> For the complete documentation index, see [llms.txt](https://docs.stakingrewards.com/defi-ratings/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.stakingrewards.com/defi-ratings/rating-methodology/rating-process.md).

# Rating Process

Each rating follows a rigorous, multi-layered review process:

1. **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.
2. **Peer Review:** A second analyst independently reviews the work to test assumptions, check completeness, and ensure full alignment with the methodology and internal standards.
3. **Final Rating**: The final rating is assigned and shared with the protocol or vault team.
4. **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.