Liquid Staking · RPL · $0.99B TVL. Screen grades as of November 12, 2026: Solvency BBB, Legitimacy AA, Growth CCC. Most decentralized major LST; growth lags Lido/restaking narratives.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $1.5B | $0.99B |
| 12-month TVL change | -30% | -53% |
| Worst 90-day drawdown | 30% | 32% |
| Drawdown scored | 30% (90-day only, v1.0) | 53% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | A · 73.3 | BBB · 67 |
| Growth | B · 34.8 | CCC · 29.5 |
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 32% and 12-month TVL change is -53%. TVL stability is scored on the 12-month decline of 53%, because it is worse than the latest 90 days. Sustainability ratio (1.5x), unlock pressure (1%) and risk quality (8 / 10) are carried over from July 27, 2026.
Legitimacy screens at AA (82 / 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 (29.5 / 100), previously B in the July 27, 2026 screen. TVL is $0.99B, -53% over twelve months (it was -30% at the previous screen). Category share (8%) and momentum (4 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BBB. Legitimacy is AA 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 Rocket Pool survive stress and pay its users back. Legitimacy (AA) and the Growth outlook (CCC) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Rocket Pool (this page) | BBB | AA | CCC |
| Lido | A | AA | BB |
| Jito | BBB | A | B |
| Marinade | BBB | A | B |
| Sanctum | BBB | BBB | BB |
| mETH Protocol | BBB | BBB | B |
| StakeWise | BBB | BBB | CCC |
Rocket Pool is the conscience of liquid staking: the most credibly decentralized major LST, with permissionless node operators and a governance culture that takes its own ideals seriously. The screen scores a protocol whose values are its moat — and its constraint.
Solvency screens at A. Negligible unlocks, moderate drawdown, mature risk posture (8/10) across years of incident-free operation. The sustainability ratio (~1.5x) is the softer input — decentralization has costs, and Rocket Pool's economics are structurally thinner than Lido's scale allows.
Legitimacy screens at AA, among the best in the universe: deep audits, a veteran public team, delivery through multiple protocol upgrades (Saturn on deck at snapshot), and 7/10 governance that is genuinely contested rather than performative. This is what the framework wants Legitimacy to look like.
Growth screens at B, and it is the whole story: ~8% category share, 30% TVL decline, weak momentum as capital chased restaking yields Rocket Pool deliberately declined to chase. Principled positioning, punished trajectory.
Composite B, growth-capped. The screen's read: the highest-integrity design in its category with the weakest commercial momentum. A full rating would weigh whether Saturn's economics reforms can close the gap Lido and the LRTs opened.
