Independent risk ratings for DeFi protocols across liquid staking, lending and yield — graded AAA–D on the Staking Rewards DeFi framework. Rating Methodology
#
Protocol
Asset
Network
Report
1
Lido stETH
liquid stakingA+
2.21%▲ 1.3%
$18b▲ 0.8%
169k▼ 72.8%
2
Sky Savings USDS
vaultBB+
3.53%▼ 0.6%
$5b▼ 0.1%
4k▼ 37.9%
3
Aave v3 WETH
lendingA
1.47%▲ 2.1%
$4b▲ 1.0%
31k▼ 31.8%
4
Etherfi eETH
liquid stakingBB+
2.4%▼ 13.1%
$4b▲ 4.2%
16k▼ 90.1%
5
Etherfi weETH
liquid stakingBB+
2.72%▼ 1.5%
$4b▲ 4.7%
28k▲ 0.1%
6
Aave v3 USDT
lendingBBB+
2.81%▲ 2.6%
$3b▼ 2.8%
14k▼ 36.3%
7
BlackRock BUIDL
vaultCCC+
3.68%▲ 0.8%
$3b▲ 0.6%
59 0.0%
8
Aave v3 weETH
lendingBBB+
0% 0.0%
$3b▲ 4.4%
922▼ 22.0%
9
Spark wstETH
lendingBB+
0% 0.0%
$2b▲ 2.6%
551▼ 0.4%
10
Aave v3 wstETH
lendingBBB+
0% 0.0%
$2b▼ 1.2%
3k▼ 26.8%
11
Aave v3 WBTC
lendingA-
0.01% 0.0%
$2b▲ 0.7%
9k▼ 5.7%
12
Aave v3 USDC
lendingA-
3.55%▲ 0.3%
$2b▲ 0.8%
20k▼ 23.2%
13
Ethena Staked USDe
vaultCCC+
4.1%▲ 2.2%
$1b▼ 6.7%
7k▼ 37.3%
14
Aave v3 cbBTC
lendingBBB+
0% 0.0%
$1b▼ 0.1%
2k▼ 3.5%
15
Ondo USDY
vaultCCC+
3.55%▲ 0.0%
$1b▲ 0.4%
1k▲ 3.2%
16
Maple syrupUSDC
lendingCCC+
4.91%▲ 0.2%
$1b▼ 1.1%
2k▼ 25.8%
17
Spark WETH
lendingBB+
1.7%▲ 1.8%
$931m▲ 7.2%
3k▼ 18.3%
18
Kelp rsETH
liquid stakingD
2.34%▲ 5.4%
$874m▼ 0.9%
11k▼ 51.4%
19
Coinbase Wrapped Staked ETH
liquid stakingCCC
2.68%▲ 0.5%
$861m▲ 1.3%
55k▲ 0.3%
20
Rocket Pool rETH
liquid stakingBBB+
2.21%▼ 0.9%
$718m▲ 0.4%
15k▼ 27.4%
21
Aave v3 USDe
lendingBB
1.69%▲ 11.9%
$709m▼ 9.0%
1k▼ 35.5%
22
Lombard LBTC
liquid stakingCCC+
0.41%▲ 45.6%
$559m▲ 0.6%
23k▼ 0.9%
23
Morpho Gauntlet USDC Prime
vaultBB
4.46%▼ 1.1%
$429m▲ 0.2%
7k▼ 69.3%
24
Maple syrupUSDT
lendingCCC+
4.2%▼ 0.2%
$423m▼ 3.8%
775▼ 30.2%
25
Spark Savings USDT
vaultBB
2.8%▲ 1.8%
$362m▲ 4.2%
398▼ 16.2%
26
USD.ai sUSDai
vaultCCC-
8.05%▲ 2.4%
$357m▲ 0.5%
3k▼ 0.1%
27
Morpho Steakhouse USDG
vaultCCC+
3.16%▲ 3.3%
$349m▲ 10.0%
49k▲ 5.8%
28
Spark spUSDC
vaultBB
3.53%▼ 0.6%
$274m▲ 1.6%
1k▼ 5.9%
29
Etherfi Liquid ETH
vaultBB+
3.22%▼ 6.9%
$252m▲ 13.6%
8k▼ 5.7%
30
HyperLend HYPE Core Market
lendingCCC
0.61%▲ 3.1%
$192m▲ 3.5%
19k▼ 0.3%
31
Compound v3 USDT
lendingBB
3.17%▲ 2.3%
$187m▲ 5.2%
973▼ 13.4%
32
Aave v3 USDC
lendingBBB
3.47%▲ 3.6%
$177m▲ 1.8%
46k▼ 68.3%
33
Valantis stHYPE
liquid stakingBB+
2.3%▼ 1.4%
$175m▲ 11.3%
36k▲ 0.0%
34
Lido EarnETH
vaultCCC-
0.98%▲ 42.0%
$169m▲ 0.6%
2k 0.0%
35
Stader ETHx
liquid stakingB+
2.24%▲ 2.3%
$167m▲ 0.5%
17k▼ 45.8%
36
Ondo OUSG
vaultCCC+
3.68%▲ 0.3%
$162m▼ 3.6%
51▼ 15.0%
37
Fluid USDC
lendingB
5.35%▲ 1.3%
$151m▲ 1.0%
2k▲ 17.3%
38
Morpho Steakhouse Prime Instant V2 EURCV
vaultBB-
3.34%▼ 3.5%
$126m▼ 0.7%
171▲ 3.0%
39
Kamino Sentora PYUSD
vaultB-
6.49%▼ 5.2%
$113m▼ 2.3%
4k▼ 0.3%
40
Morpho Steakhouse Prime Instant V2 USDC
vaultBB-
3.86%▲ 3.5%
$93m▼ 0.7%
453▲ 34.4%
41
Morpho Steakhouse USDT
vaultBB+
3.08%▼ 0.6%
$91m▼ 0.6%
272▼ 37.9%
42
Morpho Gauntlet USDC Prime
vaultBB
4.46%▼ 1.1%
$87m▼ 2.9%
2k▼ 22.5%
43
Morpho Gauntlet USDC Prime V2
vaultBB
3.86%▲ 3.2%
$75m▲ 6.5%
478▲ 67.7%
44
Morpho Steakhouse USDC
vaultBB+
3.7%▲ 3.4%
$75m▼ 0.7%
818▼ 32.0%
45
Morpho Steakhouse Prime Instant V2 USDT
vaultBB-
3.35%▼ 0.3%
$60m▼ 17.8%
178▲ 5.3%
46
Morpho Ethena x Steakhouse USDG
vaultCCC+
3.29%▲ 1.2%
$50m▲ 0.1%
6 0.0%
47
Puffer pufETH
liquid stakingBB-
2.19%▼ 32.0%
$46m▲ 0.4%
44k▲ 0.0%
48
Aave v3 EURC
lendingA-
2.97%▲ 2.8%
$42m▼ 2.0%
755▼ 24.1%
49
Lido EarnUSD
vaultCCC+
6.93%▲ 14.5%
$39m▲ 6.2%
341 0.0%
50
Morpho Gauntlet USDC Prime
vaultBB+
3.86%▲ 2.9%
$28m▲ 2.1%
732▼ 51.0%
AAA - D Ratings Scale
Our scale is designed to express downside risk, not marketing quality or headline yield. A higher grade reflects stronger controls, clearer failure boundaries, and lower likelihood of permanent loss under adverse conditions. Scroll to zoom in.
AAAAAABBBBBBCCCCCCD
Qualified GradeSuitable for most risk-aware allocators, given due diligence.
Elevated GradeFor allocators who actively underwrite and monitor risk.
High-Risk GradeTreat as venture risk to principal.
DefaultPermanent loss event has occurred.
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