Yield · CVX · $1B TVL. Convex is the yield layer that won the Curve wars — the aggregator through which a huge share of veCRV voting power and Curve LP yield still routes. It is DeFi's clearest example of a mature cash-flow asset: the machine works, throws off fees, and has little new to say.
Solvency screens at A. Essentially no unlock pressure on a fully distributed token, moderate drawdown, and fee coverage (~1.5x) from an established position. Risk posture is stable; the protocol's fate is soldered to Curve's, for better and worse.
Legitimacy screens at BBB. The pseudonymous founding team has been reliable but low-visibility, audits are adequate for a codebase that rarely changes, and governance (5/10) is vlCVX bribe-market plumbing more than deliberation.
Growth screens at B: 30% TVL decline, 3/10 momentum — among the lowest in the screen — and a product whose addressable market shrinks as Curve's share does. Extensions into Frax and Prisma ecosystems added surface, not trajectory.
Composite B. A bond-like DeFi asset: dependable coupons, no growth story. A full rating would model it explicitly as a levered claim on Curve's fee future.
"A chain is as strong as its weakest link." The conservative composite takes the weakest dimension and inherits any notching cap, so a single structural weakness cannot be diluted by strength elsewhere.
