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Tydro Season 2 launches with Aave-based boosts
Liquity offers 7.6% APR on ETH via Carry Fusion
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TL;DR
Check any farmâs real risk in about 5 minutes, for free, using 5 public tools most farmers never open.
A tokenized T-bill fund just got flagged as âriskyâ â not because the bills are fake, but because nobody has been able to redeem it since July 9. These tools wouldâve shown you that before you deposited.
Use TID Research to check the asset, Yearnâs checklist to check the protocol, Credora or Philidor to check the curator, and Sentora to catch trouble live.
The catch: a score is a snapshot from the day it was checked â bookmark the live dashboard too, not just the number.
In the last twelve months, seven assets sold to farmers as dollars stopped trading like dollars. Set MIM's older $3.6B high aside as unrepresentative and the remaining six still carried roughly $1.35 billion of peak supply between them. These are the five that destroyed the most capital.
Behind them: YU (~$154M) and msUSD ($1 â $0.06, ~$69M wiped across msUSD and Alturaâs AVLT).
Now read the last column again. One of these was a contract exploit in the sense farmers actually worry about. One more was a stolen key. The other three are counterparty failures â the code did exactly what it promised, and the collateral was somewhere a block explorer could not follow.
msUSD is the purest case: the depeg began when the attestation disappeared, with Accountable terminating services, citing failure to provide adequate proof of reserves, before a single dollar of loss had been proven. The market repriced the absence of information, and it was right to.
The APY on the front of the box has never told you much about what is inside. What has changed is that there are now free, public tools that will open the box for you, and most farmers still do not use them
Four questions, five layers
Every yield position stacks the same layers of risk. The asset itself can depeg, trade below its redemption value, or quietly become non-redeemable. The market or pool it sits in can go from calm to crowded in a day because one whale borrowed to the cap. The curator, if there is one, decides where your money goes and when it comes back. The vault contract wraps all of that with its own timelocks, upgrade keys, and withdrawal delays. And the underlying base protocol can be exploited, paused, or poorly governed.
The layers fail at different speeds and use different tools to check them. Asset and protocol risk move slowly and are best handled by a rating or a written report. Market risk moves in hours and needs a live dashboard. Curator risk is somewhere in between, and mostly comes down to reading what theyâve actually done with other peopleâs money. Match the question to the layer and the right tool picks itself.
âHow risky is this asset?â
This is the question most people actually have, and itâs the one the fewest tools answer. A vault rating indicates the vault is well-built; it doesnât mean the token inside can be redeemed.
TID Research is built for exactly this. As of this week, the site carries 35 published risk reports on stablecoins, vault shares, wrapped tokens, and tokenized RWAs, 21 of them paired with live dashboards, plus a structured score feed covering 130+ assets and 60+ protocols for partners who want the numbers in JSON.
Every asset gets a 1-10 score (higher is safer) in three bands: safe at 7+, medium 4-7, risky below 4. A stablecoin is scored on peg mechanism, backing, liquidity, and issuer; a vault share or tokenized fund gets a different rubric â stability, contract and admin control, redemption, the underlying assets, liquidity, and issuer â because a fund token fails differently from a stablecoin.
What a live lookup tells you:
USDC scores 8.5, USDS and sUSDS 7.5, weETH 7.0. USDT and USDG both land on 7.0 for opposite reasons: USDT has the liquidity but weaker attestations; USDG has Paxos-grade backing but consortium-driven liquidity, with 49% of supply on X Layer. crvUSD and sUSDai sit at 5.0, frxUSD 5.5. Then the tail: apxUSD 3.0, STRCx 3.0, and thBILL 3.5 â revised down from 4.5 on August 23 after the redemption path went quiet. All three are being used as farm collateral somewhere right now.
Two other tools cover parts of this question.
Credora rates 68 assets on its A+ to D scale, with a stated Probability of Default per asset, though many individual pages are gated. For assets that are really a protocol in disguise â synthetic dollars like USDe, restaking tokens like weETH and rsETH, CDP stablecoins like GHO and crvUSD â Sentora Risk Radar has a dedicated page per issuing protocol with 16-28 live indicators each.
How to use it: look the asset up on TID first. Read the sub-scores, not just the headline â a 7.0 built on strong backing and weak liquidity is a different asset from a 7.0 built the other way round. If the asset has a dashboard, bookmark it: a report is a photograph, a dashboard is a window.
âIs this protocol safe?â
Protocol risk is the slow, catastrophic kind â and the best-documented. Three tools approach it from three directions.
Yearn doesnât rate other peopleâs protocols, but publishes the rubric it applies before routing its own vaults through one â the clearest public checklist there is. Five categories, 1-5 each: audits, admin key ownership/timelock, TVL, longevity, and protocol type. Run any protocol through those five questions in ten minutes.
Philidor turns a similar checklist into a number at scale â over 1,000 vaults across 13 protocol modules and 12 chains, scored on asset composition (30%), platform/code maturity (30%), governance (20%), and incident history (20%), mapped to Prime (8.0+), Core (5.0-7.9), Edge (below 5.0). No commercial relationships with any protocol team, free to browse, with CLI and MCP access.
Sentora Risk Radar answers a different version of the question â not âis this well-builtâ but âhow is it doing today.â Covers 40+ protocols, mostly lending, with live indicators grouped into liquidations, borrowing, lending, and whales.
What a live lookup tells you: Morpho on Ethereum showed $2.50B supplied, $2.25B borrowed, $254M free liquidity on a Tuesday morning UTC â high-risk loans well below the ~$900M peak from early 2025. On Philidor, that same protocolâs vaults range from 8.8 (Grove x Steakhouse USDC High Yield) down to 4.9 for Pendle Ecosystem USDC, which pays 8.93% precisely because it lends against Pendle principal tokens rather than plain stablecoins. Same protocol, wildly different risk depending on whatâs inside.
How to use it: Yearnâs five questions first â if a protocol fails them, you donât need the other tools. Then Philidor for the number and incident history. Then Sentora for whether itâs currently under strain.
âCan I trust this curator?â
The newest question, and the hardest â a curator is a person or a firm, not a contract. On Morpho, Euler, Kamino, and similar protocols, the curator picks the markets, sets the caps, and decides when to pull out.
Credora takes this most seriously. Its vault ratings aggregate the Probability of Significant Loss of every market the vault touches, then layer curator expertise and governance quality on top before assigning the letter. The dashboard also has a Curators tab listing 34 Morpho curators by AUM and vault count. Steakhouse Financial tops it at $1.97B across 218 vaults, followed by Gauntlet at $877M across 101 vaults, and Sentora at $735M across just 10 vaults. That last ratio matters: a curator running ten large mandates for PayPal, Ripple, and Kraken is a different animal from one running 218 small ones, and neither is automatically better.
Philidor shows the curator for every vault row alongside the score, so you can filter to a single curator and see how their entire book rates. That is the fastest way to answer âdoes this curator run anything I would not touch.â
What a live lookup tells you: two USDC vaults on Base, same curator, same asset. Steakhouse Prime USDC pays 4.27%, rated A by Credora / 8.1 (Prime) by Philidor. Steakhouse High Yield USDC Edition pays 2.82%, rated B+ / 7.6 (Core). The âhigh yieldâ vault is currently the lower-yielding, lower-rated of the pair â the name is a mandate, not a promise, and both frameworks agree on the ordering.
How to use it: check the curatorâs whole book on Philidor, not just the vault you were shown. Then ask what no rating asks â does the curator earn a cut of yield, and from whom; how concentrated is their biggest vault; have they ever lent into a market run by an affiliate.
âIâm in. How will I know when to leave?â
A rating tells you what a position looked like on the day it was rated. Almost every DeFi loss happens between ratings.
Sentora Risk Radar is the live layer for markets â net liquidity flows, protocol-wide collateralization, a health factor distribution, and a High Risk Loans series recomputed as blocks arrive. Its public âRelevant Updatesâ feed recently flagged high-risk USDG loans on Aave v3 crossing $2.0M and high-risk AERO loans on Moonwell Base crossing $739K â not emergencies, exactly the kind of thing that tells you a market is getting crowded before the rate spike does.
TIDâs dashboards are the live layer for assets â reading backing, peg, liquidity depth, and redemption activity from the chain every hour, including a redemption pulse that counts days since the last burn. The thBILL score didnât drop because someone re-read the whitepaper. It dropped because the redemption pulse went flat.
How to use it: keep the Sentora page for your protocol and the TID dashboard for your asset open, and check them when yield jumps â a jumping yield usually means someoneâs borrowing hard, or somethingâs leaving.
The five tools at a glance
TID Research (tidresearch.com) â asset risk reports, 1-10 rubric, hourly dashboards, score feed for integrators. Disclosure: this is our product.
Credora by RedStone (app.credora.network) â A+ to D ratings on 180 vaults, 399 markets, 68 assets across Morpho, Spark, Lista.
Philidor Analytics (analytics.philidor.io) â deterministic 0-10 scores on 1,000+ vaults, 12 chains, free, CLI/MCP access.
Yearnâs risk framework (docs.yearn.fi) â the best public protocol checklist, 11 categories, self-assessed.
Sentora Risk Radar (defirisk.sentora.com) â live indicators on 40+ protocols, public alert feed.
The point
None of the major stablecoin failures were invisible. Elixirâs concentration was a Morpho position anyone could read. Neutrlâs own dashboard showed a $137M book in June, and $27M of it became liquid in August. msUSDâs auditor quit publicly, citing a failure to provide adequate proof of reserves. thBILLâs redemption path has been dark since 9 July, and the NAV discount is quoted live, right now, to anyone who looks.
These were not failures of disclosure. They were failures of attention. Ask the right question, open the tool that answers it, and you can know most of what there is to know about a farm before you click deposit, for free, in about five minutes. Most people still do not. Be the one who does.
Disclosures
This article is for informational purposes only. It is not investment, financial, legal, or tax advice, nor is it a recommendation to buy, sell, or hold any asset. Nothing here accounts for your circumstances, and you should do your own research and consult your own advisers before deploying capital.
TID Research is our product, and we sell asset and protocol due diligence, continuous monitoring, and portfolio tracking. We have a commercial interest in you believing the asset layer matters. Assess the argument on its evidence, not on our say-so. The author is also a business development participant and vault operator at Prodigy.fi, a structured products protocol not otherwise discussed in this piece.
We have no commercial relationship with Credora, Philidor, Yearn, or Sentora, and none of them reviewed, funded, or approved this piece.
All figures, scores, prices, and on-chain data are as of 11 September 2026 and are subject to change. Risk scores reflect analyst judgment against a published rubric, refresh on review rather than every block, and do not guarantee safety or solvency. Descriptions of third-party protocols and their failures are drawn from public reporting and on-chain data cited inline; where we characterize causes rather than report documented facts, that is our opinion.
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