Trollip’s Index

Bitcoin (BTC)

Rating: AA+ (92/100)

Value Capture & REV Analysis (38/40) - Exceptional monetary premium capture through absolute scarcity - Minimal REV exposure due to simple UTXO model - Strong fee market development - Mining reward distribution well-established - Limited attack surface for value extraction

Technical Architecture (28/30) - Battle-tested security over 14+ years - Conservative upgrade process - Distributed node network - Simple but robust scripting system - High resistance to centralization

Market & Liquidity Risk (17/20) - Deepest liquidity across all venues - Global market presence - Strong market maker participation - Some concentration in mining pools - Proven stress test resilience

Governance & Operational Risk (9/10) - Well-established BIP process - Multiple independent development teams - Strong resistance to capture - Clear upgrade paths

Ethereum (ETH)

Rating: AA (89/100)

Value Capture & REV Analysis (35/40) - Strong base layer fee capture - Complex MEV landscape - Layer 2 fee dynamics - Staking yield generation - PBS implementation improving MEV distribution

Technical Architecture (27/30) - Successful transition to PoS - Active development ecosystem - Multiple client implementations - Some centralization in staking pools - Complex attack surface

Market & Liquidity Risk (18/20) - Second highest global liquidity - Deep derivatives markets - Strong institutional adoption - Diverse trading venues

Governance & Operational Risk (9/10) - Active EIP process - Multiple core development teams - Clear roadmap execution - Strong community participation

USDT (Tether)

Rating: BBB+ (76/100)

Value Capture & REV Analysis (28/40) - Limited direct value capture - Significant market power through liquidity - No native MEV exposure - Reliance on external chains for execution

Technical Architecture (22/30) - Multiple chain implementations - Centralized issuance model - Dependent on external security - Limited technical complexity

Market & Liquidity Risk (18/20) - Highest stablecoin liquidity - Critical trading pair status - Some concentration risk - Historical stress test resilience

Governance & Operational Risk (8/10) - Centralized governance - Improving transparency - Regular attestations - Regulatory uncertainty

XRP

Rating: A- (80/100)

Value Capture & REV Analysis (30/40) - Established cross-border payment utility - Limited MEV exposure - Fee structure favors utility over speculation - Network value accrual through XRPL services

Technical Architecture (25/30) - Unique consensus mechanism - Proven scalability - Some centralization concerns - Strong network reliability

Market & Liquidity Risk (16/20) - Strong global presence - Regulatory overhangs - Institutional adoption in payments - Geographic liquidity variations

Governance & Operational Risk (9/10) - Clear development roadmap - Active ecosystem growth - Strong corporate backing - Some centralization concerns

Solana (SOL)

Rating: A (82/100)

Value Capture & REV Analysis (32/40) - Strong fee capture mechanism - Growing MEV marketplace - High transaction throughput - Competitive fee structure

Technical Architecture (24/30) - High performance architecture - Some stability challenges - Active development - Innovative technical solutions

Market & Liquidity Risk (17/20) - Growing liquidity depth - Strong institutional support - Active derivatives market - Some concentration risks

Governance & Operational Risk (9/10) - Active governance participation - Strong developer ecosystem - Clear technical roadmap - Regular network upgrades

BNB (Binance Coin)

Rating: A- (81/100)

Value Capture & REV Analysis (31/40) - Strong exchange utility value - Controlled MEV environment - Fee burning mechanism - Centralized value capture

Technical Architecture (23/30) - EVM compatibility - Centralized validation - Proven scalability - Limited innovation

Market & Liquidity Risk (18/20) - Strong exchange backing - Deep liquidity pools - Significant trading volumes - Some centralization risk

Governance & Operational Risk (9/10) - Centralized decision making - Clear development path - Strong corporate resources - Limited community governance

Dogecoin (DOGE)

Rating: BB+ (65/100)

Value Capture & REV Analysis (22/40) - Limited value capture mechanism - Minimal MEV considerations - Inflationary supply - Meme-driven value

Technical Architecture (20/30) - Bitcoin-derived codebase - Limited development activity - Proven network security - Basic functionality

Market & Liquidity Risk (15/20) - Volatile liquidity conditions - Strong retail participation - Some market manipulation risk - Limited institutional presence

Governance & Operational Risk (8/10) - Active community - Limited formal governance - Sporadic development - Meme-influenced decisions

USDC

Rating: A+ (87/100)

Value Capture & REV Analysis (32/40) - Regulated value capture model - No native MEV exposure - Strong institutional adoption - Clear revenue model

Technical Architecture (26/30) - Multiple chain implementations - Strong security measures - Regular audits - Controlled upgrade process

Market & Liquidity Risk (19/20) - Deep liquidity across venues - Strong institutional backing - Critical DeFi component - Proven stability

Governance & Operational Risk (10/10) - Regulated governance model - Clear compliance framework - Strong corporate backing - Regular attestations

Cardano (ADA)

Rating: A- (80/100)

Value Capture & REV Analysis (29/40) - Academic approach to value capture - Limited MEV exposure - Staking-focused economy - Developing DeFi ecosystem

Technical Architecture (26/30) - Formal verification emphasis - Strong security model - Methodical development - Some scalability limitations

Market & Liquidity Risk (15/20) - Moderate liquidity depth - Growing ecosystem - Some geographic concentration - Limited institutional presence

Governance & Operational Risk (10/10) - Strong governance framework - Active community participation - Clear development roadmap - Academic partnerships

Lido Staked ETH (stETH)

Rating: A (83/100)

Value Capture & REV Analysis (31/40) - Direct ETH staking yield capture - MEV-boost integration - Clear value proposition - Growing institutional adoption

Technical Architecture (25/30) - Complex staking mechanism - Strong security measures - Some centralization risk - Regular protocol upgrades

Market & Liquidity Risk (17/20) - Deep liquidity in DeFi - Strong peg maintenance - Critical ETH ecosystem component - Some withdrawal queue risk

Governance & Operational Risk (10/10) - Active DAO governance - Clear upgrade process - Strong node operator set - Regular security reviews

Index Methodology Notes

1. Ratings consider both quantitative metrics and qualitative factors
2. Heavy emphasis on sustainable value capture mechanisms
3. MEV exposure evaluated as both risk and opportunity
4. Security track record significantly impacts technical scores
5. Liquidity assessed across both CEX and DEX venues
6. Governance evaluation considers both formal and informal processes

Regular updates to these ratings will be published quarterly or upon significant protocol changes.