Liquid Staking · SWISE · $0.81B TVL. Screen grades as of November 12, 2026: Solvency BBB, Legitimacy BBB, Growth CCC. osETH; solo-staker-friendly architecture.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $0.3B | $0.81B |
| 12-month TVL change | -30% | -35% |
| Worst 90-day drawdown | 35% | 23% |
| Drawdown scored | 35% (90-day only, v1.0) | 35% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BBB · 68 | BBB · 68 |
| Growth | CCC · 25.3 | CCC · 25.3 |
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 BBB (68 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 23% and 12-month TVL change is -35%. TVL stability is scored on the 12-month decline of 35%, because it is worse than the latest 90 days. Sustainability ratio (1x), unlock pressure (2%) and risk quality (7 / 10) are carried over from July 27, 2026.
Legitimacy screens at BBB (69 / 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 (25.3 / 100), unchanged from the July 27, 2026 screen. TVL is $0.81B, -35% over twelve months (it was -30% at the previous screen). Category share (2%) and momentum (3 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BBB. Legitimacy is BBB 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 StakeWise survive stress and pay its users back. Legitimacy (BBB) and the Growth outlook (CCC) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| StakeWise (this page) | BBB | BBB | CCC |
| Lido | A | AA | BB |
| Jito | BBB | A | B |
| Rocket Pool | BBB | AA | CCC |
| Marinade | BBB | A | B |
| Sanctum | BBB | BBB | BB |
| mETH Protocol | BBB | BBB | B |
StakeWise v3 is architecturally the most solo-staker-friendly liquid staking design in the screen: isolated vaults let individual operators mint osETH against their own stake without pooling counterparty risk. It is a thoughtful answer to Lido's centralization critique that the market has largely declined to reward.
Solvency screens at BBB. Break-even fee coverage (~1x), light unlocks, a moderate drawdown, and a 7/10 risk score reflecting the genuine benefit of vault isolation — one operator's failure does not socialize to all osETH holders, which is a real structural improvement over pooled designs.
Legitimacy screens at BBB: solid audits, a credible public team, and delivery of a genuinely novel v3 architecture. Governance (5/10) is low-participation, a common fate for small-cap protocols.
Growth screens at CCC: 2% share, -30% TVL, 3/10 momentum. The isolated-vault model is harder to explain and harder to integrate than a single fungible LST, and distribution has followed simplicity.
Composite CCC. Better risk architecture than most of its category, with almost no commercial traction to show for it. A full rating would be a study in why superior design loses to superior distribution.
