Scope of Coverage

DeFi products often rely on a stack of dependencies (chains, bridges, oracles, custodians). Our framework focuses on DeFi protocols and vaults, while incorporating upstream dependencies into the risk profile.

In Scope – Full Ratings

We assign full Staking Rewards DeFi Ratings to:

• LSTs (e.g., liquid staking tokens and similar receipt tokens)

• Lending markets (money markets and collateralized lending protocols)

• Vaults and structured products (yield strategies, leveraged or composable positions)

Limited Scope – Considered but Not Fully Rated

These are treated as risk factors for in-scope products, but we do not assign them a separate, standalone Staking Rewards rating:

• Blockchains

• Stablecoins

• Real-world assets (RWAs)

• Wallets

• Auditors

• Oracles

• Bridges

• Centralized exchanges (CEXs)

• Off-chain APIs and infrastructure providers

Where relevant, these appear in the Strategy and Operations pillars as counterparty and infrastructure exposures.

Limitations

• No model can predict every exploit, regulatory action, or black-swan event.

• Ratings are assessments based on data, not guarantees or investment advice.

• DeFi is inherently experimental, and risks can materialize quickly despite best efforts.