CDP · SKY · $4.1B TVL. Screen grades as of November 12, 2026: Solvency A, Legitimacy A, Growth BB. Rebrand executed; USDS migration; long solvency track record incl. 2020 Black Thursday recovery.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $8.5B | $4.1B |
| 12-month TVL change | -20% | -33% |
| Worst 90-day drawdown | 25% | 34% |
| Drawdown scored | 25% (90-day only, v1.0) | 34% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | A · 79.3 | A · 79.3 |
| Growth | BBB · 63.3 | BB · 56.3 |
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 A (79.3 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 34% and 12-month TVL change is -33%. TVL stability is scored on the 90-day drawdown, which is the worse of the two. Sustainability ratio (4x), unlock pressure (1%) and risk quality (8 / 10) are carried over from July 27, 2026.
Legitimacy screens at A (76.5 / 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 BB (56.3 / 100), previously BBB in the July 27, 2026 screen. TVL is $4.1B, -33% over twelve months (it was -20% at the previous screen). Category share (55%) and momentum (5 / 10) are carried over from July 27, 2026.
The credit grade is Solvency A. Legitimacy is A and the Growth outlook is BB; 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 Sky (MakerDAO) survive stress and pay its users back. Legitimacy (A) and the Growth outlook (BB) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Sky (MakerDAO) (this page) | A | A | BB |
| Liquity | BBB | A | CCC |
Sky — the rebranded MakerDAO — is the longest-running solvency story in DeFi. The protocol behind DAI/USDS has operated a collateralized stablecoin through every crypto credit cycle since 2017, including the March 2020 Black Thursday liquidation crisis it survived and recapitalized from. At $8.5B TVL it still holds roughly 55% of the CDP category.
Solvency screens at A. Revenue from stability fees and its RWA-heavy collateral book covers emissions roughly 4x over, drawdown has been comparatively shallow (~25%) for a protocol this size, and unlock pressure is immaterial. The risk posture reflects one of the most battle-tested liquidation engines on-chain — the deduction is for the growing complexity of the collateral book, which now spans on-chain and real-world assets.
Legitimacy screens at A. Audit depth and track record are near best-in-class, and the Endgame restructuring into Sky and subDAOs was executed rather than merely announced. Governance is the soft spot: participation is delegate-concentrated, and the Endgame's layered structure makes accountability harder to trace than in the old single-DAO model.
Growth screens at BBB — the strongest growth reading among the large incumbents. TVL is down a comparatively modest ~20% over twelve months, share is holding, and the USDS migration plus Spark subDAO give it live product surface. Momentum is steady rather than accelerating.
Composite BBB — investment grade on the screen, the highest composite among DeFi's old guard. A full rating would need to work through the RWA collateral concentration and the Endgame governance topology, but the screen's read is a protocol whose durability is demonstrated rather than promised.
