DEX · UNI · $3.4B TVL. Screen grades as of November 12, 2026: Solvency AA, Legitimacy AA, Growth BB. v4 shipped (9 audits, $15.5M bounty); fee-switch economics still governance-contested.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $4.3B | $3.4B |
| 12-month TVL change | -25% | -30% |
| Worst 90-day drawdown | 30% | 22% |
| Drawdown scored | 30% (90-day only, v1.0) | 30% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | AA · 82.3 | AA · 82.3 |
| Growth | BB · 53.8 | BB · 53.8 |
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 AA (82.3 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 22% and 12-month TVL change is -30%. TVL stability is scored on the 12-month decline of 30%, because it is worse than the latest 90 days. Sustainability ratio (2x), unlock pressure (1%) and risk quality (9 / 10) are carried over from July 27, 2026.
Legitimacy screens at AA (89 / 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 (53.8 / 100), unchanged from the July 27, 2026 screen. TVL is $3.4B, -30% over twelve months (it was -25% at the previous screen). Category share (35%) and momentum (6 / 10) are carried over from July 27, 2026.
The credit grade is Solvency AA. Legitimacy is AA 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 Uniswap survive stress and pay its users back. Legitimacy (AA) and the Growth outlook (BB) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Uniswap (this page) | AA | AA | BB |
| Curve | BBB | A | B |
| PancakeSwap | A | BBB | BB |
| Raydium | BBB | BBB | B |
| Aerodrome | BBB | BBB | B |
| Balancer | BB | A | CCC |
| SushiSwap | BB | BB | CCC |
Uniswap remains the reference implementation of decentralized exchange. v4 shipped with nine audits and a $15.5M bug bounty — the largest security process in DeFi history — and the protocol holds ~35% of DEX TVL with the deepest integration surface of any AMM. The screen's only real argument with Uniswap is about growth, not quality.
Solvency screens at AA, the highest in the universe after Aave. Near-zero unlock pressure, a moderate drawdown profile, and a 9/10 risk score built on seven years without a core-contract loss. The sustainability input (~2x) is the modest one — and it carries an asterisk, because whether protocol fee flow accrues to the treasury at all is the fee-switch question governance has debated for years.
Legitimacy screens at AA with the strongest raw inputs in the screen: 10/10 audit posture, a fully public team with unmatched track record, and v4 delivered as specified. Governance scores 7/10 — active and real, but the persistent inability to resolve fee-switch economics illustrates its limits.
Growth screens at BB. Share is being contested from below by faster-iterating venues on newer chains, twelve-month TVL is down ~25%, and momentum is fair — v4 hooks are an option on future growth that hasn't paid out yet.
Composite BB, entirely growth-capped. On solvency and legitimacy Uniswap is arguably the highest-quality protocol in DeFi; a full rating's central question would be whether fee-switch resolution converts its volume into durable treasury economics.
