Rating Screen · Methodology v1.0

NAVI

Lending · NAVX · $0.6B TVL. NAVI is a Sui-native lending and liquidity protocol competing directly with Suilend for a young chain's credit market. The screen scores it slightly below its rival on nearly every verification input while noting a shallower TVL decline.

Screened July 27, 2026 Methodology v1.0 (screen) Caps Triggered 0

Solvency

49 / 100

Will it survive and pay users back?

Legitimacy

56 / 100

Is it real, credible, delivering its stated aim?

Growth

39.3 / 100

Adoption toward the protocol's own goal, peer-relative.

Axis I · Credit Grade

Solvency — BB

Solvency screens at BB. Fee coverage (~1.5x) is thin, the 12% unlock schedule is heavy, and the 45% drawdown is steep. The 5/10 risk score is the lowest among the lenders in this screen — young chain, young oracle infrastructure, young liquidation depth, all compounding.

Solvency ScorecardBB

MetricRawNormalizedWeightWeighted

Sustainability ratio (revenue / emissions)1.5x

30%18

Does it earn more than it prints? Above 1x is self-sustaining.

TVL stability (max 90-day drawdown)45%

25%10

Bank-run indicator: worst 90-day deposit flight.

Unlock pressure (next 12 months)12%

15%6

Incoming insider sell pressure vs circulating supply.

Risk quality (collateral, oracle, exploit posture)5 / 10

30%15

Combined collateral quality, price-feed dependence, and loss history.

FINAL DIMENSION SCORE49 → BB

Axis II · Legitimacy Score

Legitimacy — BB

Legitimacy screens at BB. Audits (6/10) and team visibility (6/10) are the constraint; delivery has been reasonable. Governance is nominal — NAVX voting exists more as a roadmap item than as a control mechanism.

Legitimacy ScorecardBB

MetricRawNormalizedWeightWeighted

Audit coverage6 / 10

25%15

Code credibility: firms, recency, findings resolved.

Team & transparency6 / 10

25%15

Doxxed vs anonymous; track record; disclosure quality.

Delivery vs stated roadmap7 / 10

20%14

Does shipped product match the promise? The core legitimacy test.

Governance & decentralization4 / 10

30%12

Real distributed control vs theater; participation quality.

FINAL DIMENSION SCORE56 → BB

Axis III · Adoption Trajectory

Growth — B

Growth screens at B, with the least-bad TVL trend in its cohort (-20%) and fair momentum, against a 2.5% category share.

Growth ScorecardB

MetricRawNormalizedWeightWeighted

TVL 12-month trend-20%

35%15.8

Adoption of the core product, in absolute terms.

Category market share2.5%

30%6

Peer-relative position: winning or losing its niche.

Momentum & users5 / 10

35%17.5

Usage trajectory and integration growth, filtered for incentives.

FINAL DIMENSION SCORE39.3 → B

Verdict

Where NAVI Lands

Composite B. The number-two lender on a number-many chain, carrying the screen's thinnest risk verification among lenders. A full rating would want independent audit review before anything else.

Composite — Conservative (Recommended Headline)

39.3 / 100 · lowest of the three dimensions

"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.

Analyst Note

Sui lending; young.

Screen vs full rating. This is Methodology v1.0 applied in screening form: the same bands, weights, caps and grade scale as the full Aave workbook, reduced to the highest-signal metrics per dimension so the whole universe stays comparable in one table. Screen grades are provisional. A full rating — per-metric sourcing plus four stress scenarios — is produced when a protocol is selected for publication. Every input is an analyst estimate as of July 27, 2026, drawn from public data (DefiLlama, protocol docs, governance forums, rekt.news) and judgment, and should be verified before being relied upon.

Want the full treatment? See the complete Aave rating — per-metric sourcing, four stress scenarios, and notching-cap analysis — for what a published rating looks like. Join the waitlist to get each new full rating as it publishes.