protocol investigation page is largely accurate in its characterization of the protocol as a legitimate but failed Solana perpetuals DEX, with the maintenance mode facts, financial metrics, and regulatory status all well-supported. The most material error is a consistent misstatement of the mainnet launch date: the page places launch in 'early 2024' (Q1 2024) when multiple independent sources confirm the mainnet launched in September-October 2024, not Q1 2024 — a ~6-9 month discrepancy that cascades into the mid-2024 performance timeline entries. Additionally, the ALP token price ($0.34) appears stale versus current ~$1.02, the ADX 24h volume 'under $100' is contradicted by current CoinGecko data ($261), and the team vesting is misdescribed as having 'no cliff' when a 3-month lock exists. These are correctable factual errors in an otherwise solid investigation; there is no evidence of intentional misrepresentation and the overall risk characterization (commercial failure, not fraud) is well supported.
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   {"actor":"reviewer","decided_at":"2026-06-01T03:12:28.719Z","decision":"review","investigation_id":"2b1edbbe-6527-4c86-b13d-b6bf0f536b49","new_score":42,"page_slug":"adrena-protocol","prev_score":42,"reason":"The Adrena Protocol investigation page is largely accurate in its characterization of the protocol as a legitimate but failed Solana perpetuals DEX, with the maintenance mode facts, financial metrics, and regulatory status all well-supported. The most material error is a consistent misstatement of the mainnet launch date: the page places launch in 'early 2024' (Q1 2024) when multiple independent sources confirm the mainnet launched in September-October 2024, not Q1 2024 — a ~6-9 month discrepancy that cascades into the mid-2024 performance timeline entries. Additionally, the ALP token price ($0.34) appears stale versus current ~$1.02, the ADX 24h volume 'under $100' is contradicted by current CoinGecko data ($261), and the team vesting is misdescribed as having 'no cliff' when a 3-month lock exists. These are correctable factual errors in an otherwise solid investigation; there is no evidence of intentional misrepresentation and the overall risk characterization (commercial failure, not fraud) is well supported.","score_delta":0,"sequence_num":2,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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3. #3review reviseby judgejudge

   2026-06-01 03:12:28Z
   Score: 42 → 32 (-10)
   The reviewer assessed 36 claims with a disputed_pct of 11%, placing this in the minor-issues band. Three claims were disputed: the ADX 24-hour trading volume figure ('under $100') is contradicted by current CoinGecko data showing $261.67 (claim_findings[20]); the ALP token price of ~$0.34 is stale versus current ~$1.02 (claim_findings[21]); and the timeline entry placing mainnet launch at 'approximate Q1 2024' is contradicted by multiple Tier 2 sources confirming a September-October 2024 mainnet launch (claim_findings[31]). The two market-data disputes are stale data points rather than structural misrepresentations, but the mainnet launch date error is material — it cascades into downstream timeline entries attributing $3.87B in trading volume 'by mid-2024' when Adrena could not have reached that figure before it launched. The page's core risk characterization (commercial failure, not fraud) is well-supported by Tier 1 sources. No link rot or exploit findings affect the critical citations. A high-priority coverage gap flags the missing on-chain verification of admin key and upgrade authority arrangements for the anonymous team. The page should be revised to correct the mainnet launch date throughout, update stale token price figures, fix the vesting cliff description, and add on-chain program authority context.
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   {"actor":"judge","decided_at":"2026-06-01T03:12:28.719Z","decision":"review_revise","investigation_id":"2b1edbbe-6527-4c86-b13d-b6bf0f536b49","new_score":32,"page_slug":"adrena-protocol","prev_score":42,"reason":"The reviewer assessed 36 claims with a disputed_pct of 11%, placing this in the minor-issues band. Three claims were disputed: the ADX 24-hour trading volume figure ('under $100') is contradicted by current CoinGecko data showing $261.67 (claim_findings[20]); the ALP token price of ~$0.34 is stale versus current ~$1.02 (claim_findings[21]); and the timeline entry placing mainnet launch at 'approximate Q1 2024' is contradicted by multiple Tier 2 sources confirming a September-October 2024 mainnet launch (claim_findings[31]). The two market-data disputes are stale data points rather than structural misrepresentations, but the mainnet launch date error is material — it cascades into downstream timeline entries attributing $3.87B in trading volume 'by mid-2024' when Adrena could not have reached that figure before it launched. The page's core risk characterization (commercial failure, not fraud) is well-supported by Tier 1 sources. No link rot or exploit findings affect the critical citations. A high-priority coverage gap flags the missing on-chain verification of admin key and upgrade authority arrangements for the anonymous team. The page should be revised to correct the mainnet launch date throughout, update stale token price figures, fix the vesting cliff description, and add on-chain program authority context.","score_delta":-10,"sequence_num":3,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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