Verdict: Fragile
Red-flag score: 74.5/100 — High
Verdict: Fragile. The three findings that matter most:
| Total supply (global) | 1,000,000,000 |
|---|---|
| Supply on base (on-chain) | 26,233,855 |
| Circulating supply | 700,535,346 |
| Max supply | 1,000,000,000 |
| Circulating ratio | 70.0% |
| Price | $2 |
| Market cap | $1,665,643,926 |
| FDV | $2,377,672,925 |
| Holder count (this chain) | 167,821 |
| Top 1 holder share | 49.6% |
| Top 10 holder share | 81.1% |
| DEX liquidity (all pairs) | $2,990,417 |
| DEX volume 24h | $2,514,181 |
| DEX pairs | 25 |
| Contract owner | 0xcba28b38103307ec8da98377fff9816c164f9afa |
Sources: CoinGecko (market/supply), chain RPC (on-chain reads), Blockscout (holders, EVM), DEXScreener (liquidity/volume), DefiLlama (fees; emissions when tracked). Accessed 2026-10-13T19:21:32Z.
Top holder control 49.6% of total supply — a single wallet can move the market unilaterally. (Raw on-chain figure; the wallet may be a contract, exchange, or vesting vault — labels are UNKNOWN to the engine.)
Evidence: top1 share = 49.55% of total supply
Top 10 holders control 81.1% of total supply.
Evidence: top10 share = 81.14% of total supply
Contract has a live owner address — privileged functions may exist; the engine does not audit code, so the owner's powers are UNKNOWN beyond the owner() read.
Evidence: owner() = 0xcba28b38103307ec8da98377fff9816c164f9afa
Unlock schedule is UNKNOWN — the protocol is not tracked by DefiLlama emissions and no schedule was machine-readable. Missing evidence: a published unlock/vesting schedule from the project's docs.
Evidence: DefiLlama emissions endpoint is paywalled (HTTP 402 at last check) or the protocol is untracked there
Top 10 wallets hold 81.1% of supply on this chain (raw on-chain; includes contracts, bridges, vesting vaults — wallet labels are a manual-review step).
UNKNOWN — insider allocation % requires the project's published allocation docs (manual checkpoint).
70% of supply circulates; 30% is locked or unissued — future unlock pressure exists even where the calendar is unpublished.
The protocol charges real fees (DefiLlama). Whether any of that value reaches token holders — buyback, burn, revenue share — is UNKNOWN without the project's docs (manual checkpoint).
Annualized protocol fees (24h × 365): $279,093,965 · fees/FDV = 11.74%
| Peer | FDV | Circulating | ATH change |
|---|---|---|---|
| Aave (AAVE) | $2,584,652,587 | 96.5% | -75.6% |
| Compound (COMP) | $230,685,664 | 100.0% | -97.3% |
Subject FDV $2,377,672,925 vs peers $230,685,664–$2,584,652,587.
Public sources only: the aggregators and chain data named above, accessed on the date shown. No internal cap tables, no private agreements, no team-wallet labels beyond what sources publish. Checkpoints requiring project documentation (initial allocation, holder capture of fees, demand drivers) are graded in the manual review layer; the engine grades only what it measured and marks the rest UNKNOWN rather than guessing. Figures are a snapshot; tokenomics change — re-check before acting.
1) Not a security audit — no contract code, custody, or operational security was reviewed. 2) Not financial advice — no recommendation to buy, sell, or hold any token. 3) No price predictions — supply mechanics only; valuation figures are arithmetic, not forecasts. 4) Public sources — errors in source material propagate; verify independently. 5) No outcome guarantees — a Sound grade does not imply performance; a Fragile grade does not imply failure. 6) Independence — prepared without engagement from the project team beyond the review fee, which does not influence grades.