B

B-Rated Protocols

401 protocols · Below-average risk — solid fundamentals with some areas of concern

Protocols

401

Avg Risk Score

29/100

Total TVL

$150.5B

Grade Distribution

ProtocolSectorRiskValueTVL
Liquid Staking
B
B
$17.8B
Liquid Staking
B
C+
$9.4B
Lending
B-
C
$7.6B
Liquid Staking
B-
D-
$7.1B
L1
B-
B-
$6.2B
CDP
B
B
$6.2B
CDP
B-
A-
$5.7B
Restaking
B-
C-
$5.1B
L1
B
C+
$5.1B
Lending
B-
C-
$3.7B
Lending
B
B
$3.7B
RWA
B-
C
$3.5B
L2
B
C-
$3.2B
RWA
B-
D
$3.0B
L2
B-
C+
$2.8B
DeFi
B-
D+
$2.2B
RWA
B
C-
$2.2B
RWA
B+
A-
$1.8B
Yield
B-
C-
$1.7B
DEX
B
B-
$1.7B
RWA
B-
C+
$1.6B
DEX
B
B+
$1.5B
DEX
B
B
$1.3B
Yield
B
C+
$1.3B
L1
B-
C+
$1.2B
Yield
B-
B+
$1.2B
Yield
B
C-
$1.2B
Liquid Staking
B-
D+
$1.1B
Lending
B-
B
$1.1B
Lending
B-
C+
$1.0B
Liquid Staking
B
B
$1.0B
Yield
B-
C+
$865M
RWA
B-
D
$864M
DEX
B-
C+
$839M
DEX
B-
B+
$836M
RWA
B-
D-
$808M
DeFi
B
C+
$795M
DEX
B+
B
$791M
Liquid Staking
B-
C-
$776M
RWA
B
D-
$769M
RWA
B-
B
$754M
Liquid Staking
B
B+
$730M
Liquid Staking
B-
C
$721M
L1
B-
C
$658M
Lending
B-
C-
$620M
Lending
B-
C
$620M
Liquid Staking
B-
C
$594M
Liquid Staking
B-
C
$540M
Liquid Staking
B
C+
$489M
RWA
B-
B-
$485M
Liquid Staking
B-
C-
$484M
Yield
B-
C
$474M
Lending
B
D
$416M
Liquid Staking
B
B-
$384M
RWA
B
B
$356M
Liquid Staking
B
D-
$350M
L1
B
C+
$334M
Bridge
B-
C-
$312M
L1
B
C
$300M
L1
B+
C
$300M
Yield
B-
C+
$283M
DeFi
B-
C
$262M
RWA
B-
C-
$262M
RWA
B-
B-
$258M
RWA
B
D
$256M
Yield
B-
D
$252M
DEX
B
C+
$242M
Lending
B-
C-
$240M
DEX
B
D+
$240M
DeFi
B
D
$239M
RWA
B-
D
$228M
Liquid Staking
B-
D
$221M
DEX
B
C-
$209M
DEX
B
D+
$207M
Liquid Staking
B
C-
$207M
Restaking
B-
D
$205M
Liquid Staking
B-
C+
$204M
Liquid Staking
B
C-
$204M
Liquid Staking
B
C-
$201M
DEX
B-
C
$200M
L2
B
D+
$200M
Liquid Staking
B
C
$173M
L1
B-
B-
$165M
RWA
B-
D+
$163M
Yield
B-
C
$157M
Liquid Staking
B-
C-
$152M
Liquid Staking
B
D-
$150M
Liquid Staking
B-
D
$147M
Yield
B-
C-
$144M
CDP
B
B
$140M
L1
B
C
$134M
DEX
B-
B
$132M
Lending
B-
D
$132M
Yield
B-
D
$130M
Derivatives
B-
D+
$128M
Lending
B
D-
$122M
Liquid Staking
B
D
$121M
DEX
B-
C+
$118M
Liquid Staking
B
C-
$115M
Yield
B-
D+
$114M
RWA
B-
C
$114M
Derivatives
B-
C+
$112M
Lending
B-
B
$111M
Liquid Staking
B-
D-
$111M
RWA
B-
B-
$110M
Yield
B
C+
$109M
Lending
B-
C+
$104M
Yield
B-
C
$104M
Liquid Staking
B
D
$102M
L1
B
D
$102M
L2
B-
C
$100M
RWA
B-
C-
$99M
Liquid Staking
B-
D
$99M
Yield
B-
D+
$98M
Bridge
B-
C-
$94M
Yield
B-
D
$93M
Stablecoin
B-
C-
$93M
Liquid Staking
B-
D-
$91M
Yield
B-
C+
$89M
L2
B
C+
$86M
Lending
B
B-
$84M
DeFi
B
D+
$84M
RWA
B-
C-
$82M
CDP
B-
D
$80M
DeFi
B-
C
$80M
Derivatives
B-
B
$80M
DeFi
B
D+
$79M
L1
B-
C-
$79M
Stablecoin
B-
B-
$73M
CDP
B
D+
$68M
Liquid Staking
B
D+
$67M
Bridge
B-
D+
$66M
Liquid Staking
B+
C
$66M
Lending
B-
C-
$65M
Yield
B
C
$64M
RWA
B-
B-
$63M
Liquid Staking
B
D-
$62M
Yield
B
D
$62M
DeFi
B
D-
$62M
Lending
B-
B
$61M
Restaking
B-
C-
$61M
Lending
B
D+
$61M
Liquid Staking
B-
C
$60M
DeFi
B-
D-
$58M
DeFi
B
D
$58M
Liquid Staking
B+
C-
$56M
Yield
B+
D-
$56M
Yield
B-
D+
$55M
Yield
B
D-
$54M
Stablecoin
B-
C+
$53M
Lending
B-
D
$53M
Yield
B-
B-
$51M
Liquid Staking
B-
C
$51M
Lending
B-
D-
$50M
RWA
B-
C
$50M
Yield
B-
D
$50M
Derivatives
B-
D+
$50M
Lending
B-
D-
$50M
L1
B
D+
$50M
DEX
B
C+
$50M
L1
B-
D
$49M
L1
B-
D+
$49M
L1
B
C-
$48M
Liquid Staking
B-
D
$47M
Yield
B-
D-
$46M
Yield
B
C
$46M
DEX
B-
C-
$45M
Liquid Staking
B-
C-
$45M
Liquid Staking
B
D-
$45M
Lending
B-
F
$44M
RWA
B-
D
$43M
Liquid Staking
B-
C-
$43M
Yield
B-
C+
$41M
RWA
B-
D-
$41M
Yield
B-
F
$40M
Derivatives
B-
C-
$39M
Yield
B-
D+
$38M
Stablecoin
B-
B-
$37M
Yield
B-
D+
$37M
Yield
B-
C-
$35M
Liquid Staking
B-
D+
$35M
L1
B+
C-
$33M
Lending
B-
D-
$33M
Restaking
B-
C-
$33M
Lending
B-
C-
$31M
Derivatives
B-
C-
$30M
CDP
B-
D
$30M
L2
B-
D-
$30M
L1
B-
D
$30M
DEX
B+
C+
$29M
DEX
B-
C+
$28M
DEX
B-
C
$27M
Liquid Staking
B-
C-
$26M
Lending
B-
C-
$26M
Yield
B-
C-
$26M
DEX
B
C
$26M
RWA
B-
D-
$25M
Yield
B-
C-
$25M
Derivatives
B-
D
$25M
Liquid Staking
B-
C-
$25M
Liquid Staking
B
D-
$25M
Lending
B-
C
$24M
RWA
B-
C-
$24M
Liquid Staking
B-
D
$24M
DEX
B-
D+
$24M
DEX
B-
D+
$24M
Lending
B-
C-
$21M
Yield
B-
D+
$21M
Restaking
B-
C
$21M
Yield
B
D+
$21M
Liquid Staking
B-
D+
$20M
Lending
B-
C+
$20M
DeFi
B-
C-
$20M
Bridge
B-
C-
$19M
Stablecoin
B-
D
$19M
DEX
B
B-
$19M
DEX
B
C
$19M
Lending
B-
C+
$18M
Yield
B-
D
$18M
Derivatives
B-
C+
$17M
Liquid Staking
B-
C
$17M
CDP
B
D
$17M
Lending
B-
C-
$16M
DEX
B-
C
$16M
Liquid Staking
B
C-
$16M
DeFi
B-
D
$15M
DEX
B-
D-
$15M
Liquid Staking
B-
D
$15M
Liquid Staking
B-
D-
$15M
Liquid Staking
B
F
$15M
L1
B
C-
$15M
L2
B-
D
$14M
RWA
B-
C
$14M
DEX
B
C+
$14M
DEX
B
B-
$14M
DeFi
B+
F
$14M
DEX
B-
C-
$13M
Restaking
B-
C
$13M
DeFi
B-
C+
$13M
DeFi
B-
D+
$13M
L1
B+
C
$13M
DEX
B+
C+
$13M
CDP
B-
D
$12M
DEX
B-
D+
$12M
Yield
B-
D
$12M
DEX
B
C+
$12M
DEX
B
C-
$12M
RWA
B-
C
$11M
Lending
B-
D+
$11M
Liquid Staking
B-
D
$11M
Yield
B-
D+
$11M
Yield
B-
D
$11M
Liquid Staking
B
D-
$11M
Derivatives
B-
D-
$10M
Lending
B-
D-
$10M
DEX
B-
D
$10M
L1
B-
D-
$10M
DeFi
B-
D+
$10M
Yield
B-
D
$10M
Bridge
B-
C
$10M
Yield
B-
D+
$10M
DeFi
B-
D+
$10M
Liquid Staking
B
D-
$10M
CDP
B-
D-
$9M
Restaking
B-
D
$9M
RWA
B-
C
$9M
Yield
B-
D+
$9M
Lending
B-
D
$9M
Lending
B-
C
$9M
DeFi
B-
D
$9M
DEX
B-
C-
$9M
DEX
B
C-
$9M
DEX
B
C-
$9M
Yield
B
B-
$9M
Derivatives
B-
B
$8M
DEX
B-
D+
$8M
DEX
B-
D
$8M
Liquid Staking
B-
D+
$8M
Derivatives
B-
D+
$8M
DEX
B
D
$8M
DEX
B
D+
$8M
DEX
B-
D-
$7M
DeFi
B-
C-
$7M
Derivatives
B
D
$7M
Lending
B
D+
$7M
Derivatives
B-
D-
$6M
DEX
B-
D+
$6M
Derivatives
B-
D-
$6M
Liquid Staking
B
D
$6M
DEX
B
D
$6M
RWA
B-
C
$5M
DEX
B-
D+
$5M
DeFi
B-
D+
$5M
Lending
B-
C
$5M
L2
B-
D-
$5M
Liquid Staking
B
D+
$5M
Lending
B
C+
$5M
Lending
B
C-
$5M
Lending
B
C
$5M
RWA
B-
C-
$4M
Liquid Staking
B-
D+
$4M
Lending
B-
C-
$4M
CDP
B-
D+
$4M
DEX
B
D+
$4M
Liquid Staking
B
C+
$4M
Liquid Staking
B-
C+
$4M
DEX
B-
C
$3M
Lending
B-
C-
$3M
Liquid Staking
B-
D+
$3M
DEX
B-
B-
$3M
Yield
B
D-
$3M
Lending
B
C+
$3M
DEX
B
C
$3M
Bridge
B
C-
$3M
Lending
B
C-
$2M
Yield
B-
D+
$2M
Liquid Staking
B-
D+
$2M
Lending
B
C+
$2M
Liquid Staking
B
D+
$2M
DEX
B
C
$2M
Stablecoin
B
C
$2M
Yield
B-
C
$1M
Lending
B-
D+
$1M
Lending
B-
D
$1M
DEX
B-
C-
$1M
DeFi
B-
D-
$1M
Yield
B-
D
$1M
DEX
B-
C-
$1M
Yield
B+
D
$1M
L2
B-
C
$672,000
DEX
B-
D
$670,000
DEX
B
D
$659,696
Derivatives
B-
B-
$643,000
DEX
B-
C+
$620,000
L2
B-
C-
$617,000
Lending
B-
B
$519,000
DEX
B
C+
$508,000
Derivatives
B-
C+
$465,000
Derivatives
B-
D+
$450,000
Lending
B-
C-
$443,000
Lending
B-
C-
$391,000
Liquid Staking
B
D-
$311,000
Lending
B-
C
$265,000
DEX
B-
C
$220,000
DEX
B-
C-
$197,000
Lending
B-
D-
$171,000
L1
B
C-
$147,540
DeFi
B-
D
$131,000
L2
B
D-
$75,000
Yield
B-
D+
$62,000
Stablecoin
B-
D+
$41,000
DEX
B
C
$33,000
L2
B-
C-
$20,000
DEX
B-
D-
$17,000
L2
B-
D+
$7,000
Restaking
B-
C-
$3,000
DEX
B-
C-
—
Stablecoin
B-
A
—
L1
B-
C-
—
DeFi
B-
C+
—
L1
B-
C+
—
L1
B-
D-
—
L1
B-
D+
—
L1
B-
D
—
L2
B-
C-
—
DeFi
B-
C-
—
L1
B-
D
—
DeFi
B-
C-
—
L1
B-
C-
—
L2
B
D+
—
L1
B
C-
—
DeFi
B
D
—
RWA
B
B+
—
DeFi
B
D+
—
L1
B
A-
—
L1
B+
C
—
L1
B+
D+
—

What does grade B mean?

Below-average risk — solid fundamentals with some areas of concern. Protocols rated B include sub-grades B+, B, B-. Here are the average dimension scores for the 401 protocols in this cohort:

Mechanism Novelty2.9/15
Interaction Severity5.6/20
Oracle Surface1.9/10
Documentation Quality2.6/10
Track Record4/15
Scale Exposure3.8/10
Regulatory Risk3.4/10
Protocol Vitality4.9/10