---
title: "Safety Scores Changelog"
canonical: "https://pharos.watch/methodology/scoring-changelog/archive/v5/"
description: "Safety Scores Changelog - Pharos methodology version history."
---
# Safety Scores Changelog
[All versions](https://pharos.watch/methodology/scoring-changelog/)
## v5.9 - Classification corrections: centralized-custody DeFi coins
**Effective:** 2026-03-20
Three DeFi-classified coins with >50% centralized custody exposure reclassified to centralized-dependent based on live reserve data.
- meUSD, ALUSD, BtcUSD reclassified from decentralized to centralized-dependent
- ALUSD correction: 65% USDC+USDT direct exposure (reverts erroneous v4.1 reclassification)
- meUSD and BtcUSD: live reserves confirm 100% custodial BTC variants (WBTC, BTCB, cbBTC, SolvBTC)
Three DeFi-classified coins were corrected after live reserve review showed majority centralized custody exposure.
- **meUSD**, **ALUSD**, and **BtcUSD** were reclassified from decentralized to centralized-dependent.
- ALUSD's earlier v4.1 correction was explicitly reversed after reserve review showed majority direct USDC/USDT exposure.
- meUSD and BtcUSD were corrected after live reserves confirmed custodial BTC-variant backing.
Origin: Contemporaneous release record
Commits: Commit provenance not recorded
## v5.8 - Live reserve passthrough for collateral quality
**Effective:** 2026-03-14
Collateral quality scoring now consumes live reserve snapshots when available, using hourly data from reserve_composition instead of curated metadata.
- Coins with liveReservesConfig use fresh (<48h) live snapshots for collateral quality instead of curated metadata
- Delta alert fires when live-derived score diverges from curated by >15 points
- Dependency inference remains on curated data (live slices lack coinId links)
Collateral quality scoring now consumes **live reserve snapshots** when available, using hourly data from `reserve_composition` instead of curated metadata.
- Coins with `liveReservesConfig` use fresh (<48h) live snapshots for collateral quality instead of curated metadata.
- Delta alert fires when live-derived score diverges from curated by >15 points.
- Dependency inference remains on curated data (live slices lack coinId links).
Origin: Reconstructed from git commit history
Commits: Commit provenance not recorded
## v5.7 - Canonical ETH wrapper reserve alignment
**Effective:** 2026-03-13
Reserve-derived collateral quality now treats direct ETH and canonical wrapped ETH as the same very-low-risk asset class.
- Canonical WETH no longer falls into the generic wrapped-asset bucket in the reserve-asset risk map
- Curated reserve metadata and live reserve-adapter overrides aligned for coins exposing ETH/WETH slices
Direct **ETH** and canonical** WETH** reserve slices now share the same** very-low** risk tier.
- Updated the shared direct-asset reserve map used by live reserve adapters so `WETH` no longer falls into the generic wrapped-asset bucket.
- Aligned curated reserve metadata and live config overrides for coins that expose plain `WETH` or `ETH` slices.
- Left mixed strategy buckets unchanged. Delta-neutral ETH exposures, bridged ETH buckets, and mixed BTC/ETH slices still use their existing manually-modeled risk tiers.
Origin: Reconstructed from git commit history
Commits: Commit provenance not recorded
## v5.6 - Exit-liquidity integration
**Effective:** 2026-03-12
Safety Score liquidity now evaluates modeled exit quality via redemption backstops, not just raw DEX depth.
- Liquidity dimension uses effectiveExitScore, preserving DEX liquidity as floor while redemption quality can improve it
- Route-family caps prevent queue-based and offchain issuer systems from appearing unrealistically liquid
The Safety Score liquidity dimension now evaluates** exit liquidity**, not just raw DEX depth.
- Added a new **redemption backstop dataset**for redeemable assets, covering onchain collateral redemptions, stable basket redemptions, queue-based liquid-buffer systems, and issuer redemption rails.
- The report-card Liquidity dimension now uses an** effective exit score**: DEX liquidity remains the floor, while redemption quality can improve the dimension without redefining the standalone DEX liquidity score.
- Added route-family caps so queue-based and offchain issuer systems cannot look unrealistically liquid even when redemption exists.
Origin: Reconstructed from git commit history
Commits: Commit provenance not recorded
## v5.5 - Peg score fairness for young coins
**Effective:** 2026-03-01
Three peg-scoring fixes prevent young coins with repeated brief depegs from being over-scored.
- Tracking window capped to coin age via coinTrackingStart()
- Severity magnitude floor ensures each depeg contributes a minimum penalty
- Steeper active-depeg penalty: max(5, absBps/50), capped at 50
Three fixes to the peg score formula that prevent young coins with chronic depegs from scoring artificially high:
- **Tracking window capped at coin age** — uses the coin's earliest supply snapshot instead of always defaulting to a 4-year window. A 30-day-old coin is now scored over 30 days, not 1,461.
- **Severity magnitude floor** — every depeg event carries a minimum penalty of (peakBps / 2000) × recencyWeight, regardless of duration. Hundreds of brief high-magnitude depegs now accumulate real cost.
- **Active depeg penalty steepened** — floor raised from 2 to 5, divisor changed from 200 to 50. A 500 bps ongoing depeg now costs 10 points (was 2.5).
Origin: Reconstructed from git commit history
Commits: Commit provenance not recorded
## v5.4 - No-liquidity penalty
**Effective:** 2026-02-28
When Liquidity is NR (no DEX data), overall score receives a 10% penalty instead of redistributing weight.
- NR liquidity now applies final *= 0.9 after peg multiplier instead of inflating other dimensions
When the Liquidity dimension is NR (no DEX data), the overall score now receives a **10% penalty** instead of silently redistributing the weight to other dimensions.
```text
final = score × 0.9
```
As DEX pipeline coverage matures, absence of liquidity data is increasingly suspect and should not inflate grades.
Origin: Reconstructed from git commit history
Commits: `14131fa`
## v5.3 - Remove chain infra from Resilience
**Effective:** 2026-02-28
Chain infra double-counting fixed: removed from Resilience sub-factors, now exclusively in Decentralization.
- Resilience becomes a 3-factor model (collateral quality, custody model, blacklist capability)
Chain infrastructure was scored in **both** Resilience (as a 25% sub-factor) and Decentralization (as a penalty) — double-counting chain risk.
- Chain infra now scored **exclusively in Decentralization**
- Resilience becomes a 3-factor model (each ⅓): Collateral Quality, Custody Model, Blacklist Capability
Origin: Reconstructed from git commit history
Commits: `8c060b3`
## v5.2 - Immutable-code governance tier
**Effective:** 2026-02-28
Added immutable-code as highest GovernanceQuality tier (score 100) for protocols with no admin keys or upgrade path.
- LUSD, BOLD now score 100 in governance quality; exempt from chain infra penalty
New highest GovernanceQuality tier: **immutable-code → 100**. For protocols with no admin keys, no upgrade path, no DAO attack surface (e.g. LUSD, BOLD). Exempt from chain infrastructure penalty.
### Full GovernanceQuality tiers
Tier | Score
--- | ---
immutable-code | 100
dao-governance | 85
multisig | 55
regulated-entity | 40
single-entity | 20
wrapper | 10
Origin: Reconstructed from git commit history
Commits: `c6c0b77`
## v5.1 - Regulated-entity tier + blacklist softening
**Effective:** 2026-02-28
Blacklist scores softened (blacklistable 0->33) and regulated-entity governance tier added for licensed issuers.
- Blacklist scoring: blacklistable 0->33, possible 50->66, not-blacklistable stays 100
- Regulated-entity tier (score 40) auto-promoted from single-entity when regulator+license+independent audit
- Grade thresholds lowered another 5 points (A+ >= 87)
- **Blacklist scoring softened**: blacklistable 0→33, possible 50→66, not-blacklistable 100 (unchanged). Non-zero floor for blacklistable tokens.
- **regulated-entity tier** added (score 40). Auto-promoted from single-entity when: jurisdiction regulator + license set, and proof of reserves via independent audit. Exempt from chain infra penalty.
- **Grade thresholds lowered 5 points** (C-range overcrowding after blacklist/decentralization changes).
Origin: Reconstructed from git commit history
Commits: `38cbe20`, `86b8ce1`, `01ed304`, `fc6cd6c`
## v5.0 - GovernanceQuality + universal dependency scoring
**Effective:** 2026-02-28
Decentralization moved from 3-tier to 6-tier GovernanceQuality. Dependency scoring became universal (not CeFi-only).
- GovernanceQuality tiers: dao-governance=85, multisig=55, single-entity=20, wrapper=10
- All coins with upstream dependencies now scored, not just centralized-dependent
- Chain infra scored as ChainTier x DeploymentModel multiplier in Resilience
### Decentralization: 3-tier → 6-tier GovernanceQuality
The blunt 3-level governance type (decentralized / centralized-dependent / centralized) replaced by a 6-tier GovernanceQuality scale, inferred from governance type when not explicitly set.
### Dependency Risk: universal, not CeFi-only
All coins with upstream dependencies are now scored — not just centralized-dependent ones. Self-backed scores vary by governance type: decentralized 90, centralized-dependent 75, centralized 95. Dependencies auto-derived from reserve composition data.
### Chain infrastructure restructured
New two-axis model: ChainTier × DeploymentModel multiplier. Threshold-based penalty applied to the Decentralization dimension.
Peg | Liquidity | Safety | Resilience | Decentralization | Dep Risk
--- | --- | --- | --- | --- | ---
multiplier | 30% | — | 20% | 15% | 25%
Origin: Reconstructed from git commit history
Commits: `e915623`, `e516bbf`, `d4dd044`, `0b603d2`, `83a540a`