[DeFi Researchers Propose Quantitative Framework for Credit Risk in DeFi Lending Vaults] According to Blockworks, researchers including Anastasiia proposed in the paper *Vault as a Credit Instrument* that DeFi lending vaults are managing real user deposits but lack a unified standard for credit risk assessment. The study introduces five core metrics to measure risks under different 'mechanical loss channels' and establishes a credit scoring system for vaults. The paper emphasizes that on-chain execution characteristics (such as oracle deviations, liquidation failures, and congestion risks) break the assumptions of traditional financial credit models, necessitating the introduction of new risk quantification methods. This framework integrates on-chain data, parameter identification, and stress testing mechanisms, aiming to enhance DeFi risk management and transparency standards.