Lending · XVS · $1.1B TVL. Screen grades as of November 12, 2026: Solvency A, Legitimacy BB, Growth CCC. BNB lender; 2021 LUNA bad-debt episode; since recapitalized.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $1B | $1.1B |
| 12-month TVL change | -20% | -38% |
| Worst 90-day drawdown | 30% | 22% |
| Drawdown scored | 30% (90-day only, v1.0) | 38% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | A · 71 | A · 71 |
| Growth | B · 35.8 | CCC · 28.8 |
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 A (71 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 22% and 12-month TVL change is -38%. TVL stability is scored on the 12-month decline of 38%, because it is worse than the latest 90 days. Sustainability ratio (2x), unlock pressure (3%) and risk quality (6 / 10) are carried over from July 27, 2026.
Legitimacy screens at BB (58.5 / 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 CCC (28.8 / 100), previously B in the July 27, 2026 screen. TVL is $1.1B, -38% over twelve months (it was -20% at the previous screen). Category share (4%) and momentum (4 / 10) are carried over from July 27, 2026.
The credit grade is Solvency A. Legitimacy is BB 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 Venus survive stress and pay its users back. Legitimacy (BB) and the Growth outlook (CCC) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Venus (this page) | A | BB | CCC |
| Aave | A | AA | BB |
| Morpho | A | AA | A |
| JustLend | A | BB | BBB |
| Spark | A | A | BB |
| Kamino | BBB | BBB | B |
| Compound | BBB | A | B |
| Suilend | BB | BB | CCC |
| Euler | BB | A | B |
| Benqi | BB | BBB | CCC |
| NAVI | B | BB | CCC |
| Moonwell | BB | BBB | CCC |
Venus is BNB Chain's principal money market, a lending staple that has operated continuously since 2020 — including through a defining 2021 stress event, when a LUNA listing and an XVS price manipulation produced significant bad debt the protocol subsequently recapitalized.
Solvency screens at A on current numbers: 2x fee coverage, moderate drawdown, light unlocks. The 6/10 risk score is where history lives — the bad-debt episode revealed listing-governance and oracle weaknesses that have since been rebuilt with isolated pools and stricter risk parameters.
Legitimacy screens at BB. Audits are adequate, but team continuity has been choppy across the protocol's ownership history, and governance (4/10) remains concentrated in the BNB ecosystem's orbit. The recapitalization is genuinely creditable; the framework still remembers why it was needed.
Growth screens at B: 4% share, TVL down ~20%, modest momentum tied to BNB Chain's own gravity. Multichain expansion has broadened the surface without changing the trajectory.
Composite B. A survivor with scar tissue — recapitalized, restructured, and ecosystem-bound. A full rating would test whether the post-2021 risk framework holds against a correlated BNB-market stress.
