Lending · NAVX · $0.11B TVL. Screen grades as of November 12, 2026: Solvency B, Legitimacy BB, Growth CCC. Sui lending; young.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $0.6B | $0.11B |
| 12-month TVL change | -20% | -75% |
| Worst 90-day drawdown | 45% | 43% |
| Drawdown scored | 45% (90-day only, v1.0) | 75% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BB · 49 | B · 42.8 |
| Growth | B · 39.3 | CCC · 27 |
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 B (42.8 / 100), previously BB in the July 27, 2026 screen. The worst 90-day TVL drawdown is 43% and 12-month TVL change is -75%. TVL stability is scored on the 12-month decline of 75%, because it is worse than the latest 90 days. Sustainability ratio (1.5x), unlock pressure (12%) and risk quality (5 / 10) are carried over from July 27, 2026.
Legitimacy screens at BB (56 / 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 (27 / 100), previously B in the July 27, 2026 screen. TVL is $0.11B, -75% over twelve months (it was -20% at the previous screen). Category share (2.5%) and momentum (5 / 10) are carried over from July 27, 2026.
The credit grade is Solvency B. Legitimacy is BB 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 NAVI survive stress and pay its users back. Legitimacy (BB) and the Growth outlook (CCC) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| NAVI (this page) | B | BB | 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 |
| Benqi | BB | BBB | CCC |
| Moonwell | BB | BBB | CCC |
NAVI is a Sui-native lending and liquidity protocol competing directly with Suilend for a young chain's credit market. The screen scores it slightly below its rival on nearly every verification input while noting a shallower TVL decline.
Solvency screens at BB. Fee coverage (~1.5x) is thin, the 12% unlock schedule is heavy, and the 45% drawdown is steep. The 5/10 risk score is the lowest among the lenders in this screen — young chain, young oracle infrastructure, young liquidation depth, all compounding.
Legitimacy screens at BB. Audits (6/10) and team visibility (6/10) are the constraint; delivery has been reasonable. Governance is nominal — NAVX voting exists more as a roadmap item than as a control mechanism.
Growth screens at B, with the least-bad TVL trend in its cohort (-20%) and fair momentum, against a 2.5% category share.
Composite B. The number-two lender on a number-many chain, carrying the screen's thinnest risk verification among lenders. A full rating would want independent audit review before anything else.
