Granular results
in-lane truth scoring · axes: coherence · reliability · authenticity
DeFi protocol
benchmark: best-in-class lending / DEX protocol · ranked within lane
Value-capture tokenomicsapplied
Security & risk recordapplied
Decentralization & governanceapplied
Liquidity & market structureapplied
coherence mixedreliability strongauthenticity mixedscored 6/6 criteria
sources: DeFiLlama: combined TVL ~$13.8B, all-time fees $1.70B, protocol revenue $227M (annualized rev ~$77M, P/F ~2.0x) · DeFiLlama: AAVE buyback live since 9 Apr 2025 (token-holder value capture) · Incident reports (LlamaRisk/Aave, Apr 2026): rsETH bad debt $124M-$230M, contracts not exploited, governance LTV cause; Umbrella covered · Crypto.com live: AAVE ~$75; mcap ~$1.34B, circ 15.18M/16M
Value-capture tokenomicsapplied
Security & risk recordapplied
Decentralization & governanceapplied
Liquidity & market structureapplied
coherence strongreliability strongauthenticity mixedscored 6/6 criteria
sources: DeFiLlama / reporting (May 2026): TVL ~$7.2B (2nd-largest lender), annualized fees $174.6M, protocol/holder revenue ~$0 · Immutable Morpho Blue primitive + curator vault layer; rsETH exposure only ~$1M (isolation held) · March 2026 USR vault losses at curator layer; 'utilization manipulation' concerns; util ~66.6% · Institutional alignment: Coinbase $2.17B USDC originations; Apollo agreement for up to 9% of supply
Value-capture tokenomicsapplied
Security & risk recordapplied
Decentralization & governanceapplied
Liquidity & market structureapplied
coherence strongreliability strongauthenticity strongscored 6/6 criteria
sources: DeFiLlama: combined TVL ~$1.3B (V3 ~$1.39B), borrowed ~$652M; losing lending market share · DeFiLlama: Compound V3 sends no borrow interest to treasury; holders revenue $0 (no COMP value capture) · Audited, conservative, battle-tested; no major recent incident · COMP token liquidity thin (~$6.2M on-DEX); small mcap