Yield · YFI · $0.19B TVL. Screen grades as of November 12, 2026: Solvency BB, Legitimacy BBB, Growth CCC. DeFi-summer icon; relevance fading; treasury diversified.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $0.3B | $0.19B |
| 12-month TVL change | -35% | -72% |
| Worst 90-day drawdown | 35% | 33% |
| Drawdown scored | 35% (90-day only, v1.0) | 72% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | A · 70.3 | BB · 57.8 |
| Growth | CCC · 25.3 | CCC · 20 |
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 BB (57.8 / 100), previously A in the July 27, 2026 screen. The worst 90-day TVL drawdown is 33% and 12-month TVL change is -72%. TVL stability is scored on the 12-month decline of 72%, because it is worse than the latest 90 days. Sustainability ratio (1x), unlock pressure (0.5%) and risk quality (7 / 10) are carried over from July 27, 2026.
Legitimacy screens at BBB (67.5 / 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 (20 / 100), unchanged from the July 27, 2026 screen. TVL is $0.19B, -72% over twelve months (it was -35% at the previous screen). Category share (4%) and momentum (3 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BB. 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 Yearn 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.
Yearn invented the yield aggregator and, with YFI's fair launch, wrote one of DeFi's founding myths. The screen scores what remains: a technically sound vault protocol with a diversified treasury, a durable contributor culture, and a shrinking reason to exist as yield opportunities moved on-chain-native and vault strategies commoditized.
Solvency screens at A on defensive characteristics: essentially zero unlock pressure (YFI's supply has been fixed since 2020), a moderate drawdown, a 7/10 risk score built on years of vault operation with strategy-level incidents contained rather than systemic, and a treasury that was diversified early and deliberately. Fee coverage (~1x) is break-even.
Legitimacy screens at BBB. Audits remain solid and governance (6/10) is genuinely participatory in the veYFI structure. The deduction is delivery (6/10): v3 shipped, but the pace and clarity of direction have wandered across multiple strategic pivots.
Growth screens at CCC: 4% share, -35% TVL, 3/10 momentum. The aggregator layer is being disintermediated by protocols that issue their own yield-bearing tokens directly.
Composite CCC. A well-capitalized, well-governed protocol in a category the market has partially outgrown. A full rating would focus on treasury runway relative to contributor cost — Yearn's solvency question is organizational, not financial.
