DefiLlama and Forgd launch a new UTR (Universal Token Ratings) dashboard with a detailed methodology for scoring listed projects.
Tech & Launches ·
DefiLlama Research and Forgd introduced Universal Token Ratings this week, a continuously updating framework that grades crypto projects across two independent dimensions—Disclosure and Performance—each scored from 0 to 10, then combined into a single 0–100 composite score paired with a letter grade ranging from AAA to CCC. The dual-axis structure mirrors credit rating conventions, with Disclosure data drawn from project disclosures or public sources and Performance powered by DefiLlama partnerships and Forgd's market maker tracking infrastructure monitoring over 500 token projects and 35 firms. The composite uses a multiplicative formula—UTR equals Disclosure times Performance—producing uneven letter bands that reward high scores on both axes, with AAA beginning at 60 and narrower bands below.
Each axis divides into four weighted categories. Disclosure weights Tokenomics (34%), Legal and Financial (24%), Service Providers (24%), and Core Contributors (18%), assessing vesting schedules, treasury reports, audits, and team transparency respectively. Performance categories shift based on whether a token has launched: post-launch tokens are graded on actual versus disclosed vesting, market volume, exchange coverage, and market maker participation, while pre-launch projects are scored on fundraising quality, roadmap progress, commercial traction, and community activity. The multiplicative design creates crossover effects—two projects each scoring the AA minimum of 6.0 on both axes would mathematically land in the A band at 36 rather than AA, while only Uniswap currently holds the top AAA rating.
Practical implications of the scoring remain partly unclear: the material shows how individual thresholds combine mathematically but does not detail how borderline cases are handled or whether the system accounts for different token lifecycles beyond the pre- versus post-launch binary.