DEX · BAL · $0.03B TVL. Screen grades as of November 12, 2026: Solvency BB, Legitimacy A, Growth CCC. CAP BB: Nov 2025 V2 exploit (~$100M+), partial recovery — Solvency capped pending full restitution/verification.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $0.6B | $0.03B |
| 12-month TVL change | -50% | -90% |
| Worst 90-day drawdown | 55% | 57% |
| Drawdown scored | 55% (90-day only, v1.0) | 90% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BB · 55 | BB · 48.8 |
| Growth | B · 31.3 | CCC · 26 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at BB (48.8 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 57% and 12-month TVL change is -90%. TVL stability is scored on the 12-month decline of 90%, because it is worse than the latest 90 days. Sustainability ratio (1x), unlock pressure (1%) and risk quality (4 / 10) are carried over from July 27, 2026.
Legitimacy screens at A (72 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at CCC (26 / 100), previously B in the July 27, 2026 screen. TVL is $0.03B, -90% over twelve months (it was -50% at the previous screen). Category share (5%) and momentum (3 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BB. Legitimacy is A and the Growth outlook is CCC; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Balancer survive stress and pay its users back. Legitimacy (A) and the Growth outlook (CCC) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Balancer (this page) | BB | A | CCC |
| Uniswap | AA | AA | BB |
| Curve | BBB | A | B |
| PancakeSwap | A | BBB | BB |
| Raydium | BBB | BBB | B |
| Aerodrome | BBB | BBB | B |
| SushiSwap | BB | BB | CCC |
Balancer is the only protocol in this screen carrying an active notching cap. The November 2025 exploit of its V2 vault — a rounding-error flaw in the stable-pool math that drained well over $100M across chains — is exactly the fatal-flaw condition Methodology v1.0 was written to handle: a weakness that cannot be averaged away by good scores elsewhere.
Solvency screens at BB (55.0), with a notching cap of 59 declared over it. The cap does not bind here — the weighted inputs already land below the ceiling — which is itself the finding: Balancer's fundamentals are weak enough on their own that the fatal-flaw ceiling never has to do any work. A 55% drawdown, the deepest in the universe, and a 4/10 risk score reflect that the exploit reached core vault accounting rather than a peripheral integration, while the ~1x sustainability ratio leaves no cushion to absorb it.
Legitimacy screens at A, and the divergence from Solvency is the interesting part. Balancer's audit history was genuinely deep, the team disclosed and coordinated the response publicly, white-hat recovery efforts were real, and governance functioned through the crisis. The framework treats disclosure quality and solvency damage as separate questions — a protocol can handle a disaster honorably and still be uncreditworthy while the hole is open.
Growth screens at B: TVL halved, share down to ~5%, momentum 3/10. The exploit accelerated an erosion already underway as the boosted-pool and veBAL flywheel lost ground to newer AMM designs.
Composite B, set by Growth. The declared cap stays on the file until restitution is verified and the V3 accounting surface is re-audited — but the more sobering point is that Solvency is already below the ceiling without it. Recovery here is not a matter of lifting a cap; it is a matter of rebuilding fundamentals.
