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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TelosC

TelosC (Switzerland) · Vault curator · Multi-protocol · $217M supply · as of 2026-07-11

PILOT COVERAGE (Ring 1). Carried the single largest curator exposure to the Stream complex (~$123.6M per public reporting) — the defining realized-risk event of the November 2025 crisis. Continues operating (~$216M tracked TVL). Grade reflects realized-loss history and pre-crisis disclosure, not current allocations, which need fresh review.

C-
37.2
provisionalconf medium
No haircut — curators are not held as collateral directly.
Realized loss history25 · 25%
~$123.6M Stream-complex exposure per November 2025 reporting — largest of any curator. [1][2]
Risk process40 · 20%
Pre-crisis process permitted extreme single-complex concentration. [1]
Disclosure quality35 · 15%
Exposure scale surfaced by third-party sleuths, not proactive disclosure. [1]
Concentration30 · 15%
Realized concentration failure. [1]
Tenure & scale55 · 15%
Operating history and current ~$216M base. [1]
Alignment & conflicts50 · 10%
Standard curator fee model. [1]
What would change this grade: Published post-mortem with concrete process changes, plus 12 clean months, would lift Risk Process and Disclosure materially.
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
Realized loss history: [1][2]
Risk process: [1]
Disclosure quality: [1]
Concentration: [1]
Tenure & scale: [1]
Alignment & conflicts: [1]
As of 2026-07-11 · Methodology v0.2.1