CDP · LQTY · $0.4B TVL. Liquity is the purest expression of DeFi's original design ethos in the entire screen: immutable contracts, no governance over core parameters, no admin keys, no upgrade path. What ships is what runs, forever. Its v2 (BOLD) extends the model with user-set interest rates. The screen scores the highest-integrity architecture in the universe attached to the weakest commercial trajectory.
Solvency screens at A. The 8/10 risk score is earned by immutability itself — there is no admin key to compromise, no governance attack surface on core parameters, and the stability-pool liquidation mechanism has cleared every stress event since 2021 without bad debt. Unlocks are negligible. The ~1x sustainability ratio is the honest limit: a protocol that cannot change also cannot easily monetize.
Legitimacy screens at A, with the highest governance score in the entire screen (7/10) — awarded, paradoxically, for having deliberately minimized what governance can do. Audits are deep, the team is public and research-driven, and v2 delivered on its published design.
Growth screens at CCC, the harshest reading in the universe: 3% share, -25% TVL, 4/10 momentum. Immutability forecloses the rapid iteration that drives adoption; the protocol cannot chase a narrative even if it wanted to.
Composite CCC, and the divergence between dimensions is the most extreme in the screen — A-grade solvency and legitimacy against a CCC growth reading. This is exactly why the methodology publishes three grades rather than one: a single blended number would hide both the quality and the stagnation.
"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.
