CDP · LQTY · $0.22B TVL. Screen grades as of November 12, 2026: Solvency BBB, Legitimacy A, Growth CCC. Immutable-contract ethos; v2 BOLD; small but highest-integrity design.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $0.4B | $0.22B |
| 12-month TVL change | -25% | -45% |
| Worst 90-day drawdown | 35% | 27% |
| Drawdown scored | 35% (90-day only, v1.0) | 45% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | A · 73.3 | BBB · 67 |
| Growth | CCC · 28.8 | CCC · 28.8 |
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 (67 / 100), previously A in the July 27, 2026 screen. The worst 90-day TVL drawdown is 27% and 12-month TVL change is -45%. TVL stability is scored on the 12-month decline of 45%, because it is worse than the latest 90 days. Sustainability ratio (1x), unlock pressure (1%) and risk quality (8 / 10) are carried over from July 27, 2026.
Legitimacy screens at A (79.5 / 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 (28.8 / 100), unchanged from the July 27, 2026 screen. TVL is $0.22B, -45% over twelve months (it was -25% at the previous screen). Category share (3%) and momentum (4 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BBB. 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 Liquity 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 |
|---|---|---|---|
| Liquity (this page) | BBB | A | CCC |
| Sky (MakerDAO) | A | A | BB |
Liquity is the purest expression of DeFi's original design ethos in the entire screen: immutable contracts, no governance over core parameters, no admin keys, no upgrade path. What ships is what runs, forever. Its v2 (BOLD) extends the model with user-set interest rates. The screen scores the highest-integrity architecture in the universe attached to the weakest commercial trajectory.
Solvency screens at A. The 8/10 risk score is earned by immutability itself — there is no admin key to compromise, no governance attack surface on core parameters, and the stability-pool liquidation mechanism has cleared every stress event since 2021 without bad debt. Unlocks are negligible. The ~1x sustainability ratio is the honest limit: a protocol that cannot change also cannot easily monetize.
Legitimacy screens at A, with the highest governance score in the entire screen (7/10) — awarded, paradoxically, for having deliberately minimized what governance can do. Audits are deep, the team is public and research-driven, and v2 delivered on its published design.
Growth screens at CCC, the harshest reading in the universe: 3% share, -25% TVL, 4/10 momentum. Immutability forecloses the rapid iteration that drives adoption; the protocol cannot chase a narrative even if it wanted to.
Composite CCC, and the divergence between dimensions is the most extreme in the screen — A-grade solvency and legitimacy against a CCC growth reading. This is exactly why the methodology publishes three grades rather than one: a single blended number would hide both the quality and the stagnation.
