BlackHartBlackHart
Scores/Ethena/Provenance/Governance & Upgradeability
D5

Governance & Upgradeability

Admin key concentration, timelock coverage, upgrade mechanisms, and Maximum Extractable Value by Admin (MEVA).

Weight 10%80% confidence
45
Concerning
info

How This Score Is Built

Admin key concentration, timelock coverage, upgrade mechanisms, and Maximum Extractable Value by Admin (MEVA).

+23Strong positive
+12Positive
+5Slight positive
−15Strong negative
−8Negative
−3Slight negative

Scoring Tree

BRI Formula
300 + 700 × ∏(Dᵢ/100)^wᵢ
730
Current BRI
D5Governance & Upgradeability
Weight 10%
45
(45/100)^0.1 = 0.9233
Contributing Factors
+22Minter whitelist controlled by admin
+22ENA token governance largely ceremonial
-28Highly centralized: team multisig controls all parameters
-28No timelock on critical operations
Evidence Sources
blackhart_analysisMay 4sha256:62f1d5b43bb7....View
blackhart_analysisMay 17sha256:9af3d1b7797d....View

Score Composition

-28

Highly centralized: team multisig controls all parameters

Negativeopen_in_newSource CodeMay 4, 2026
-28

No timelock on critical operations

Negativeopen_in_newSource CodeMay 4, 2026
+22

Minter whitelist controlled by admin

Positiveopen_in_newSource CodeMay 4, 2026
+22

ENA token governance largely ceremonial

Positiveopen_in_newSource CodeMay 4, 2026

Evidence Chain (2 files)

GitHub APIMay 17, 2026, 06:58 PM
open_in_newGitHub (/)
sha256:9af3d1b7797d...
BlackHart AnalysisMay 4, 2026, 08:00 PM
open_in_newGovernance & Upgradeability — Source Code
sha256:62f1d5b43bb7...

Score History

No dimension-level score changes recorded yet.

Methodology: 2.1Formula: 1.1Weights: 1.1