> 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/scope-of-coverage.md).

# 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.