BTC Yield · SOLV · $0.9B TVL. Solv aggregates bitcoin yield — routing BTC into staking, restaking, and structured strategies through its SolvBTC wrapper family — and holds a meaningful ~30% share of the BTC-yield category. It also carries the screen's most explicit data-quality flag: past controversy over TVL accounting means its headline metrics deserve independent verification.
Solvency screens at BB. Thin fee coverage (~1x), a 12% unlock schedule, and a 45% drawdown describe standard young-category economics; the 5/10 risk score adds the layered-wrapper problem — SolvBTC stacks custody, staking, and strategy risks that are hard to see through from the outside.
Legitimacy screens at BB, the deduction driven by history: the TVL-accounting episode is precisely the promise-versus-delivery gap the Legitimacy axis exists to price. Audits and team scores are middling; governance is nominal.
Growth screens at BB on genuine category share, against soft momentum and the BTC-fi retracement (-35%).
Composite BB with an asterisk the size of the methodology: verify before trusting any input. A full rating would begin as a forensic exercise — proof of reserves and flow-through of yield before any grade is publishable.
"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.
