Chain Health Score Changelog
Full version history of Chain Health Score methodology decisions, from v1.0 to v1.8.
What this controls
Chain Health Score Changelog version history
Use this changelog to trace how Pharos changed the related scoring, data-source, threshold, or interpretation rules over time. Entries record the contract active at each release; archived rules are retained so historical charts and citations can be read against the rules active at the time.
Primary references
Latest version
NAV tokens excluded from peg deviation
Chain Health excludes flagged NAV tokens from the peg-stability factor and its coverage universe, matching the shared NAV vocabulary: their price appreciates by design and is not a peg deviation.
Impact snapshot
- Coins with `flags.navToken` no longer score against a $1 peg reference and their supply is no longer counted as observed peg evidence
- NAV supply still contributes to chain supply totals, concentration, quality and backing diversity; only the peg factor and pegStabilityCoverage exclude it
- A chain whose only holdings are NAV-priced now publishes a null peg factor and NR composite instead of a fabricated 100% depeg
- Non-NAV coins retain the existing peg factor math, coverage denominator, 95% composite gate, factor weights and bands
v1.8Oct 30, 2026NAV tokens excluded from peg deviation
Chain Health excludes flagged NAV tokens from the peg-stability factor and its coverage universe, matching the shared NAV vocabulary: their price appreciates by design and is not a peg deviation.
- Coins with `flags.navToken` no longer score against a $1 peg reference and their supply is no longer counted as observed peg evidence
- NAV supply still contributes to chain supply totals, concentration, quality and backing diversity; only the peg factor and pegStabilityCoverage exclude it
- A chain whose only holdings are NAV-priced now publishes a null peg factor and NR composite instead of a fabricated 100% depeg
- Non-NAV coins retain the existing peg factor math, coverage denominator, 95% composite gate, factor weights and bands
DetailsHide details
NAV tokens excluded from peg deviation
Chain Health excludes flagged NAV tokens from the peg-stability factor and its coverage universe, matching the shared NAV vocabulary: their price appreciates by design and is not a peg deviation.
- Coins with `flags.navToken` no longer score against a $1 peg reference and their supply is no longer counted as observed peg evidence
- NAV supply still contributes to chain supply totals, concentration, quality and backing diversity; only the peg factor and pegStabilityCoverage exclude it
- A chain whose only holdings are NAV-priced now publishes a null peg factor and NR composite instead of a fabricated 100% depeg
- Non-NAV coins retain the existing peg factor math, coverage denominator, 95% composite gate, factor weights and bands
Impact notes
- Coins with `flags.navToken` no longer score against a $1 peg reference and their supply is no longer counted as observed peg evidence
- NAV supply still contributes to chain supply totals, concentration, quality and backing diversity; only the peg factor and pegStabilityCoverage exclude it
- A chain whose only holdings are NAV-priced now publishes a null peg factor and NR composite instead of a fabricated 100% depeg
- Non-NAV coins retain the existing peg factor math, coverage denominator, 95% composite gate, factor weights and bands
v1.7Sep 28, 2026Composite published at 95% peg coverage
Chain Health publishes the composite when peg evidence covers at least 95% of positive chain supply, instead of requiring every holding to carry an observed peg price; below 95% the composite stays NR.
- The composite requires non-null quality and peg factors plus peg coverage that is complete, or partial with coverage ≥ 0.95; unavailable coverage or partial coverage below 0.95 keeps health score and band null
- Bound: peg weight is 0.20, so an unobserved share of at most 5% can move the observed-only peg factor by at most 5 points and the composite by at most 1 point
- No imputation and no neutral 50: the peg factor stays observed-only and the unobserved share remains published in pegStabilityCoverage beside the composite
- Ethereum, Tron, Base, Polygon, Monad, Sonic, Celo, Scroll, and Plume, withheld under v1.6 by small unpriced holdings (Ethereum: $5.9M of $148.7B), regain a composite; Hemi at 15.9% peg coverage stays NR
DetailsHide details
Composite published at 95% peg coverage
Chain Health publishes the composite when peg evidence covers at least 95% of positive chain supply, instead of requiring every holding to carry an observed peg price; below 95% the composite stays NR.
- The composite requires non-null quality and peg factors plus peg coverage that is complete, or partial with coverage ≥ 0.95; unavailable coverage or partial coverage below 0.95 keeps health score and band null
- Bound: peg weight is 0.20, so an unobserved share of at most 5% can move the observed-only peg factor by at most 5 points and the composite by at most 1 point
- No imputation and no neutral 50: the peg factor stays observed-only and the unobserved share remains published in pegStabilityCoverage beside the composite
- Ethereum, Tron, Base, Polygon, Monad, Sonic, Celo, Scroll, and Plume, withheld under v1.6 by small unpriced holdings (Ethereum: $5.9M of $148.7B), regain a composite; Hemi at 15.9% peg coverage stays NR
Impact notes
- The composite requires non-null quality and peg factors plus peg coverage that is complete, or partial with coverage ≥ 0.95; unavailable coverage or partial coverage below 0.95 keeps health score and band null
- Bound: peg weight is 0.20, so an unobserved share of at most 5% can move the observed-only peg factor by at most 5 points and the composite by at most 1 point
- No imputation and no neutral 50: the peg factor stays observed-only and the unobserved share remains published in pegStabilityCoverage beside the composite
- Ethereum, Tron, Base, Polygon, Monad, Sonic, Celo, Scroll, and Plume, withheld under v1.6 by small unpriced holdings (Ethereum: $5.9M of $148.7B), regain a composite; Hemi at 15.9% peg coverage stays NR
- Peg factor math, the 50% rated-supply quality gate, factor weights, and bands are unchanged
Earlier versions
Compact summaries retain historical citation targets. Open a version archive for its full evidence and commit provenance.
- v1.6 · Observed-only peg factors and complete-coverage health
Sep 28, 2026
Chain Health removes neutral-50 peg imputation and withholds the composite unless peg evidence covers every positive-supply holding.
- v1.5 · Not-rated supply excluded from chain quality
Aug 10, 2026
Chain Health quality now averages Safety Scores over rated supply only instead of imputing a 40 for not-rated supply, and the peg-stability factor derives deviation from the shared depeg-signal primitive rather than a local formula copy.
- v1.4 · L2BEAT chain-risk environment scoring
Jun 12, 2026
Matched L2BEAT scaling projects now score the Chain Environment factor from a static L2BEAT stage and risk snapshot before falling back to the legacy Pharos tier model for unmatched chains.
- v1.3 · Active-only inputs and stale report-card dependency
Jun 6, 2026
Live Chain Health now uses the same active/non-archived input universe as the daily chain-supply snapshot and degrades its report-card dependency when cached Safety Scores were computed with stale report-card inputs.
- v1.2 · Two-bucket backing diversity after active taxonomy cleanup
Apr 7, 2026
Removed the standalone algorithmic bucket from the active backing taxonomy after reclassifying the remaining reserve-backed cases. Chain Health backing diversity now measures only the live RWA-backed vs crypto-backed split.
- v1.1 · Chain environment factor and weight rebalance
Mar 16, 2026
Added a fifth health factor, Chain Environment, which rates chain infrastructure quality via a resilience tier system. Rebalanced weights to reduce backing diversity influence and give chain quality 20% of the composite.
- v1.0 · Initial Chain Health Score release
Mar 16, 2026
Launched per-chain health scoring with four factors: quality (35%), concentration (25%), peg stability (25%), and backing diversity (15%). Exposed via /api/chains and the /chains/ leaderboard.