Scoring Intelligence8 min read

DeFi Stablecoins — Protocol Risk and TVL Quality

ACI scores DeFi stablecoin protocols on protocol security, governance risk, yield transparency, TVL quality, and peg stability.

DeFi protocols are scored on: protocol security (40%), governance risk (30%), yield transparency (15%), liquidity (10%), and peg stability (5%). Protocol security combines audit depth and battle test duration. TVL Quality Discount: organic liquidity = 0% discount, mercenary liquidity = up to 50% discount. Critical hard rule: any algorithmic or synthetic stablecoin including Ethena USDe is hard-capped at a maximum score of 20 regardless of other criteria. Depeg trajectory above 0.003% per day triggers a warning.

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Infrastructure — Mining and Validator Scoring

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