Rating Process
Each rating follows a rigorous, multi-layered review process:
Analyst Review: A lead analyst conducts a comprehensive assessment, combining qualitative insights and quantitative data from independent research, on-chain/off-chain metrics, and team interviews.
Peer Review: A second analyst independently reviews the work to test assumptions, check completeness, and ensure full alignment with the methodology and internal standards.
Final Rating: The final rating is assigned and shared with the protocol or vault team.
Monitoring & Updates: Ratings are continuously monitored and updated based on real-time data, market conditions, and any material events affecting the strategy.
Baseline Principles
Our rating process is governed by strict independence and integrity standards:
Paying for Coverage, Not for Outcomes Protocols may pay to request a rating, but payment never influences the rating result.
Same Framework for Everyone Every protocol is assessed using the same qualitative framework. There are no “light-touch” ratings for some and “deep-dive” ratings for others just because they pay more.
No Commercial Interference Sales and commercial teams cannot override, negotiate, or influence ratings. Commercial relationships do not determine rating outcomes.
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