Methodology
How the Underlier Score is calculated for every tokenized representation we track.
Every tokenized representation gets a single Underlier Score from 0 to 100, built from a weighted average of seven categories. Each category is scored independently, then combined using the weights below. This is the same calculation used throughout the app: the same function that produces the score badge on an asset page produces the score used to rank and filter results.
Score Categories
Backing
20% weightQuality and verifiability of the underlying asset backing
Liquidity
20% weightAvailable liquidity depth across trading venues
Tracking Accuracy
15% weightAccuracy of price tracking relative to the reference asset
Issuer Quality
15% weightRegulatory standing, track record, and transparency of the issuer
Redemption
10% weightEase and reliability of redeeming the token for underlying value
Smart Contract Risk
10% weightSmart contract audit status, complexity, and upgrade risk
DeFi Utility
10% weightAvailability as collateral, in lending markets, and DeFi integrations
Letter Grades
The overall score maps to a letter grade for quick scanning. Category-level scores are graded the same way.
| Grade | Score Range |
|---|---|
| A+ | 95-100 |
| A | 90-94 |
| A- | 85-89 |
| B+ | 80-84 |
| B | 75-79 |
| B- | 70-74 |
| C+ | 65-69 |
| C | 60-64 |
| D | below 60 |
Limitations
Category scores are assigned based on publicly available information about each issuer's custody arrangements, redemption terms, audit history, and onchain liquidity. They are updated as that information changes, not continuously in real time. A high score reflects the structure and track record we could verify at the time of the last review, not a guarantee against loss.