Derivatives · DRIFT · $0.23B TVL. Screen grades as of November 12, 2026: Solvency BB, Legitimacy BBB, Growth B. Solana perps #2; real fees.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $0.9B | $0.23B |
| 12-month TVL change | -30% | -79% |
| Worst 90-day drawdown | 45% | 33% |
| Drawdown scored | 45% (90-day only, v1.0) | 79% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BBB · 64.8 | BB · 58.5 |
| Growth | B · 38.3 | B · 33 |
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 (58.5 / 100), previously BBB in the July 27, 2026 screen. The worst 90-day TVL drawdown is 33% and 12-month TVL change is -79%. TVL stability is scored on the 12-month decline of 79%, because it is worse than the latest 90 days. Sustainability ratio (3x), unlock pressure (8%) and risk quality (7 / 10) are carried over from July 27, 2026.
Legitimacy screens at BBB (68.5 / 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 B (33 / 100), unchanged from the July 27, 2026 screen. TVL is $0.23B, -79% over twelve months (it was -30% at the previous screen). Category share (12%) and momentum (5 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BB. Legitimacy is BBB and the Growth outlook is B; 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 Drift survive stress and pay its users back. Legitimacy (BBB) and the Growth outlook (B) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Drift (this page) | BB | BBB | B |
| Hyperliquid | A | A | AAA |
| GMX | BBB | BBB | B |
| dYdX | BB | A | CCC |
Drift is Solana's leading native perpetuals exchange — second in the broader on-chain derivatives category behind Hyperliquid — with a full-stack venue spanning perps, spot, borrow-lend, and prediction markets, all generating real fee revenue.
Solvency screens at BBB. The ~3x sustainability ratio is earned from genuine trading volume, and the protocol survived its formative stress (the 2022 v1 oracle incident) with a rebuilt architecture. The 45% drawdown and 8% unlock schedule keep the score from the A-range.
Legitimacy screens at BBB: strong technical team, steady shipping across an ambitious surface, adequate audit depth. Governance (5/10) is young; the foundation still leads.
Growth screens at B against Hyperliquid's gravity: 12% category share and fair momentum, with volume increasingly consolidating to the leader. Chain-beta (-30% TVL) compounds it.
Composite B. A well-run second player in a category where liquidity begets liquidity. The full-rating question is whether Solana-native distribution is a defensible niche or a shrinking one.
