BTC Yield · SOLV · $0.53B TVL. Screen grades as of November 12, 2026: Solvency B, Legitimacy BB, Growth B. BTC yield aggregation; past TVL-accounting controversy — verify metrics carefully.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $0.9B | $0.53B |
| 12-month TVL change | -35% | -66% |
| Worst 90-day drawdown | 45% | 18% |
| Drawdown scored | 45% (90-day only, v1.0) | 66% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BB · 49 | B · 42.8 |
| Growth | BB · 46.8 | B · 41.5 |
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 B (42.8 / 100), previously BB in the July 27, 2026 screen. The worst 90-day TVL drawdown is 18% and 12-month TVL change is -66%. TVL stability is scored on the 12-month decline of 66%, because it is worse than the latest 90 days. Sustainability ratio (1x), unlock pressure (12%) and risk quality (5 / 10) are carried over from July 27, 2026.
Legitimacy screens at BB (54 / 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 (41.5 / 100), previously BB in the July 27, 2026 screen. TVL is $0.53B, -66% over twelve months (it was -35% at the previous screen). Category share (30%) and momentum (4 / 10) are carried over from July 27, 2026.
The credit grade is Solvency B. Legitimacy is BB 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 Solv survive stress and pay its users back. Legitimacy (BB) and the Growth outlook (B) are published beside it and are never averaged into it. Weakest axis: Growth.
Solv aggregates bitcoin yield — routing BTC into staking, restaking, and structured strategies through its SolvBTC wrapper family — and holds a meaningful ~30% share of the BTC-yield category. It also carries the screen's most explicit data-quality flag: past controversy over TVL accounting means its headline metrics deserve independent verification.
Solvency screens at BB. Thin fee coverage (~1x), a 12% unlock schedule, and a 45% drawdown describe standard young-category economics; the 5/10 risk score adds the layered-wrapper problem — SolvBTC stacks custody, staking, and strategy risks that are hard to see through from the outside.
Legitimacy screens at BB, the deduction driven by history: the TVL-accounting episode is precisely the promise-versus-delivery gap the Legitimacy axis exists to price. Audits and team scores are middling; governance is nominal.
Growth screens at BB on genuine category share, against soft momentum and the BTC-fi retracement (-35%).
Composite BB with an asterisk the size of the methodology: verify before trusting any input. A full rating would begin as a forensic exercise — proof of reserves and flow-through of yield before any grade is publishable.
