Yield · CVX · $0.48B TVL. Screen grades as of November 12, 2026: Solvency BBB, Legitimacy BBB, Growth CCC. Mature Curve-ecosystem cash flows; little new growth.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $1B | $0.48B |
| 12-month TVL change | -30% | -54% |
| Worst 90-day drawdown | 30% | 23% |
| Drawdown scored | 30% (90-day only, v1.0) | 54% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | A · 70.3 | BBB · 64 |
| 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 BBB (64 / 100), previously A in the July 27, 2026 screen. The worst 90-day TVL drawdown is 23% and 12-month TVL change is -54%. TVL stability is scored on the 12-month decline of 54%, because it is worse than the latest 90 days. Sustainability ratio (1.5x), unlock pressure (0.5%) and risk quality (7 / 10) are carried over from July 27, 2026.
Legitimacy screens at BBB (61.5 / 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 $0.48B, -54% over twelve months (it was -30% at the previous screen). Category share (12%) and momentum (3 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BBB. 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 Convex 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.
Convex is the yield layer that won the Curve wars — the aggregator through which a huge share of veCRV voting power and Curve LP yield still routes. It is DeFi's clearest example of a mature cash-flow asset: the machine works, throws off fees, and has little new to say.
Solvency screens at A. Essentially no unlock pressure on a fully distributed token, moderate drawdown, and fee coverage (~1.5x) from an established position. Risk posture is stable; the protocol's fate is soldered to Curve's, for better and worse.
Legitimacy screens at BBB. The pseudonymous founding team has been reliable but low-visibility, audits are adequate for a codebase that rarely changes, and governance (5/10) is vlCVX bribe-market plumbing more than deliberation.
Growth screens at B: 30% TVL decline, 3/10 momentum — among the lowest in the screen — and a product whose addressable market shrinks as Curve's share does. Extensions into Frax and Prisma ecosystems added surface, not trajectory.
Composite B. A bond-like DeFi asset: dependable coupons, no growth story. A full rating would model it explicitly as a levered claim on Curve's fee future.
