What does a C risk grade mean on Hindenrank?

Average risk — meaningful exposure across multiple risk dimensions A C grade means the protocol's composite risk score falls within a specific band on Hindenrank's 0-100 rubric (lower scores are safer). Grades span A through F and are derived from 8 weighted dimensions: mechanism novelty, interaction severity, oracle surface, documentation quality, track record, scale exposure, regulatory risk, and protocol vitality.

Which crypto protocols are rated C?

413 protocols currently hold a C risk grade on Hindenrank. Top 3 by TVL: Aave V3, Morpho Blue, WBTC (Wrapped Bitcoin). Average composite score: 43/100.

How is the C risk grade calculated?

Hindenrank computes a composite risk score (0-100) for each protocol by summing 8 weighted dimensions: mechanism novelty (max 15), interaction severity (20), oracle surface (10), documentation quality (10), track record (15), scale exposure (10), regulatory risk (10), and protocol vitality (10). Scores are then mapped to letter grades A-F. Ratings are independent and based on public data (audits, exploits, tokenomics, governance, on-chain activity).

C-Rated Protocols

413 protocols · Average risk — meaningful exposure across multiple risk dimensions

Protocols

413

Avg Risk Score

43/100

Total TVL

$137.1B

Grade Distribution

B C

A3 B401 C413 D21 F0

ProtocolSectorRiskValueTVL

Aave V3

Lending

B+

$13.9B

Morpho Blue

Lending

$7.8B

WBTC (Wrapped Bitcoin)

Bridge

$7.4B

LayerZero

Bridge

C-

C+

$6.7B

Sky Lending

CDP

C-

B+

$5.7B

Hyperliquid

Derivatives

C-

$5.2B

BNB Chain

C+

$5.2B

EigenCloud

Restaking

C+

$5.1B

Ethena

Stablecoin

$3.8B

USDT0

Bridge

$3.4B

ether.fi

Restaking

C-

B-

$3.3B

ether.fi Stake (eETH/weETH)

Liquid Staking

B-

$3.3B

Hashnote

RWA

C+

B+

$3.0B

Tether Gold

RWA

C+

A-

$2.9B

Ondo USDY

RWA

$2.6B

Babylon

Restaking

C-

$2.6B

Babylon Protocol

Restaking

C-

B-

$2.6B

Ondo Finance

RWA

C+

B+

$2.6B

Grove Finance

Yield

C-

$2.5B

Maple Finance

Lending

C-

$2.2B

Figure Markets Exchange

DEX

C-

$1.6B

Figure Markets

RWA

C+

C-

$1.6B

Wormhole

Bridge

C+

C-

$1.5B

Gauntlet

DeFi

C+

$1.4B

Falcon Finance

Stablecoin

C+

$1.3B

USDD

Stablecoin

C+

C-

$1.3B

Instadapp

DeFi

C+

$1.2B

Chainlink CCIP

Bridge

C+

$1.2B

Franklin Templeton BENJI

RWA

C+

$1.0B

Venus Protocol

Lending

C+

$1.0B

Venus Core Pool

Lending

B-

$1.0B

Kamino Finance

Lending

C+

$1.0B

Lorenzo Protocol

Liquid Staking

C+

$1.0B

Ondo Global Markets

RWA

C+

$911M

Jupiter Lend

Lending

C+

B-

$896M

Binance Staked SOL

Liquid Staking

C+

D-

$750M

Jito

Liquid Staking

C+

B-

$730M

Jupiter Perpetual Exchange

Derivatives

C+

$706M

BounceBit

DeFi

C+

C-

$700M

Lombard LBTC

Restaking

D+

$585M

Lombard Finance

Liquid Staking

C+

D+

$585M

Tornado Cash

DeFi

C-

$581M

Plasma

C-

$580M

Optimism

C+

D+

$567M

Function FBTC

Bridge

C-

$542M

Solstice USX

Stablecoin

$501M

Astherus

Yield

C+

$500M

Ink Chain

C+

C-

$473M

Sui

C+

$429M

K3 Capital

Yield

C-

$376M

edgeX

Derivatives

C+

$353M

xStocks

RWA

C-

$349M

Polymarket

DeFi

C+

C-

$337M

Euler Finance

Lending

C+

$333M

Euler V2

Lending

C+

$333M

Symbiotic

Restaking

C+

$333M

Lista CDP

CDP

C+

$313M

Sonic Labs

C+

C-

$300M

Bedrock

Liquid Staking

C-

$295M

Monad

C+

D+

$288M

Fluid DEX

DEX

B-

$284M

Fluid

Lending

C+

$282M

Linea

C+

D+

$267M

Cap

Stablecoin

$248M

OnRe

RWA

B+

$247M

OpenTrade

RWA

C+

B-

$247M

ether.fi Liquid

Yield

C+

$243M

Agora

Stablecoin

C+

$239M

Olympus DAO

DeFi

C-

$237M

PumpSwap

DEX

C+

C-

$236M

pump.fun

DeFi

C+

C-

$235M

BounceBit CeDeFi

Yield

C+

C-

$232M

Pareto Credit

RWA

C+

C-

$227M

AFI Protocol

RWA

$226M

Hyperliquid HLP

Derivatives

C-

$223M

Huma Finance

Yield

C-

D+

$217M

Huma Finance V2

Yield

$216M

Cooler Loans

Lending

C+

C-

$215M

Buzz Farming

Yield

$206M

Aave V4

Lending

C+

$203M

Stader ETHx

Liquid Staking

$201M

Mellow Core

Yield

C+

D-

$195M

BitFi Basis

DeFi

C+

$191M

Figure Markets Democratized Prime

RWA

C+

$186M

Yearn Finance

Yield

C+

B-

$181M

BOB (Build on Bitcoin)

$180M

GMX

Derivatives

B-

$174M

GMX V2

Derivatives

B-

$174M

Meteora

DEX

C+

C-

$173M

RealT Tokens

RWA

C-

$157M

USD AI

RWA

C-

$157M

Starknet

C+

$157M

EtherFi Borrowing Market

Lending

C+

$149M

Mantle

C+

$142M

Hyperliquid Spot Orderbook

DEX

C+

$133M

Yield Basis

DEX

C+

$132M

Navi Protocol

Lending

C+

C-

$128M

Berachain

C+

$125M

GRVT

Derivatives

C+

$120M

Avant avUSD

Yield

C+

D+

$118M

Aster USDF

Stablecoin

C+

$115M

Valos

RWA

C-

$112M

Derive V2

Derivatives

C+

$112M

Usual Protocol

Stablecoin

C-

C+

$111M

Nest Credit

RWA

C+

$111M

RAAC

RWA

$111M

Aster asBNB

Yield

C+

$111M

Homora V2

DeFi

C+

$110M

Liqi

RWA

C+

D-

$106M

Securitize Tokenized AAA CLO Fund

RWA

C+

$106M

Merlin Chain

C+

D-

$100M

ZKsync Era

C+

D+

$100M

Vertex

Derivatives

C+

$100M

VVS Standard

DEX

C+

D+

$97M

Renzo

Liquid Staking

D-

$94M

Curvance

Lending

C+

$94M

Frax Ether

Liquid Staking

C+

D+

$94M

Doppler Finance

Yield

D-

$93M

Hyperlane

Bridge

$91M

Loopscale

Lending

D-

$89M

Pleasing Gold

RWA

C+

$88M

Nexus Mutual

DeFi

C+

$88M

Compound V2

Lending

C+

C-

$87M

Flare Network

C+

$85M

Lorenzo sUSD1+

Yield

C+

D-

$84M

Avalon CeDeFi

Yield

C+

D+

$83M

YO (yield.fi)

Yield

C+

B-

$80M

Re7 Labs

Yield

C-

C+

$79M

Strata Markets

Yield

D-

$77M

Rhea Lend

Lending

C+

C-

$75M

Main Street Finance

Yield

$74M

Mainstreet

Yield

C-

$74M

Chiliz Chain

C+

$72M

crvUSD

CDP

C+

$71M

Felix Vaults

Yield

C+

$70M

Yuzu Money

Yield

C+

D-

$67M

AILayer Farm

Yield

C-

$66M

BitFi BTC

Yield

D-

$64M

Zest

Lending

C+

C-

$63M

SolvBTC LSTs

Restaking

C+

$62M

Swell L2 Farm

Yield

C+

D-

$61M

stUSDT

RWA

$60M

SUNSwap V1

DEX

C+

C-

$56M

Nostra Finance

Lending

C+

$55M

Vishwa

DeFi

C+

D-

$55M

Treehouse Protocol

DeFi

C+

C-

$55M

Rings Protocol

CDP

C-

B-

$54M

ZEROBASE CeDeFi

Yield

$54M

Unitas

Stablecoin

C+

$53M

infiniFi

Yield

C+

$52M

Blast

C-

$51M

ORIGYN

RWA

C+

D-

$51M

Prisma Finance

Stablecoin

C+

$50M

Movement

C+

D-

$50M

Nado Spot

DEX

C+

D+

$50M

Manta Network

C+

D-

$50M

Makina

DeFi

C-

$49M

Puffer Finance

Restaking

$46M

Moonwell

Lending

D+

$46M

Fuel Network

C+

$45M

Tangible RWA

RWA

C-

$43M

Frax Finance

Stablecoin

C+

$43M

Synthetix V3

Derivatives

C+

B-

$42M

Worldcoin

C+

$41M

IPOR Fusion

Yield

C+

$40M

Karak

Restaking

C+

$40M

Paradex

Derivatives

D+

$40M

Native Credit Pool

Lending

D+

$39M

Tokemak

DeFi

C+

D+

$39M

Multipli.fi

Yield

C+

$37M

Aegis

Stablecoin

D-

$36M

Resupply

CDP

C+

C-

$36M

GMTrade

Derivatives

C+

$36M

SushiSwap V3

DEX

C+

D-

$36M

Meteora DAMM V1

DEX

C+

$36M

Plasma Saving Vaults

Yield

C-

$34M

Noon

Yield

C-

$34M

TermMax

Lending

C+

C-

$34M

Project X

DEX

C+

D-

$34M

NEOPIN Staking

Liquid Staking

C+

D-

$32M

Kinetiq Markets

Derivatives

C+

$32M

Marginfi

Lending

C+

C-

$32M

Spectra

Yield

C+

C-

$32M

SushiSwap

DEX

C+

$32M

Alchemix V3

Yield

$31M

IDEX V1

DEX

D+

$31M

Alpaca Leveraged Yield Farming

Yield

C-

$30M

Fjord Foundry

DEX

C+

$30M

Ring Few

DEX

C+

C-

$30M

MetalX Lending

Lending

$29M

Volo Protocol

Liquid Staking

$28M

Balancer

DEX

C+

$28M

Balancer V2

DEX

D-

$27M

NodeDAO

Liquid Staking

D+

$27M

Manta CeDeFi

Yield

D-

$27M

D2 Finance

Yield

C+

$27M

Hydration Lending

Lending

C+

D+

$27M

RIF ON CHAIN

CDP

C+

D+

$26M

vfat.io

Yield

C+

$26M

Bitlayer YBTC Family

Bridge

C+

C-

$26M

Templar Protocol

Lending

C+

D-

$26M

Cetus Protocol

DEX

C-

D-

$25M

Quai Network

$25M

Pacifica

Derivatives

C+

$25M

Zoo Finance

Yield

C+

$25M

Royco Protocol

Yield

D+

$24M

PulseX V1

DEX

D-

$24M

Swell Liquid Restaking

Restaking

C-

$24M

Hyperbeat Earn

Yield

C+

C-

$24M

Pharaoh V3

DEX

C+

B-

$24M

Extra Finance

Yield

C+

$24M

Kaito

DeFi

C+

C-

$24M

GoldFinger

RWA

C-

$23M

T RIZE

RWA

D+

$23M

Ekubo

DEX

C+

B-

$23M

Crypto.com Liquid Staking

Liquid Staking

C+

D+

$23M

cSigma Finance

RWA

D+

$22M

GLIF

Liquid Staking

C+

C-

$22M

Kodiak Islands

Yield

C+

$22M

Vesta Equity

RWA

D+

$21M

Avantis

Derivatives

C+

C-

$21M

XSY

Yield

C+

$21M

Ankr

Liquid Staking

C+

C-

$21M

Mellow Restaking

Liquid Staking

C+

D-

$21M

Meta Pool ETH

Liquid Staking

D+

$20M

GAIB

RWA

C+

$20M

Bedrock uniETH

Restaking

C+

$20M

Liminal

DeFi

C+

D-

$20M

Inverse Finance FiRM

Lending

C+

D+

$20M

PulseX V2

DEX

D-

$19M

Across Protocol

Bridge

$19M

BitU Protocol

CDP

C+

$19M

Moonlander

Derivatives

C+

$19M

Injective

Derivatives

C+

B-

$19M

Ostium

Derivatives

C-

$18M

Moonwell Vaults

Yield

C-

$18M

Lazy Summer Protocol

Yield

$17M

Mu Digital

RWA

C-

$17M

Steer Protocol

DeFi

C+

C-

$17M

Bluefin Spot

DEX

C+

D+

$17M

Adrastea Validator

DeFi

C+

$17M

AlphaFi

Yield

C+

$17M

StakeStone

Liquid Staking

C+

D+

$17M

Bancor V3

DEX

D-

$16M

MorpheusAI

DeFi

C+

C-

$16M

Fira

Lending

C+

D+

$16M

Youves

CDP

C+

D-

$16M

Aevo

Derivatives

D+

$15M

Serum

DEX

$15M

Hylo Protocol

Stablecoin

C+

$15M

Stobox

RWA

C+

D+

$14M

Estate Protocol

RWA

C+

D+

$14M

Futarchy AMM

DEX

C+

$14M

Agni Finance

DEX

$13M

Goose

Yield

D-

$13M

Harvest Finance

Yield

C-

$13M

Vesu

Lending

C+

D-

$13M

Sophon

C+

$13M

Saphyre V3

DEX

C+

D-

$13M

Celer Network

Bridge

C+

B-

$13M

Ethereal DEX

Derivatives

D+

$12M

Liqwid

Lending

C+

C-

$12M

Synapse

Bridge

C+

$12M

BounceBit Prime

Yield

C+

C-

$12M

DODO AMM

DEX

C+

$12M

Neutral Trade

Yield

C+

$12M

Pando Leaf

CDP

$11M

Alpaca Finance 2.0

Lending

D-

$11M

YieldFi

Yield

C-

$11M

Belt Finance

Yield

C+

D-

$11M

Chainge Finance

DEX

C+

D+

$11M

Gains Network

Derivatives

C+

B-

$11M

Kasu

RWA

C+

C-

$11M

Mento

Stablecoin

C+

D+

$11M

MEV Capital

Yield

$10M

Antarctic

Derivatives

$10M

Republic Note

RWA

D+

$10M

Fulcrom Perps

Derivatives

C+

C-

$10M

Reya Perps

Derivatives

C+

$10M

SaucerSwap V2

DEX

C+

C-

$10M

Anvil

Lending

C-

$9M

Wildcat Protocol

Lending

C-

$9M

Hegic

Derivatives

C+

C-

$9M

Kumbaya

DEX

C+

$9M

Perena Vaults

Yield

C+

D+

$9M

Katana Network

$8M

Anzen V2

RWA

D-

$8M

Stables Labs USDX

Stablecoin

D-

$7M

Looped Hype

Yield

C+

$7M

VenomStake

Liquid Staking

C+

$7M

BTCFi CDP

CDP

C+

D-

$7M

FlashTrade

Derivatives

C+

C-

$7M

OpenGDP Shared Security

Restaking

C+

D-

$7M

Eclipse

C+

C-

$6M

HypurrFi Pooled

Lending

C+

D+

$6M

IntentX

Derivatives

C+

$6M

Superfluid Finance

DeFi

C+

C-

$6M

Silo V2

Lending

D+

$5M

Storm Trade

Derivatives

D+

$5M

Folks Finance xChain

Lending

C+

$5M

Hyperion

DEX

C+

C-

$5M

Momentum

DEX

C+

C-

$5M

The Idols

DeFi

C+

D+

$5M

Credit Coop

RWA

C+

$5M

Hydrex Integral

DEX

C+

D+

$5M

Djed Stablecoin

CDP

C+

D+

$5M

Momentum Safe

DeFi

C+

C-

$5M

Canto

$5M

Vectis Finance

Yield

D-

$5M

Fantom

C+

$4M

Echo Lending

Lending

C+

D-

$4M

Dinero

Liquid Staking

$4M

OPINION

Derivatives

C+

$4M

Zeus Network

Bridge

C+

D+

$4M

Zircuit

C+

D-

$4M

Stargate Finance

Bridge

C+

$4M

Fragmetric

Restaking

C+

D-

$4M

Ronin Network

C+

$4M

Gala Swap

DEX

C+

D+

$4M

Initia

C-

$3M

Symm.io

Derivatives

$3M

Penpie

Yield

C-

$3M

mStable

Yield

C+

$3M

3jane Lending

Lending

$3M

Arkis

DeFi

D+

$3M

Unichain

$3M

Bonzo Finance

Lending

C+

$3M

SynFutures V3

Derivatives

C+

C-

$3M

Zoth Protocol

RWA

C-

D-

$2M

WOOFi

DEX

C-

D+

$2M

deBridge

Bridge

C-

$2M

Goldfinch

RWA

D+

$2M

Hermetica USDh

DeFi

$2M

ELFi Protocol

Derivatives

D+

$2M

INIT Capital

Lending

$2M

Yala

CDP

$2M

Aztec Connect

DeFi

C+

D-

$2M

Blackhole CLMM

DEX

C+

D-

$2M

Latch

Yield

C+

$2M

Thala

DEX

C+

D+

$2M

Dswap

DEX

C+

$1M

Avalon Labs

Lending

C+

C-

$1M

DeSyn Basis Trading

Yield

C+

D-

$1M

Parcl

Derivatives

C+

D-

$1M

Theo Straddle Vaults

DeFi

C+

$975,000

Jones DAO

Yield

C+

$949,000

Canopy

Yield

C-

$920,000

Extra Finance Vaults

Yield

C+

$908,000

Sommelier

Yield

C+

D-

$865,000

Brotocol

Bridge

D+

$745,000

ALEX Lab

DEX

C-

$717,000

Level Finance

Derivatives

C+

$588,000

Sherlock

DeFi

C+

D+

$506,000

Immutable X

C+

$470,000

Gyroscope

Stablecoin

$381,000

Beraborrow

CDP

C+

D-

$321,000

Orderly Network

DEX

C-

C+

$250,000

Vest Markets

Derivatives

C+

D-

$226,000

Pell Network

Restaking

C+

$209,000

Soneium

C+

$180,000

SatLayer

Restaking

D+

$170,000

DefiTuna AMM

DEX

C+

$148,000

YBTC.B

Yield

C+

$124,000

Tropykus RSK

Lending

C+

$108,000

MYX Finance

Derivatives

C+

$98,000

Carrot Lend

Yield

D-

$68,215

Magma Finance

DEX

C-

$61,000

RedStone Oracle

DeFi

C+

$58,000

Alpaca Finance

Yield

C-

$51,000

YieldBlox

Lending

C-

$50,000

Factor Leverage Vault

Yield

C+

$40,000

Ion Protocol

Lending

B-

$27,000

Rootstock

C+

C-

$24,000

FxDAO

CDP

$22,000

Stroom

Liquid Staking

$17,000

Giza

DeFi

C+

C-

$14,000

Mantra Chain

C-

$5,000

SparkDex V3

DEX

C+

C-

$4,000

Carrot Liquidity

Yield

D-

$2,000

Thetanuts Finance

Derivatives

C-

B-

$301

Jupiter

DEX

C+

B-

$11

Avalon USDa

CDP

C+

C-

World Liberty Financial

Stablecoin

C-

C+

LI.FI

Bridge

C-

—

Bittensor

C-

B-

—

Jumper Exchange

Bridge

C-

—

Syscoin

C-

D+

—

Variational

Derivatives

C-

C+

—

Everclear

Bridge

C-

Monetary

C-

D-

—

MegaETH

C-

D-

—

Flying Tulip

DeFi

C-

—

Lido V3

Liquid Staking

C-

—

Mountain Protocol

RWA

C-

—

Virtuals Protocol

DeFi

C-

C+

—

Amber Finance

Lending

D-

aPriori

Liquid Staking

D+

—

Venice AI

DeFi

C+

—

Lolik Liquid Staking

Liquid Staking

D-

Orbiter Finance

Bridge

D+

—

Tempo

—

Tether (USDT)

Stablecoin

—

Nexus Network

C+

—

Paxos Labs

Stablecoin

C+

—

Step Finance

DeFi

C+

—

ZetaChain

Bridge

C+

—

Monero

C+

B-

—

Grass

DeFi

C+

C-

—

Aztec Network

C+

D-

—

io.net

DeFi

C+

—

Gala Games

DeFi

C+

C-

—

Lighter

DEX

C+

D-

—

Zora

C+

C-

—

What does grade C mean?

Average risk — meaningful exposure across multiple risk dimensions. Protocols rated C include sub-grades C+, C, C-. Here are the average dimension scores for the 413 protocols in this cohort:

Mechanism Novelty5.5/15

Interaction Severity9.5/20

Oracle Surface3.7/10

Documentation Quality3.8/10

Track Record7.2/15

Scale Exposure3.6/10

Regulatory Risk4.3/10

Protocol Vitality5.4/10

Other Grades

Grade A Grade B Grade D Grade F