LlamaRisk

• Name: LlamaRisk
• URL: https://www.llamarisk.com/
• Category: DeFi risk-management infrastructure / governance-parameterization operator / verification tooling
• Summary: LlamaRisk is not just a research shop. The useful frame is risk-policy infrastructure: it helps protocols decide what collateral, caps, proofs, and intervention thresholds are acceptable, then backs that judgment with monitoring and verification tooling. That makes it a governance-adjacent control point rather than a passive analyst.
• What it does:
  • Produces collateral-onboarding and parameterization work for DeFi protocols, especially around lending markets, stablecoins, RWAs, and other governance-sensitive assets
  • Publishes detailed risk methodology covering market structure, code risk, oracle dependencies, governance, access control, and parameter calibration
  • Operates LlamaGuard, which the official site presents as a valuation, verification, and enforcement stack rather than a plain advisory package
  • Maintains technical repos including Aave-focused framework material and SAVE, a structured attestation and verification engine for signed claims and proof-style checks
  • Serves directly inside governance processes as a named Risk Service Provider
• Key claims:
  • The homepage says LlamaRisk designs risk frameworks, monitors system health, and operates verification infrastructure for DeFi protocols
  • The official product split across Advisory, Risk Intelligence, and LlamaGuard shows a stack that reaches beyond memo writing into ongoing operational judgment
  • The About page says LlamaRisk started in the Curve ecosystem and built its early profile on stablecoin, liquid-staking, and RWA due diligence
  • The Aave V3 framework is concrete about asset fundamentals, market risk, smart-contract risk, bug bounties, price feeds, dependencies, governance, access control, and parameter tuning
  • That framework also covers recursive looping, caps, liquidation design, and interest-rate-model goals, which means LlamaRisk can influence real credit-market behavior rather than just publish opinions after the fact
  • SAVE extends the note beyond governance advice into verification plumbing for signed attestations and proof-of-reserves style claims
  • The Aave governance renewal thread confirms LlamaRisk as an institutionalized DAO risk provider, not just an outside commentator
• Whitepaper: No canonical standalone LlamaRisk whitepaper or litepaper surfaced in this pass. The clearest current sources were the homepage, About page, GitHub organization, Aave framework materials, SAVE README, and the Aave governance renewal thread title; see ../whitepapers/llamarisk-primary-sources-2026-05-07.md.
• Sources:
  • https://www.llamarisk.com/
  • https://www.llamarisk.com/about
  • https://github.com/llama-risk
  • https://raw.githubusercontent.com/llama-risk/aave-research/main/frameworks/aave_v3_framework.md
  • https://raw.githubusercontent.com/llama-risk/save/main/README.md
  • https://governance.aave.com/t/arfc-renew-llamarisk-as-risk-service-provider-epoch-4/24446

Internal linkages

• Strongest peer comparisons: chaos-labs and gauntlet.

• Keep the note on risk-policy judgment, verification tooling, and governance-side control, not generic DAO process.

• Last reviewed: 2026-05-31 UTC