Defillama and Forgd, the Web3 investment bank, have launched Universal Token Ratings, a digital asset scoring framework that borrows its logic from the credit agencies Moody's and Fitch. The system, announced Wednesday, covers 128 tokens.
The Credit Agency Playbook, Applied to Tokens
Moody's and Fitch build their reputation on a simple promise: take a complex issuer and turn it into a score anyone can compare. Universal Token Ratings is trying the same thing for digital assets. Instead of one-off research notes or exchange-specific labels, the new system applies one consistent set of evaluation criteria across the board.
The analogy to credit agencies is intentional. Those firms grade debt on a scale, and the scale becomes the market's common language. Token ratings have never had that level of standardization. The new system aims to change that.
128 Tokens in the First Batch
The launch covers 128 tokens. That's a limited first cut, a sample of the broader market rather than a complete map of every asset. The two companies did not say which tokens made the list, how they were selected, or when the next batch would be added.
What's clear is the intent: give the market a starting point, then build from it.
Who's Behind the Ratings
The project is a joint effort between Defillama and Forgd. Forgd is a Web3 investment bank, a firm that sits at the intersection of crypto and institutional finance. Defillama brings its own track record in the data space. Together, they're positioning the ratings as an independent layer, separate from any single exchange or fund.
The announcement itself is short on specifics. There's no detail on how ratings will be updated, who can license them, or how disputes over a score would be handled. Those questions remain open.
What's next is the adoption question. A rating only matters if people use it. The two companies have put the tool in the market with 128 tokens rated, and the rest depends on whether investors, issuers, and platforms take it up.
