Anchor probability of default
The Anchor PD establishes the base probability of default for a rated product before modifiers are applied. It is assessed across four dimensions — asset quality, audit quality, contract maturity, and custody risk — each combined into the anchor assessment.
Asset quality: reserves and backing
Asset quality covers the reserves, underlying assets, and strategies backing a token's value, assessed across three risk dimensions.
Audit quality and bug bounty scope
Audit frequency and scope, auditor credibility, and the size and structure of bug bounty programs, each treated as a rating input.
Contract maturity and exploit risk
Deployed contract age and performance history as an indicator of exploit risk and protocol stability, and how Credora weighs both.
Custody risk in asset ratings
The structures safeguarding underlying assets, covering centralized custodian risk and smart contract exploit exposure, and how each is rated.