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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GHO

Aave DAO · Decentralized CDP stablecoin · Ethereum · as of 2026-07-11

Aave's overcollateralized native stable. Governance and facilitator framework are strong; the peg ran soft for its first year and the instrument remains smaller and less battle-tested than USDS.

B
70.5
draftconf high
Haircut: 14.0%
base 14% (B) x 1.00 (high confidence) + 0pp class + 0pp flags
Illustrative — not a margin requirement.
Backing & reserves72 · 25%
Overcollateralized against Aave collateral pool; facilitator caps governance-set. [1]
Redemption & exit70 · 20%
No fiat redemption; burn-against-debt plus secondary liquidity. [1]
Counterparty & custody75 · 15%
Protocol-native; risk-provider dependencies (oracle, risk shops) are the counterparties. [1]
Peg & market infrastructure58 · 15%
Traded below par for extended early periods; stability modules since added. [1]
Leverage & rehypothecation70 · 15%
Moderate loop usage within Aave ecosystem. [1]
Transparency & governance80 · 10%
Fully onchain, governance-documented. [1]
What would change this grade: Twelve months of tight peg at materially larger supply would raise Peg; facilitator expansion into exotic collateral would cut Backing.
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