Lending · QI · $0.22B TVL. Screen grades as of November 12, 2026: Solvency BB, Legitimacy BBB, Growth CCC. Avalanche staple; chain-beta.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $0.4B | $0.22B |
| 12-month TVL change | -30% | -55% |
| Worst 90-day drawdown | 35% | 28% |
| Drawdown scored | 35% (90-day only, v1.0) | 55% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BBB · 65 | BB · 58.8 |
| Growth | CCC · 25.3 | CCC · 20 |
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 (58.8 / 100), previously BBB in the July 27, 2026 screen. The worst 90-day TVL drawdown is 28% and 12-month TVL change is -55%. TVL stability is scored on the 12-month decline of 55%, because it is worse than the latest 90 days. Sustainability ratio (1.5x), unlock pressure (2%) and risk quality (6 / 10) are carried over from July 27, 2026.
Legitimacy screens at BBB (61 / 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 (20 / 100), unchanged from the July 27, 2026 screen. TVL is $0.22B, -55% over twelve months (it was -30% at the previous screen). Category share (1.5%) and momentum (3 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BB. Legitimacy is BBB 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 Benqi survive stress and pay its users back. Legitimacy (BBB) and the Growth outlook (CCC) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Benqi (this page) | BB | BBB | CCC |
| Aave | A | AA | BB |
| Morpho | A | AA | A |
| JustLend | A | BB | BBB |
| Spark | A | A | BB |
| Kamino | BBB | BBB | B |
| Compound | BBB | A | B |
| Venus | A | BB | CCC |
| Suilend | BB | BB | CCC |
| Euler | BB | A | B |
| NAVI | B | BB | CCC |
| Moonwell | BB | BBB | CCC |
Benqi is Avalanche's principal lending market and liquid staking provider — sAVAX plus a money market, operating continuously since 2021. It is a stable, unremarkable ecosystem utility whose fortunes are entirely those of its chain.
Solvency screens at BBB. Fee coverage (~1.5x), light unlocks on a mature token, and a moderate 35% drawdown. The 6/10 risk score reflects collateral concentration in AVAX and Avalanche-native assets — single-ecosystem correlation is the whole risk.
Legitimacy screens at BBB: adequate audits, a consistent if low-profile team, steady delivery. Governance (4/10) has low participation and close alignment with the Avalanche Foundation's priorities.
Growth screens at CCC: 1.5% share, -30% TVL, 3/10 momentum. Avalanche DeFi has not recovered the mindshare it held in 2021, and Benqi's trajectory simply mirrors that.
Composite CCC. Operationally sound, strategically becalmed. A full rating would essentially be a rating of Avalanche's DeFi ecosystem with Benqi as the expression.
