DefiLlama and Forgd introduce institutional token grades, but warn that AAA does not mean risk-free
Sep 05, 2026
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.
DefiLlama token grades require strength on both axes
The two scores range from zero to 10 and are multiplied to produce a result out of 100. 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.
Market-maker conduct can lower a token’s grade
Forgd founder and CEO Shane Molidor said private contracts do not prevent the platform from assessing whether a market-making arrangement has produced durable liquidity.
Project claims cannot directly determine the score
Claiming a profile gives a token issuer an opportunity to submit evidence, but Molidor and Celaj said the process does not allow the issuer to assign or control its rating.
An AAA token grade does not predict returns
Neither DefiLlama nor Forgd has gathered enough long-term evidence to claim that highly rated tokens suffer smaller drawdowns or fewer market failures.
Molidor said a high performance score necessarily corresponds with stronger measured depth, tighter spreads, and more extensive liquidity because the system uses those conditions as inputs. Price declines can still result from security breaches, governance failures, or market conditions that the rating does not assess.
“An AAA grade means that, at this point in time, a token demonstrates a strong combination of disclosure quality and observable market performance under the UTR methodology,” Molidor said.
