Spiko
Best for independently tracked protocol
How it rates
- Audit report linked from a public dataset
- $2,341m recorded independently
- No accounting methodology published at this check
Each indicator scores 2, 1 or 0. A pillar is the points earned over the points available; the overall score is the weighted sum. Every source below is public — check any of them yourself.
- MetIndependent audit report linked publicly
Audit report linked from the public protocol dataset.
github.com/trailofbits/publications/blob/master/reviews/2023-10-spiko-se - Met
- MetTracked by an independent analytics platform
Listed with published value and history.
defillama.com/protocol/spiko - Not met
- Met
- Met
- MetProtocol economics published independently
Value and change history published.
defillama.com/protocol/spiko - Not met
- PartialFee or reward model documented publicly
Application reachable for review; specific rates not captured at this check.
www.spiko.io/ - MetNo account required to reach the application
Reachable without an account at this check.
www.spiko.io/
- Met
- Met
- Not met
- Met
- Met
- Met
- MetAudit documentation linked
Linked publicly.
github.com/trailofbits/publications/blob/master/reviews/2023-10-spiko-se - Met
- Met
- Not met
- Met
- Met
- MetAudit links reachable
Linked.
github.com/trailofbits/publications/blob/master/reviews/2023-10-spiko-se - Not met
- Met
A protocol tokenising regulated European money market funds, holding $2.34bn across seven chains with published audits.
Our assessment
Spiko holds $2.34bn across seven chains with two audits and reports linked. It tokenises regulated European money market funds — a different regulatory basis from the US-centric products that dominate this category.
European regulation is not a copy of the US model
MiCA and the EU fund frameworks impose different requirements on issuance, custody, disclosure and investor eligibility. For European institutions, a product structured under rules their own regulator recognises is not a preference — it is the difference between being able to hold it and not.
Euro-denominated exposure fills a real gap
Almost all tokenised treasury products are dollar-denominated, which forces European holders into currency risk they may not want. Euro money market exposure on-chain removes that, and it is a straightforward need that most of the sector has ignored.
What the audits do and do not cover
Two audits with linked reports cover the token contracts. The underlying fund's regulation, custody and reporting sit within the traditional framework, which brings supervision the crypto sector lacks and settlement mechanics slower than on-chain users expect. Both facts follow from the same structure.
Who it suits
Spiko fits European institutions and users wanting euro-denominated regulated yield on-chain. Dollar-denominated holders will find deeper markets in Ondo, BUIDL or USYC.
How rivals compare
Frequently asked
Does this score mean Spiko is safe?
No. It measures what an outsider can verify: linked audits, published methodology and independently recorded data. Contract and custody risk are not tested by us.
Where do these figures come from?
A public analytics dataset queried at the verification date, plus the audit reports it links. Anyone can re-run the query.
Why do some protocols score zero on audits?
Because no audit report is linked in the public record. It records what a user can reach, not a claim that no audit exists.