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Crypto finally has something resembling a credit rating agency. Forgd, a Web3 investment bank, and DefiLlama, the go-to DeFi analytics platform, have rolled out Universal Token Ratings (UTR), a standardized scoring system that evaluates 128 tokens on a scale of 0 to 100 and assigns letter grades from AAA down to CCC.
Think of it like Moody’s for tokens, except the grades update in real time based on liquidity trends, trading volumes, and on-chain unlock events. The dashboard is live at defillama.com/universal-token-rating.
How the scoring actually works
The UTR uses a dual-axis methodology that multiplies two distinct scores together to produce a final rating.
The first component is the Disclosure Axis (D), which evaluates how complete and transparent a project’s self-reported information is. Think tokenomics breakdowns, vesting schedules, team allocations.
The second is the Performance Axis (P), which measures how well a token’s actual market behavior matches those disclosures. If a project says one thing and the on-chain data shows another, the score reflects that gap.
The final rating comes from multiplying D by P. A project can’t score well by just filing pretty reports. The market data has to back it up. And a token with strong performance metrics but zero transparency also gets dinged.
Early leaders and what the grades look like
At launch, the highest-rated token is Uniswap (UNI) with a score of 60.21 and the only AAA grade in the inaugural batch. Meteora (MET) came in second at 56.70 with an AA rating, followed by Curve DAO (CRV) at 52.94, also earning AA.
Users can filter the full list of 128 rated tokens by fully diluted valuation, sector, or listing status. Projects that aren’t yet included can formally apply to disclose their information and get rated. The methodology behind the disclosure requirements is openly published on the platform.
Why this matters beyond a leaderboard
This partnership builds on earlier work between the two platforms. Forgd previously integrated its market-maker leaderboard into DefiLlama, giving users visibility into which market makers were handling liquidity for specific tokens. The UTR extends that logic: merge self-reported project data with actual market behavior, put it all in one place, and let the numbers speak.
For DefiLlama, which has established itself as the default dashboard for tracking DeFi total value locked and protocol-level metrics, UTR adds token-level quality ratings — a different kind of analysis closer to fundamental research than raw data aggregation.
The continuous updating mechanism also deserves attention. Unlike traditional credit ratings that might get reviewed quarterly, UTR grades shift as new on-chain data rolls in. A token unlock event that floods the market with supply, or a sudden liquidity drain, would show up in the rating relatively quickly.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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