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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USR

Resolv · Delta-neutral synthetic with junior tranche · Ethereum · as of 2026-07-11

Ethena-pattern synthetic with an explicit junior tranche (RLP) absorbing first loss — an honest structural improvement, but young, smaller, and dependent on the tranche staying adequately capitalized. Verify current tranche ratio before publishing.

No retail redemption (institutional mint/redeem only)
C+
56.3
provisionalconf low
Haircut: 48.0%
base 30% (C+) x 1.50 (low confidence) + 0pp class + 3pp flags
Illustrative — not a margin requirement.
Backing & reserves55 · 25%
Hedged collateral + junior tranche buffer; buffer adequacy is the whole question — verify live ratio. [1]
Redemption & exit58 · 20%
Institutional mint/redeem, secondary for retail; depth limited. [1]
Counterparty & custody50 · 15%
Venue/custodian exposure as per the synthetic-dollar pattern. [1]
Peg & market infrastructure60 · 15%
Young peg history. [1]
Leverage & rehypothecation55 · 15%
Points-era incentives encouraged looping; monitor. [1]
Transparency & governance62 · 10%
Docs adequate; verification depth limited in this review, hence low confidence. [1]
What would change this grade: Sustained RLP capitalization above target through a negative-funding quarter would raise Backing and the overall 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