Cega
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 58 → 50. Problems weighed by who is responsible: concerns that are not fraud −6.4, incidents the subject suffered −3.2, problems around the subject, caused by others −2.6; legitimacy credit long-running +4; no longer operating, so capped at 50; fact-check adjustments (−10) now shown as page reliability, not in the score. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -6.4 |
| Incidents it suffered (e.g. hacks) | -3.2 |
| Problems around it, caused by others | -2.6 |
| Long-running | +4 |
| Sum | 57 |
- No longer operating, so capped at 50.
Score: 50/100 (kept between 0 and 100)
How scoring works →Summary
Cega (cega.fi) was a decentralized exotic options and structured products protocol that operated from June 2022 through late 2024 on Solana, Ethereum, and Arbitrum. Founded by Arisa Toyosaki, a named former derivatives trader, and backed by Dragonfly Capital, Pantera Capital, and Coinbase Ventures, the protocol processed over $500 million in cumulative transaction volume without a reported user fund loss. In November 2024 Cega was acquired by an undisclosed party and wound down its public-facing product suite, urging remaining depositors to withdraw.
Connected Entities
8 entities · 60 linked investigations- Ethereum→mentioned with→Coinbase(60%)
- Cega→mentioned with→Alameda(70%)
- Cega→mentioned with→Solana(80%)
- Cega→mentioned with→Pendle(60%)
- Cega→mentioned with→Arbitrum(70%)
- Cega→mentioned with→Coinbase(70%)
- Cega→mentioned with→Ethereum(80%)
- Alameda Research→mentioned with→Alameda(70%)
- Pendle→mentioned with→Arbitrum(70%)
- Pendle→mentioned with→Ethereum(80%)
- + 10 more
Timeline(11 events)
December 2021
Cega founded by Arisa Toyosaki and co-founders, incorporated in Singapore
Solana Compass / CoinDesk8 March 2022
Cega raises $4.3M seed round led by Dragonfly Capital with participation from Pantera Capital, Coinbase Ventures, Alameda Research, and Solana Ventures at a $60M valuation
Business WireJune 2022
Cega launches on Solana mainnet, claiming to be the first on-chain exotic derivatives protocol
Medium / CegaNovember 2022
Alameda Research (a Cega market maker counterparty and investor) collapses following the FTX crisis; Cega reports recovering all lent funds via ISDA contractual recourse
Medium / Cega13 February 2023
Zellic completes security audit of Cega's Ethereum smart contracts; no critical vulnerabilities found
Zellic / Cega Documentation23 March 2023
Cega raises additional $5M in a follow-on round, bringing total funding to $9.3M; Dragonfly Capital leads again with Pantera and Robot Ventures participating
Business Wire31 March 2023
Cega launches on Ethereum mainnet and introduces Leveraged Option Vaults (LOV) product
Business WireJuly 2023
Cega expands to Arbitrum, completing its multi-chain deployment across Solana, Ethereum, and Arbitrum
The Block2 April 2024
Cega launches Gold Rush product combining gold-backed token XAUT and ETH with up to 83% advertised yield
CoinDesk24 September 2024
Cega launches Vault Token Market (VTM), allowing users to trade vault positions for liquidity before vault expiry
CoinDesk27 November 2024
Cega announces acquisition by an undisclosed 'leading platform'; halts new deposits and begins platform wind-down with a sunset deadline of end-of-year 2024
The BlockDecision Log
- slot 455370511 · hash 5cpZqrRY3TRTCpyHX79QDxqHcYM7Vdwut33Gq8zHtFiW
- slot 425211603 · hash 2hKPRYw7tLpdd6tuQhcBPQdpH8ovtKsrb5WFAyc1uSxq
- slot 425211599 · hash Af3eU6bXNxutVU9KSWKgm1kBavH2nwZFpiciBoPP7qi5
- slot 424170131 · hash Bgu6rFVnghR5XH1yGJz7jCL77bH6QnCXycK8JhTRg3Em
- slot 424170116 · hash 44aKeyaKFo2Z5PWSSgcx6BpUBhhRH5nqWyeoBmFSfkSm
- slot 423453946 · hash C8kdw8E85ywiJnzX31x4gFk7Hm9DWvUUT69fhaUMZ6Vg
This investigation is cryptographically anchored to the Solana blockchain (6 decisions). 17 of 23 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/31/2026, 9:15:04 PM
last updated: 10/10/2026, 6:50:24 PM
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