Forgd and DefiLlama launch Universal Token Ratings
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Forgd and DefiLlama launch Universal Token Ratings 26 August 2026US Reporter: Matthew Challis
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Forgd, a Web3 investment bank and advisory platform, and crypto analytics platform DefiLlama have launched Universal Token Ratings (UTR).
UTR is designed to continuously verify whether a token’s real-world market performance aligns with a project’s public disclosures.
A score of 0–100 and letter grades AAA–CCC can be viewed by researchers and investors, available on DefiLlama for over 100 tokens.
UTR has two independently scored axes: a disclosure (D) axis — measuring the completeness, quality, and freshness of what a token reports — and a performance (P) axis, which compares the D axis against live market data to see whether those disclosures are validated.
An overall score is calculated by multiplying D by P, and the rating of a product can increase or decrease in real time.
According to the firms, UTR recalculates continuously based on liquidity, spreads, trading volume, market maker uptime, and onchain token unlocks.
Commenting on the initiative, Shane Molidor, founder and CEO of Forgd, remarks: “Crypto has had transparency checklists, but the industry has never had a continuously updated rating system.
“Universal Token Ratings are designed so that a score is something you have to keep earning.”
Ryan Celaj, head of research at DefiLlama, adds that the ratings are an extension of the firm’s broader aim of “surfacing honest, unbiased data”, and UTR gives clients a “standardised way to identify projects that deliver”.
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