DEX · UNI · $4.3B TVL. Uniswap remains the reference implementation of decentralized exchange. v4 shipped with nine audits and a $15.5M bug bounty — the largest security process in DeFi history — and the protocol holds ~35% of DEX TVL with the deepest integration surface of any AMM. The screen's only real argument with Uniswap is about growth, not quality.
Solvency screens at AA, the highest in the universe after Aave. Near-zero unlock pressure, a moderate drawdown profile, and a 9/10 risk score built on seven years without a core-contract loss. The sustainability input (~2x) is the modest one — and it carries an asterisk, because whether protocol fee flow accrues to the treasury at all is the fee-switch question governance has debated for years.
Legitimacy screens at AA with the strongest raw inputs in the screen: 10/10 audit posture, a fully public team with unmatched track record, and v4 delivered as specified. Governance scores 7/10 — active and real, but the persistent inability to resolve fee-switch economics illustrates its limits.
Growth screens at BB. Share is being contested from below by faster-iterating venues on newer chains, twelve-month TVL is down ~25%, and momentum is fair — v4 hooks are an option on future growth that hasn't paid out yet.
Composite BB, entirely growth-capped. On solvency and legitimacy Uniswap is arguably the highest-quality protocol in DeFi; a full rating's central question would be whether fee-switch resolution converts its volume into durable treasury economics.
"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.
