Methodology summary
Pillars
- V — Verifiability: how much of the backing an outsider can confirm (attestations, on-chain proof, custody, disclosures).
- SE — Stress Exit: share of a redemption run that can be met within the scenario window via direct redemption and secondary liquidity.
- IM — Issuer & Market
- RS — Regulatory & Structural
Persona weights (V / SE / IM / RS)
| Persona | V | SE | IM | RS |
|---|---|---|---|---|
| Institutional | 25 | 35 | 15 | 25 |
| DeFi | 30 | 30 | 20 | 20 |
| Retail | 25 | 35 | 15 | 25 |
| Yield | 20 | 30 | 20 | 30 |
Caps
- V in the Critical band (0–24) caps the overall score at 45; Weak (25–39) caps it at 65.
- Group-level CDP collateral rows are capped at 54.
- A CDP coin is held for review while more than 25% of its debt has unknown collateral.
Stress scenarios
| Scenario | Outflow | Window | Weight |
|---|---|---|---|
| Normal | 5% of supply | 168 h | 20% |
| Moderate | 15% of supply | 48 h | 35% |
| Severe | 30% of supply | 24 h | 45% |
V bands
| Band | Range | Meaning |
|---|---|---|
| Critical | 0–24 | An outsider can't confirm most of the backing. Publisher caps the overall score at 45. |
| Weak | 25–39 | Some third-party evidence, but stale, coarse, or largely unverifiable. Publisher caps the overall score at 65. |
| Limited | 40–54 | A regular third-party attestation exists, but independent verifiability is limited. |
| Moderate | 55–69 | Regular reasonable-assurance attestations with good detail; a few gaps. |
| Strong | 70–84 | Frequent high-quality attestation with position-level detail and named custody, or mostly on-chain collateral. |
| Very strong | 85–100 | Backing is almost entirely verifiable in real time on-chain, or equivalent. |