DefiLlama’s Universal Token Ratings dashboard is now a month old. When it first launched, we called it a “rating you have to keep earning.” That’s because the UTR is a living rating system, tracking token performance in real-time to give users an up-to-the-minute assessment of a token’s liquidity, bid-ask spreads, volume, exchange coverage, derivatives conditions, market maker adherence, and more. 

In the weeks since, we’ve also described how the tokens generally score far better on the Performance axis than they do on the equally important Disclosure axis. The latter is an albatross, weighing on the scores of tokens that would otherwise earn stellar ratings. In other words, token issuers’ willingness to be transparent — or lack thereof — serves as a kind of bottleneck. 

But it doesn’t have to be that way. Superior performance is hard to manufacture; transparency is a choice. This week, we want to highlight the way that new data can affect token ratings by taking a close look at Lido’s governance token, LDO. 

As of Tuesday, LDO has seen an 87% month-over-month increase in its UTR score. Here’s why.

Last week, we called out LDO as an example of a high-profile token with a middling overall score. 

Its performance scores were exemplary, a testament to its large market capitalization and interest among crypto traders.

But it had poor marks on the Disclosure axis. Lido’s blog and documentation provided an incomplete view of its leadership team (7 out of 10) and organizational structure (4 out of 10) and revealed almost nothing regarding insiders’ wallet addresses (2 out of 10) or allocations to external parties such as investors, exchanges, or influencers (3 out of 10).

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