According to CoinMeta, S&P Global Ratings has released a risk assessment framework (Vault Risk Assessment, VRA) for on-chain lending, which is applicable to the blockchain lending market that uses crypto assets or tokenized RWA as collateral. This framework will comprehensively evaluate factors such as the credit risk of underlying assets, protocol and blockchain risks, Vault management risks, and liquidity. It will also use rating symbols such as AAA(V), where AAA(V) represents the lowest risk. S&P emphasizes that this is not a traditional credit rating and does not assess the Vault yield or guarantee its credit quality.