TVL stability (CoV over 90d)
Usual (USD0 / bUSD0 / USUAL)'s assessment for RD-F-084 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Trailing 90-day TVL CoV (2026-02-16 to 2026-05-16) = 0.029 (mean $109.3M, std $3.2M, 90 samples) — mechanically low. However the full-lifecycle context is severe: TVL peaked at $1.87B on 2025-01-07 (ts=1736208000) and collapsed ~94% to ~$104M following the January 2025 USD0++ floor-price governance event. The 90-day window captures only the post-collapse stabilized plateau. The mechanism causing the collapse (locked bUSD0 bond with governance-set floor price) remains in place. The May 2025 exploit (~$43K) was too small to perturb TVL materially. Scored yellow to reflect: current trailing CoV is low, but a catastrophic lifecycle collapse occurred within the past 16 months and the structural risk persists.
Sources #
- Internal00-data-cache.json — TVL CoV 90dData cache sources.defillama.tvl_cov_90d: {cov: 0.029017, mean: 109345423.26, std: 3172883.97, window_start: 1771286400, window_end: 1778959379, sample_count: 90}retrieved 2026-05-17
- 00-data-cache.json — TVL daily seriesData cache tvl_daily ts=1736208000 shows peak $1,870,870,523 (2025-01-07); current $104,767,922retrieved 2026-05-17
- Usual Blog — Road to Parity (2025-01-23)Usual blog Road to Parity 2025-01-23 — describes the floor-price mechanism that triggered the TVL collapseretrieved 2026-05-17
Methodology #
Compute the coefficient of variation (σ/μ) of daily TVL over the trailing 90 days as a proxy for operational stability.
See the full factor methodology and distribution across all protocols →