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Quantix Security Labs

Tallowmere CDP

Collateralised stablecoin on Solana.

Users mint a stablecoin against SPL collateral in per-user vault accounts. Liquidations are permissionless; the oracle adapter reads a single price account per collateral.

Ecosystem
SOLSolana
Category
Stablecoin
Languages
Rust (native)
Launched
May 2026
57.1CCHigh risk

Grade CC · High risk

Very high risk; multiple critical weaknesses.

−3.6 since May 2026 · −3.6 since Jul 2026

Quantix Protocol Research · as of 24 Oct 2026 · About this data

Risk Index

How the score is built

Six weighted components, each scored 0–100 where higher means less risk. Points are the component value multiplied by its weight; the gap is what the component costs against a perfect score.
ComponentWeightValuePointsGap
Code Security30%5616.8−13.2
Operational Security20%5611.2−8.8
Governance Risk15%609.0−6.0
Economic Security15%548.1−6.9
Infrastructure Resilience10%626.2−3.8
Transparency10%585.8−4.2
Quantix Risk Index100%57.1−42.9
CodeOperationalGovernanceEconomicInfrastructureTransparencyTallowmere CDP, Code: 56Tallowmere CDP, Operational: 56Tallowmere CDP, Governance: 60Tallowmere CDP, Economic: 54Tallowmere CDP, Infrastructure: 62Tallowmere CDP, Transparency: 58
Risk Index components: Tallowmere CDP Code 56, Operational 56, Governance 60, Economic 54, Infrastructure 62, Transparency 58
ComponentTallowmere CDP
Code56
Operational56
Governance60
Economic54
Infrastructure62
Transparency58

Grade scale

  1. AAA90–100
  2. AA85–89.9
  3. A80–84.9
  4. BBB75–79.9
  5. BB70–74.9
  6. B65–69.9
  7. CCC60–64.9
  8. CC55–59.9
  9. C50–54.9
  10. D0–49.9

Score history

6 monthly snapshots

Each point is the Risk Index computed from that month’s component values. Markers below the chart show the events that moved a component; the history starts at launch in May 2026.
Tallowmere CDP Quantix Risk Index by month
PeriodQuantix Risk Index
May ’2660.7
Jun ’2660.7
Jul ’2660.7
Aug ’2657.1
Sep ’2657.1
Oct ’2657.1

  1. 30 Aug 2026

    Incident analysis

    Spot-price oracle manipulation mints unbacked tUSD

    A flash-loan funded trade moved a thin pool 8.1×; the CDP valued collateral at that price and minted 6.4% of tUSD supply.

    Incident analysis in Threat Analysis
    • Economic Security−12
    • Code Security−6

Risk factors

What keeps the score from being higher, most severe first.

  • HighEconomic SecurityProfile analysis

    Single price source

    Each collateral reads one price account with no confidence or staleness check, so a manipulated or stale price drives minting and liquidations directly.

  • HighGovernance RiskProfile analysis

    Single-key upgrade authority

    Compromise of one key replaces the program that controls the stablecoin mint authority.

Recommendations

Each recommendation raises one component to a target value. The score effect is recomputed with the Risk Index model, holding every other component fixed.

  • Economic Security: 54 → 72

    Multi-source prices with confidence checks

    Combine sources and reject prices outside confidence and staleness bounds.

    +2.7

    → 59.8

  • Governance Risk: 60 → 72

    Multisig upgrade authority

    Move the upgrade authority to a multisig with a delay.

    +1.8

    → 58.9

Analysis

Contract, governance and operations

Contract analysis

Source
Partially verified
Upgradeability
Program upgrade authority
Administrative control
Single upgrade-authority key
Enforced delay
None identified
External dependencies
One price account per collateral; Liquidator bots
  • FailPrice source. One price account per collateral, no confidence check.
  • FailUpgrade authority. A single key can upgrade the program.
  • PassLiquidations. Permissionless liquidations.

Governance exposure

High

One key can replace the program and change mint parameters.

Operational resilience

Weak

The August incident left bad debt; no published incident process.

Monitoring

Monitoring history

9 recorded security events for Tallowmere CDP, most recent first.
Open in Security Monitoring
  1. 31 Aug 2026HighInsurance fund covers 210,000 tUSD of bad debtWhale Activity · tallowmere programResolved
  2. 30 Aug 2026MediumTLW delisted; oracle moved to time-weighted sourceConfiguration Change · Oracle adapterResolved
  3. 30 Aug 2026MediumtUSD trading at 0.87; holders exitingWhale Activity · Mint authority PDAResolved
  4. 30 Aug 2026MediumMinting paused by the admin keyConfiguration Change · tallowmere programResolved
  5. 30 Aug 2026MediumVault liquidation at 14× usual volumeContract Activity · tallowmere programResolved
  6. 30 Aug 2026HighMinted tUSD swapped and moved to a new walletWhale Activity · tallowmere programResolved

Research assessment

No Quantix assessment of Tallowmere CDP has been published. Its security findings are represented by the contract-analysis signals above: 2 failed and 0 cautionary.

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Research

Relevant research

Publications on the risks that matter most for a stablecoin protocol on Solana.

Architecture

System components

tallowmere program
Vaults, minting and liquidation
Oracle adapter
Reads one price account per collateral
Mint authority PDA
Controls stablecoin minting

Turn risk factors into a remediation plan.

A research assessment traces each weakness to code, configuration or process, and verifies the fix before the score moves.

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