In traditional financial markets, systems that comprehensively evaluate financial stability, technical capability, and market risks have long been established to analyze asset reliability, thereby aiding investor decision-making and maintaining market transparency. However, despite the rapid growth of the global virtual asset market, clear evaluation and analysis frameworks are still lacking, leading to increased information asymmetry and investment risks.

APYWA aims to address these issues by introducing a systematic and reliable evaluation system for virtual assets. APYWA's ratings comprehensively analyze factors such as Market Accessibility, Development Activity, Market Liquidity, Community Engagement, Risk & Security, Technical Capability, Project Expertise, and Financial Soundness. Through this, we aim to help investors make rational decisions based on clear information and contribute to enhancing transparency and stability in the virtual asset market.

Automated Rating

Automated Rating rapidly and accurately evaluates key metrics of virtual assets using a vast data-driven algorithm designed by APYWA. It considers major quantitative factors such as Market Accessibility, Development Activity, Market Liquidity, Community Engagement, and Risk & Security.

• Market Accessibility: Evaluates the asset's market accessibility by comprehensively analyzing listed exchanges, liquidity provision capabilities, and information transparency status.
• Development Activity: Evaluates development activity by analyzing the project's technical information and developer community activity via GitHub and forums.
• Market Liquidity: Evaluates market liquidity by comprehensively analyzing trading volume, market capitalization, and circulation supply plans.
• Community Engagement: Evaluates the degree to which the community contributes to the project's long-term ecosystem formation by analyzing activity, scale, and user participation.
• Risk & Security: Evaluates risk and security by comprehensively analyzing independent security audit results and risk management strategies.

In-depth Rating

In-depth Rating provides detailed evaluation results through deep analysis by crypto asset experts, based on data extracted via automated programs and non-public internal information from the foundation. It deeply analyzes the project's credit risk and business value, considering both quantitative and qualitative factors.

• Project Basics & Expertise: Evaluates by analyzing team member backgrounds and roles, partnerships, advisor groups, and disclosed basic project information.
• Technology & Development Activity: Evaluates the uniqueness and efficiency of the solution by analyzing roadmap progress and technical distinctiveness compared to existing blockchain technologies.
• Financial Soundness & Tokenomics: Evaluates asset reliability through funding methods, financial structure, tokenomics, and transparency of circulation supply information.
• Business Strategy & Community Operations: Comprehensively evaluates community activation strategies, user acquisition strategies, community scale, and engagement.
• Risk & Security: Evaluates by analyzing security audit results, incident response capabilities, and legal risks.

The scope of the Automated Rating within this methodology covers virtual assets listed on exchanges that support the South Korean Won (KRW) (Upbit, Bithumb, Coinone, Korbit, Gopax). However, depending on major narratives in the global market, new assets not yet listed on KRW exchanges may also be included in the evaluation scope.

Grade	Automated Score Criteria	Description
A+	90 pts or higher	Based on the comprehensive analysis of data collected by the APYWA automated program, the asset shows high results in overall metrics and is evaluated as Excellent.
A	85 pts or higher
A-	80 pts or higher
B+	70 pts or higher	Based on the comprehensive analysis of data collected by the APYWA automated program, the asset shows stable results in various metrics and is evaluated as Good.
B	60 pts or higher
B-	55 pts or higher
C+	50 pts or higher	Based on the comprehensive analysis of data collected by the APYWA automated program, the asset shows low results in some metrics and is evaluated as Needing Improvement.
C	45 pts or higher
C-	40 pts or higher
D	30 pts or higher	Based on the comprehensive analysis of data collected by the APYWA automated program, the asset shows low results in key metrics with high risk, indicating that Improvement is Urgent.
D-	20 pts or higher
NR	0 pts or higher	Based on the comprehensive analysis of data collected by the APYWA automated program, it is judged as Not Rated (Unable to Evaluate) due to insufficient information for evaluation or lack of data reliability.

Crypto asset ratings consist of Regular Evaluations and Ad-hoc Evaluations. Regular Evaluations are systematically updated on a set cycle every week. In addition, Ad-hoc Evaluations are conducted to promptly reflect significant market events such as major project updates, technical changes, delistings, or security issues. Through this cycle, we continuously monitor various factors of virtual assets sensitive to market volatility and maintain the timeliness and accuracy of our ratings.
※ The cycle of Regular Evaluations is subject to change depending on virtual asset market conditions.

The ratings provided by APYWA are conducted via an automated system based on public data and are pure data-driven analysis results with no subjective elements. This automated rating material includes evaluations on five key metrics: Market Accessibility, Development Activity, Market Liquidity, Community Engagement, and Risk & Security. All information provided is for reference purposes only. Our ratings are not intended as investment advice or recommendations, and we do not guarantee the accuracy, completeness, or timeliness of the information. Users must make their own investment decisions based on the provided data, and the Company bears no legal liability for any resulting losses or damages. While the rating material is processed automatically based on reliable data, discrepancies with actual market conditions may occur due to data limitations. Therefore, the Company is not liable for any damages arising from the use of the provided information. All information contained herein is the property of the Company and may not be reproduced, distributed, or modified without prior approval.