DefiLlama and Forgd have introduced an AAA-to-CCC rating system covering 128 of 149 listed tokens, with Uniswap currently holding the dashboard's only AAA grade at a composite score of 60.80. According to reports from crypto.news, the system places Uniswap first with disclosure and performance scores of 7.87 and 7.72 respectively, followed by Meteora with an AA grade and composite score of 58.48, while Curve DAO ranks third at 53.32. The rating system combines disclosure assessment covering areas such as tokenomics, insider wallets and commercial arrangements, with performance examination of liquidity, spreads, venue coverage and market-maker conduct.
The rating system uses a multiplication formula where disclosure and performance scores range from zero to 10 and are multiplied to produce a result out of 100. As reported by crypto.news, AAA begins at 60, meaning a token cannot reach the top category if either component falls below six, even with a perfect score on the other axis. AA starts at 40, with narrower bands separating A, BBB, BB, and B as weaknesses increase. DefiLlama Head of Research Ryan Celaj explained that multiplying scores is deliberate because both components are required for credibility, stating that 'necessary' is the key word - it's not that performance and disclosures both factor in, they're required.
According to Forgd founder and CEO Shane Molidor, the platform monitors more than 500 market-maker engagements through reports and application programming interface data. As reported by crypto.news, Forgd measures contributions to volume and depth, uptime, compliance with agreed targets, and each provider's record across other mandates. The system compares first-party information with exchange and on-chain data, including spreads, two-sided depth, venue coverage, and organic trading activity. Molidor emphasized that Forgd does not determine sustainability from disclosed contracts alone, but monitors market-maker performance through its platform, giving access to market-maker reporting and API data.
Both DefiLlama and Forgd acknowledge significant limitations in their rating system. According to reports from crypto.news, Molidor stated that the system cannot prove that an undisclosed commercial relationship does not exist, though it can identify missing information, inconsistent claims, and activity that does not match a project's account. Celaj similarly acknowledged that no grading model can be considered impossible to manipulate. The rating system requires continuous updates rather than relying on single audits, with material disclosures remaining outdated for more than 60 days receiving penalties.
Neither DefiLlama nor Forgd claims that highly rated tokens suffer smaller drawdowns or fewer market failures, as reported by crypto.news. Molidor emphasized that an AAA grade means a token demonstrates strong combination of disclosure quality and observable market performance under the UTR methodology, but does not mean the token is risk-free or that its price will appreciate. The rating system is described as a screening and monitoring tool rather than an investment recommendation, with Celaj noting that the system creates a dataset researchers can use to test whether combining disclosures with market data produces better predictive signals than assessing each category separately.
