v0 previewGrades are draft or provisional: produced under Methodology v0.2.1 from public evidence, pending re-verification and issuer right-of-reply. Nothing here is investment advice, and these are not credit ratings.
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crvUSD

Curve · Decentralized CDP stablecoin (soft liquidation) · Ethereum · as of 2026-07-11

Novel LLAMMA soft-liquidation design that has handled multiple drawdowns credibly. Smaller ecosystem surplus and organizational depth than Sky; monitor collateral onboarding discipline.

B
67.8
draftconf medium
Haircut: 17.5%
base 14% (B) x 1.25 (medium confidence) + 0pp class + 0pp flags
Illustrative — not a margin requirement.
Backing & reserves68 · 25%
Overcollateralized, continuous soft liquidation; collateral set is crypto-native and volatile. [1]
Redemption & exit72 · 20%
PegKeeper + deep Curve-native liquidity. [1]
Counterparty & custody70 · 15%
Protocol-native; founder-related governance concentration has been a historical concern. [1]
Peg & market infrastructure64 · 15%
Peg holds in normal regimes; less stress history at scale than USDS. [1]
Leverage & rehypothecation62 · 15%
Loop usage via Curve/lending integrations moderate. [1]
Transparency & governance70 · 10%
Onchain + docs; organizational disclosure thinner than DAO peers. [1]
What would change this grade: A major collateral crash processed with minimal bad debt at 2x current scale would raise the grade.
Live price

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Model signals
Not yet computed

The quantitative signal layer (stress-tested loss distributions, peg/leverage/backing metrics) is in development — see pivot/08_QUANT_ENGINE_SPEC.md. When live, signals are computed continuously by a model; grades are always signed by the analyst. The two are shown separately and never conflated.

Evidence appendix
Backing & reserves: [1]
Redemption & exit: [1]
Counterparty & custody: [1]
Peg & market infrastructure: [1]
Leverage & rehypothecation: [1]
Transparency & governance: [1]
As of 2026-07-11 · Methodology v0.2.1