I've been wanting to analyze Gearbox for a long time - a project that tries to become the lending infrastructure for all of DeFi. Not an exchange, not a DEX, but a lending layer. Let's see what's under the hood.

Audit

Team

It's anonymous. I couldn't find any information about the participants of gearbox.fi.

But there is data on Rootdata:

Interestingly, there are only two people in the list:

1. Amplice - Co-founder. Only Gearbox is listed in work experience. Mostly reposts on X.
   Interestingly, Firefly indicates that he interacted with BotanixLabs and BASEDghouls.

2. Ivangbi. Contributor in Gearbox. Also listed are X and Firefly. The X profile description states that he was previously a co-founder of Gearbox. Now he is a DeFi coordinator at Ethereum Foundation.

According to AI data

Data collected from public sources: GitHub, Link3, IQ.wiki, crypto news sites and AMA.

Founders:

• Mikhail Lazarev (0xmikko) — co-founder and CTO. Main developer of smart contracts, 668 commits in core repositories. On GitHub, he is subscribed as "Gearbox Protocol inventor". Sources: GitHub (github.com/0xmikko), Encode Club AMA on Medium.

• Ivan (ivangbi) — co-founder, marketing and bizdev. Since February 2026, also DeFi Protocol Coordinator at Ethereum Foundation. Sources: Link3.to/gearboxprotocol, IQ.wiki, The Block, BitcoinEthereumNews.

Core developers (according to GitHub — github.com/Gearbox-protocol):

• Dima Lekhovitsky — smart contracts, risk framework, 326 commits.

• Van0k (alias) — smart contracts, 408 commits.

• doomsower (alias) — core dev, 382 commits.

• essserrr (alias) — SDK developer, 652 commits.

The rest of the team (according to Link3.to/gearboxprotocol):

harshjain.eth — backend and analytics. apeir99n — product, analytics. astr0bas3d — core contributor. nikitakle.eth — marketing, community. amplice.eth — marketing, video. Muggles — marketing, operations.

Many participants use pseudonyms — a standard practice for DeFi. Interesting fact: co-founder ivangbi also works at Ethereum Foundation, which indicates recognition in the ecosystem.

Project social media

Telegram chat is active. My questions were answered, and quickly:

I'm waiting for a response to the second one, but it's fine even without that.

In Discord there is also activity, albeit small:

Above is a screenshot of announcements. The last message there was on March 15 (11 days ago). Before that, March 6 and January 6. They write very rarely, but they do it.

In the main chat with the bot, messages appear. But thanks to my questions:

In the dev chat, the last message was way back on March 3:

Well, at least in support-questions there are messages today:

And they actively create branches in proposals. The last one was 1 day ago:

They rarely write, but the DAO is active.

X @GearboxProtocol:

54.6K subscribers, 4,673 posts. The last one was on March 6 (this month, but 20 days ago). However, it only received 2 replies, 2 reposts, and 16 likes. Views? 1,455 - very few!

The previous one was on February 18 with 11 replies, 5 reposts, 33 likes, and 4,055 views.

The conversion of subscribers to views is weak, not to mention the external audience.

According to Sorsa, the project's score is 1198 (tier 4 - Significant):

Projects related to their account (subscribed or tracked by the project) - Polymarket, LidoFinance, Bybit_Official, 1kxnetwork, defiprime.

Funds: DeFianceCapital, egirl_capital, ARKInvest, 4RCapital, robotventures, etc.

And on Moni - score 9289 (Level: 6. High):

707 smartphones at Gearbox.

Projects: Polymarket, Aave, Chainlink, Nansen, Curve Finance, Sky, Lido, Sonic, Pendle, Synthetix, Trust Wallet, Balancer, Bitget, CoW DAO, Frax Finance and others.

VC & funds: Galois_Capital, eGirl Capital 仙女資本, 1kx, Variant, Outlier Ventures, Zee Prime Capital, Castle Labs 🏰, sid_coelho, Arrington Capital, Yunt Capital, Dewhales, Daedalus, EJ Rogers and Nothing Research.

Team summary

Rating 3 out of 5: no links to team members - had to search. But the information is still available online. Rarely in social media, but they do post (e.g., on X 20 days ago and on Discord 11). But they answer questions and do so correctly.

Concept

About the project

Gearbox is a credit leverage protocol. But not like regular perp exchanges. Here you take out a loan and use it not within Gearbox, but in dozens of external protocols: Uniswap, Curve, Lido, Convex, Yearn and so on.

It works both ways:

• Lenders put money into pools and earn interest (like regular lending).

• Borrowers take up to 4x+ leverage and deploy capital wherever they want through adapters.

The key thing is Credit Accounts. These are isolated smart contract wallets. They hold both collateral and borrowed funds. You manage them, move money through DeFi - swap, stake, farm. But the protocol monitors solvency. If you try to go negative - the transaction simply won't go through. Check once at the end of a batch of actions (multicall), not at each step. Saving on gas and convenience.

"One Pool, Many Markets" architecture - one liquidity pool, from which different credit markets branch off, each with their own rules and risk profile. Low-risk stablecoins and high-risk ETH staking work side by side, but don't interfere with each other. Essentially - a wholesale bank with retail branches.

Raised $8.04M over 3 rounds (Variant Fund, 1kx, Placeholder, Zee Prime). In multisigs - Stani Kulechov (founder of Aave), Alex Smirnov (deBridge), ICODrops founder. This speaks to the seriousness of the connections.

Demand and competitor analysis

There is no formal competitor analysis in the docs, but the project clearly positions itself:

• Against Morpho: Morpho curators actively rebalance funds between vaults - this is a custodial model. Gearbox curators manage parameters but don't touch the funds. Non-custodial model. For institutions and regulators - a significant difference.

• Against Aave/Compound: classic lendings. Collateral lies passively. For leverage, you need DEX liquidity. Gearbox Credit Account can go directly to external protocols - swap, stake, farm.

• Against TradFi prime brokers: Gearbox is a non-custodial programmable alternative for on-chain institutions.

Demand? It's more complicated here. By the numbers - demand is falling. TVL has fallen from $419M to $47M (-89%). But there is a growth point - Monad, where TVL is growing and 87% of daily commissions are generated. The project is targeting RWA (real-world assets), institutions, and lending with intentions. Already has a case with Securitize (ACRED) - tokenized assets through Gearbox.

Technical details in simple terms

Credit Account is your separate smart contract. Collateral + borrowed money are there. You can move them through DeFi, but the protocol makes sure you don't go negative.

Adapters are bridges to external protocols. Each DeFi has its own adapter with a limited set of functions. You can't call anything - only verified actions.

Two-stage liquidation - first partial (sell part of the collateral), then full (liquidator takes everything with a discount). There is a Loss Policy - if liquidation creates bad debt, the protocol re-evaluates the collateral based on the foundation, not the market. Protection against cascading liquidations during de-pegs.

Dual oracle - each asset has two independent price feeds. The smaller price is taken - if one feed tries to be pumped, the other won't allow it.

Insurance fund - commissions first go to the reserve (TreasurySplitter). Until it's filled - profit is not distributed. The reserve is stored in LP tokens - it earns itself.

Security - audits by ABDK, Chain Security, Sigma Prime, MixBytes. Bug bounty up to $200K. All changes with a 24-hour timelock.

Deployment on 11 networks: Ethereum, Monad, Arbitrum, Optimism, Etherlink, Somnia, Plasma, Hemi, Lisk, Sonic, Binance. 190+ supported tokens only on Ethereum.

Commissions

In Gearbox there are 3 types.

1. The main one is Interest Fee. This is a markup on the loan interest rate. It works additively: if the base rate is 5%, and the Interest Fee is 20%, then lenders get their 5%, the protocol takes the markup of 1% (5% x 20%), and the borrower pays 6%. Formula: borrower's rate = (base rate + rate for specific collateral) x (1 + Interest Fee).

2. Liquidation Fee. When liquidated, the borrower loses part of the collateral. Of this amount, the Liquidation Premium goes to the liquidator as a reward for the work, and the Liquidation Fee goes to the protocol as income.

3. Quota Increase Fee. One-time fee when increasing the quota (maximum amount of debt under specific collateral). Works like a one-time swap fee on exchanges. Added to the debt and distributed upon repayment.

All collected commissions are split 50/50 between the market curator and the Gearbox DAO. The ratio can be changed, but it requires signatures from both parties.

An important point is that commissions are not paid out immediately. They accumulate on the TreasurySplitter contract. Until the reserve is filled to the target level (e.g., 100K USDC), all revenue remains in the reserve as insurance. Only the excess is distributed. If a liquidation with bad debt occurs, the unclaimed commissions burn first, covering the loss. Essentially, undistributed commissions act as an insurance buffer.

Interest Fee and Liquidation Fee rates are set by the market curator at each Credit Manager level. This allows for flexible configuration, such as 0% on the first 5M USDC (promotion), or increased commissions for exclusive conditions with boosts from partners.

Active DAO. Proposals are published on Snapshot. Only most of them are rejected or rejected.

Current state

DefiLlama data as of March 26, 2026. This is where the sad part begins.

• TVL: $46.6M. ATH was $419M in April 2024. Down 89%. Over six months -74% ($182M → $47M). Another -21.6% in a week.

• By networks: Ethereum 51% ($23.7M), Monad 42% ($19.4M), the other 9 networks total - dust, less than $3M.

• Loans: $27.3M total, utilization 58%. Monad is growing (+15% in a month, $14M). Ethereum is stagnating ($12.2M, -0.6%).

• Commissions: all-time $22.7M. Now ~$60K per month. Peak was $328K in August 2025. Down 84%.

• Revenue (in DAO): all-time $4.7M. Now ~$20K per month. Was $85K. Down 76%.

Monad generates 87% of daily commissions. Essentially the only living growth point.

GEAR token: $0.000335, market cap ~$3.35M, rank #395 by TVL.

Pools: 15 pools on 11 networks. Most on Ethereum show 0% APY. On Monad - 8-9% APY due to incentives.

Risks

• TVL has been falling for a long time and steadily. -89% from the maximum is a serious signal.

• Protocol revenue ~$20K per month - the question is how long it will last

• 9 out of 11 networks with near-zero activity - spreading of resources

• GEAR token is worth a fraction of a cent - market cap $3.35M

• Zero yields in Ethereum pools - no point for lenders to hold

• Smart contract risks - like any DeFi, especially considering the complexity of adapters

Pros

• Monad is a real growth point. TVL, loans and fees are growing

• Technically strong project. Double oracles, Loss Policy, isolated accounts

• RWA direction - Securitize case, integration with institutional assets

• Non-custodial model is an advantage for regulatory compliance

• In multisigs, serious people from the ecosystem

• 190+ tokens, integrations with major DeFi

Final concept assessment

Rating 3 out of 5: technically strong project with detailed documentation and well-thought-out architecture. Decentralization of management at the level - three-tier DAO, multisigs with well-known people from the ecosystem, time locks. But there is no formal demand analysis.
Few user instructions - documentation is more for developers and curators.
TVL -89% from maximum, commissions -84%, revenue -76%. The only growth point is Monad, but I doubt it will last long.

Coin

GEAR token is the governance token of Gearbox Protocol. Total supply is strictly limited: 10 billion GEAR, no inflation.

Initial distribution

Sources: GitHub (doc-gitbook/gear-token):

And tokenomist.ai/gearbox.

• DAO and community: ~58% (DAO treasury 51%, Credit Account Mining 5%, testers ~1%, Discord ~0.3%, retro-rewards ~0.5%). No vesting.

• Team (Initial Core Contributors): ~20%. Lock 12 months + linear vesting 18 months. Ended in June 2024.

• Company (Initial Company Wallet): ~11.5%. Lock 12 months + vesting 18 months. Ended in June 2024.

• Early Investors (Early Backers): ~9.2%. Lock 12 months + vesting 12 months. Ended in December 2023.

• External Contributors: ~1.3%. Lock 12 + vesting 18 months.

Additionally, the DAO treasury sold two rounds: DAO Round 1 ($4.15M, ~2.8% supply, vesting until July 2024) and DAO Round 2 ($1.59M, ~1% supply, vesting until September 2024).

Red flags in distribution

• Team 20% is above the 10% threshold, and even above the yellow sector at 15%.

• If you add the company (11.5%) to the team, you get 31.5% for insiders. Plus investors 9.2% - total ~40% supply went to insiders. That's a lot.

• Investors 9.2% - fit within 10% - < 10% (normal).

Unlocks

According to tokenomist.ai, GEAR is fully unlocked (100%). All vesting ended in 2024. As of March 2026, there are no upcoming unlocks.

Monthly distribution rate (historically): with linear vesting of 18 months for the team (20% supply) - this is ~1.1% supply per month. Above the 0.8% threshold. But this is already in the past.

Holder decentralization

Source: Etherscan, March 26, 2026.

• Total ~11,000 holders. For a DeFi token with a market cap of $3.35M - normal.

• Top-1 (DAO Treasury): 32% - this is the treasury, not one person.

• Top-5: ~48.4%. Top-10: ~57.4%. Top-50: ~73.9%.

• Exchanges (OKX, MEXC, Gate, Bitget) total ~3.35% - low liquidity on exchanges.

• Several large unmarked wallets with round amounts (550M, 200M, 100M GEAR) - likely former team/investor wallets.

High concentration, but the main share is the DAO treasury, not one whale. However, if you remove the treasury, the top-9 non-treasury wallets hold ~25% of the supply.

Utility

Three functions:

1. Voting in the DAO (Snapshot) - managing the treasury, grants, protocol parameters, onboarding assets and protocols. You can vote even if GEAR is in Curve LP (GEAR-ETH) - it is counted automatically. There is delegation.

2. Quotas & Gauges - staking GEAR with a freeze for 4 epochs (28 days). Stakers vote for additional rates that borrowers pay for each asset. This commission is shared between lenders (compensation for liquidity) and the DAO. Essentially - rate management through staking.

3. GEAR-ETH Curve LP - liquidity mining in the Curve V2 pool. Rewards in GEAR, need to stake manually (or through Convex/Yearn). There is a risk of impermanent loss.

In fact, it's a standard governance token with an additional function of influencing rates through staking. There is no direct revenue sharing (distribution of income to holders) - commissions go to the DAO treasury and curators, not directly to stakers.

I believe that the demand from utilities is weak.

Investments

According to Cryptorank, the project raised $13.69 million:

From Galaxy, Stani Kulechov, eGirl Capital, Placeholder Ventures, Zee Prime Capital, LedgerPrime, a_capital, Polymorphic Capital, Focus Labs, Global Coin Research and others.

Coin summary

Rating 2 out of 5: tokenomics exist and are transparent - everything is described in GitHub. But the distribution raises questions: team + company 31.5% - red flag. Although investors have about 9% - normal. Unlocks ended in 2024 - no pressure, but historically the rate was 1.1% per month (above the threshold).
Investors are well-known - Galaxy, Stani Kulechov, Placeholder, Zee Prime.
Utilities are weak - voting and influence on rates, but there is no direct revenue sharing, which does not create demand for the token.
Decentralization of holders is average - 32% in the DAO treasury, but without the treasury, the top 9 wallets hold 25%.

Code

There is Github:

Wow, 58 repositories! That's impressive.

The SDK was updated 14 hours ago, liquidator-v2 - 2 days ago, periphery-v3 - a month ago, permissionless-safe - 3 days ago, third-eye - 3 days ago, apy-server - last week.

It's bad that dev-docs were updated 7 months ago, governance - 3 years ago, and risk-curators-docs - 2 years ago.

By the way, core-v3 (as I understand it, the main software):

Updated 3 months ago.

For now, it's not critical: the core shouldn't be updated too often to maintain security.

By the way, oracles-v3 had their last commit 2 months ago.

I don't like that there's no open source code for adapters to other protocols. Although maybe I missed it.

Audits and bug bounties

There is also a bug bounty:

The maximum reward is $200,000, which is a very small part of even the current TVL. And this is for critical bugs. For high-level ones, they will only give $20K!

Last update - September 7, 2024 (long ago).

There was a real case - in March 2022, a whitehat found a vulnerability in the UniswapV3 adapter: a specially formed path allowed bypassing the account health check. Payout: $150K USDC + 250K GEAR. They reacted within 1.5 hours (report at 09:08, contract pause at 10:33), funds were not affected.

IMPORTANT:

The link to audits from the main page leads to a non-existent one. And in the documentation Audits is empty.

The chaos labs page does not exist, which the link from the site leads to...

But I found the correct link.

Source: docs.gearbox.finance/about-gearbox/economics-and-risk/audits-and-bug-bounty

All reports: github.com/Gearbox-protocol/security/tree/main/audits

Over 4 years (May 2021 - July 2025), 30 audits were conducted by 10 different firms. This is a lot - it is clear that they take security seriously.

Main auditors and findings:

• PeckShield (V1, 2021) - two audits, 14 findings in total. One High: it was possible to create a new account and delete the old debt. All fixed.

• ChainSecurity (V1-V3, 2021-2025) - main long-term auditor, 12+ reports. In V1, they found 3 High and 8 Medium - all fixed. In V3 Core (March 2024), they found 1 Critical: anyone could redistribute votes, completely breaking the voting mechanism. Fixed. Auditor's assessment: "high level of security", but noted high code complexity.

• MixBytes (V1, 2021) - the most voluminous early audit. 88 findings: 1 Critical (incorrect loan amount calculation), 17 Major, 47 Warning. Most of the issues have been fixed.

• Sigma Prime (V2, 2022) - 22 findings, including 4 Critical: incorrect parsing of token path via Uniswap V3, manipulation of pool profit/loss by liquidity providers, DoS by opening an account on behalf of CreditFacade, bypassing liquidation by refusing to accept ETH. All 4 Critical issues have been fixed.

• ABDK (V3 Core, December 2023) - the largest audit: 117 pages, 249 findings. 1 Critical (fixed), ~143 fixed, the remaining ~104 informational/confirmed.

• Also audits by Consensys Diligence (fuzzing V1-V2), Decurity (integrations, Pendle, Balancer V3), Watchpug (Pendle oracles), Nethermind (Account Abstraction), SavantChat.

Total: all Critical and High findings in all audits have been fixed. No cases of user fund loss. The code is complex, but has been thoroughly checked.

Code summary

Rating 4 out of 5: code is open source, and there is main software. But there is no open source code for adapters to other protocols. Audits exist, and there are many. All important bugs have been fixed.
The bug bounty is even laughable compared to the current TVL - only $200,000 for critical bugs in smart contracts!

Practice

web app https://app.gearbox.finance/pools:

"Connect Wallet":

Select and connect:

At the beginning, the pools page opens.

As far as I know, the project supports several networks. It's bad that there is no filtering for them.

For example, I chose ETH:

From some kpk. Added 1.93K $ETH - this is about 4 MLN $.

APY 3.12%.

Below the deposit / withdrawal form, you will find a description. In my case, it was like this:

"The kpk WETH lending pool allows you to earn passive income on your ETH without the risk of liquidation, impermanent losses, or fund lockups. Your deposits generate returns through interest paid by borrowers who utilize capital in Gearbox strategies, using liquid staking tokens such as rsETH, weETH, ezETH, ETH+ and other ETH-correlated assets as collateral.
kpk leverages over five years of experience managing institutional assets - trusted by Ethereum Foundation, Aave and Lido - applying professional risk management systems and constant monitoring to this open-for-all lending market. Withdrawals are available as long as the utilization rate does not reach 100%, and your yield is automatically reinvested. Go to the 'Collaterals and their rates' tab to see the collateral options for borrowers and risk parameters."

First time you'll need to click 'Sign Agreement'

Check everything, 'Agree & Connect' and sign.

After that, approve and deposit will be available:

Basically, it's standard: 'Approve WETH', sign, 'Supply' and confirm the transaction.

Done:

We can go to the list of positions - this is in the dashboard (first button in the top menu):

We can immediately open a credit account by clicking 'Open Credit Account'

But the window is quite complex. And it's recommended not to use it if you don't have experience.

But if briefly, here we select the type and token, pool and create.

For example, "WETH strategy (NEW)Edge UltraYield":

This is in Monad. Enter the amount, select the leverage and launch.

By the way, "Earn" in the top menu will return you to the pools.

Borrow

Here you select the collateral and what you receive:

Including, you can have several tokens, which is cool!

For Ethereum options:

By clicking the "Network" button, we can select a network:

Between Ethereum, Monad, Plasma, Etherlink, lisk, somnia, OpMainnet.

Farm

The most interesting thing for me.

I chose ETH:

I chose the first one:

I see that the maximum APY is 25.98%. But it should be understood that liquidation will be closer.

By clicking on wstETH, I select another token:

But there's a large minimum for ETH here...

Looking at another strategy - same:

Only 10 WETH here...

Others I looked at - same.

Conclusion from practice

Rating 3 out of 5: user-friendly and intuitive interface, but not everything is accessible to everyone. For example, farming with leverage requires borrowing at least 10 WETH!
Also, on the pools page (yield), there is no filter by networks - this also creates inconvenience.

Overall conclusion

• Team: 3 out of 5: no links to team members - had to search. But the information is still available online. Rarely in social media, but they do post (e.g., on X 20 days ago and in Discord 11). But they answer questions and do so correctly.

• Concept: 3 out of 5: technically strong project with detailed documentation and well-thought-out architecture. Decentralization of management is at the level - three-tier DAO, multisigs with well-known people from the ecosystem, timelocks. But there is no formal demand analysis.
  Few user instructions - documentation is more for developers and curators.
  TVL -89% from maximum, commissions -84%, revenue -76%. The only growth point is Monad, but I doubt it will last long.

• Coin: 2 out of 5: tokenomics is transparent - everything is described in GitHub. But the distribution raises questions: team + company 31.5% - red flag. Although investors have about 9% - normal. Unlocks ended in 2024 - no pressure, but historically the rate was 1.1% per month (above the threshold).
  Known investors - Galaxy, Stani Kulechov, Placeholder, Zee Prime.
  Utilities are weak - voting and influence on rates, but no direct revenue sharing, demand for the token is not formed.
  Decentralization of holders is average - 32% in the DAO treasury, but without the treasury, the top 9 wallets hold 25%.

• Code: 4 out of 5: code is open, and there is main software. But there is no open code for adapters to other protocols. Audits are available, and there are many. All important bugs have been fixed.
  The bug bounty is even funny compared to the current TVL - only $200,000 for critical bugs in smart contracts!

• Practice: 3 out of 5: the interface is convenient and clear, but not everything is available to everyone. For example, farming with leverage requires borrowing at least 10 WETH!
  Also, on the pools page (yield), there is no filter by networks - this also creates inconvenience.

Overall score: 15 out of 25.

At the level of many projects, but I cannot call it strong and promising.

I probably won't use it myself. Although the idea of accounts with credit for certain protocols is very interesting.
But the implementation is lacking... I thought they would allow, for example, swapping on Uniswap with leverage. But no - only income and farming with leverage. Boring.

With you was a blind programmer and author of analytical project reviews

Subscribe to https://t.me/blind_dev - there are new posts about me, project analytics, my developments and working with AI agents.

I learned about Tread.fi when users were earning points for trading on Kinetiq.

Over time, I started using it myself - for delta-neutral strategies on two DEXs.

So I decided to take a closer look at the project and see if it can be considered a primary tool for automated trading.

Audit

Team

There is LinkedIn:

2 thousand followers, last post 5 months ago.

Company people:

I have 7 out of 10 links:

1. David Jeong. 4,271 followers - not bad. At Tread Fi - Chief Executive Officer (CEO). Interestingly, since November 2022, although the project itself is relatively new - perhaps they were doing algorithmic trading on CEX. Also Advisor at Magic Newton Foundation since June 2025. Before Tread, he was Vice President - Quantitative Research at Morgan Stanley (well-known company - good, 7 years of experience), Intern at Morgan Stanley and Intern at Merrill Lynch.
   Studied at University of Waterloo: Bachelor of Computer Science from 2010 to 2015
   Conclusion: had experience as Deputy Director at Morgan Stanley.

2. Kavisara(Ching) Srisuwatcharee. 250 followers. Has been working at Tread Fi for 1 year and 9 months: UX/UI Designer, now Design Engineer. Previously UX/UI Designer at Maple Synapse, UX/UI Designer at M Intelligence Co., Ltd (Internship).
   Studied at King Mongkut's University of Technology Thonburi: Bachelor of Science - BS, Computer Science from August 2019 to December 2022, and at Tamwood Careers College: Diploma of Education, UX Designer from July 2023 to May 2024.
   3.5 years of design experience - good.

3. Bastien Trelcat. 7,017 followers. Investor in tread Fi. There are other companies, but we're not particularly interested since he's not a full-fledged team member.

4. Weishuai Yang. 649 followers. Co-Founder & CTO at tread.fi since January 2023. Previously Engineering Manager - Trading Platform at Uniswap Labs in 2022, Engineering Manager - Institutional Algo Execution at Coinbase in 2021-2022 (9 months), Director - FX eTrading Technology at TD Securities from 2014 to 2021, Vice President - eFX Algo at BNP Paribas from 2010 to 2014, Assistant Vice President - Rates eTrading at Barclays Investment Bank from 2009 to 2010 (9 months), Software Engineer at Bloomberg from 2007 to 2009.
   Studied at Binghamton University: PhD, Computer Science, Binghamton University School of Management: MBA, Operations Management and 2 more.
   Conclusion: has well-known companies, good leadership experience.

5. Porrat Wannathip. 306 followers. Has been working at tread.fi as Quant Engineer since December 2025 (about 4 months). Previously internship as Application Security Engineer at Agoda from May 2024 to May 2025. Earlier internship at Tokenomist: first Data Analyst, then AI Engineer. Also Co-Founder & Developer at Blackbox (2021-2023) - algorithmic trading service. Developed automated trading based on Pine Script signals for Binance, used AWS Lambda, DynamoDB, Python scripts for automation and logging profits/losses.
   Studied at Chulalongkorn University: Robotics and Artificial Intelligence Engineering, Computer Engineering (2021-2025), graduated with First Class Honors.
   Conclusion: technical specialist with experience in algorithmic trading, tokenomics analysis and automation. Work experience is still limited, but the profile is relevant enough for the project.

6. Natakorn (Jay) Harnkul. 446 followers. Has been working at tread.fi as Head of Marketing since February 2025. Positions himself as an expert in institutional algorithmic trading infrastructure and community builder. Concurrently Co-Founder of KIKOS project (since October 2023). Before tread.fi, worked as Online Community Manager at Siam Piwat. Also interned at Web3 Think Tank.
   Studied at Chulalongkorn University: Bachelor's degree, CSII (2021-2025).
   Conclusion: profile is more marketing and community-oriented.

7. Chanad (Peem) Ladavalya. 1,244 followers. Has been working at tread.fi as Product Manager since October 2024. Responsible for the product: turns user requests and feedback into specifications, wireframes and user flows, manages the full cycle of feature development. Also participated in improving the interface (React, Tailwind), documentation and user communication.
   Previously worked at Bloomberg (one of the most well-known companies in financial infrastructure) for almost 3 years: first in Analytics Graduate Program, then Equities and Fixed Income Specialist and Equity Advanced and Quant Specialist. Later became Enterprise Sales Account Manager.
   After Bloomberg, worked as Institutional Sales Associate at MUFG (large Japanese bank.
   Studied at London School of Economics (LSE): Bachelor of Science, Government and Economics (2017-2020).
   Conclusion: strong experience in traditional financial companies (Bloomberg, MUFG) and working with institutional clients. In the team, responsible for product and user interaction.

In conclusion, most team members have relevant experience for the project: algorithmic trading, trading infrastructure, product development and marketing. There are employees with experience at well-known financial companies (Morgan Stanley, Bloomberg, MUFG, Coinbase, Uniswap Labs), which looks positive. However, part of the team is young and has relatively little work experience. Overall, the team looks professional and sufficiently suitable for developing algorithmic trading infrastructure.

Project social media

Blog has been inactive since October 2025:

Telegram chat also:

The last message was in November 2025.

This is bad.

Youtube with the last video 4 months ago:

And here's X @tread_fi active:

11.5K subscribers, 1,125 posts. The last one at the time of writing the article was 5 hours ago with 6 replies, 6 reposts, and 43 likes.

According to Sorsa, score 604 (Tier 3. Credible):

Among the well-known projects: MoonPayCommerce, zealy_io, and others.

Among the funds - GBV Capital, LedgerPrime, EnigmaVentures, Play Ventures, daedalus_angels, and others.

Moni score for the project is 3092 (+18/day):

Mentions and mentions by smart contracts - 101 (possibly a bug, or maybe that's how it is). 276 smart contracts.

The following projects related to Tread.fi are written in Moni: Bitget, Mingo, MoonPay Commerce, TokenHunter, Nabox.

Only GBV Capital from VC/funds, and only 0xvinhpham from DAOs/groups.

And most importantly - their Discord is also active:

In the announcements today, the last post was at 8:47.

In network updates - March 2:

Here are the news about network updates.

Interestingly, there is also information in Market alerts, and it is published frequently (the last post was at 19:08 (6 minutes ago):

Main chat is active:

In the alpha chat on February 14:

And here in the help chat, I got a quick response!:

I'm very happy about this.

In discussions about strategies:

Last message on March 2.

In feedback, moderators write periodically (the last message was today):

Users also publish content:

There is also a ticket system - good.

Team Summary

Rating 5 out of 5: there is LinkedIn and most professionals. There are inactive Telegram and Youtube with a blog, but X and Discord are active. Moreover, they answered my questions correctly and quickly! This is really nice.

Concept

Source - documentation:

About the project

Tread.fi is an algorithmic crypto trading terminal and OEMS (Order and Execution Management System) for retail and institutional traders.

The platform combines algorithmic order execution, trading bots, and portfolio management across multiple exchanges.

Supported platforms:

• Centralized exchanges (CEX): Binance, Bybit, OKX, Gate, Bitget, Deribit, Coinbase Exchange, Aster

• Perpetual DEX: Hyperliquid, Paradex, Pacifica, Nado, Extended

• On-chain swaps (DEX trading)

Key features:

• algorithmic order execution (VWAP, TWAP, Target Time, Implementation Shortfall, etc.)

• Smart Order Routing - routing orders between platforms

• unified trading terminal for managing positions on multiple exchanges

• automated strategies and trading bots

• funding rate arbitrage through delta-neutral strategy

• Telegram bot for notifications

• self-hosted solution for Enterprise

Technical Details

Supported Exchanges and Products

• Binance: Spot, Perps, Futures, Options, Margin (PM)

• Bybit: Spot, Perps, Futures

• OKX: Spot, Perps, Futures, Options, Margin

• Gate: Spot, Perps

• Bitget: Spot, Perps, Futures, Margin

• Deribit: Spot, Perps, Futures, Options

• Hyperliquid: Spot, Perps

• Paradex: Perps

• Pacifica: Perps

• Extended: Perps

• Coinbase Exchange: Spot

Order Types

Supports basic and algorithmic order types:

• Market

• Limit

• IOC

• Iceberg

Execution Algorithms:

• VWAP

• TWAP

• Target Time

• Implementation Shortfall

Algorithmic Strategies

Pre-Configured Execution Strategies:

• Impact Minimization

• Time Constant

• Target Participation Rate

• Market Maker

• Aggressive Maker

• Aggressive Taker

• Target Time

Bots

• Market Maker Bot - automated market making with Mid, Grid, Reverse Grid, Blend, and Signal modes

• Delta Neutral Bot - funding rate arbitrage strategy

API

• REST API

• WebSocket

• Metabuilder Framework for developing trading strategies

Cryptographic verification of trading (vCeFi)

The platform includes the function vCeFi (Verifiable CeFi).

It allows displaying on-chain confirmed data about trading activity, obtained from centralized exchanges.

The interface displays trading metrics:

• unrealized PnL

• notional exposure

• cumulative trading volume

This data is formed based on on-chain verified trading data.

Trading activity is recorded in intervals of about 10 minutes, after which confirmed metrics are generated.

The system uses a Proof Table where the following are displayed:

• trading time windows

• confirmed metrics

• link to proof

• data verification status

The user can share confirmed trading statistics while preserving the privacy of individual positions.

Integrations

• Telegram Bot

• two-factor authentication (2FA)

• self-hosted deployment for Enterprise

• AWS CDK for infrastructure deployment

Demand and competitor analysis

The documentation does not contain market or competitor analysis.

Based on the functionality, the platform appears to be oriented towards:

• traders using algorithmic order execution

• market makers

• users trading on multiple exchanges simultaneously

User instructions

The documentation contains step-by-step instructions on:

• connecting exchanges and API keys

• placing orders

• setting up algorithmic strategies

• setting up bots

• portfolio management

• Telegram bot setup

• deploying self-hosted version

Fees

Builder Fees

For some integrations, builder fees are specified:

• Extended: 0.02%

• Hyperliquid: 0.02%

• Pacifica: 0.02%

Exchange fees

The platform does not charge additional fees on top of exchange fees.

The user pays the standard exchange fees:

• maker fees

• taker fees

• funding fees

• withdrawal fees

Self-hosted

The cost of the self-hosted solution is not specified (Enterprise pricing).

Risks

Specified in the documentation

Execution risk:

• slippage may occur

• execution may differ from the expected price

• gap risk may occur during sharp market movements

Algorithmic orders:

• possible partial execution

• low liquidity may increase taker execution time

Market maker strategies:

• limit orders may not be executed

• possible incomplete strategy execution

In my opinion:

Platform risks:

• platform risk - infrastructure failures may affect order execution

• API key risk - providing API keys to the platform

• limited transparency of Smart Order Routing

Algorithmic trading risks:

• strategies may not account for sudden market events

• testing results do not guarantee future profitability

DEX Risks:

• possible smart contract risks

• liquidity risks on individual DEXes

Conceptual Summary

Rating 3 out of 5: The documentation provides a detailed description of the algorithmic trading infrastructure, including a terminal with an order management and execution system (OEMS), order execution algorithms (VWAP, TWAP, etc.), order routing between venues, and integration APIs (REST API and WebSocket). The platform supports trading on centralized exchanges and perp DEX through a single terminal. The documentation also specifies fees and risks of using the platform. A unique feature is the vCeFi system, which allows publishing verified on-chain trading metrics from centralized exchanges. However, the documentation lacks an analysis of demand and competitors, and the project itself is not a decentralized protocol.

Coin

Token and tokenomics are not announced.

Data from info about season 1:

And referral program:

Loyalty program and referral system

The project features a loyalty program Season 1. Users earn points for trading activity through the Tread terminal.

Each week, 100,000 points are distributed. They are allocated proportionally to users' trading volume relative to the total volume of all participants.

To participate in the distribution, you need to accumulate at least $100,000 in trading volume over 7 days.

The system also uses multipliers for high trading volumes. For example, when increasing weekly volume, increasing coefficients are applied (e.g., from 1.1x to 2x).

The project has a referral program. A user can receive 20% of points from invited users' activity, if their trading volume exceeds the minimum participation threshold.

Points are also used for voting on the integration of new exchanges. Users can distribute their points between integration options, after the voting is completed, the points are returned.

The loyalty program is used as a reward system for users' activity on the platform.

Investments

According to Cryptorank, the project received $3.5 million:

from GBV Capital, Daedalus, New Form Capital, Aquanow, Varys Capital, Rocinante Research, Thanefield Capital.

Coin result

Rating 3 out of 5: the token and tokenomics of the project are not announced, but the Season 1 point program is in effect, under which users receive points for trading volume through the Tread terminal (may encourage "wash-trading"). Points are distributed weekly and are used to vote for integrations of new exchanges.
The project also received investments of $3.5 million from funds (GBV Capital, New Form Capital, Daedalus, Varys Capital, etc.).

Code

Rating 1 out of 5: it is closed and there are no audits.

Practice

Open theweb application of the project:

You can register by e-mail with a password or through a wallet. I will use a wallet by clicking "Sign up (Wallet)":

Logged in:

We immediately land on the referral page. We won't return to it anymore.

Adding accounts

Click on the button with the account icon (it's near the version - currently v6.1.890):

You can connect a CEX account, dex wallet, or perp dex account.

I don't work with centralized exchanges, so I'll start with the dex wallet:

"Connect" and select the wallet. After that, "Submit":

"Connect Perp DEX Account":

I chose Hyperliquid and filled in:

"Connect", select the wallet and connect.

Here's the list I already have:

Similarly, connect the rest of the accounts.

I'll click "Deposit" on HL:

Choose USDC Arbitrum. After this, they will ask you to connect your wallet - click "Connect" and then the form will appear. Enter the amount:

"Deposit" and confirm the wallet. Done:

Unfortunately, not everyone has a deposit. For example, extended doesn't have one:

So I top it up manually.

Trade

Clicking the "Trade" button opens the following menu:

Terminal

The first time you will be asked to accept the agreement:

"I Agree" and we get to where we need to be:

Also, at the top there is an option to select a pair. Currently, BTC-perp USDT is selected. I will click on it:

It's cool that there is a choice between perps, spot, etc. Choose between CEX and DEX.

In general, it's very convenient!

We can find what we need by searching for GOLD. It's a shame that with GOLD in tickers - we would like to assign, for example, XAU, but that's what we have:

After selecting, we see the necessary page. There are different trading instruments - that's good.

There is also an order book, as well as my open orders and positions.

Before the purchase form - a list of accounts:

I chose HL:

By default 5x. But you can click "Adjust":

I won't change it.

Next is strategy setup.

By default, Impact Minimization is used. This is an order execution algorithm whose goal is to minimize the impact of the trade on the market.

If a large order is placed immediately, it can shift the price and worsen the execution conditions. To avoid this, the system splits the order into several smaller ones and executes them gradually.

The algorithm tries to distribute execution in such a way as to take liquidity with minimal impact on the price. Usually, a trajectory close to VWAP (volume-weighted average price) is used.

This strategy is suitable for relatively large orders when the trader is not aiming for immediate execution but wants to get a more stable average price.

Tread also offers other execution algorithms, such as TWAP (uniform distribution of the order over time), Target Participation Rate (execution of a share of market volume), as well as market-making and aggressive execution strategies.

Here is a list of all strategies (opened it):

The algorithm uses a number of additional execution parameters.

• Limit Price. Sets the limit price of the order. You can choose dynamic mode or link to the current price in the order book (e.g., Mid or Bid). You can also set a percentage deviation from the price.

• Duration. Execution time of the algorithm. During this period, the system will gradually place orders.

• Time Start / Time End. Allows you to set the start and end time of order execution.

As well as Exit Conditions (default collapsed):

These are position exit settings. You can set Take Profit and Stop Loss.

Scale Orders. Allows you to distribute an order across a price range and place multiple limit orders instead of one. They are also hidden by default - I'll show you:

It's not very convenient that there's no binding to TP/SL - it's hard not to go beyond the limits, which will cause an error.

And Advanced Settings. Additional parameters for the execution algorithm. Here you can configure the participation rate in market volume, the size of individual order parts, the degree of passivity of limit orders, and other parameters of the algorithm's operation:

And before the send button, there is Pre-Trade Analytics

This is pre-trade analytics before sending an order. Metrics are displayed, such as Participation Rate (order share in market volume), volatility, and market volume.

I see that the order volatility is ±0.2419% - a little.

By the way, there is also saving as a template - this is convenient so that you don't have to manually configure it each time.

After clicking "Submit order", they will ask you to confirm:

If you agree, click "Place Buy Order".

After placing, the settings are not reset - I can save them as a template by clicking "Save templates":

And then you can manually not fill it out - just click "Load Templates":

And "Load" - everything will be loaded. I find it very convenient!

By the way, at the bottom of the page, you can click "Current Setting - Show order confirmation before submitting orders. Toggle to enable quick submit" to switch to sending orders without confirmation.

In orders (top table) we see our order:

It is filled by 33%.

In positions, we also see the data, and that PNL is $0.14:

In general, it's standard here.

When I clicked "Close", the form at the bottom simply switched to selling. I had to send a sell order. As a result, the table became like this:

This is not very convenient: I would like to separate closing from orders of the opposite side. But it's obvious that the service is primarily aimed at algorithmic strategies.

So we'll have to wait...

Portfolio Trade - multi order

On this page (second item in the trade menu) we can:

The tool allows creating portfolio transactions by combining multiple buy and sell orders for assets. This can be used for portfolio rebalancing, spread trading between assets, or implementing delta-neutral strategies (although there is a corresponding bot for them).

There is also a Participation Rate parameter that allows controlling the share of the order's participation in the market volume.

The pair is selected by choosing an account and clicking "Select pair":

I currently have no available swaps.

Great that you can select multiple such pairs.

I think the essence is clear.

Algo swap

It allows you to swap algorithmically, minimizing losses (not in one transaction):

Selected Dex wallet account:

"Select" to choose a token:

Problem: no display of balances and sorting from largest to smallest - this significantly reduces convenience.

It turns out that Tread has its own account linked to the wallet - 0 USDC:

That's why the balances were not displayed...

Need to click "Deposit":

You can choose between a QR code and a wallet. I choose "Deposit from wallet". Next, I select the wallet and connect.

Select the network:

Token (standard form) and enter the amount. The problem is that there is no max button either:

"Confirm in wallet" and confirm in the wallet. You'll have to wait, and then you can choose "Urgency" (urgency) and view analytics. If everything suits you, exchange.

And here is the version for perps:

You also select a pair to receive, urgency, view analytics, and place an order.

Options

Unfortunately, only available for CEX accounts:

In the interface, you can select an exchange (Binance, OKX, or Deribit), the underlying asset of the option, and the expiration date. After that, the terminal allows you to select a specific option contract and place an order to buy or sell.

When placing an order, trade parameters are specified, such as the side (Buy or Sell), the number of contracts, and the limit order price. As in other sections of the terminal, algorithmic strategies can be used to execute the order. For example, the Market Maker strategy places limit orders in the order book to get maker execution.

On the right side of the interface, a list of orders is displayed. It is divided into several tabs, including active, canceled, executed, and expired orders.

Thus, the terminal allows you to manage options trading through a single interface along with other instruments, such as spot and derivatives trading.

I hope this information is enough for you: I won't be able to show in detail due to the lack of CEX accounts.

Chained orders

Or orders in a chain:

Chained Orders allow you to create a sequence of orders that are executed sequentially. The next order is activated only after the previous one is executed.

This mechanism is used to automate trading scenarios where actions need to occur step by step.

For example, a trader can:

• first open a position

• then automatically place an order to fix profits

• and an order to limit losses.

In the interface, the user creates the first order, after which they can add additional orders to the chain. Each of them will be executed only after the previous one is completed.

As in regular trading, you can set execution parameters for each order, such as the algorithmic execution strategy, limit price, and execution duration.

Thus, Chained Orders allow you to automate sequential trading actions and manage positions without constant manual control.

I would compare this to creating TP/SL when opening a market order, but here it's a more extensive chain: there's no closing of one order if the opposite is executed (closing a take when a stop is hit).

Just select a pair, percentage of balance, limit price, strategy, duration, etc. You can upload or save a template.

And make several such orders:

I didn't notice right away that there was a table at the top, so a bunch of orders were created 🙂. But here's an example on the screenshot.

It's very convenient to automatically buy at a certain percentage of the balance when it falls!

Bots - bots!

The main functionality, I think. The menu opens with the Bots button:

Market Maker Bot

First, there will be such a page:

You need to select an account under "Select Account":

And next - a couple:

For example, XYZ_GOLD

By clicking on 1x, you can change the leverage. I have now set 4x. And indicated the margin:

As you can see, the volume is 8,000. This is with other order execution parameters set as well:

• Participation Rate - determines the share of the order's participation in the market volume. I chose Normal.

• Duration - the time during which the algorithm will execute the order. I set 60 minutes.

• Reference Price - the price relative to which the algorithm calculates the placement of orders. I selected Mid Price, which uses the average price between the best buy and sell prices in the order book.

Other options for Reference Price are also available, for example:

• Grid Mode - uses the execution price of the opposite side of the transaction

• Reverse Grid - uses the execution price of the same side of the transaction

• Blend - combined mode

• Signal - price with technical indicator

Directional Bias - sets the direction in which the algorithm shifts order placement (Long, Neutral, or Short). The Spread parameter determines the magnitude of this shift relative to the reference price and is set in basis points (bps). I left 0 BPS (0.5 = 0.005% of the price).

And then the standard - stop loss and take profit. I put the stop at -5%

After all settings:

Let's see what:

• Fee Estimate ~$1.84 - too much for $100

• My maximum loss is $5

• Time - 1 hour

• Participation - 5%

I click "Start Trading" - launched:

Waiting for completion.

After this, we will see in the history:

This time I did pretty well: volume 7.98K $ and loss -$1.17.

This bot is good for pumping points for volume on different dex or for providing liquidity for favorite tokens...

Delta Neutral Bot

This bot allows you to set up a delta-neutral strategy on two exchanges. I use it to work on two dex:

First, I select "Select Account" for Long:

HL. Then "Select Pair" will appear:

Click:

And I choose, for example, XYZ_GOLD.

In the same way, "Select Account" for Short and choose "Extended", "Select Pair" and XAU:

Search.

It turned out like this:

I click on 4x and change it to 10X as well to have the same leverage:

Specify Notional - the size of the position in money for each side of the strategy.

And then there's the twap time and position time. I usually close it myself, so I leave it empty, but you can limit it, for example, to 300 minutes, so it closes in 5 hours.

Filled:

Minimum Notional - 500.

Position started accumulating:

Twap will complete in 30 minutes.

When you want to finish, if you set unlimited position time or want to close earlier due to imbalance, click "Wind-down position - reverse trade" and that's it.

My active strategy:

If we want to finish earlier, just click "Wind down position immediately (replaces scheduled)" in the line.

Other pages

Orders - some types of orders:

Why some? Only Single, Multi, Chained, Batch are available.

Also:

1. Analytics - project analytics

2. Explore - various leaderboards

More interesting things - points:

I currently have 0: need to do $100,000 volume over 7 days to start earning.

And Portfolio:

Where we see balances by account and spot on Tread.

It's inconvenient that you can't withdraw at least from the spot.

Final practice results

Rating 4 out of 5: The interface is convenient and understandable if you understand the terms. Plus, it's flexible.
But there were cases when I launched a delta-neutral strategy on two DEXes, but in fact, positions were not opened. Or vice versa - they were not closed. So you still have to check everything (at least through your own bot monitoring delta-neutral positions).

Overall conclusion

• Team: 5 out of 5: has LinkedIn and most professionals. There are inactive Telegram and Youtube with a blog, but X and Discord are active. Moreover: they answered my questions correctly and quickly! This is really nice.

• Concept: 3 out of 5: the documentation describes in detail the infrastructure for algorithmic trading - a terminal with an order management and execution system (OEMS), order execution algorithms (VWAP, TWAP, etc.), order routing between platforms, as well as API for integration (REST API and WebSocket). The platform supports trading on centralized exchanges and perp DEX through a single terminal. The documentation also lists fees and risks of using the platform. A unique feature is the vCeFi system, which allows publishing verified on-chain trading metrics from centralized exchanges. However, the documentation lacks analysis of demand and competitors, and the project itself is not a decentralized protocol.

• Coin: 3 out of 5: the project's token and tokenomics have not been announced, but there is a Season 1 points program, under which users receive points for trading volume through the Tread terminal (may encourage "wash-trading"). Points are distributed weekly and are used to vote for integrations of new exchanges.
  The project also received $3.5 million in investments from funds (GBV Capital, New Form Capital, Daedalus, Varys Capital, etc.).

• Code: 1 out of 5. It's closed-source

• Practice: 4 out of 5: The interface is convenient and understandable if you understand the terms. Plus, it's flexible.
  But there were cases when I launched a delta-neutral strategy on two DEXes, but in fact, positions were not opened. Or vice versa - they were not closed. So you still have to check everything (at least through your own bot monitoring delta-neutral positions).

In total, 16 out of 25 points.

Better than many recent analytical reviews, but can't say the level is good. Let's see what happens after the token launch.

This was brought to you by a blind programmer and review author

Subscribe to https://t.me/blind_dev - there are new posts with project analysis, as well as posts about me and my projects.

Edgex initially seemed like a regular perp dex, so I didn't use it. But one feature I learned about later made me look deeper into the project.

Audit

Team

Didn't find info on the website, LinkedIn either. There's RootData and Cryptorank.

From Cryptorank we learn the following:

• Kevin Wang - co-founder

• Shun - Head of Partnerships

• TraderX - Core Contributor

• rui - Core Contributor

• sodam - Contributor

Links to X were incorporated into the names.

I don't see the point in evaluating the Tweets themselves: they rarely indicate professionalism or lack thereof.

In RootData:

KF:

Here he is also listed as a co-founder of edgeX, but there is almost no other information. No previous projects, professional background, or area of responsibility within the product are provided. Social metrics also look moderate: 1.3K followers.

Although I checked: 344 posts - that's quite a lot. And he writes actively:

Activity in likes, replies, and retweets is also present for all or most posts (although not much of it).

TraderX:

This is a core contributor and head of the Asia Pacific direction. However, there is no data on past experience, specialization, or achievements, making it impossible to assess their contribution and level.

Sodam:

He performs the role of Head of Korea Market and is designated as a community manager. His profile is more related to community development and regional growth, rather than development or product. Knowledge of several languages is indicated, which is useful for expanding into Asian markets. At the same time, he has a more noticeable presence in X, which may indicate involvement in the crypto community, but this does not replace confirmed professional experience.

Only 3 participants, 2 of whom are not related to development - not good.

Project social media

X @edgeX_exchange:

51.4K subscribers is quite a lot. 462 posts. The last one at the time of writing the article was 22 minutes ago (actively writing).

In the account, I mainly see the positioning of the project and an explanation of its concept.

A lot about infrastructure: how edgeX is arranged, why a separate execution layer is needed and why current solutions are not suitable for trading. Plus, periodically dissects topics of liquidity, stability, and on-chain trading in general.

There are also project news, but they are presented more through the prism of strategy and development, rather than just as announcements.

According to Sorsa, score 737 (Tier 3. Credible):

Projects that have signed up include Polymarket, CoinMarketCap, DegenerateNews, StarkWareLtd (this is cool because they are built on this technology), MilkRoad.

Funds include neo, capitalgrug, Meta_Cartel, GBV Capital, Kanosei Ventures, and others.

According to Moni, Moni Score 4147 (Level: 5. Medium, +3 per day):

There are 357 smart contracts,

Activity in Discord is also good:

That's the announcements I showed.

In the feedback yesterday, they wrote:

But overall, rarely: up to the 12th.

The main thing is that my questions were answered quickly and almost correctly (they gave not links to the docs, but to another site, but still good):

In the main chat, people actively write and answer questions:

In the Ru chat too:

Active well-developed community.

Conclusion on the team

Rating 4 out of 5: the team exists, but there are few public participants (co-founder and 4 contributors, and they seem not in the technical field). I couldn't assess the founder's experience before Edgex.
But the social networks are active, they answer questions correctly and extremely quickly! I was even surprised when I got a response within 10-20 minutes after the message, if not faster.

Concept

They have documentation and white paper.

The concept was written based on them.

Docs:

Whitepaper:

About the project

edgeX is a Perp DEX with an order book, but the key idea is deeper: it's not just an exchange, but a separate execution layer for trading.

The project solves a specific problem: ordinary blockchains are not well suited for derivatives due to sequential execution and a common state where everyone competes for resources. As a result, delays and speed limitations appear.

In the whitepaper, this is described as an "infrastructure gap": there is already demand for derivatives, but the current infrastructure cannot handle the processing speed and volume of operations.

edgeX's solution is to create a specialized execution layer just for trading. That is, not a "DEX on top of a chain", but a "chain for a DEX".

They call this a feature, but essentially the same thing was in Dydx or Hyperliquid. We'll find out if this is the case later.

V1 is an MVP with basic functionality: order book, perp contracts, subaccounts, cross-chain deposits. At the same time, the architecture is immediately designed for scaling and adding new products.

Technical details

1. Execution layer architecture
   edgeX separates execution and finalization. Trades are processed quickly within the system, and the final state is published to Ethereum. This provides high speed while maintaining verifiability.

2. Logic separation
   The logic is divided into two environments: one handles trading, the other handles standard DeFi. This reduces resource competition and makes the system more stable.

3. Parallel execution
   Transactions are not processed one by one.

4. Different markets work independently, so operations in BTC and ETH do not interfere with each other. This allows the system to scale almost linearly as resources grow.
   This, in my opinion, is interesting if it is indeed implemented this way.

5. Predictable execution
   The system knows in advance which data each transaction will affect. This avoids conflicts and re-execution, which is important for stable speed.

6. FlashLane
   Transactions are divided by priority: trader actions are processed separately from heavy operations like withdrawals or management. This reduces delays at critical moments.

7. The system provides almost instant preliminary confirmation of the operation. This allows traders to act immediately without waiting for final confirmation.

8. Security and verifiability
   Any participant can reproduce the calculations and verify the correctness of the state. This maintains the principle of "don't trust, verify".

9. Performance
   Up to 20,000 transactions per second are claimed when scaling and low order execution latency.

There is alsoAPI documentation - this is important, but I will not consider it within the concept.

Is there an analysis of demand and competitors

There is no direct competitor analysis in the documentation.

There is only a description of the problem:

• current solutions work slowly
  My comment: not true. Again, Hyperliquid, Lighter are fast.

• sequential execution limits scalability

• universal chains are not well suited for trading

This is a technical justification, not a market analysis.

No:

• comparisons with other Perp DEX

• demand assessment

• user analysis

Features

1. Using StarkEx
   Base - proven infrastructure with a volume of over $1.3 trillion and over 200,000 users. This reduces technological risk.

2. Performance
   Up to 20,000 transactions per second and low latency in order execution.

3. Oracle layer
   Uses Stork: over 35 DEXs, over 2000 assets, and over $300 billion in volume. This is important for correct liquidations.

4. eStrategy
   Income is generated from commissions, liquidations, and AMM operation.
   There is a withdrawal limit of up to 2 days.
   Liquidity providers essentially become counterparties to traders.
   Similar to HLP and LLP.

5. UX solutions
   Up to 20 subaccounts, login via email (MPC), platform covers gas for transactions. This lowers the entry barrier.

Important: about commissions

They depend on the trading volume over the last 30 days and are updated daily.

Standard model is used:

• maker adds liquidity

• taker takes it

The higher the trading volume, the lower the commissions (tiered system).

Additionally:

• volumes per subaccount are summed

• The platform takes on gas for executing transactions

For deposits:

• No commission, user only pays gas in the network

For withdrawals:

• In Ethereum - only gas

• In other chains - 0.1% (minimum 1 USD)

It's bad that specific trading commission figures are not provided - this is a minus for the documentation.

Risks

1. Liquidation
   Position is liquidated when margin drops to the minimum level. Oracle price is used to reduce manipulation risk.

2. Liquidity and volatility risk
   eStrategy states that returns depend on market conditions. Losses are possible with high volatility and insufficient liquidity.

3. Withdrawal delay risk
   Withdrawing funds can take up to 14 hours (Ethereum) due to batching and verification.

4. Cross-chain operation risk
   When withdrawing to other chains, a liquidity pool is used, so the amount may be limited by available liquidity.

5. Operational risks
   Although the system is non-custodial, there is a dependency on the L2 operator. This is partially mitigated by the possibility of forced withdrawal.

Conclusion on the concept

Rating 3 out of 5: no analysis of demand and competitors. In terms of concept, this is a standard Perp DEX, with almost no new ideas. The strong point is parallel processing of markets (BTC and ETH do not block each other) - I liked that.

Coin

There is in the docs tokenomics of EDGE:

And MARU:

Details below.

EDGE

Total supply - 1 billion.

1. 25% - initial distribution. Specific categories are not described.

2. up to 5% - campaign until TGE,

3. 25% - core contributors (team + early participants). This is > 10% - bad, as it can contribute to pressure in the absence of demand or its weakness.

4. 10% - fund. If this is also for the team in essence, not for DAO - even worse. If for the community - okay.

5. 35% - ecosystem - depending on who will be funded. If to those who sell immediately - bad. If to long-term holders and project creators on Edgex - good.

Unlok: part immediately, part 24 hours after TGE,

team with 2-year lock and vesting for another 2 years. Such restrictions allow to be calm at least at the beginning, but unlocking 250 million $EDGE over 24 months - about 10.5 million = 1.05% per month (too much).

Investors are not separately allocated - this reduces the transparency of distribution.

Utilities are not described - this is bad.

MARU

Separate token with supply 10 billion. In essence - a meme coin.

70% - incentives and airdrop, 20% - liquidity, 10% - team.

this is a community token for retail traders. Does not provide clear utility, used as an XP booster and user engagement element.

XP Program

XP - points for activity before TGE.

Distributed weekly, up to 5% of supply allocated for the campaign. TGE is expected by the end of March.

There are multipliers: mobile trading gives 1.2x, holding MARU gives up to +15%, referrals give up to +10%. Multipliers can be combined.

There is no exact formula.

Investments

According to Cryptorank, Amber Group and Circle Ventures have invested in Edgex - this is significant:

Rootdata confirms the data.

Coin Verdict

Rating 3 out of 5: tokenomics exist, but 25% for core contributors and undisclosed amount for investors reduces transparency and creates sell pressure risk. Utilities are not described. There are investments from Amber Group and Circle Ventures, but no amount specified.

Code

It is closed.

But there are audits in the documentation:

Audits

There are several audits, but they cover different parts of the system, and not the entire project as a whole.

RigSec (2024) - already outdated, as 2 years have passed.

Smart contracts were audited (deposits, withdrawals, MPC logic).

Conclusion:

• 0 critical

• 0 high

• 1 medium

• 2 low

• 1 informational

Main issues:

• risk when using 1inch router for deposit (contract executes user-provided data without verification, can call unexpected functions)

• signatures do not comply with EIP-712

• issues with permit for USDT

• outdated testnet checks

All issues confirmed and recommendations provided.
No audit status "Fixed" but I think changes have been implemented over 2 years.

SlowMist (2025)

More recent audit, contract and architecture review.

Conclusion:

• 1 medium

• 3 low

• 1 suggestion

• 1 informational

• overall risk level: medium

Key points:

• risk of excessive rights (upgrade governor can update the contract)

• risk of centralization (signers)

• replay attacks on signatures

• DoS via permit

All identified issues:

• acknowledged (accepted by the team, but not necessarily all fixed)

PeckShield (StarkEx)

This is not an audit of edgeX itself, but of the underlying technology (StarkEx).

Conclusion:

• 0 critical

• 0 high

• 0 medium

• 3 informational

In essence:

• only code recommendations

• no serious vulnerabilities

Important: this reduces infrastructure risk, but does not guarantee the security of edgeX as a product.

There are links to Etherscan / contracts, for example:

• https://etherscan.io/address/0xc0a1a1e4af873e9a37a0cac37f3ab81152432cc5

• https://arbiscan.io/address/0xceeed84620e5eb9ab1d6dfc316867d2cda332e41

• есть ссылка на GitHub только у StarkEx (PeckShield аудит):

• https://github.com/starkware-libs/starkex2.0-contracts

Смарт-контракты верифицированы - я проверил (код есть).

Итог по коду

Оценка 2 из 5: есть аудиты (2024-2025 года) и адреса контрактов, но публичного GitHub edgeX нет, код основной системы закрыт. Есть только аудит и открытый код базовой технологии (StarkEx), при этом нет подтверждения, что найденные проблемы полностью исправлены.

Практика

Есть мобильное приложение на Android и IOS (beta). Но сейчас я рассматривать их не буду - особо не люблю.

Хотя не могу не напомнить, что за торговлю в них дают больше поинтов.

Переходим в web PRO по этой ссылке:

We immediately see a plus - the interface is in Russian!

"Connect wallet":

You can log in using email by entering your email address and sending it. But I chose the wallet.

They ask to confirm agreement:

I click "Agree and continue".

Now here's what annoys me, because every time you enter the browser, you have to resend requests, despite the checked box "Remember me". They should fix this so that you can conveniently use the site for at least a month:

I click "Send requests" and sign the messages. Make sure they are multi-line and more or less understandable, not just one line with 0x...

They immediately write congratulations 🙂:

"View details" redirects to the information page. Naturally, it's the initial level for now, but I'll show it right away - we won't come back to VIP later:

On the market page, we look for the deposit:

"Deposit": is located above the "Download" link. I opened it:

I will change the network to Arbitrum and the token to USDC by clicking the buttons.

Here's how the token changes:

Similarly for the network. But since I chose USDC, it immediately changed to Arbitrum (the only one available for this asset). I also entered the maximum amount:

Click "Enable USDC" for approval.
IMPORTANT: do not allow all possible amounts, but only the one planned for deposit. In case of a hack, there may be significant losses.

So, the confirmation button is now available:

"Confirm deposit" and confirm in the wallet. It's important that this is the MultiSigPoolV5WithPermit contract - not immediately a storage or account = there are standard multisig risks.

Done:

We can proceed to trading.

Trading on Edgex

It's standard. On the position page, we see the option to select a token with the ability to add to favorites - that's cool!

Maximum leverage - 10X.

Let's click on BTCUSD:

You can select a tab and search for the token (I did this simultaneously on the screenshot below):

By the way, note that the first tab is favorites. You can select what you trade more actively, and they will be in one place without having to search.

I'll move on to XAUT:

As everywhere, there is a chart, as well as an order book and positions / my orders.

Below the positions will be the trading form.

By default, cross (if needed, switch to isolated) and 10X (clicked on this button):

Changed to 5X and clicked "Confirm".

By clicking "In 1 end" we can change the position mode:

This is also a cool feature.

But mine didn't change - possibly due to one account without subaccounts.

You can switch to limit (default is market order):

Or to stop-limit:

Other order types are also available:

For example, ladder orders (most interesting for many traders). This is another cool feature that I haven't seen much on DEXes:

But the downside is that you can't set stop and take-profit immediately here.

I will choose the standard - market:

As you can see, I marked TP / SL. But they are empty for now.
Because there are no percentages! It's much less convenient without them.

I set it from bold, but it's so hard to calculate profit and loss in percentages:

I click "Buy / Long", but it doesn't allow:

It says the minimum order is 105 USD.

I chose 10X:

They ask to confirm:

It's bad that there's no liquidation price here either.

But I click "Confirm Buy":

As you can see, the position has appeared.

In the 11th column, you can click the first button and view TP / SL:

And add more, as I understand.

The second one immediately offers to add more:

Here with percentages, and this is great! I set a loss of -5%.

The last one allows closing at the limit and market - standard. Screenshot "Market":

Profit or loss is immediately visible - convenient.

Statistics:

• Deposited 17.47 USDC, now 17.37

• Now 17.3044 - that's 0.0656 USD

Within the loss. That's great, because sometimes the commission eats up much more on some decentralized exchanges.

Spot trading

There is ETH/USDC:

And MARU/USD:

That's all the spot markets for now.

There is a chart, order book, and assets. Below them is the buy or sell form.

It's cool that there is a limit, market, stop-limit, and stop-market. Unfortunately, there is no ladder order yet, nor TP/SL when creating an order - I don't understand why. But this question applies to all spot dexes...

As you can see, 0 USDC. Click "Transfer":

By default, the score prediction was selected, but I need a spot since I'm on the spot - it's strange that it doesn't automatically determine. I chose:

Minimum 10 USDC. I'll have to wait, as this is blockchain.

They ask to confirm:

I do this by clicking "Confirm Buy":

As you can see, it appeared in the balances.

I might be able to see PNL, but for now, these columns are empty.

And here it is after refreshing:

The downside is that there is no "Trade" button (I checked on the page for trading another token).

I sell by clicking "Sell":

In the limit, you can specify the price, quantity, and type (GTC by default):

Stop-limit:

I think the essence is clear: everything is convenient.

By the way, with the "Withdraw" button, you can withdraw an asset:

By default USDC, but you can choose another asset (but most are not yet traded):

Only the following networks are available:

Commission is 1 USD.

Forecast - placing bets on events

This is something many are implementing. Including Edgex:

That's how it sometimes happens, unfortunately...

From the main account, I managed to open:

It's convenient that you can filter by many parameters. I, for example, selected crypto and monthly:

Search results can even be viewed:

Let me choose Solana up or down:

You can add to favorites - convenient.

But the volume is funny in 24 hours ($ 8). Although this may be due to the recent launch in the web version - I don't know. See for yourself.

There is also an order book, and below it - buy or sell.

I am translating to a predictive account:

Only when I entered again, there was already a lock...:

So I won't be able to show it. But the main thing is that I managed to demonstrate the page itself - and that's good.

Storage - eStrategy

There are protocol and other (not yet launched, as far as I understand, or the deposit is limited).

I'll click "View details":

Here you can make a deposit:

I have already completed:

Withdrawal:

Takes 2 days. Also click on "Transfer now":

It's inconvenient that the balance is only displayed after refreshing the page.

In the history, we see both deposits and withdrawals:

Other pages: portfolio and others

I'll start with the portfolio:

On "XP" - statistics with information:

Or the rating:

There are even tasks for beginners:

On the "Earn" page, you can get your referral link and change, view statistics of all rewards:

Clicked "Configure" on the link:

Confirmation:

Here. Now a clear link with articler.

You can also become a messenger, but you need to be really cool for that:

"Messenger" page:

Information + rating + ability to apply.

"More" menu - pages not in the main menu

Points:

Description, ability to go to the invitation and to replenish for trading.

Reward Center:

Here about different companies and rewards for them.

"epic" - NFT:

You can stake if you have:

Well, there are information points, like a help center - I won't consider them.

Account menu

Clicking on the address opens:

There is a UID (needed for support and rewards), but you can also go to the account:

For some reason, they don't count the storage, but it's understandable why - it's a separate entity. Although then it would be better to display it here.

You can create a sub-account:

Had to sign 2 more messages...

Done:

In the API management, you can view L2 keys for accounts. The downside is that you cannot separately get read-only:

This creates an unnecessary risk when using account notification information services.

Practice summary

Rating 3 out of 5: the interface is generally convenient, and even in Russian - that's a plus!
But prediction markets are unavailable on some IPs (either VPN is blocked, or a bug) - cannot be used.
Plus, there are no stop-losses and take-profits on the spot, but I haven't seen this from any perp dex.
Another plus - on perpetual futures, there is a ladder order and trading in both directions.
As for execution speed: not instantaneous, but not slow either. About 2-5 seconds, although I didn't count.

Overall summary

• Team: 4 out of 5: there is a team, but few public participants (co-founder and 4 contributors, and they don't seem to be in the technical field). I couldn't assess the founder's experience before Edgex.
  But social media is active, they answer questions correctly and extremely quickly! I was even surprised when I got a response within 10-20 minutes of sending a message, if not faster.

• Concept: 3 out of 5: no demand and competitor analysis. In terms of concept, this is a regular Perp DEX, almost without new ideas. A strong point - parallel processing of markets (BTC and ETH don't block each other) - I liked that.

• Coin: 3 out of 5: tokenomics exist, but 25% core contributors and not disclosed how much investors have - this reduces transparency and creates pressure risk. Utilities are not described. There are investments from Amber Group and Circle Ventures, but without the amount.

• Code: 2 out of 5: there are audits (2024-2025) and contract addresses, but there is no public GitHub edgeX, the core system code is closed. Only the audit and open-source code of the underlying technology (StarkEx) are available, with no confirmation that the identified issues have been fully fixed.

• Practice: 3 out of 5: the interface is generally convenient, and even in Russian - that's a plus!
  But prediction markets are unavailable on some IPs (either VPN is blocked, or a bug) - cannot be used.
  Plus, there are no stop-losses and take-profits on the spot, but I haven't seen this from any perp dex.
  Another plus - on perpetual futures, there is a ladder order and trading in both directions.
  Another problem - every time I open the browser, a request to sign 2 messages pops up, even though I checked "Remember me".
  As for execution speed: not instantaneous, but not slow either. About 2-5 seconds, although I didn't count = my wish list.

Overall score: 15 out of 25.

The project is interesting, but I wouldn't use it as the main decentralized exchange: it's too raw.

You were with a blind programmer and review author

Subscribe to https://t.me/blind_dev - there is new analytics, posts about me and my developments.

Of course, the project is unlikely to be used for widecoding or OpenClaw assistant (no API), but for tasks in the web interface - quite.

Decided to write analytics, as lately I periodically use it when I need to get an answer from two models. For example, you can compare the answers of Chat GPT 5.2 and Claude Sonnet 4.6.

Audit

Team

What I liked right away is that the website has both LinkedIn and photos of the team in the appropriate section.

Interesting fact: the LinkedIn page is followed by 4 thousand people.
And the last post on the oment of writing the article was 6 hours ago.

In the section "People" 61 team members (awesome). But only 16 of them have links. Although compared to many other projects, it's also great!

I excluded one from the list - he heads the engineering department in India. About the others - below.

Pankaj Gupta - Cofounder and CEO Yupp. Previously - Vice President Of Engineering at Coinbase, before that - Director Of Engineering and Senior Director Of Engineering at Google Pay. Also served as Sr. Staff ML Engineer at Twitter, and CEO at Halli Labs / Agara Labs. Education - PhD from Stanford University and B.Tech from IIT Delhi. In terms of company level and technical track, this is a very strong leader with real experience managing complex ML/product teams.

Gilad Mishne - AI Lead at Yupp. Previously - Senior Engineering Manager at Google, Engineering/ML Lead at X (the moonshot factory), and work at Arcadia Science. Education - PhD Computer Science and M.Sc Computer Science at Universiteit van Amsterdam, also B.A Computer Science at Technion. This is a very strong AI profile, especially due to specialization in information retrieval and experience managing ML directions at large companies.

Kanav Mehra - AI Engineer at Yupp. Previously - Lead Data Scientist and Senior Data Scientist at Beatdapp, before that - Graduate Researcher at the University of Waterloo, and earlier - Technology Consultant at PwC India. Education - Master of Mathematics (Computer Science, Thesis) at the University of Waterloo, and BTech at IIEST Shibpur. The profile looks professional due to the research background and practical experience in data science.

Tian Wang - Software Engineer at Yupp. Previously - Senior Engineering Manager at DoorDash, before that - engineering roles at Twitter and Google. Education - B.E at Tsinghua University and M.S at UNC Chapel Hill. This is a very strong engineering profile at the senior/lead level, with experience in high-load products and large-scale infrastructure systems.

Pratik Kumar - AI Engineer at Yupp. Previously - Data Scientist II and III at Flipkart, also was Assistant Manager at Citi, and an internship at Mentor Graphics. Education - MTech at IIT Madras and a Master's degree at Georgia Tech. The profile looks like a strong applied ML/NLP engineer with a good academic foundation and experience in large companies.

Lily Ge - AI Engineer at Yupp (contract part-time). Also - Undergraduate Research Assistant at the University of Waterloo and Machine Learning Engineer at WAT.ai. Education - Bachelor of Software Engineering at the University of Waterloo (2024-2029). For their career stage, this is a strong profile because it combines research and practical ML development.

Shyam A - Product Manager at Yupp. Previously - Software Engineer at Microsoft, also internships at Microsoft and Tricog Health. Education - Bachelor's degree in Computer Science at RV College Of Engineering. The profile looks like a product manager with an engineering foundation and experience in a large tech company.

Matthew Nicholas - Head of Design at Yupp. Previously - Design Systems Lead at Ripple, Venmo.com Design Systems Lead at PayPal, Lead Product Designer at Facebook. Also listed in experience are Dropbox, Square, and Eventbrite. Education - Bachelor's degree at Claremont McKenna College. This is a strong senior designer with a focus on design systems and product interfaces at large companies.

James Gu - Director of Business Development and Operations at Yupp. Previously - Partnerships + M&A Lead at Scale AI, Director of Partnerships at Centific, and also Strategy & Corporate Development at SurveyMonkey. Also mentioned are L.E.K. Consulting and PepsiCo. Education - BS at Boston College (Finance, Marketing, Philosophy). This is a strong business profile with direct experience in partnerships in the AI industry.

Lakshya Malu - Growth and Partnerships at Yupp. Previously - Senior Manager, International Growth at Snap Inc., also was VP, Strategic Partnerships at Lynk Global. Education - Boston University and Stanford Ignite (Stanford GSB). This is a strong growth specialist with experience scaling products at large companies.

Chandramouli Gopalakrishnan, Ph.D - Product at Yupp. Previously - Principal PM Manager at Microsoft, Vice President (Special Projects) at ixigo, and Consultant at SpiceJet Limited. Education - M.S and PhD in Computer Science and Engineering at the University of South Florida, plus BE CSE at the University of Madras. This is a very strong product profile at the senior level, with a serious technical background and experience at Microsoft.

Thanuj Punjabi - Recruiter at Yupp. Previously - Talent Acquisition at Ola and Amazon, HRBP at Exotel, and Principal Consultant at theHRpuzzle. Education - B.E at Sri Bhagwan Mahaveer Jain College of Engineering. The profile looks like an experienced recruiter with practice hiring at large companies.

Aria Aulia - Community Manager at Yupp. Previously - Marketing Designer Supervisor at Titan Corporation Indonesia, and also Executive Coordinator at Sahabat MKAA. Education - International Relations and Affairs at Universitas Pasundan. The profile looks like a practitioner in community and marketing tasks, with experience in creative and coordination roles.

Soumya Vijayan - Executive Assistant at Yupp. Previously - Business Operations Manager and Technical Project Manager at ZoomInfo, Operations Manager at Insent, and Virtual Assistant at Wishup. Education - B.Tech at the University of Kerala. This is a strong operations profile, with experience coordinating processes and managing administrative tasks in a tech environment.

Margaret Corvid - Community and Socials at Yupp (contract). Also - Content Strategist at gm3 Group and Consultant at Lorepunk Labs. Based on experience, this is a profile of a content and community specialist focused on managing communications and social channels.

Project social media

I'll start with the blog:

Posts are rare - the last one was 2 months ago. But they also publish about once every 1-3 months.

X @yupp_ai is active. They have 2,520 posts and 25.9 thousand readers:

The last post was 18 hours ago with 33 replies, 32 reposts, and 72 likes. This is a good result.

The previous one was on February 16 (2 days ago) with 10 replies, 8 reposts, and 46 likes - less, but still okay (especially the ratio of replies, reposts, and likes).

According to Moni, the project's score is

Discord is also active. The community and team are responsive. They quickly answered my questions and messages about bugs.

They also reacted to my information about poor accessibility of onboarding (there was a card that needed to be expanded to continue).

If you want more details, here's a screenshot of my feedback and the team's responses:

They even created a ticket with thanks and a request to provide an e-mail for points! Here's a screenshot:

Today in the announcements at 1:51, they published about Sonnet 4.6:

People are chatting in Chat (the last message was 10 minutes ago):

In the channel where they share posts "│show-and-tell", they also actively publish - several times a day:

In general, one of the most friendly and active projects!

Team summary

Rating 5 out of 5: they are public and professional (LinkedIn link available), active on social media. They answer questions and are polite. I'm glad they'll give me points for feedback on accessibility!

Concept

Used AI models to search, as I couldn't find it myself: there's no specific documentation section. Only scattered information.

About the project

Yupp is an innovative AI model aggregator platform launched in June 2025 [1]. The project's mission is to expand humanity's capabilities in shaping the future of AI through a crowdsourced data collection and feedback system [1].

Key concepts:

• Every AI for everyone: Providing free access to over 800 top AI models (including Claude 4 Opus, GPT-5.2, Gemini 3) in one interface [1] [3].

• Side-by-side Comparison: Users get answers from multiple models simultaneously, compare them, and leave reviews [1].

• Yupp Credits: A system of internal points that users spend on using powerful models and earn by providing quality feedback [1].

Technical details

The project focuses on solving the "model evals" problem - objectively assessing the quality of AI models [2].

Technological innovations:

• VIBE Score (Vibe Intelligence BEnchmark): A proprietary rating metric for models based on aggregated preferences of millions of users in real-world use cases, not static tests [2]. This reduces the value of "trained for the test" benchmarks.
  The metric is built on pairwise comparisons of model responses (side-by-side voting).
  Essentially, the platform turns user preferences into a structured dataset that can be used as a quality signal for model developers.

• Help Me Choose (HMC): An "AI peer review" feature where AI models analyze and critique each other's responses, helping the user synthesize information [4].

• Cryptographic integration: Use of blockchains Base (Ethereum L2) and Solana to ensure transparency, authenticity, and instant rewards payouts in stablecoins [1].
  Important: blockchain integration here looks utilitarian - it is used as a payment infrastructure for fast and cheap cross-border payments (Cash Out), not as an end in itself.

• Privacy-preserving analytics: Collecting preference data while preserving user privacy [1].

Roadmap and development

The project went through a closed testing phase (stealth mode) in late 2024 - early 2025 and officially launched in June 2025 [1].

Current and future stages:

• Beta Leaderboard: Launch of an open model ranking based on VIBE Score [2].

• SVG Leaderboard: Specialized ranking of models for their ability to generate vector graphics (SVG) [3].

• Scaling: Transition from text models to multimodal (images, code, video) [1].

• Global standard: Aiming to become an industry standard for evaluating AI through decentralized protocols [1].

Demand and competitor analysis

Demand Analysis:

• There is a huge need for an objective evaluation of AI, as static benchmarks (MMLU and others) quickly become outdated and are prone to contamination with training data [2].

• Users are looking for a single point of access to a variety of models without having to subscribe to each one separately [1].

Competitive Positioning:

• Unlike LMSYS Chatbot Arena, Yupp focuses on a consumer product with an incentive system (credits/cash out), cryptographic transparency, and built-in payment infrastructure [1].

Economy and Rewards

Unlike many platforms, Yupp has implemented direct monetization of user contributions.

Scheme:

feedback -> credits -> access to models -> cash out

This is a strong part of the product, and it makes Yupp closer to a "model evaluation market" rather than just a chat aggregator.

Economic Model:

• Cash Out: Users can convert earned credits into real money (USD, Euro, etc.) via Stripe and PayPal or into stablecoins via Base and Solana [1].

• B2B potential: Aggregated preference data is extremely valuable for AI model developers to improve systems through RLHF (Reinforcement Learning from Human Feedback) [1].

• Stablecoins: Integration with blockchains enables cross-border micropayments without fees [1].

Sources

[1] Introducing Yupp - Official Launch Blog

[2] Yupp AI VIBE Score and Leaderboard (Beta) - Technical Blog

[3] Yupp.ai - Official Website & SVG Leaderboard

[4] Introducing Help Me Choose - Product Feature Blog

[5] About Yupp - Mission and Team

Risks (my opinion)

1. dataset quality depends on user quality

2. Financial incentives can lead to spam, farming, and attempts to manipulate preferences (e.g., through bots or mass coordinated participation).

3. Even with a stated focus on privacy, this is a centralized service, so sensitive information should not be entered.

4. The platform depends on external model providers and their APIs/pricing policies, so the availability of some models and the cost of credits may change over time.

Conceptual summary

Rating 3 out of 5: no official documentation. Had to use AI models Manus, Parallel, and Chat GPT for verification.
There are technical details, but they are more product-oriented than protocol-oriented. The project is centralized - that's a downside. But the concept is interesting: the project is unique, and I even use it for non-critical data.

Coin

There is no tokenomics or token. In fact, it is not planned either.

According to Cryptorank, the project raised $33 million from Andreessen Horowitz (a16z crypto), Coinbase Ventures, Gokul Rajaram, Kunal Shah, Jeff Dean, Aravind Srinivas, Balaji Prabhakar, Chris Re, Dan Boneh, Evan Sharp, Nick McKeown, and Othman Laraki:

The list is impressive. There are well-known names.

Coin summary

Rating 3 out of 5: according to Cryptorank, investments of $33 million, including from well-known funds. For example, Andreessen Horowitz (a16z crypto), Coinbase Ventures (total of 33). But there is no tokenomics or utility token for the future. It is not known at all whether it will exist.
It's good that there is already a working economy. The downside is that it is built on the distribution of rewards (credits convertible to money), i.e., on constant supply. At the same time, I don't know of a sustainable source of demand or revenue that would balance these payments.

Code

Rating 1 out of 5: it's closed. There is an organization on Github with a similar login, but it's empty and has no link to the yupp.ai website.

Practice

Log into the site. For the first time, you will have an onboarding. They will show you what prompt to write and select the best model. Once you do this, you need to open the card, get the reward, and go to the main page - you will end up on the page with a new chat:

I have already expanded the panel with the chat list - it will be the same for you. This is the "Toggle Sidebar" button.

By clicking on "Refer for rewards", we can copy the link. Mine: https://yupp.ai/join/mammoth-silver-scooter

I would be happy to register via this link if it is still available this week (5 invitations are given per week).

The information looks like this:

By clicking on the name, we open the menu:

Here is the link to the profile, the number of credits, and the withdrawal function. Mine says: "Cash out is not enabled". When it is active, you can click "Cash Out" and withdraw.

On the profile page, you can connect / change Discord, view statistics, and delete your account.

Just in case, here's a profile without a sidebar (in case the page is not visible with it):

This is what editing the profile (edit profile) looks like:

We've finished the introduction - let's move on to the main functionality.

Write a query, select models, and compare responses

You can, of course, leave it unselected - then the service will choose randomly. But it's more interesting to do it yourself.

So, I entered the query:

First, "Choose models":

There are really a lot of them! You can select Reasoning:

I choose GPT 5.2. After this, the button will be replaced with "Add model" - click on it and search for Sonnet:

Selected:

The "Auto" button allows you to choose between auto, text, images, html, and svg. I won't show it (I think it's clear anyway).

"Private" is just the chat status (public or private).

"Attach files" - attaching a file. But there are few formats: only images and PDF. It's unclear why at least txt and js are not supported...

Converted via browser printing and added:

"Send message" and wait. At the end, 2 responses will be visible.

Responses are ready:

Select the model whose response is more suitable and click "I prefer this" on the corresponding button.

I choose the second one (on the right) - Claude sonnet 4.6, mark the evaluation parameters (why one is better and the other is worse) and write the text:

"Send feedback":

It says I received 768 credits. Click "Reveal reward":

Again, damn, "Scratch card. Scratch to reveal your reward."! I'll write to them - let them fix it.

Otherwise, it's hard for me to get them.

Tried the onboarding code - didn't work...

By the way, note that there are options for further communication below.

Practice Summary

Rating 4 out of 5: convenient, functional, and useful interface. Answers have helped me many times. But I, as a blind person, cannot get rewards: after "Reveal reward", they require a "Scratch card", which is inaccessible to me. The Chat GPT code for the onboarding action didn't work...

Overall Summary

• Team: 5 out of 5: they are public and professionals (LinkedIn link available), active social media, respond to questions and are polite. I'm glad they'll give me points for accessibility feedback!

• Concept: 3 out of 5: no official documentation. Had to use Manus, Parallel, and Chat GPT AI models for verification.
  There are technical details, but they are more product-related than protocol-related. The project is centralized - a downside. But the concept is interesting: the project is unique, and I even use it for non-critical data.

• Coin: 3 out of 5: according to Cryptorank, investments of $33 million, including from well-known funds. For example, Andreessen Horowitz (a16z crypto), Coinbase Ventures (total of 33). But there is no tokenomics or utility of the future token. It's completely unknown if there will be one.
  It's good that there is already a working economy. The downside is that it's built on reward distribution (credits convertible to money), i.e., on constant supply. At the same time, I don't know of a sustainable source of demand or revenue that would balance these payments.

• Code: 1 out of 5. It's closed.

• Practice: 4 out of 5: convenient, functional, and useful interface. Answers have helped me many times. But I, as a blind person, cannot get rewards: after "Reveal reward", they require a "Scratch card", which is inaccessible to me. The Chat GPT code for the onboarding action didn't work...

Total: 16 out of 25. Better than others. But when they fully fix the interface accessibility, it will be 17 out of 25. I hope this happens soon.

This was a blind programmer and review author

Subscribe to https://t.me/blind_dev - there are new posts with project analytics and news about my developments.

At first it was only a mobile app: I thought the project was useless for me. But it turned out there is a beta version of the web interface. So I decided to analyze the project.

Audit

Team

There is no link to the team page or LinkedIn on the website.

But I found out that the Liquid project was developed by a team of highly qualified specialists from New York with significant experience in quantitative trading and artificial intelligence.

Through AI and search, I found LinkedIn of the Liquid founder:

He also has publications. For example, the latest one with 7 reactions and 1 comment. The previous one, which was 3 months ago, received 338 reactions, 38 comments and 4 reposts.

Work experience:

• Chief Executive Officer at Liquid since March 2025

• Quantitative Researcher at Two Sigma from July 2022 to February 2025

• Software Engineering Intern at You.com from December 2021 to January 2022 (internship)

• Quantitative Analyst Intern at The D. E. Shaw Group from June to August 2021

• Head Instructor at Summer STEM Institute (SSI) from June to July 2020

• Modelling Intern at Two Sigma from May to July 2020

• And another (total 12).

Education:

• Harvard University: Master of Science - MS, Computer Science 2021 - 2022

• Harvard University: Bachelor of Arts - BA, Mathematics 2018 - 2022

• Thomas Jefferson High School for Science and Technology: Advanced Studies Diploma from 2014 to 2018

Franklin's professional experience is well-suited for his role at Liquid. Several years as a quantitative researcher at Two Sigma and internships at D. E. Shaw have given him quantum thinking and market understanding.

A double degree from Harvard in mathematics and computer science provided a strong foundation in machine learning and engineering. This is important for developing a perp DEX aggregator and order execution algorithms.

Through him, I found the company profile of Liquid:

People of the company:

William C.:

There is also a post 3 months ago with 47 reactions and 6 comments.

Work experience:

• Founding Engineer at Liquid since October 2025

• Software Engineer at Mercury from May to September 2025 (internship)

• Data Entry Specialist at FreshPoint, Inc. from October 2024 to May 2025 (Part-time)

• Founding Software Engineer at Direct'r from September 2023 to September 2024

• Software Engineer at Amazon from June to September 2021 (internship)

• Also interned at Electronic Arts (EA) and RBC as a Software Engineer

Education:

• The University of British Columbia: Bachelor of Science - BS, Mathematics from September 2017 to May 2023

• Georgia Institute of Technology: Master of Science - MS, Computer Science from April 2024 to April 2026

William's experience seems relevant for the founding engineer role: several engineering roles and internships at large companies (Amazon, EA, RBC) and working as a founding software engineer at Direct'r gave him both production development experience and an understanding of startup processes.

Finn Hulse:

1,970 followers, last post 9 months ago with 104 reactions.
Previous - 11 months ago with 112 reactions, 9 comments, and 2 reposts.

Work experience:

• Interestingly, the position at Liquid is not specified. Only "Bringing the cost of conviction to zero"

• Same with Deskhead - no role there.

• Quantitative Trader at Susquehanna International Group from August 2023 to April 2024

• Quantitative Trading Intern at the same company from June to August 2022

• Lifeguard at Continental Pools from May 2017 to August 2021

• Food Server at Paul's Deli & Neighborhood Restaurant from June to September 2019

Education:

• Prod:

• Dartmouth College: Bachelor of Arts - BA, Mathematics from 2019 to 2023

• Jamestown High School from 2015 to 2019

• New Horizons Regional Education Centers: Engineering from 2017 to 2019

I don't see him explicitly stating a role in Liquid, so I can't properly assess how formally his experience is tied to the product. But he has a strong quantitative background (Susquehanna, mathematics at Dartmouth), and his activity and engagement in communication around the idea of "bringing the cost of conviction to zero" seem like a plus.

Sasha Yankovskaya:

1381 tracking.

Last post 3 months ago with 26 reactions and 3 comments.
Previous one was 8 months ago with 18 reactions.

Work experience:

• Founding Product Engineer at Liquid since September 2025

• Product Engineer & Technical Product Manager at The Fourth Effect from September 2023 to September 2025

• AI & UX Strategy Consultant (Side Project) at MySideKick from June 2024 to March 2025 (freelance)

• Software Developer (Side Project) at Quikirr from May to June 2024 (part-time)

• Research Assistant at Yale School of Management from June to September 2023

• Member at Rewriting the Code from January 2019 to September 2023

• Intern at Tobin Center for Economic Policy at Yale · Internship from June to August 2021 (internship)

• Data Science Intern at Identifor, Inc. from June to August 2020

Sasha's experience aligns well with the role of founding product engineer at Liquid.

She combined product engineering and tech product at The Fourth Effect, consulted on AI and UX, worked with data, so she has experience in products, interfaces, and analytics - everything important for such an application.

Indumathi Prakash:

352 followers and 2 comments - no posts from him.

Work experience:

• Founding Product Manager at Liquid since August 2025

• Tutor at Brick and Ivy from July 2022 to December 2023 (part-time)

• Founder and President at A Dollar Makes a Scholar from September 2019 to December 2023

• Tutor at Research Science Institute (RSI) from June to September 2023

• Certified Nursing Assistant at Newton-Wellesley Hospital from March 2020 to June 2022 (part-time)

• And other experience (total 17). Of interest - Counselor at Research Science Institute (RSI) from June to August 2019

Education:

• Harvard University: Molecular and Cellular Biology, Global Health and Health Policy from August 2018 to May 2022

• University of Chicago: Master's degree, Computer Science/Data Science in September 2023

• Sharon High School: High School Diploma from August 2014 to June 2018

Indumathi's experience seems less directly related to product and trading than the rest of the team: she has a strong academic background in biology and data science (Harvard + University of Chicago) and a lot of experience in teaching and non-profit initiatives, but almost no explicit product or fintech roles, so it is difficult to assess her as a product manager in the context of Liquid based on her open profile.

Project social media

X @liquidtrading with 26.5 thousand subscribers and 1,815 posts can be considered active and more or less popular:

This is confirmed by the fact that the last post at the time of writing the article was 5 hours ago, and it received 12 replies, 4 reposts, 45 likes and 1,842 views. Of course, not much, but not a little either.
The previous post was on February 11 (yesterday), and received 22 replies, 7 reposts, 182 likes and 43,268.

According to Sorsa, score 1010 (+2). Tier 4 - Significant, which well reflects the quality of the account.

Among the projects subscribed to them are moonpay, CoinMarketCap, Lighter and others (I listed the most well-known).

Among the funds - Robot Ventures, eGirl Capital 仙女資本, Galois Kevin, ROK Capital, Soap Capital and others.

Moni score for the project is 5908 (Level: 5. Medium) - this is a significant level. 456 smart contracts.

From the funds according to their data, only fourthrevolution.capital has signed up, and there are 6 projects (all unknown, except for CMC).

Instagram unfortunately, I can't open it for some reason, so I can't analyze it. But according to AI data, the account has 141 subscribers, 106 subscriptions, and 0 posts. The description only has the slogan "Perps in your Pocket", so it's impossible to judge the activity, engagement, and audience work based on this profile right now.

But maybe that's not the case.

Youtube is also weak (only 31 subscribers and 6 videos):

And that's it - shorts.

Telegram chat:
The link above opens a channel with a bot to join.

And here is the chat itself:

After a few hours, they allowed writing, but there are not many questions asked there.

There is Frank in the chat, which gives hope for a response, so I asked a question. But they haven't answered yet.

Discord:

As you can see from the search results, my questions were not answered. Only one participant referred to an AI bot, but it replied that the limit was exhausted.

The conversation in the Lounge chat goes:

But overall, this is not questions and answers, but spam.

In work (the channel with tweets), they publish:

In "Content", they less frequently share images and videos:

In Research, they post articles:

In Bugs, they write, but there seem to be no answers. Overall, the team advises opening a ticket, so this is normal. But then they should have disabled this chat:

The last message in Updates is from February 6:

And in the community news, it's December 13:

In Events, the last messages are from today:

It's a pity you can't subscribe. Although most of the events here are about games, which I'm not interested in.

Conclusion about the team

Rating 3 out of 5: the team exists and most of the listed members are professionals (and these are just the main people). It's bad that there's no link on the website (I had to search for it myself).
Activity in Discord, X and LinkedIn is good. But they didn't answer substantive questions about architecture and aggregation. However, they helped with a specific bug when topping up through the mobile app (see details in the relevant section about practice in the mobile app) in the Bugs chat: they suggested clearing the cache and re-entering. After that, it became clear that the problem was due to an old session with a different wallet.

Concept

There is documentation https://docs.tryliquid.xyz/, but for users it is more:

Liquid positions itself as the perfect financial super-app. The project combines the capabilities of a CEX with the advantages of decentralization. This refers to the speed of operation, user-friendly interface, and greater liquidity due to DEX aggregation (when multiple decentralized exchanges are supported, there is more liquidity and more benefits for the user).

It's cool that the app works on both smartphones and the web version.

Another feature is the news feed, which allows you to trade assets related to the news you read.

DEX Aggregation

As I mentioned earlier, Liquid is not a separate DEX, but a tool for their aggregation. This allows users to get more benefits by choosing the best trading offers.

The project currently supports

1. Hyperliquid for spot and PERPS markets. It is the main partner thanks to builder codes that provide profit to applications

2. Lighter, used as an additional source of liquidity. This DEX supports both spot and perps markets, but there is no information about supporting their spot markets in Liquid: only perps.

3. Ostium - the leading decentralized exchange for trading real-world assets (RWA) through perpetual contracts.

Based on public information, Liquid appears to be a frontend overlay on top of several DEXs, but the documentation does not explicitly state this, and there are no details about the aggregation.

Differences from centralized exchanges

• All funds are held in user wallets on the respective blockchains: Liquid does not store them.

• All transactions are executed transparently on-chain on the respective through integrated dexes.

• The application is optimized for mobile devices. Thanks to this, it offers an interface that is not inferior in convenience to modern fintech applications.

Key features of Liquid

1. You can trade spot assets without commissions. As everywhere, they can be selected from the top or searched via search. BTC, ETH, SOL, and HYPE
   You can read about this on the page Trading in the documentation.

2. On the same page, it is stated that there is the possibility of trading with a multiplier of up to 40X the amount. For example, invested $2500 and received BTC for $100,000.
   Also, you can only lose the entire amount invested in the position if the price drops by 20%, if you made a long with a 5x multiplier. They write this as a feature, but in reality, the same tool exists on other perp dexes with isolated margin enabled. The risks are usually taken by the protocol, not by taking the user into the negative.

3. Liquid is positioned as a solution with one of the lowest fees for takers (buyers). This information is provided on the main page of the documentation and in the Twap.

4. Before opening a trade, the risk and exposure (position size in the base asset and possible loss on it) are visible. This can be found out on the main page of the project's website.

5. There are TWAP orders (Time-Weighted Average Price). They allow you to split a large trade into smaller parts, executing them with randomization over time. This avoids significant slippage and losses due to front-running (when an order is read, making the trade less profitable = manipulating execution). About this on the page about TWAP.

6. There is convenient setting of Take Profit and Stop Loss: you can set levels in numbers or through a visual interface before and after opening a trade. Source: TP/SL.

7. Yield-bearing vaults with 10-14% returns are supported. This is the market-making strategy of Hyperliquid (HLP), which has privileged access to data on the course of liquidation and the order book. The deposit is non-custodial - in the HL blockchain. I want to add that profitability can be higher due to market fluctuations, but there are risks in case of large profits for traders.
   When depositing, there is a 4-day lock-up period.
   Details on the page "Vaults".

8. The project is available on all devices with a single UX: IOS, Android, and web.

The most interesting feature is the news!

This is a section with a real news feed integrated into the application.

Imagine:

1. You log in and see a news story about the potential for BTC to grow to $100,000. Or that now is the bottom.

2. Right there, you choose to "short" if you think it's the right action, and wait for profit 😊.

They write that traders can react to news by swiping left or right, and the offer can express the chosen trend in the market. I think this is more about smartphones, as it's not very convenient in the web version.

Also interesting is that users can add their own feeds. This allows you not to depend on the selected list of media, which may be considered lying by the user. However, the documentation says it's just a filter by topic. In general, I hope we'll figure it out in practice.

Source - page "User channels".

Note that each card displays the number of votes "for" and "against". This data comes from Liquid users who voted before you opened the news feed.

It's good that there is both finger movement and a "Deal" button under the news card. This is mentioned on the page about trading on news.

About the functionality of attracting friends

The user receives half of the fees generated by invited friends. Referrals, in turn, get a 10% discount on fees.

The more friends join Liquid using your referral code, the more you will earn.

The functionality is available in the "Rewards" and "Referrals" sections. This is mentioned on the page about attracting traders.

Important: commissions

There is a separate page about this - Fees.

It explains that the project takes up to 0.05% (5 bps) commission from users, and the exact amount depends on which exchange the transaction is conducted through and what the user's 14-day trading volume is.

For Hyperliquid, spot trading through Liquid is without markup: the user only pays Hyperliquid commissions, Liquid does not take anything on top. For perpetuals, Liquid adds an additional 0.05% commission on top of Hyperliquid's base fees.

Interestingly, they use the total 14-day volume (perpetuals plus spot) to calculate the commission level, with the spot volume counted with double weight.

For Ostium, everything is arranged differently. Commissions are taken when entering a position, not when exiting. It is important that Liquid adds 0.05% on top of Ostium's commissions on all trades, regardless of whether you are trading cryptocurrencies, indices, stocks, currencies or commodities (details of all rates are in the table on the page).

For Lighter, the approach is different: Liquid does not charge a commission on top of Lighter to maintain the "zero commission" model on this route.

Final assessment

Rating 3 out of 5: the information for users is detailed, but there is no technical information: how the aggregation is arranged. There is also no analysis of demand and competitors. But the idea of such an aggregator is interesting.

Coin

There are no tokenomics or utility tokens. But there is a point program, which you can read about on the corresponding documentation page:

Seasons 0 and 0.5 have already been completed. The first distributed 600K points, and the second - 200K.

Season 1 is currently underway. It started on November 18, 2025, and 100 thousand points are distributed weekly.

Conditions: Points are awarded based on a proprietary formula that takes into account trading activity and contribution to the platform. In other words, the details are unknown.

About investments

According to Cryptorank, the project received $7.6 million from Paradigm, General Catalyst, Alpen Capital (Prev. Comfy Capital), Ashwin Ramachandran, and Eric Wu:

Good thing there are well-known names.

Final assessment of the coin

Rating 3 out of 5: there are investments and good ones ($7.6 million including from Paradigm and Eric Wu), but there are no tokenomics or utility of the future token (impossible to assess quality). But there is a point program.

Code

The project code is currently closed.

The organization LiquidTrading exists on GitHub but does not contain public repositories:

The main value of the project lies in the UI/UX layer and aggregation algorithms, which unfortunately are not published in open access at the moment.

Therefore, a rating of 1 out of 5.

Practice

Let's start

We move to the application website:

Click on the button with the icon to log in:

You can log in via e-mail or Google, but you can choose "Continue with a wallet". That's what I'll do:

I choose a wallet and connect. A message signature will appear - we do this, checking that there is text there.

After this, you may see such a window with a ref. code (leave it - it's beneficial for both you and me):

Click on "Continue". The page opens:

Now let's look at the buttons next to the entrance / account.

The first button is to search for tokens:

It's convenient that you can filter all, spot, perps, HIP-3. As I understand it, sort by Symbol, Last Price, 24hr Change, etc.

I will filter by perps:

Categories will appear. Selected AI:

Selected VERTUAL:

In the settings (second button), you can select the theme, language, and more:

I leave it unchanged.

The third one is the account (where the login was):

Here you can view the address, connect X, view the balance, make a deposit, and exit.

Click on the fourth button - "Deposit":

Convenient for regular users, as it supports replenishment from a bank card, bank transfer.

I will choose "Transfer from wallet":

The option to select a token will appear. I click "Select" next to token:

And USDC. After that, "Select" next to chain:

Conveniently, there are many popular networks. I chose Base:

Minimum 10 $. I sent 101 $.

I refresh the page and see that there is 100.91 USDC:

So the deposit fee was 9 cents.

Now there is a "Withdraw" button in the account. The form is standard - I won't show it:

Withdrawal is made to Arbitrum with a fee of $1 (for my amount, this will be 1% or more if I incur a loss during trading).

Trading

Filled in the amount, selected take-profit (TP) and stop-loss (SL) percentages by clicking on numbers, as well as leverage (here 3X or 5X is available):

It's convenient that you don't have to enter anything manually: even the amount can be specified as a percentage. Although for me, the slider is not available. It should be in the form of an input type="range" field, but here it's probably some div that can only be controlled with a mouse...

When I clicked "Enable Trading", a signature from Hyperliquid appeared. What kind of aggregation are we talking about...

Below, by the way, we see the info:

• Liquidation Price0,4

• Order Value$500.00

• Margin Required $100.00

This is convenient for assessing before creating a position.

After enabling trading, the button will be replaced with "Buy" for a long and "Sell" for a short, indicating the amount in the traded token.

And here is the position:

There is a button to increase the margin, but it is not labeled with text again, and after opening the modal, it cannot be closed with "Escape". There is also no close button available from the keyboard:

There is also an option to share (button next to the profit or loss amount), as well as closing at a limit or market. I will close by clicking "Mkt":

The slider is still unavailable. Fortunately, 100% is selected: just clicked "Market close".

The "Sell / Short" tab is similar to the long, so let's move on to Limit (limit order) right away. I'll also show a short:

By the way, note that it was $100.91, and now it's $99.98 USDC.

When I closed, there seemed to be a loss of $0.4. It turns out the commission was about 50 cents - that's a lot, and corresponds to a level of 0.5% of the amount - too much, considering the leverage. Immediately makes you wonder: what will happen if you trade on a pair with available 10X leverage!

This confirms the words of one of my acquaintances that it is expensive to trade on Liquid.

So, I am on the Limit and Short tab.

You can set the Mid price - current, by default.

Also, you can configure the order by clicking on GTC:

I explain:

• GTC (Good Till Cancelled) - the order will hang in the glass until you cancel it yourself or until it is fully executed.

• IOC (Immediate Or Cancel) - "execute immediately or cancel the remainder": the part of the order that can be executed immediately is executed, everything that could not be executed immediately is canceled.

• ALO (Add Liquidity Only) - the same as Post Only: the order guarantees adding liquidity to the glass. If at the current price it could be executed immediately (i.e., become a taker), the platform will either cancel it or reprice it so that it becomes a pure maker.

I choose ALO to minimize commissions.

Filled other fields (TP, SL, leverage):

I see that liquidation at $0.75 is far away.

Click on "Sell 527.13 VIRTUAL". There are orders in Open orders:

What I didn't like: on the orders tab, all data is in one line (at least that's how it's announced for me) - this is extremely inconvenient.

And here's the position opened upon reaching the price:

I remind you that I opened a position for $99. Let's see after some time how much I will actually have.

Closed.

In the end, only 99.42 USDC remained.

That is, 46 cents were taken as commission.

But it should be noted that this is Hyperliquid fees + Liquid fees = in any case, it will be more.

About aggregation

I imagined it like this:

1. Choose a market

2. The project aggregates different exchanges for this pair, offering the best option. Possibly showing all options in a spoiler to the user

3. The transaction is executed on the exchange that offers the best conditions.

For now, I only see the use of Hyperliquid:

The same spot from HL:

And separately by balance, not unified - this is inconvenient...

Maybe it's only in the web version, but that's a fact.

In the asset list, there is a request for GOLD xyz:gold, PAXG 10x, flx:GOLD, and KM:GOLD:

Unless PAXG is unclear which exchange, but judging by the balance, it's also Hyperliquid:

The main advantage is not implemented in the web version, or I didn't notice it.

The "Predict" section - predicting

There are no news in the web interface unfortunately. But there are prediction markets:

Click on "All Categories":

I chose "Ending Soon":

I click on "All Tags" and select 3 tags:

You can select everything and enter BTC:

By the way, I noticed that after switching to the market and returning, the category and tags are reset - this is inconvenient.

Or you can search by FDV:

For example, I selected "What will MegaETH FDV be at 10:00 AM ET 1 day after launch?Crypto":

I choose "Above $5,000,000,0…48%"

Some kind of purchase form is not obvious:

1. No balance

2. No correct display of percentages for one side or another (for example, 5 MRLD is 48% (I understand this as "yes"), but in the Yes 96, no 100 form.

I chose a different market - "Will the US issue a Level 4 travel advisory for Taiwan?"

At the beginning, it correctly showed: Yes 44, No 56. But now No has 62...

No balance again. Entered 50. The "Deposit 50.00" button appeared at the bottom. I clicked on it:

Specified the amount - 50, and clicked "Transfer $50.00 to Solana".

I don't like that the signature with the "NonceMapping" operation and such data:

• "chainId": "hyperliquid",

• "wallet": "0x2811034b8b10067f3a6e24402268d7e1609457ca",

• "id": "0xc979d7e3f81bb68aaa02c3b603584d090fe43d56ede1618938e87485770b305b"

• "nonce": 1770890712920

This is an unreadable signature: if you have a large amount of funds, you shouldn't do this.

Then a standard HL transfer operation appeared - this is normal. But still

I topped up 50 and bet 40:

Clicking on "Buy$40No":

As you can see, it requires $30. This means the deal went through. Let's check by clicking "Sell":

As you can see, I will get $34.62!

Either the market is illiquid, or what, but after my small deal it became Yes 38, No 56.

It's convenient that there is an address with balance and position right at the top. By clicking the "Positions" button, we can see it:

I sold - it became 0 after refreshing the page (inconvenient that it doesn't update immediately):

By clicking on 43.63 at the top, we can see the balance

"Transfer Funds". By default, it will transfer from HyperCore to Solana - we swap them by clicking on the icon between them:

Enter the amount (I have already entered) and click "Transfer $43.62 to Hypercore" (you will have your own amount):

We see at the top that the balance is 0.01 $ - this is normal (error):

The result on predictions: transferring back and forth is convenient, but liquidity in Solana is small - not the best source of markets.

About leaderboard pages, points and referrals

First, let's look at the leaderboard:

Here you can filter by today, week, month, and all time.

There is a search by address - that's good:

It's bad that if further than 50th place, it doesn't show the specific position.

On the Points page, we can see details about the points credited and credited to us:

It's cool that you can see them by Liquid and Ostium.

Next are transactions.

And on the "Referral" page, you can get and change the code, view statistics on invited users, and receive rewards:

The "Invite a friend" button allows sharing in any app. Copy - copy the link.

"Edit" - editing:

In general, everything is clear.

Vault - Storage

Here you can move funds to the vault and view history:

"Move" and enter the amount:

"Preview":

We see the amount, with an APY of 85.86% at the moment. The transfer conditions are also shown: deposits are instant, withdrawals take 4 days.

If you agree, press "Deposit to Vault":

Only I couldn't even deposit $10 or $50. It says "No Ethereum wallet found in authentication response", even though everything is connected.

These are the drawbacks of the beta version...

But I think I showed you: now the process is clear. Withdrawing from the vault is similar (just on the "Withdraw" tab in the same window).

About the mobile app

I'm blind, so I don't like working on a smartphone: the process takes longer due to the need to scroll.

But I tried to install it from Google Play, just to compare, and I can only say this:

1. Convenient authorization

2. Portfolio appears immediately - that's good

3. But the buttons at the top and, as I understand, the tabs at the bottom of the app are not labeled with text - a blind person can't figure it out (unless by trial and error).

4. After selecting to top up with USDC crypto, we ended up on the wallet of an account authorized through Google - this led to the funds getting stuck. A critical bug that reduces convenience almost to zero.
   Good thing we were able to top up the app via the web version.

5. The token list is not displayed in the search - you can only enter, which is not very convenient. Fortunately, there are popular ones

6. There is also filtering: by default, Lighter, ostium. That is, aggregation is not within a single market, but a list of markets with filtering by dex. This means that the user will have to compare themselves where it is better.

7. I entered gold - for some reason, the following exchanges were displayed: xyz (HL), filix exchange, dream cash, KM. Ostium did not show up, although I know that gold is there. Although, perhaps, it's not gold, but paxg - I don't remember those details anymore. But the fact is that it's not very convenient...

8. News with trading are even available to me - this is great!

Where can Liquid traders use

1. You can earn Liquid, Ostium and Lighter (when launched) points in one interface. Simultaneously - it cannot be said, but you can do this by switching between markets.

2. Just trade, choosing the best option considering commissions, liquidity and other parameters.

3. On smartphones, study the news and act based on them.

4. And in the web version, trade on prediction markets.

Conclusion on practice

Rating 4 out of 5: the interface is convenient and functional. But for now, the mobile app looks more interesting. The web version is still raw.

Overall conclusion on the audit

• Team: 3 out of 5: 3 out of 5 participants are public, and most of the listed ones are professionals (but these are just the main people). It's a shame there's no link on the website (had to search myself).
  Activity on Discord, X, and LinkedIn is good. But they didn't answer substantive questions about architecture and aggregation. However, they did help with a specific bug when topping up via the mobile app (see details in the relevant section on mobile app practice): suggested clearing the cache and re-entering. After that, it became clear that the problem was due to an old session with a different wallet.

• Concept: 3 out of 5: user information is detailed, but there's no technical information on how aggregation works. Also, there's no analysis of demand and competitors. But the idea of such an aggregator is interesting.

• Coin: 3 out of 5: there are good investments (7.6 million dollars including from Paradigm and Eric Wu), but there's no tokenomics or future token utility (impossible to assess quality). But there is a point program.

• Code: 1 out of 5. It's closed. Although there is an organization account, there are no repositories at all.

• Practice: 4 out of 5: the interface is convenient and functional. But the mobile app looks more interesting for now. The web version is still raw.

Total 14 out of 25 - this is the level of "promising but raw": the idea and team are strong, but the closed code, lack of tokenomics, and undisclosed aggregation do not allow calling the project truly reliable at this stage.
Yes: now there are many projects with me at 15 out of 25, but this doesn't mean Liquid should be worse or on par with them. I hope the project will become more open and decentralized in the future.

Risks and disadvantages of the project

1. Closedness: it's unclear how aggregation works. If it's just getting all dexes via API and displaying them in the token list with filtering - good. But if the project produces or plans to produce the best exchange path on a specific market page (e.g., BTC) - different. Here, you will need to consider the risks of added dexes and their markets.

2. Quite a large total commission despite information that it is low. I checked this, and so did another user I spoke with before me.

3. It's unclear how Liquid will behave in case of a hack or bug of any exchange used in aggregation. What can the user get, and will they be able to?

4. Issues with interface availability and stability (especially the web version): sliders without text alternatives; modals that cannot be closed with the keyboard; and errors when depositing in storage - this is not only inconvenient, but also an additional operational risk for the user.

Advantages of Liquid

1. Really user-friendly interface

2. Unique features like a news feed with the ability to trade in a few clicks

3. Support for all the most popular perp dex. But it's important that spot is also available.

4. Strong investor lineup (Paradigm and others) and founder's experience at Two Sigma build trust in the project's technical and product vision, even despite its current closed nature.

5. For active traders, Liquid offers a rare opportunity to farm points from multiple protocols (Liquid, Lighter, Ostium) in one interface, increasing potential profits.

Whether to use the project is up to each user to decide.

This was the Blind Programmer and review author speaking

Subscribe to https://t.me/blind_dev - there's new project analysis, tokenomics, and posts about me.

I found that verification is only available via Solana programs written in Rust and requires working with ZK. For me, this is a fairly high entry barrier.

The project itself looked interesting, so I decided to run my usual 4K-style audit and take a closer look.

Team

The CEO is active on X under the account IridiumEagle. He posts regularly, including updates about the project, though engagement remains relatively low.

The project also has an official LinkedIn page. Posts are published consistently. The most recent one was posted a week ago and received 12 reactions and 1 repost.

In the “People” section, only the CEO profile is listed. His background includes roles as CTO and VP of Engineering, which strengthens his position as a technically strong leader.

Additional information gathered from Discord:

• CEO Travis Good holds a PhD from Harvard

• CTO Max Lang is a serial entrepreneur with prior experience at Microsoft and Amazon

The project also went through the a16z Crypto Startup Accelerator (CSX).

Overall, the core team appears professional.

Social presence

On X, the account ambient_xyz is active. The latest post was published 12 hours ago and received 7 replies, 4 reposts, and 25 likes.

Despite having 18.9K followers, engagement remains modest. Most posts focus on the project itself, with a strong emphasis on verification.

According to Sorsa, the project has a score of 551 (-2, Tier 3. Credible). Followers include A16Z, Grayscale, Sfermion_, AndrewSteinwold, DeFi_Dad, and others.

The project’s Moni score is 2626 (Level 4. Established), which is a solid ranking.

From a social metrics perspective, Ambient looks healthy, although the product is still at an early stage.

The Discord server is active. I was particularly glad to see a responsive Russian-speaking community and an active moderator. Thanks to this, I gained access to the developers chat for reports and another internal channel.

Announcements are posted periodically, with the most recent one published on February 2. Questions are answered quickly and clearly, and the team even helped me locate relevant LinkedIn profiles.

Team score: 3 out of 5 The team is responsive and social channels are active, but LinkedIn visibility is limited mostly to the CEO. Still, I was able to gather information about the key contributors.

Concept

Ambient provides documentation and a litepaper.

Ambient is a blockchain project at the intersection of crypto and AI. Its core idea is to make AI outputs (such as LLM responses) verifiable, instead of relying on blind trust in a server or centralized provider.

The goal is to build infrastructure where:

• AI requests are executed in a decentralized manner

• execution is paid for

• results can be verified onchain

• computation is handled by a network of GPU nodes rather than a single centralized service

How it works

An AI request is submitted into an onchain auction, where GPU nodes compete for the right to execute it. The winning node performs inference, after which the result is verified and only then paid.

Verification is only available through Solana programs. The core idea is that execution should be expensive, while verification should be cheap, achieved by analyzing internal model steps.

There is some discussion of demand and competitors, but it remains conceptual. The project bets on the growth of AI and agent-based systems. Alternatives are described without concrete numbers or direct comparisons:

• ZK approaches are considered too expensive

• TEE requires trust in hardware

• GPU marketplaces do not provide execution guarantees

Concept score: 4 out of 5 The idea is unique and interesting, but lacks demand and competitor analysis backed by data.

Coin

There is currently no tokenomics: no defined distribution and no clear utility. In the testnet, payments are made in USDC.

The project raised $7.8M from a16z CSX, Anatoly Yakovenko, Raj Gokal, Delphi Ventures, and others (18 investors in total).

Coin score: 2 out of 5 There is no tokenomics yet, but the investor base is strong and reputable.

Code

There is a GitHub repository, but it does not include the core protocol code, only auxiliary components. There are no audits available at this stage.

Code score: 2 out of 5

Practice

The chat interface https://app.ambient.xyz is convenient, but responses are sometimes inaccurate. I personally encountered this in Research mode, where some sources and explanations were incorrect.

Verification does exist and is recorded onchain, but in the interface it feels more like a technical detail than a core feature.

At the same time, the OpenAI-compatible API page is clear and easy to use.

Practice score: 4 out of 5 There is room for further improvement.

Final score

Overall score: 15 out of 25

The project is still at an early stage, so there is room for the rating to improve.

How necessary do you think onchain AI verification really is in practice?

The project is unique. Before, many wrote about it as a way to buy or sell tokens before the TGE (launch). Or points.

Despite the token price crash, I decided to review the project, evaluating it. Why? I planned it for a long time, and there were those who wanted to read about Whales market.

Audit

Team

In Discord, they didn't write about LinkedIn. They said the founders and participants are anonymous.

The truth is that AI found the following:

• William Murphy - Head of Growth. Professional background in photography, which does not match the crypto industry
  No LinkedIn profile.

• Dexter - the project's founder. Remains completely anonymous, has no confirmed LinkedIn profile, no verified information is available.

Project social media

In the X account whalespremarket there are 3139 subscribers and 304 posts. The last one was 20 minutes ago (at the time of writing this text):

He received 1 reply, 1 repost, and 4 likes.

The previous one, which was 3 hours ago - 5 likes and that's it.

This is an indicator of very weak community activity.

According to the analytics Moni, the project has a Moni score of 47 (level 1 - Stealth).
There are only 2 mentions by simple and smart contracts. Smart contracts - 7.

The project's account has no notable well-known subscribers.

According to the data from Sorsa app, their score is 76 (-16) tier 1 - Unknown.

Bots are 20% or there is no data.

In the Discord Whales market, they answer questions quickly:

But not immediately clearly. The bot really answered with AI - that's a plus. But I didn't like that after this, the moderator didn't immediately write about the anonymity of the team and the lack of open source code: he just suggested reading the documentation. Although I found it anyway.

In the main chat, they communicate infrequently (1-3 messages every few hours):

The announcements mentioned both yesterday and today:

The announcements channel in Telegram - there was a post today and on January 15 before that:

In the Telegram community chat they write and answer questions:

But they didn't answer my questions (account "My").

Although there is more activity: there were messages today and yesterday with questions / answers.

Conclusion on the team

Rating 3 out of 5: social media is more or less active (although the community is not well developed). They answer questions quickly, but not always completely. Fortunately, there was an AI bot in Discord who explained the points (so 3 out of 5, not 2 out of 5). The moderator didn't immediately admit that the code is closed and the team is anonymous.

Concept

Documentation on the website docs.whales.market:

It's great that there are user instructions for pre-markets and other features.

Below is a detailed description from the documentation.

About the project

Whales Market is a decentralized trading platform that combines two products in one infrastructure. The first product is Pre-Market for trading token allocations before TGE. The second product is Whales Prediction, which is an aggregator of prediction markets for real-world events.

The platform is declared as an on-chain system. All key operations are performed through smart contracts. Third-party funds are locked in them, calculations are made in them, and penalties are applied through them in case of non-fulfillment of obligations. There are no intermediaries in the classical sense, but the team has administrative powers in non-standard situations, for example, when postponing or canceling markets.

Pre-Market is P2P trading of token allocations before their official release. The seller places an order to sell future tokens. The buyer accepts this order. After that, both parties contribute collateral to the smart contract. These funds remain locked until the TGE.

After TGE, the execution phase begins. The seller is obliged to send the tokens directly to the buyer's address in a pre-agreed network. After confirming the transaction, the smart contract unlocks the collateral and completes the deal. If the seller does not send the tokens, they lose their collateral. In this case, the buyer receives compensation but does not receive the tokens themselves.

The documentation explicitly states that Pre-Market here is not a promise to necessarily sell tokens. It's more like a market for betting on the future price. If the price rises significantly at TGE, the seller may find it more profitable not to give the tokens and lose the collateral. This is normal and pre-programmed system behavior, not an error or failure.

The system has a Resell Position mechanism. It allows the buyer to resell their position before TGE. In this case, the new buyer pays money directly to the previous buyer. Collateral and settlement obligations are transferred to the new position holder. The contract remains the same. There is a limitation that the resale price cannot exceed the original by more than 80 percent.

Whales Prediction is a separate product within the ecosystem. It does not create its own markets. It works as a terminal aggregator for existing platforms such as Polymarket and Kalshi. Its task is to collect liquidity, orders, and data in one interface. The platform emphasizes ease of execution, liquidity visibility, and display of large player activity.

The documentation says that prediction markets are growing rapidly, but the infrastructure remains fragmented. Traders have to switch between tabs, lose price on execution, and work in conditions of poor transparency. Whales Prediction is positioned as a solution to this problem. Figures are given about accelerating decision-making and improving execution quality, but these are just team statements.

Is there an analysis of demand and competitors?

There is no formal market and competitor analysis in the documentation. There are no comparison tables, no direct analysis of other platforms. Instead, market pain is described. The text explains why the current prediction markets infrastructure is inconvenient and why an aggregator is needed. This is more of a product narrative than an analytical section.

There is not even such for pre-market functionality.

Technical implementation and execution logic

For Pre-Market, official smart contracts are deployed in several networks, including Solana and EVM chains. These contracts handle order creation, collateral locking, execution, and cancellations. All basic execution logic is on-chain.

The settlement scenario is designed as follows. After TGE, a four-hour window is launched. During this time, the seller must send tokens to the buyer. After the transaction is confirmed, the contract completes the deal. If technical problems arise, for example, tokens cannot be burned or the bridge does not work, the platform can enable an extended execution window of up to 48 hours.

If the token is issued in another network and there is no direct delivery route, the team can deploy a temporary cross-chain contract that acts as an escrow and technical intermediary for the bridge. If a secure route does not appear, the market is canceled and funds are returned to the parties.

An important point follows from this. Although trading and settlements are carried out through smart contracts, the platform retains the right to administrative intervention in extreme cases. This is directly described in the settlement rules.

Platform fees

Whales Market uses several types of fees. They depend on what the user is doing and at what stage the deal is.

In Pre-Market, there is an execution fee. At the moment of final execution of the deal, both the final buyer and the original seller pay 2.5% of the nominal value of the deal. This fee is withheld directly from their collateral at the moment of settlement.

If the buyer resells their position through the Resell Position mechanism, an additional 5% fee is charged from them on the nominal value of the resale deal. This fee is withheld immediately upon successful resale. This fee does not participate in any discounts.

In addition to this, the system has a set of platform fees for individual actions. When closing your own order, a fee of 0.5% is charged on the unused part of the deposit or collateral. When buying tokens or filling someone else's order, a 2.5% fee is applied, calculated based on the number of tokens purchased and withheld only after successful execution. When an order is executed, a fee is also applied, which is automatically withheld by the contract. If the buyer cancels the order because the seller did not provide the tokens, 2.5% is charged from both parties' collateral.

Thus, in the Pre-Market, the fee is not taken for the mere fact of placing an order, but for its execution, for exiting a position, and for forced cancellation scenarios.

Whales Prediction uses a different commission model. There, a platform fee of 1% is announced for each executed transaction. This fee covers routing and finding the best price between different platforms. Additionally, the user pays the usual network fee for gas. In the beta phase of Whales Prediction, the platform announces zero platform fees, meaning the user only pays network fees. After the public launch, standard charges are planned to be introduced.

Also, there is a discount system for staking $WHALES in the ecosystem. When staking, the user receives $xWHALES. Starting from a certain threshold of $xWHALES ownership, you can get discounts on trading commissions. To apply the discount, you need to link wallets in different networks, as the platform operates in more than one network.

There is also a separate referral program. In it, a portion of the collected commissions is redistributed among those who bring users. Payouts are made automatically at the time of execution and are paid in the asset in which the commission was charged for a specific market.

Summary of the concept

Rating 3 out of 5: an interesting and unique idea. There are technical details and instructions for users. But there is no analysis of demand and competitors.

Coin

Information is available in the relevant section of the documentation:

Investments and investors are unknown.

Tokenomics of $WHALES

$WHALES is the native utility token of the ecosystem. It is issued on the Solana network. The total supply is 100 million tokens. Part of the tokens were distributed retroactively among $LOOT stakers and $xLOOT holders.

Initial distribution:

• The majority, 65 percent, is allocated to incentives and distributed linearly over four years under DAO management. The share is large, and much depends on the quality of the allocated amounts.

• The team received 9.5 percent with a full lock-up for 9 months and subsequent vesting over 36 months.

• Liquidity is 7.5 percent, of which 5 percent is allocated for TGE, and 2.5 percent is reserved for listings.

• Private Sale received 7 percent with half unlocked at TGE and the remainder distributed over two months.

• Airdrop - 5 percent with a one-year vesting period.

• Marketing - 5 percent with a two-year vesting period.

• Security - 1 percent, which is fully unlocked at TGE.

The team and investors are allocated less than 10% - this is good.

But not everything is good with the unlocks:

• The team is allocated normally (3 years)

• For investors, however, 2 months with 50% unlocking at TGE is critically high sell pressure.

The ecosystem has staking. When staking $WHALES, the user receives $xWHALES. This token provides discounts on fees and can be used as collateral. Rewards are paid in $WHALES, but without emission (bought on the market). This means that staking does not create additional inflation. Swapping $xWHALES back to $WHALES is possible at any time through the contract.

Final thoughts on the coin

Rating 3 out of 5: investors are unknown, as is the amount of investment. The tokenomics are generally okay for the team and investors (<10%), but the unlocks are large - >2% per month at peak (when private sale tokens are unlocked).
Also, it's unclear how well $WHALES are distributed for rewards and marketing.

TGE was in January-February 2024 - 2 years have passed. So now only the team and Incentives have unlocks left. Almost everything is unlocked for marketing (apparently, its effectiveness was low).
Staking is available for discounts, but that's not enough for demand.

Code

It's closed, but there are smart contracts Solana (apparently the code is not open) and EVM. For example, contract in Arbitrum (verified).

this address belongs to the Whales Market protocol and is a technical part of the infrastructure (proxy for executing Pre-Market or other module logic).

More about smart contracts and audits

Whales Market contracts were audited by PeckShield. The audit covers versions for Solana and EVM. The audit date is listed as January 26, 2024 - that's a very long time ago!

In both audits, no critical or high vulnerabilities were found. Issues of medium and low severity were found. They mainly concerned business logic, handling non-standard ERC20 tokens, scenarios with possible fund locking, and admin access models.

The reports directly state that all identified technical issues were either fixed or mitigated. For the EVM version, two medium-level vulnerabilities and several low-level ones were marked as Resolved or Mitigated. For the Solana version, three medium-level issues and two low-level ones were also marked as Fixed or mitigated.

Auditors separately highlight the risk associated with privileged admin keys. It is not a bug in the code, but an architectural risk of trust. The team noted that this risk was mitigated by changing the role model and a plan to protect or transition to multisig.
Comment: multisig doesn't add much security either.

It is important to understand that the auditors themselves write that an audit does not guarantee the absence of future vulnerabilities and does not replace repeated checks. However, as of the verified versions of the contracts, all identified issues were closed at the code or procedural level.

Code Summary

Rating 2 out of 5: code is closed, but there are audits, and according to their data, errors were fixed or mitigated. But it is important to understand that there is centralized administrative control - this adds centralization risks. Therefore, not 3 out of 5.

Practice

Application website: https://whales.market/ru

Click "Connect" and select a wallet:

Authorized:

You can choose between real-time markets, upcoming and completed. And, of course, find.

You can sort, for example, by total volume. To do this, simply click on the desired column:

By volume 24H:

As you can see, the volume over 24 hours is small. The first project has only about 5.1K. That's not much.

Within the article, we will consider:

1. Zama for sale

2. Mega for purchase

Selling pre-market token and studying the dashboard

ZAMA page:

On the page, we see that the assumed FDV of 70 million dollars is really tiny!

This amount proves that there is almost no liquidity in the Whales market: you can't buy or sell much...

"Create an order":

The total amount of $1,459 for purchase is very little!

You can click "I want to sell" to sell:

I set the price and select the token:

I close it because there is not enough funds. I click on Ethereum at the top and change the network. I switched to Base:

But as seen in the screenshot below, only Ethereum is supported:

I topped up my balance in USDC and select it by clicking on USDT:

I specified a price of $0.2 and a quantity of 100 ZAMA. I remind you that I am selling.

"Create order":

Read carefully what is written. In my case, if I don't provide ZAMA, I will lose USDC. And that the commission is $0.5.

I note that I agree and press "Deposit 20 USDC". Then I give approval and confirm the transaction.

There are also token order tables on the page where you can buy or sell according to the corresponding orders.

For example, sell at 0.03:

As you can see, the minimum deposit is $10.

I topped up and entered a different amount:

"Confirm Sell Order":

I also note that I agree and click the button. Next, I confirm the permissions and confirm the transaction. Done:

As you can see, it offers to fill out the rest of the order immediately. But I won't do that.

On the "Dashboard" page:

We can find our order with 0% fill.

Suppose I'm disappointed with it - I click "Close":

We note that we agree that only the unfilled part of the order will be returned and click "Close Order" and confirm the transaction.

After refreshing the page, make sure there are no open orders:

On the "Filled Orders" tab, find your sale by another order, and

But here only the transaction in the actions is available - you cannot cancel or resell from here.

By the way, by clicking "Create Order" on the last filled one under the corresponding tab, we can buy:

This might be a resale, but I'm not sure, so I won't complete it by adding another 10.5 USDC.

On the "PredictionNEW" tab, we can find a prediction market about the launch of the ZAMA token in 2025:

In general, not very high-quality aggregation. FDV could have been derived.

Buying MEGA

Click on the corresponding asset on the pre-market and go to the page:

We see that the price is $0.21. The assumed FDV is 2 billion. If we are satisfied, we buy.

To do this, simply select the first item in the table and click "Buy". You can also create an order, but it's more convenient here:

As you can see, here the market is on BSC. It's unclear why trading is here: it would be more logical in Ethereum.

But anyway, what is is. I change the network and top up my balance in USDC here:

"Confirm buy order":

The commission is large - 2.5 USDC. We read that in case of completion but not issuing MEGA tokens, I can return my amount + $21 seller's deposit. I agree and click "Deposit 21 USDC" and confirm the transaction. Done:

In the dashboard on the "Filled Orders" tab, we can finally confirm this:

And yes: here we see that there is a resale function. So this only applies to purchases.

Click on "Resale":

Unfortunately, part of the order cannot be resold.

Click "Resale":

If you agree, check and click the "Confirm" button. Next, confirm the transaction and wait for the order to be filled.
I will leave MEGA bought.

Earning

Select the corresponding button in the menu and see the submenu:

Referral program

Here you will find the referral link:

By going to the control panel, we can share the link and bind the referrer:

By clicking on "Custom link", we can create it:

After refreshing the page, I see that the link has been changed to https://whales.market/r/articler

We also see the percentage from referrals (currently 20%), wallet binding, and the ability to go to companies.

I don't have any.

Partner program

Differs from referral by attracting traders and earning more income:

"Join now":

Need to create a team or join an existing one.

Create - "Start now":

Join - "Join now" button:

Unfortunately, there is no list - only via the link.

After creation, the team is sent for moderation:

Staking

It is located on the old version of the site:

The form is standard. Connect your wallet and stake $WHALES in Solana.

Whales predictions

New project from Whales market. Go to the site and log in the usual way using the "Login" button. I did this:

A code is required. I entered it, finding it in X:

Connect wallet:

You can log in via e-mail, X, or Google. Or "Log in via wallet":

I chose mine and, since I was already logged in, I immediately got into the list of markets.

By default, trending events are displayed. I click on "Ending soon":

We can select a category, for example, Politics:

We can enter FDV in the search in the "Cryptocurrencies" section and find all markets by this query:

Including there is a market for Zama FDV.

With the "Add to favorites" button, we can add to favorites. I added Zama. Now let's move on to "Moonbirds FDV above ___ one day after launch?"

We see markets and activity. But there is also an opportunity to place a bet.

And under the form - insider information and market info.

You can select one or several markets.

Selected "$200M":

For the first time after selecting a market, this message will appear - I click "Enable Trading" and sign the message.

And now the page with the selected market has appeared:

As you can see, there is a chart, the order book is now available.

But my positions list is still empty. I can switch to "orders" to see the ones I made.

But before placing a bet, I need to top up my balance. I click "Deposit" at the top:

By clicking on "1. Ethereum", I switch to BNB smart chain:

And I exchange the token for USDC:

And I see the deposit address. I copy it using the corresponding button:

I note that the minimum is 2 $, and I send it.

After refreshing the page after some time, I see the balance:

I enter the amount or click "Max". I look at the potential profit and, if everything suits me, "Trade" and confirm in the wallet.

At the current price level, it results in a cool profit - +72.46 $!

But it's worth remembering that Whales Predictions has a 1% commission: if you bet with a small profit, it can almost completely absorb it.

Board, referral, and portfolio

On the board, there might be statistics. Little textual information:

In the portfolio, we can see our trades:

For a completed one, we can get the reward or the remaining amount by clicking "Receive":

And confirm it in the wallet after clicking the button with the same name.

Done:

Further on this page, we see the position. We can go to trading or share it.

When switching to trading, the maximum number of shares is inserted immediately:

This is convenient.

On the "Referral" page, everything is like this:

My code

WP7VEESSZ5

Link https://whales.market/prediction/ru/private-access?ref=WP7VEESSZ5

You can also share and view statistics.

Trading: other types of orders

By the way, you can select a different type of order when selling:

For example, I will set a limit order to sell 25% of the amount at 75 cents:

"Place order" and confirm - done!

To consider other orders, I will go to Researcher -> Favorites:

And select Zama:

For example, I chose $600M. Market and limit showed earlier, so now "Split":

I selected this type of order from the list:

"Split shares" and confirm in the wallet.

In my positions, I can see that there are two:

And you can use this in your trading strategies.

The "Merge" order is created so that you can merge split stocks. After that, you will receive USDC:

And if you see a loss on No, you can fix part or all of the stocks:

Just specify the desired amount and click "Trade".

Conclusion of the practice

Rating 4 out of 5: convenient interface, clear functionality. There is development: they created Whales Prediction, where you can trade and bet on Polymarket and possibly other services.
But when placing a buy order in the pre-market, a fairly large commission was obtained: > 10% of the amount in $21.
Although the sale was normal. Perhaps with a deal for > 100 USDC, the percentage would be normal - I didn't check.

Overall conclusion

• Team: 3 out of 5: social networks are more or less active (although the community is weakly developed). They answer questions quickly, but not always completely. Fortunately, there was an AI bot in Discord who explained point by point (hence 3 out of 5, not 2 out of 5). The moderator didn't immediately admit that the code is closed and the team is anonymous.

• Concept: 3 out of 5: interesting and unique idea. There are technical details and instructions for users. But there is no analysis of demand and competitors.

• Coin: 3 out of 5: investors are unknown, as is the amount of investment. The tokenomics are generally allocated normally to the team and investors (<10%), but the unlocks are large - >2% per month at peak (when private sale tokens are unlocked).
  It is also unclear how well the $WHALES are distributed for rewards and marketing.
  TGE was in January-February 2024 - 2 years have passed. So now only the team and Incentives have unlocks left. Almost everything is unlocked for marketing (apparently, its effectiveness was low).
  Staking is available for discounts, but this is not enough for demand.

• Code: 2 out of 5: the code is closed, but there are audits, and according to their data, errors were fixed or mitigated. But it is important to understand that there is centralized administrative control - this adds centralization risks. So not 3 out of 5.

• Practice: 4 out of 5: convenient interface, clear functionality. There is development: created Whales Prediction, where you can trade and bet on Polymarket and possibly other services.
  But when placing a buy order in the pre-market, a fairly large commission turned out: >10% of the amount in $21.
  Although the sale was normal. Perhaps with a deal of >100 USDC, the percentage would be normal - I didn't check.
  There is authorization by e-mail, x and Google in addition to the wallet - this is good. But the marketing seems to be poor for the project: it won't help.

Final score: 15 out of 25 points. Weak.

You were with a blind programmer and review author

Subscribe to my Telegram channel https://t.me/blind_dev - there are new reviews, tokenomics analysis of projects, as well as posts about me and my developments.

I've already talked about Open Academy for a long time. Just to remind you, it's a Telegram mini app for learning finance (and other areas in the future) right in Telegram and in a convenient format.

I like the project. So I decided to write an accessibility review so they can improve it.

Introduction: Technical Details for Improving Accessibility

1. If some elements only have icons and they are important (there is interaction), add the aria-label="name" attribute to them. This will greatly simplify the work.

2. Add tabindex=-1 to modal windows and .focus to elements where you need to fix the cursor (JS method).

3. Add alt to images

4. Separate the content part (main tag) and menu (nav tag).

5. Make headings of different levels: h2, h3, highlighting sections of the page.

And now for the review of the bot's interface.

Main page

Let's start with the strikers:

In Nuts Farm, it was written how much I receive. There is nothing like that here. Or I don't have access. Better to add in text or write what rewards are planned.

Next is the "Rumi" button with local AI.
I click on it:

Right under the title (in html) I see a button with a menu. After opening it, the "Clear Chat" button appears. Better to name it "Actions".

Under the line "AI-ASSISTANT" there is a "BETA" button. Better to name it "About Rumi (BETA)" or something like that.

The list of prompts is voiced normally. I click "Create Quiz":

In the chat, there was text about the correct answer - this is convenient. But when I sent "Next", there was an error generating the response:

Although ideally, the next question should have been generated.

Ideally, it is worth adding a "Next Question" button.

By the way, there is a button under the input field - it is unnamed. It would be better to name it "Submit".

Also, it's better to use textarea instead of input type="text": sometimes AI requests can be multi-line.
Although at this stage it's probably not necessary. Also, we don't want them to send large prompts that overload Rumi.

Story - stories:

I click on the corresponding button ("Story 20"), and a modal window opens.

What is immediately noticeable:

1. The cursor does not enter it. In fact, as in other cases above. It would be more convenient if the cursor entered the modal.

2. The story navigation buttons are not labeled, as is the modal close button. It would be better to name them "Back", "Forward", and "Close".
   For info: movements are implemented as "Click" (likely div or similar), and closing is a button button or input with type="button".

Below on the main page there is a search. The "Find" button under the text field is not described. It would also be good to add aria-label="Find".

Further down - heading level 2 "Choose a category".
But the categories themselves are level 4 (h4) for some reason. Logically, they should have been h3.
Better to replace.

And even better - just make a ul li list with links. Because listening to headings before elements is not very convenient. Yes: you can navigate through links with the "k" key, but not everyone will do this.

In the recommended courses, there is some button under the banner of each course. It is unnamed, and I don't understand its purpose: nothing happens after clicking. Better to hide or name it.

Course catalog accessibility

Moving to the "Catalog" page:

Search is also without a named "Find" button, but everything is accessible.

But there is a moment that worsens usability:

• The user has to select one category and view lessons in it. But what if they are not sure which one is interesting, or want to choose several? They have to choose and then cancel the selection.

• It would be better to have a "Filter" button. After clicking, a modal window opens displaying a list of categories with checkboxes input type="checkbox". The user selects the necessary ones and clicks "Configure".
  After that, a list of courses with the selected ones appears.

Selected "Investments":

Everything is accessible. It would be great to see the learning progress here as well.

But as I already said, such a selection is quite inconvenient. If I realize that the category is not interesting for now, I have to click "Reset":

And the entire list appears. It's better to display it in this format right away.

I opened the category selection by clicking the "Categories" button:

As I said before, multiple selection is better.

Although, of course, it might be worth conducting A/B testing.

Sorting is available well.

Course page

I chose the first one about Bitget wallet:

Here, under the "Back" link, there are two buttons:

1. The first one I don't know what it does: after clicking, nothing visible happened.

2. The second one allows you to share the course.

Neither is signed. Better write the names via aria-label.

Below 4.8 and 3621. Better add what this is. For example:
Rating: 4.8
Students: 3621.

In the reviews, the "Show All" button opens a modal window with an unsigned "Close" button.

We will consider the learning process separately, as this is a whole important separate section.

"My Courses" page

1. No name for the "Find" button

2. The "Favorites" heading and courses in favorites are level 3. It would be better to make "Favorites" h2, and courses h3 or section heading h3 and courses h4.

3. In the favorites list, there is again a button without a name under the images.

4. Under 4.8, the number "0" is written - it's unclear what this is.

5. Better to separate sections with hr (separator). This will improve navigation convenience, as now when listening to the presence of links, it's not immediately clear that this is no longer the next element in favorites, but "Completed".

In completed, including after opening via the link in the heading, everything is accessible.

I'll just say that the review modal is well implemented: the cursor immediately goes to the text input field.
But the downside is that there is no "Close" button at the top.

Accessibility of the learning process

Clicked "Continue Learning" in the catalog or on the course page, "Start Over" in my courses:

Several points:

1. The cursor does not immediately go into the modal window.

2. There is no close button - inconvenient.

3. Lesson buttons have no name. At least the next lesson used to be marked with the word "Start", but now it's in the alt below the button - this is not very convenient.

4. It's better not to put the list of course lessons in a modal window, but to display it below the "Start" button, which would work as a spoiler.
   Otherwise, there are too many nested modals.

After opening the list of lessons, I click on the button of the first one:

Another modal window appears!
The cursor goes into it - that's good. But there is no close button (you'll have to use the escape key.

Also, I don't know why this extra click is needed.

It would be better if the slides appeared immediately after selecting a lesson in the list. Now you have to click "Start" again:

From an accessibility standpoint, this is even more inconvenient, as after clicking, the cursor does not land in the correct modal window: you have to press tab.

Here I scrolled through some slides of the lesson:

This is done easily: with the button under the image.

Only the image itself is inaccessible. It is read out to me as "graphics info block 1008".
That is unclear.

In essence, the functionality of the lesson content is currently inaccessible to the visually impaired.

I asked to add recognition, but apparently they haven't gotten to it yet.

Quizzes are accessible. I went to the last slide and clicked "Next". Visually, another modal appeared:

You just have to press Tab to see it. Otherwise, you won't understand that something has already appeared.

I remember the first time I pressed "Next" several times, not understanding what was going on: why nothing was happening.

I don't understand why instead of another pop-up window, they don't just replace the slide with text congratulating you and a button to return to the course.

The second problem...

Here is the list of lessons:

I click on the second button:

Again, as far as I'm concerned, an unnecessary modal with "Start".

I click on this button:

The cursor is on it: it reads as "button expanded opens dialog Start".

But for some reason, the first time after pressing the Tab key, everything except the lesson list closed...

It only worked on the second try.

Although this might have been due to long loading: on the third lesson, I tried - it worked immediately.
Yes: indeed:
If you press "Tab" immediately after clicking "Start", everything closes instead of the modal appearing.

I'm glad that after returning to the course, the modal window with the "Start" button stopped appearing, which was renamed to "Start over" or something like that: then you had to press Escape again to return to the lesson list.

I liked how the quest is implemented:

As you can see, "Start" is not in a separate modal, but right here.
Although there is a downside to this as well: you have to go to the end of the window to find the button.

In the quest window with the form, everything is available, but there is no "Close" button:

Because of this, I cannot close the modal window: Escape doesn't work for some reason...

Profile

We move to this page:

The first button under the login opens settings. It's better to name it aria-label="Settings".

In the modal window, the close button also has no name.

The rest is quite accessible.

It can also be named as done with "Tasks".

By the way, in the task modal window, only the close button is not described.

Everything else is great!

Although after clicking "Complete" on a running task, the cursor exited the modal window: it's better to leave it as in the lesson slides.

In the "My OA Token" modal window, the help button explaining what OA is is not described. It's better to add "?" or "Help".

In the referral program:

After clicking "All Referrals", another modal window opens if this one is already open.
Perhaps it's worth considering implementing a profile page with tabs (not pages at the bottom, but separate tabs at the top).

And for convenience, it would be better to add a "Copy Link" button, because you don't always want to share to favorites or some chat / channel.

With the "Show All" button in the inventory, everything is available except the close button - it has no name.
The same problem with a specific item (otherwise great).

In achievements, list items are labeled as "collapsed button opens dialog graphics achievement 3" - this is unclear. After opening the description, it is there.
Better: display them here as well, and remove technical designations like "achievement 3".

Royale

They say it's an interesting game, but it doesn't load at all for me:

This is in the Unigram desktop client. Unfortunately, Telegram Desktop is not accessible to the visually impaired due to the use of QT.

But it works in Telegram web:

The bot's main page is generally accessible.

I was even able to start and complete the game! Although you rush to answer the question, it's not easy to get to it: better make the round title an h2 heading.

In the "Friends" section, it would be great if you could add not only by ID, but also by Telegram login and nickname.
Because you have to find out their ID - it's inconvenient...

Also, the "Share" button has no name. It would be better to name it accordingly.

But I received the following link:

https://t.me/academy_royale_bot/play?startapp=ref_F42C7F9C8AEAB0F

Conclusion

It's an interesting product. I'm glad that Academy Royale

is available at 90%.

In the main bot, it would be good to add names to the modal window close buttons, add text recognition for lessons, and change the modal window system.

Thank you for your attention, and I would be happy to share this accessibility review for the visually impaired.

If you came to the article from another source, subscribe to my channel https://t.me/blind_dev - there you will find new accessibility reviews, analysis of projects according to 4K+ (team, concept, coin, code + practice) and news about my developments.

The UpShift project from prime broker August opens up access to strategies previously unattainable outside of funds for retail users. From delta-neutral hedges to systematic stablecoin strategies - all managed by funds at the level of Tulipa Capital and MNNC Group. I analyzed UpShift in five areas: team, concept, coin, code, and practice. Let's look at the results.

Audit

Team

There is a link to their LinkedIn:

82 tracking. As you can see, there are also posts - that's good.
The last one was 3 weeks ago with 2 reactions.

People of the company:

Unfortunately, there are no links here, so I used my main account to view team members. And there were 5 out of 12 there.

Anna Turyanitsa:

There are services - good. 1,143 followers.
Last post 2 weeks ago with 7 reactions and 1 comment.

Work experience:

• Chief Executive Officer at A gov since May 2024

• Mentor of the Upshift educational project by UNICEF since November 2023. But how this relates to our project is unclear...

• Head of Communications at Ukrainian Professional Development since September 2023

• Business Development Executive at Noomo Agency from May 2022 to April 2024

• Business Enhancement Consultant at Consimple from November 2020 to May 2022

• And other experience (total 11).

Education:

• National Technical University "Kharkiv Polytechnic Institute": Master's degree, Business, Management, Marketing, and Related Support Services from September 2014 to June 2019

Background: Completed training at the first school in Ukraine, created by practitioners from the creative agency Arriba!, which is in the TOP-20 creative and effective agencies in the country. The educational process is designed as a full immersion in the work of a real creative agency - with real briefs, clients, teamwork, and mentorship from creative and art directors of leading agencies. As part of the training, I took courses: "advertising communications" - on creating meanings and campaigns that work; "integrated marketing"

• - on a strategic approach to promotion "Writing" - an author's course on copywriting that enhances style, clarity, and the power of the text.

In general, there is experience, but no connection to the project. Some educational company with a similar name is mentioned, but that's not it...

Ethan Luc:

1,840 followers, only shares content (none of their own among the latest).

Work experience:

• Fellow at Sigma Squared Society since April 2025

• Growth Lead at Upshift since March 2025

• Head of GTM & Product at Lava Network from July 2022 to February 2025

• At Google: Associate Account Strategist from October 2020 to September 2021, Account Strategist from October 2021 to April 2022, Account Manager from April to June 2022

• Fellow at Initiator VC from February to May 2022

• And others (total 18)

Education:

• University of Bristol: BA English, 1st class from 2017 to 2020

• Alleyn's School: from 2010 to 2017

strong specialist with a rare combination of technical and marketing experience. Previously, he grew Lava Network from scratch to $3.5 million ARR and 100+ billion API requests, worked at Google, and participated in accelerators like Sigma Squared. Understands infrastructure, DeFi yield, and user acquisition in the context of CeFi/DeFi integration. His profile is perfect for scaling UpShift.

Laurent Paumier:

480 followers, no posts.

Work experience:

• Information Systems Consultant at UPSHIFT SARL since February 2018. I have doubts again that UPSHIFT SARL is UPSHIFT...

• Expert Keycloak (external) at VERLINGUE since May 2023

• At MAIF VIE: Architect (external) from November 2019 to June 2021, DevOps Engineer (external) from July 2021 to June 2023

• Project Architect (external) at Groupe IMA from January 2018 to November 2019

• Infrastructure Consultant at WEKEY SAS from September to December 2017

• System Architect at DARVA from December 2008 to July 2017

• And other experience (total 10)

Education:

• ENSEIRB-MATMECA: Ingénieur, Réseaux et systèmes répartis from 1992 to 1996

• Lycée Joffre, Montpellier: CPGE from 1990 to 1992

Conclusion: a very strong infrastructure engineer and architect, with deep expertise in Kubernetes, OpenShift, Linux, and Red Hat-level DevOps tools. His profile demonstrates nearly 30 years of experience in system architecture and corporate IT, including design, containerization, and security.
The only concern is the work at UPSHIFT SARL since 2018 - the UPSHIFT project appeared recently.

Yuliya Bocharova-Tuz:

1,202 followers. Last post 2 weeks ago with 14 reactions and 3 comments.
The previous one - 3 weeks ago with 12 reactions.

Work experience:

• Senior Capacity Building Officer at Acted since March 2022

• Mentor-facilitator of the UPSHIFT program (Unicef) since May 2023

• Regional Coordinator of the REAct project (Public Health Alliance International Foundation) since August 2023

• Regional Coordinator of the IREX Dream and Act project from January 2024 to January 2025

• Analyst at Flora NGO from January 2020 to February 2022

• Head of the MIO Department at KOW VBO VM LJV from March 2012 to June 2017

Studied at Spi Pedagogical Academy: Specialist, Practical Psychologist from September 2000 to May 2005.

Again, this incomprehensible company, not a project. Plus, not a very main position...

Johannes Weiss:

There are services. 2,246 followers.
Last post less than a month ago with 5 reactions.

Work experience:

• Consultant, Coach & Mentor at Dipl.-Kfm. H.M. Johannes Weiss since April 2005

• Founder of Human Upshift Institute | author of the book "Human Upshift" since August 2023 (freelance)

• Independent Securities Broker and Consultant at Johannes Weiss Trading & Holding GmbH since August 2021

• International Partner at World Business Angels Investment Forum (WBAF) from October 2023 to December 2024

• Private Securities Broker from 2021 to September 2022 (self-employed)

• And other experience (total 10).

Education:

• Universität Regensburg: Master, Business Administration from November 1990 to June 1995

• Technische Universität Berlin from July 1995 to June 1997

Also thanks to Cryptorank I found LinkedIn August Digital:

11 thousand followers. Last post 6 months ago with 28 reactions, 1 comment, and two reposts.

But that's on the main page, and here are the company's people. Let's take a look at them.

I won't describe each one in detail, but I'll just write the conclusions with links:

• Alexandre Elkrief. Co-Founder & Co-CEO at August Digital since March 2022.
  Previously, he was Co-Founder & President at Knowhere, Summer Analyst at Deutsche Bank and Goldman Sachs, which is cool! Interestingly, he was an Intern at Societe Generale Corporate and Investment Banking - SGCIB.
  This indicates that he has experience in both management and traditional finance, which is good for the project.
  He studied mathematics and computer science, by the way.

• Aya Kantorovich. 8,344 followers, last post 3 weeks ago with good engagement. He himself is Co-Founder & Co-CEO at August Digital since 2023. Previously, he was Head of Institutional Coverage at FalconX - significantly.
  Significantly: Associate at Pantera Capital.
  Bachelor's degree in finance.
  This speaks to the professionalism that can help in the current position.

• Krishna Sharma. 2,837 followers. Last post 5 months ago with average engagement. Senior Software Engineer at August Digital.
  Previously Founder at Satosi, Software Engineer at Shipsy, Software Engineer at RevvSales Inc and Full Stack Engineer at Masai.
  Judging by previous positions, he also has good experience, which will help in Upshift.
  By the way, he studied Android development and received a Bachelor's degree in Computer Science.

• Varshitha Katti. 837 followers and last post 2 months ago with good engagement. In the team, Head of Business Operations since June 2024. Previously, he was Trading Operations Specialist at FalconX and Operations Associate and Operations Analyst at Goldman Sachs - that's cool!
  Also worth mentioning, he worked as Operations Analyst at J.P. Morgan.
  Bachelor's degrees in Business Management: Finance and Accounting, Accounting and Finance.

• Claudio Romero. 81 followers. Blockchain Engineer at August Digital.
  Previously Blockchain Engineer at Digifox, Blockchain Engineer at PlanetHome Investment, Blockchain Engineer + Machine Learning at Software Mind Americas and Software Developer at BairesDev.
  In total, he has been working in the current position for 9 years, and in development for 16+ years.
  He studied as a programmer and economist - this is useful for the project.

• Johannes Grasser. 2,169 followers. Head of Finance at August Digital since July 2025.
  Previously, he was Head of Finance at the well-known NFT marketplace Magic Eden, Head of Finance & Operations at Truv.
  Also worked at Uber. Last position there - Global Strategy & Planning Community Operations.
  He studied business administration and management, as well as finance.
  This speaks to professionalism and extensive experience, which can help the project's development.

• Max Clarke. 3,910 followers. Last post 6 months ago. Works at August Digital as Head of DeFi Business Development.
  Previously Territory Manager at Thomson Reuters. Also held other positions in that company, for example, International Business Development Manager (worked there for 10 years in total).
  Earlier - Co-Founder at Spark Events Group and .Net Recruitment Consultant at Opus Recruitment Solutions.
  He doesn't have such an obvious connection to the current position, so I can't say that he can contribute to the company's success. Although the fact that he held adjacent areas is good.
  By the way, he studied economics.

• Christopher Evanko. 531 followers. Has been with the company for over two years. Last position - Senior Software Engineer.
  Previously Quantitative Developer at Family Office. At Block Renovation, he held several positions, the last of which was Operations Engineering Associate.
  At least 5 years of experience. So can be considered a professional.
  Education is also targeted - financial engineering, which is important for the project.

• Alenson Jun Wei Toh. 1,117 followers. Engages in DeFi strategies at August Digital since September 2025 (only a month).
  Previously, he was a trader at Pattern Research, Aralian Capital and Trading Analyst Intern at Glencore.
  4 years of experience. DeFi experience is unknown...
  Education in financial engineering and just engineering.

Social networks

Discord is active. They replied to my question relatively quickly in a ticket:

I just didn't find links to Github and tokenomics in the documentation. I don't like it when people make excuses...

Got a response on the second try, and they still didn't mention Github:

Had to ask about this separately. I don't understand why they can't just answer properly from the start...

In the announcements, the last post was yesterday - good:

In the main chat, they don't write often (last message 1.5 hours ago):

In "contributions" they wrote on October 2nd and 5th:

But this could be a plus: an opportunity for active users to get roles.

In proposals, the last message was yesterday - normal:

Telegram channel:

Last post on October 2. Basically okay, although it's strange that there are fewer announcements than on Discord.

Youtube:

5 videos, the last one 4 months ago. Also 5 subscribers

x @upshift_fi:

10.2 thousand subscribers, 1,807 posts. The last one was on October 8 with 3 replies, 2 reposts, 7 likes, and 1,331 views.
The previous one was on October 4 with 3 replies, 4 reposts, 10 likes, and 1,113 views.

In general, subscriber activity is low, but posts are published periodically.

Audit by Moni:

Moni Score

Level: 4. Established
2308
+11/day

Good level and growth.

Mentions by smarties 93, 142 smarties.

Subscribed projects: Pendle, Balancer, Injective, The Graph, LFJ.gg, Euler Labs, Biconomy, BENQI, SwissBorg, Fenix.

Funds: Dragonfly ＞|＜, The Spartan Group, Castle Labs 🏰, 6MV, Archetype, Stake Capital Group, CMT Digital, Hutt Capital.

Analysis X by Tweetscout:

According to the service, the account has many bots - level 4 (Alarming).

Overall Score 512. Level 3 (Credible).

Projects: olimpio, Pendle, Biconomy, The Daily Degen, SwissBorg, sealaunch.xyz, Alea Research, USD.AI | Public Launch is Live, beam, Zealy and others.

Venture capital: Andrew Steinwold, Sfermion, DeFi Dad ⟠ defidad.eth, Fourth Revolution Capital, scoopy trooples, eGirl Capital 仙女資本 and others.

Team summary

Rating 4 out of 5: team member list exists, but on the LinkedIn project site, the list is incomplete. Although I found co-founders and developers for the parent company. If they are all currently working on Upshift - good, as most are professionals.
Social media is active. They respond to questions, but not fully.

Concept

There is documentation:

Let's study it to determine the project concept and how good it is.

Great that there is documentation for developers here: API, universal adapter contract and Vault Contract Interface.

But despite the fact that they write about decentralization, the project is actually partially centralized. More on that later.

About the project

Upshift is a platform aimed at democratizing access to institutional income.

It offers a suite of products for retail users and partner protocols, providing access to managed yield strategies (Vaults), lending (Lend), and Vault-as-a-Service (VaaS).

Vaults are non-custodial and built on the ERC-4626 standard, with August's infrastructure providing brokerage functions and processing large volumes of operations via smart contracts. The project emphasizes an institutional stack (including KYC/KYB for borrowers in Lend), cross-chain capabilities, and the use of August subaccounts to separate strategies.

Excellent. Below is a fully rewritten and smoothed version of all six points of the Upshift documentation analysis.

The text retains technical accuracy but has become readable, coherent, and professional - in the style of an analytical review for investors or a whitepaper document.

Architecture

It is based on the ERC-4626 standard, where each vault is represented by a separate ERC-20 token. The user deposits funds in an allowed deposit asset and receives in return a receipt token (shares), reflecting the ownership share and automatically increasing in price as income is accrued.

Capital management is done through August subaccounts (subaccounts) - smart contracts to which the vault distributes funds for individual strategies. These subaccounts isolate risks between strategies and provide managers (Curators or Strategists) the ability to work within a given whitelist without having direct access to withdraw funds.

The architecture identifies several roles:

• Vault Owner - sets the vault parameters and emergency functions;

• Vault Operator - is responsible for executing credit operations and loan calls;

• Curator - manages strategies within the allowed list;

• Lender/Owner (multisig) - approves the whitelist and manages access rights.

The process of fund movement looks like this: the user makes a deposit → funds go into the vault → are distributed to August subaccounts → strategies generate income → profit is returned to the vault, increasing the cost of the receipt token.

The system implements mechanisms for redeem requests, cooldown periods and keeper control, ensuring transparent and predictable liquidity management.

Market and competitor analysis

The current version of the documentation lacks a comprehensive analysis of competitors, market, and demand.

The description focuses on Upshift's functional advantages - institutional infrastructure, hybrid architecture, and Vault-as-a-Service - but does not include a comparative analysis with other solutions (e.g., Yearn, Convex, Ribbon, or Dopex) and does not provide quantitative market estimates (TVL volumes, audience, demand dynamics, etc.).

How decentralized is the project?

Upshift combines elements of decentralized architecture with components of centralized management.

Smart contracts ensure non-custodial, on-chain execution, and limit the rights of curators, making the system technically secure. However, key functions - managing whitelists, vault parameters, and strategy access - are controlled via multisig and off-chain processes (including KYC/KYB for Lend).

The project also relies on the infrastructure of August, which is an external provider of prime brokerage services. This creates a dependency on a third party and partially reduces the level of decentralization.

In its current form, Upshift's architecture can be described as hybrid: on-chain logic and execution are combined with centralized management and institutional processes.

To increase the degree of decentralization, the project should provide a roadmap for transitioning to a DAO model and transferring key management decisions to on-chain voting.

Risks

The document indirectly indicates built-in security measures:

• Curators are limited by the whitelist and cannot withdraw funds directly;

• the system uses automatic exit mechanisms through Hexagate to minimize losses;

• KYC/KYB checks reduce credit risks;

• using August increases the reliability of execution and scalability.

These elements can be considered as the main risk reduction measures built into the platform's design.

Additional risks:

1. Smart-contract risk - possible vulnerabilities in the ERC-4626 logic, share recalculation mechanisms, and liquidity handling.

2. Counterparty risk (August) - dependence on an external prime-brokerage provider.

3. Centralization of management - compromise of multisig or whitelist management errors.

4. Lend credit risk - borrower defaults even with collateral or KYC filtering.

5. Market risk and liquidity - inability to quickly implement strategies during mass outflows.

6. Cross-chain risk - synchronization errors and possible bridge vulnerabilities.

7. Regulatory risk - the project is oriented towards institutional capital and RWAs, which may attract the attention of regulators.

8. Operational risks - errors in processing applications, delays in keeper updates, and miscalculations when updating NAV.

9. Risk of censorship or pressure - due to centralized components like whitelist and KYC functions.

Fees

The documentation provides an example of management fee - 2% per annum, which is equivalent to approximately 0.038% per week and is reflected in the price of the reference token.

However, other types of fees (performance fee, withdrawal fee, interest spreads for Lend, and keeper rewards) are not specified.

Analysis by DefiLlama and Dune

In DefiLlama:

• TVL $356.62 million

• Fees (annualized) - $33.7 million

• Revenue (annualized) - $6.85 million

There was only one dashboard in Dune, and it only showed depositor ratings in different pools. So I won't show it.

Concept summary

Rating 3 out of 5: no market and demand analysis, the project is semi-centralized (uses multisigs and a broker). But the plus is that there is a detailed description of the project and architecture, as well as developer documentation.

Coin

According to Cryptorank, the project raised $16M:

Investors: Dragonfly, The Spartan Group, Circle, Hack VC, Robot Ventures, CMT Digital, Maven 11 Capital, 6th Man Ventures, QCP Capital, GoldenTree Asset Management and others.

Unfortunately, there is no tokenomics.

Coin summary

Rating 3 out of 5: good level of investment including from well-known investors, for example, Circle (issuer of USDC) and others. Amount: $16M.
But there is no tokenomics (utility and initial distribution).

Code

The source code is closed. There is a Fractal protocol repository, but there is essentially no code there:

But the documentation provides links to deployed contracts:

It is important that all contracts (I checked) are verified, which allows studying their code in block explorers.

Here, for example, the pool implementation:

There are links to smart contract audits in the docs:

1. ChainSecurity (January 2025, report for August Core Vault)

Overall impression: the codebase is recognized as secure and mature.

Results:

• Critical vulnerabilities: 0

• High severity: 3 — 2 fixed, 1 risk accepted

• Medium severity: 6 — all fixed

• Low severity: 8 — 2 fixed, 1 specification changed, 1 risk accepted, 4 acknowledged and monitored

Unresolved: one high severity vulnerability (access to funds from blacklisted addresses under certain conditions), deemed acceptable risk with compensation through Hexagate monitoring and parameter lagDuration.

2. Sigma Prime (August 2024, Fractal Network report)

Overall impression: contract logic is correct, all identified issues were either fixed or closed.

Results:

• Total found: 13 issues

• Critical: 0

• High severity: 1 — fixed

• Medium severity: 3 — all fixed

• Low severity: 2 — all fixed

• Informational: 7 (comments on style, naming conventions, and optimizations)

• There are no unresolved high or medium severity issues.

• Notably: a potential DoS vector on an empty storage has been prevented, compatibility with EVM versions (Paris) has been ensured, and double call protection has been optimized (reentrancy).

Code Summary

Score 3 out of 5: the code is partially open (only verified smart contracts are available, which is not enough for review). Audits are also published, and most issues have been fixed. I just couldn't find a bug bounty, which is critical.
You could also give a score of 2 - it's up to you to decide.

Practice

Moving on to the application:

"Connect Wallet":

I select the wallet and check the box, agreeing to the terms:

"Connect" and connect.

They offer to get a 5x multiplier while the project's TVL has not reached 750 MILLION $:

"View Ways To Earn Points" will take you to the Points page:

We see that the current TVL is 419 MILLION $. In "Active Rewards" there are options for additional yield, for example, in Morpho or Pendle. But no links yet.

There is also a leaderboard for Upshift Associates.

Below you can see deposit options with multipliers for earning points. For example, Deposit USDC in Upshift Gamma USDC Vault vault gives 10X.

It is also interesting that there is an option "Deposit WHYPE in Hyperbeat Ultra HYPE vault" with a 5x multiplier in HyperEVM (if you don't want to pay Ethereum fees and have HYPE, it's a good option).

There are actually many options. You can even choose pools in BSC, Avalanche, or Meso.

Select a pool and make a deposit

Go to the main page (which is also Deposit):

You can sort and filter by pool type. For example, I'll choose "Pre-deposit":

There are only 3 of them, and they are not very interesting (launched a long time ago).

And I chose all pools, but in HyperEVM:

I think the point is clear.

So, I chose "Upshift Gamma USDC Vault" - I go to it:

I recommend reading the description and parameters to avoid surprises if the pool turns out to be high-risk.

In this case, the description is as follows:

"USDC vault Gamma uses neutral positioning in the market within several DeFi protocols to maximize returns while considering risk. Thanks to the systematic implementation of delta hedging strategies and cross-chain farming capabilities, the vault provides stable returns, prioritizing capital protection and minimizing losses".

I think this is fine. Of course, I wouldn't invest everything, but $100-200 is quite alright.

So I click "Deposit Into Vault", after exchanging Ethereum for USDC:

Read the terms: 20% APY, 96-hour (4-day) withdrawal period, and 10X multiplier.
Always pay attention to these parameters.

Click "Approve Input Amount" and confirm the spending in the wallet. Then confirm the deposit transaction itself.

Done:

Clicking "View position" takes us to the portfolio (Portfolio page):

We see the statistics. Below are the tabs: active positions, expected withdrawals, and history.

You can also filter by blockchain and token, but I'll leave it as is - only one position.

You can click "Withdraw" and withdraw:

But I won't do that for now.

We also see that the commission is 0%, the withdrawal period is 4 days, and the strategy is Gamma Research.

Referrals and Staking

Referrals page:

Here we can copy and share the link, as well as view the statistics of invitations and referral income.

Moving on to the Stake page:

They say that the staking function will soon be removed.

So, here you can stake AVAX or AUSD on Avalanche.

Basically, you can't do anything else here except view.

Practical result

Rating 5 out of 5: user-friendly interface, stable operation, no errors, commission and other parameters are transparently visible.

Overall result

18 out of 25:

• Team: 4 out of 5: there is a list of team members, but on the LinkedIn project site, the list is incomplete. Although I found co-founders and developers at the parent company. If they are all working on Upshift now, it's good, as most are professionals.
  Social media is active. They answer questions, but not fully.

• Concept: 3 out of 5: no market and demand analysis, the project is semi-centralized (uses multisigs and a broker). But the plus is that there is a detailed project description and architecture, as well as developer documentation.

• Coin: 3 out of 5: good investment level, including from well-known investors, for example, Circle (USDC issuer) and others. Amount: $16M.
  But there is no tokenomics (utility and initial distribution).

• Code: 3 out of 5: code is partially open (only verified smart contracts are available, but this is not enough to study). Audits are also published, and most issues have been fixed. I just didn't find a bug bounty, which is critical.
  You can put a rating of 2 - here you decide for yourself.

• Practice: 5 out of 5: user-friendly interface, stable operation, no errors, commission and other parameters are transparently visible.

You were with a blind programmer and review author

Subscribe to https://t.me/blind_dev - there are new reviews, tokenomics analysis and accessibility for the blind with convenient interfaces, as well as news of my developments.

Here you rate profiles, leave reviews. Participants can like them, affecting your review.
There are also Vouchers: support with an amount in ETH (from 0.01 ETH). The higher your score, the more you have supported, the more influence on the score of the supported.
There is also slashing: an announcement of a desire to significantly lower the score of some account.
By completing daily streaks with tasks to rate profiles and reviews, you get XP.
From time to time, the scoring algorithm may change.
Such mechanics create, in the opinion of the founders, an excellent system for scoring profiles.
Let's see how good the project is.

Audit

Team

There is an article about the founders:

Trevor Thompson - CEO:

His experience is mainly related to products: for over 12 years, he held various positions related to them, from creating predictive models in R for financial teams to the first hired engineer in a Y-combinator startup that tried to create an independent chat product for Slack, Teams, and Hipchat.
Trevor joined Atlassian in 2017 as a product specialist, responsible for the Hipchat ecosystem and developer engagement. After Hipchat closed, he helped expand Atlassian's integration reach from about 30,000 users to over 3 million, attracting about 150,000 new Jira licenses through various growth methods related to integrations. Then he met Ben and joined the new products team to help bring the Beacon idea to life.
He has been in crypto since 2011, but after seeing the drop from $30, he left. Returned only in 2017. And in 2020, he created the Pokestonks community for Pokemon fans for $35 a month (now free, but active). Realizing what worked, he created NiftyStonks for NFT trading, and in 2022 with co-founders created the liquid trading fund 0x5f Capital.
Also worked at Friend.tech.

Ben Walter:

A security specialist protecting against hacks since 2006.

His career combines academia, professional institutions, and Silicon Valley startups. Ben's enthusiasm is partly due to his early experience at FINRA, where he identified fake trading. FINRA is an organization with nearly a century of history, created by respected traders who tried to stand out in the then chaotic market.
Since then, he has helped uncover collusion on Pokerstars, fight bots in MMOs, and detect insurance fraud. He has always been aware of academic achievements: graduated from Cornell University, wrote a book on web security published by O'Reilly, and taught at Berkeley and Tufts University.
In 2015, he became the second employee hired at Stackrox, a security startup. In 2017, Stackrox was funded by Sequoia and then acquired by Red Hat for a sum in the nine-digit range.
At that time, he gave up on ETH due to the DAO hack, concluding that these immutable smart contracts were not secure enough to protect in complex conditions. Interested in privacy and viewing cryptocurrency as a currency rather than an asset, he bought Monero.
This itch to solve problems with new products did not disappear even after joining Atlassian. He presented the Beacon idea (another security product) to the internal accelerator. Together with Trevor, they formed a team, product, and concept.

Minus - no links to profiles...

Found through search Ethos profile on LinkedIn:

68 followers.

Company people:

Trevor Thompson:

503 followers. Shares third-party content in posts.

Work experience:

• Cofounder & CEO at Ethos since January 2024

• Managing Partner at PNG Capital, LLC since April 2022

• Director of Product, Fintech at Housecall Pro from May 2023 to January 2024

• At Atlassian: Lead Product Manager, Integrations from April 2018 to March 2022, Lead Product Manager, Beacon from March 2022 to May 2023

• Technical Product Manager at Mio from December 2016 to April 2018

• Product Manager at Hewlett Packard Enterprise from October 2013 to December 2016

Studied at Baylor University: Bachelor's degree, Computer Science.

Good experience in leading and managing products.

Vitalii Saienko:

1,014 followers

Content is also mostly shared.

Work experience:

• Founding Engineer at Ethos since May 2024 (remote work)

• At SoftServe: Trainee Software Engineering from April to July 2017, Junior Software Engineer from August 2017 to August 2018, Middle Software Engineer from September 2018 to July 2020, Senior Software Engineer from August 2020 to October 2022, Tech Lead Software Engineer from November 2022 to April 2024

• WEB Developer at LAB01 from March 2016 to March 2017

Education:

• Free Code Camp: Full Stack Web Development Certification, Computer Software Engineering from 2016 to 2017

• Zhytomyr National Agroecological University: Master of management, Management and Economics from 2010 to 2016

Professional in engineering, software creation.

Seth Gholson:

549 followers. Last post 11 months ago about joining Ethos. It received 119 reactions, 21 comments, and 2 reposts.

Work experience:

• Founding Engineer at Ethos since September 2024

• At Atlassian: Senior Android Developer from May 2014 to October 2015, Android Team Lead from October 2015 to January 2018, Software Engineering Manager - Stride from January to August 2018, Android Engineering Manager, Trello from August 2018 to June 2019, Software Engineering Manager, Product Integrations from June 2019 to March 2021, Senior Software Engineer, Halp (Dev Lead) from March 2021 to July 2024, Senior Software Engineer - Central AI from July to August 2024.

• Senior Software Developer at PioneerRx Pharmacy Software from October 2019 to June 2014

Education:

• LSU Shreveport: Master of Science, Computer Technology/Computer Systems Technology from 2009 to 2011

• Louisiana Tech University: Bachelor of Arts (B.A.), General Studies from 2001 to 2005

Also a professional: held various engineering positions.

Miro Kirov:

1,809 followers. Last post 3 years ago with 3 reactions.

Work Experience:

• Senior UX Designer at Ethos since May 2024

• Senior UX Designer at theom from January 2024 to December 2024

• Senior UX Designer at Adobe from January 2022 to December 2023

• Lead UX Designer at Fleetpal from January 2021 to December 2021

• Senior UX Designer at Amazon from January 2020 to December 2020

• Senior UX Designer at Atlassian from January 2018 to December 2019

• Lead UX Designer at SoftServe from January 2016 to December 2017

• Senior UX Designer at Despark from January to December 2015

• Total 10.

Education:

• New Bulgarian University: Master of Arts (MA), Graphic Design from 2013 to 2015

• Sofia University St. Kliment Ohridski: Bachelor of Science (BS), Economics from 2008 to 2013

Professional. Gradually grew in design experience.

Benjamin Walther:

757 followers. Last post was 11 months ago with 119 reactions, 21 comments, 2 reposts. About a new engineer joining the Ethos team.

Work experience:

• Cofounder & CTO at Ethos Labs since January 2024

• Senior Security Architect at Atlassian from November 2017 to January 2024

• Member of Technical Staff at StackRox from April 2015 to September 2017

• Senior Security Engineer at Warner Bros. Entertainment Group of Companies from October 2013 to April 2015

• Information Security - Application Risk Consultant at Tufts University from May 2011 to August 2013

• And others (total 9)

Studied at Cornell University: B.S., Information Science from 2002 to 2006

Also a professional in security and technologies.

Project social media

Discord:

The chat is active. They answered my questions. Although I asked for a command with links, they provided an article without them. But I found them myself in the search later.

With the /verify_ethos command, you can add a role with a score after authorizing on the site and connecting Discord.

In the announcements, the last post today:

They periodically post their content in the appropriate section (there is also one today):

In general, the DS is active.

X @ethos_network:

57.3K subscribers, 1,788 posts.

The last post was on August 19 (yesterday) about slashing with 19 replies, 6 reposts, 85 likes, and 3,614 views.
The previous one was also on August 19 about an update in Ethos with 62 replies, 24 reposts, 286 likes, and 11,461 views.

Analysis by Moni:

Moni Score
Level: 6. High
9238
+2 per day.

11.15 thousand mentions, 1.14K smart mentions.

Projects: @decentraland, @SneakyninjaNFTs, @underground, @MingoAirdrop, @Altcoinist_com, @VelocimeterDEX, @mywebacy, @Whitelist1Media, @frans6cur.

VC: @ManifoldTrading, @Alphaverse_NFT.

Analysis by Tweetscout:

Bot level 1 (Excellent), Score 1394 (level 4 - Significant).

Subscribed projects: @osf_rekt, @anonchained, @moonpay, @decentraland, @DegenerateNews, @0n1Force, @SuperchiefNFT, @S4mmyEth and others.

Venture capital: @loomdart, eGirl Capital 仙女資本, @bryanbrinkman, Metaversal, @mrjasonchoi, The Spartan Group and others.

Team summary

Rating 4 out of 5: team information is available on LinkedIn, but there is no link to the company profile (had to search for it myself). Discord is active, questions were answered quickly. However, in response to a question about the team, they provided a link to an article without specifying the team members' profiles. But overall, the response was appropriate.
X profile is also active, and he has a good moni score.
Minus one point for the response regarding the team.

Concept

They have developer documentation, but we won't consider it as there is Whitepaper:

As they write, Ethos measures reliability and reputation in the network.

Cryptocurrency lacks an easily readable and understandable reputation, and Ethos fills this gap. Ethos provides a trust rating with a support profile similar to a credit report, but with open protocols and on-chain records. Ethos incentivizes ethical behavior through social Proof of Stake - a decentralized validation mechanism based on consensus and based on human values, judgments, and actions.

They also propose to modify the Ethereum consensus to account for social factors based on Ethos, but I think it's a crazy idea at this stage: the rating definition is not perfect.

It's important that it's described why the project is relevant: there are too many scammers and dishonest people, and it's hard to identify them.

The Ethos protocol provides the following set of interconnected mechanisms. Together, they form a common platform, incentivize ethical behavior, and form a trust rating.

• Reviews. Ethos provides a standard interface for ratings and comments. Reviews allow you to develop a reputation without being limited to financial investments.

• Vouches. Participants can vouch for others with their ETH (or, in the future, other assets). This is the highest indicator of trust in Ethos, closest to traditional staking in Proof of Stake systems.

• Slash. If a validator (profile evaluator) acts dishonestly, anyone who confirms it can stake ETH to propose a reduction. If the 'validators' confirm unethical actions, the reduction will take a percentage of the staked ETH from the offender's amount fixed in the Ethos contract. Rejected reductions will punish the proposer by redistributing their staked ETH.

• Invitations. To participate in Ethos, users must be invited through an existing Ethos profile. Invitations are not automatically added to the user's profile and are inherently limited. Invitations create trust relationships between inviters and invitees, preventing the invitation of dishonest users or themselves. This helps Ethos maintain a network resistant to sybil attacks.

• Attestation. To reflect the authority, reputation, and influence of other sources, you can verify other social media profiles to consolidate them into a single Ethos profile.

• Credibility Assessment (Credibility Score). By interpreting social interactions generated by the mechanisms described above, Ethos generates a single numerical credibility metric.

• Ethos Profile. The profile displays the trust assessment and provides supporting information. From the profile, you can learn about allies and enemies, praises and missteps, restrained and broken promises, etc.

• Impact. Since authority is too powerful to be left in the hands of centralized influence, Ethos Labs will transfer control over the scoring algorithm to participants.

I like it.

Why Ethos

The project founders aim to link the profile to reputation without sacrificing anonymity. This is important because many people do not care about their long-term reputation.
But in the current version, Ethos can provide false information, as people can have biased attitudes towards someone. But how to solve this, I don't know.

The Ethos team believes:

1. Cryptocurrencies and web3 are going through a "Wild West" period. Trust levels are low. Fraud is thriving. Reputation is easily sacrificed for profit.

2. Currently, we are trying to assess reliability based on imperfect metrics such as Twitter followers, the number of funds in a wallet, and transaction history. Compare this to TradFi with its credit reports and Consumer Reports; or web2 with TrustPilot, Yelp, etc.

3. If you could check the trust profile of the people you interact with, you could avoid costly mistakes and determine, and even increase, the level of trust of each individual you meet online.

These answers form a potential solution as follows:

A brief profile should reflect the most significant events from the growing history of online behavior. To gather this information, participants receive incentives to encourage them to leave reviews and confirm positive actions of others. Informant accusations are checked by a trusted community. In Ethos, all this is briefly reflected in the credibility rating.

It is important that to ensure long-term fairness, Ethos intends to avoid centralized ownership. Decentralized management is planned as part of the protocol and corporate structure. The creators did not attract venture capital to limit excessive control over token distribution. For the first business angels, there were strict limits on the maximum issue size.

Vision and Mission

We all thrive when we can reliably exchange goods and services. Unethical behavior drains markets, increasing risk, reducing participation, and ultimately making us all poorer.

Thanks to Ethos, opportunities will open up for those with a long history of ethical behavior. For scammers, fraudsters, and unethical people, it will be expensive, risky, and long to fake these signals. Ethos increases investments in ethical and increases costs for unethical.

In the mission, I encounter the phrase below for the second time, and it bothers me (presumptuous to think that they will be so in demand):

"We assume that in the not too distant future, no one will take you seriously until you have an Ethos profile."

Overall, the mission is as follows:

"Creating and maintaining a reputation on the blockchain should be so simple and ordinary that there will be no excuses for it. When it becomes so automatic that we don't even think about it, the cryptocurrency market will reach a stage of development where fraud becomes rare and obvious."

Ethos Goals

1. Make financial incentives based on reputation, not fraud.
   Expected result: projects, coins and funds using Ethos collect above-average investment volumes.

2. Raise the bar for the concept of "trust" in web3.
   Expected result: the percentage of leading crypto influencers supporting Ethos profiles grows.

3. Foster the growth of the crypto industry by making it safer for new users.
   Expected result: the share of new crypto market participants connecting to Ethos increases.

4. Save the crypto industry billions of dollars by preventing scams and rug-pull projects.
   Expected result: Ethos participants caught in fraud permanently lose their reputation.

5. Lead by example, demonstrating the power of ethical behavior.
   Expected result: a gradual transition of management - from centralized control, through intermediate stages (point system), to fully decentralized management.

Ethos Mechanisms

Let's start with reviews. They shape the user's reputation.
You can rate negatively, neutrally, and positively - this is a format understandable to everyone. And thanks to the text, readers can get quality information about the user.

You can only leave a review with a valid Ethos profile (by invitation), which helps reduce sybil attacks. Also, the fact that reviews are not anonymous (the author is visible) reduces spam and attacks by fake accounts.

Influence on Reputation

• The opinion of a user with a high reputation has a stronger influence on the final reputation.

• If a person only gives positive (or only negative) reviews, their weight decreases.

• The age and number of reviews are taken into account.

• Reviews from mutual friends/guarantors have a greater effect.

• All rules are transparent, documented through the Credibility Score.

Quick and free reviews provide an early signal; not always accurate, but can warn about a problem. For example, about a new scammer.
It's an easy way to report someone without risking money right away.

The thing about reviews is that they allow you to earn a reputation even without capital and connections.

It's also cool that through the API, applications can add tags and options for their market. For example, a web3 freelance exchange can offer adding reviews with tags of the performer or customer through the Ethos API (this is my idea, not from the white paper).

In the future, there will be an option for anonymous reviews with ZK-proofs (example: "a user with high reputation negatively rated Bob").

Let's move on to vouchers. This is an expression of high trust because you put ETH (in the future - other assets) in support of some Ethos profile (address or social proof). In case of slashing, you can lose the amount.
Only the guarantor manages the stake, the user cannot withdraw or redirect them.

Accordingly, the amount of staked ETH shows the strength of trust.

It is important that one powerful guarantor is often more valuable than many weak ones, and mutual guaranteeing (“3,3”) gives both parties significant reputation bonuses. At the same time, if someone cancels a voucher - a strong signal of distrust.
When breaking mutual guarantee, the recipient can mark "unhealthy exit" within 24 hours - signaling a problem to the community.

Vouchers affect the Ethos reputation score (Credibility Score) gradually (currently - over 6 months).

Slashing procedure (penalty): someone accuses, validators vote, if proven, the penalty is taken from the accused's stake (up to 10%), but you can take the score instead of money.
Repeated slashing is only possible after 72 hours.

They write that you can fully withdraw your stake at any time, but in one chat I read about blocking the stake for 6 months (until the end of the season). I haven't checked it myself yet. However, you cannot change the size of the guarantee without a full withdrawal.

Philosophy of guarantee and penalties

• Long-term mutual guarantee is the main indicator of trust.

• Fines for errors should be proportional, but intentional deception should be strictly punished.

• If reputation is destroyed - all guarantors withdraw their assets - this is a social collapse. But you can always start a new anonymous profile.

About Invite (Invitation)

To create an Ethos profile, you need an invitation. If you invited someone, then within 90 days, events with their score affect yours: you gain/lose 20% of the invitee's points. This motivates inviting only those you trust.
Invitations from authoritative users significantly boost the starting reputation.

An unaccepted invitation can be canceled.

Attest (Attestation, identity and account verification)

Attestation is linking a profile to external accounts, wallets, social networks. It protects the network from fraud and counterfeiting.
Linking an account requires proof of ownership - for example, a tweet, signature, profile update. But I've only encountered authorization in different services.

One account can only belong to one Ethos profile (in case of conflict - you can return the account to yourself by proving your rights).

To confirm, you will need to pay Gas. There are no other payments.

False attestations can result in social penalties and/or financial penalties.

Writing real names is not necessary. Account control is all that matters.
But it should be considered that all connections are recorded in the blockchain: you cannot remove a mistake later (for example, if you authorized a personal private account in X).

Profile (Profile)

• He collects the entire history of reputation: reviews, sureties, certifications, main actions, and connections.

• Data is loaded from the blockchain.

• You can quickly assess the circle of communication, positive/negative events, assets.

Credibility Score (Reputation Score)

This is a single indicator that aggregates actions based on Ethos, the amounts of sureties, reviews, old and new connections, and the duration of sureties.

Many factors with different weights influence the value.

Starting score - 1200 ("neutral"), scale:

• 0-799 - unreliable

• 800-1199 - questionable

• 1200-1599 - neutral.
  In Discord I saw that up to 1399 is neutral.

• 1600-1999 - reliable

• 2000-2800 - exemplary

The calculation algorithm is transparent and can be changed by the Ethos community.

For different communities and applications, you can create your own formulas using Ethos on-chain data.

About Ethos markets

Each Ethos market is tied to an Ethos profile and Ethereum wallet. It reflects the reputation of a specific user, company, DAO, or even an autonomous entity.

Market launch is limited: initially, their number will be regulated by Ethos Labs to concentrate liquidity and work quality.

For each market, the Trust/Distrust ratio is displayed - an indicator of how much this entity is considered trustworthy. Mechanics: initially 50% trust / 50% distrust.
By buying trust votes, you increase the relative price of trust and the overall Trust Score. The price of distrust decreases and vice versa.

The market operates in real-time as an indicator of collective trust forever. It has no fixed resolution because reputation is always changing.

Implementation and liquidity

Ethos Reputation Markets are built on an AMM using the LMSR algorithm, like Polymarket. Liquidity for each market is fixed and fully algorithmically managed. This means that it doesn't matter when you joined the market - the impact on the price of your participation will be the same for both the first and last participants. Manual liquidity contribution is not required, so user exits do not cause market drawdowns or liquidity shortages. Even if a large number of distrust bets appear, the risk of a "short squeeze" is excluded here.

The contract provides for the possibility of updating the market logic: with the consent of the owner, you can change the algorithm to integrate new mechanics. These markets are neither binary options nor classic prediction markets - since there is no final resolution, and the structure is closer to a perpetual binary contract.

Differences from Ethos.Network

Ethos.network and Ethos.markets are independent but complementary products. For most users, a simple account in Ethos.network will be sufficient - you won't need to set up a market on Ethos.markets. This is due to a number of limitations: firstly, liquidity is limited, so it's impossible to create a separate market for each profile. Secondly, on Ethos.markets, reputation is expressed only through financial actions, without free social signals like reviews. Thirdly, here the risks and rewards are purely economic; "I don't want to lose money" is not always equivalent to "I don't trust", although in Ethos.network this nuance is much more important.

Governance

Principles

• Reputation is formed collectively.
  No one can unilaterally determine trust - it is a balance of personal assessments and cultural norms. Reputation assessment must change along with the collective opinion.

• Algorithms make assessment convenient.
  Ordinary users cannot delve into all the details, so a single clear numerical index is needed, like in credit bureaus or the SEC. But the assessment must be simple and transparent.

• Reputation is power.
  A high score opens up financial opportunities and influences decisions. There should be no centralized incentives to use the reputation system for profit or manipulation.

• Algorithms change participants' behavior.
  Users adapt their actions to the metrics for which they are rewarded. Each participant must be given the opportunity to influence the parameters of the reputation algorithm - after all, their opportunities and even income depend on it.

• Algorithms will always be used dishonestly in practice.
  Any mechanical scoring can be exploited, and centralized control will eventually fail. Therefore, only collective management and constant feedback will help balance the benefits and risks of abuse.

Comment: I don't know how much they listen to users. I've seen some negative opinions about updates that the project is becoming only for high-level.

Credibility Consensus

The Ethos reputation score is formed not by one team, but through collective agreement of the community.

During Early Access, Contributor XP systems are used for interacting with the rating - points for contribution and activity.

Each participant has their own ideas about which parameters are more important for reputation. At the early access stage, the goal is to develop a balance model through collective discussions and voting. The initial algorithm will inevitably overestimate some things and underestimate others. The early stage is needed to identify these inaccuracies and collectively correct the model before the mass launch.

Decision-making mechanics

Each participant will have activity points that can be spent on two types of voting each week:

1. Vote for one of the current editions of the reputation algorithm.

2. 2. Choose which of the new initiatives will be voted on next week.

Each initiative has three voting options: “for”, “against” or “abstain”. To make a decision, at least 51% support is needed.

After the voting is completed, the points for the next week are reset, and the result is applied in the new calculations. At an early stage, the Ethos team is manually implementing changes to quickly make improvements and test new parameters.

The Ethos team proposes three new initiatives for changing the reputation formula every week. Any participant can also submit their own. Their lifespan is three weeks, after which the proposals disappear.
Examples: “reduce the weight of the 'number of guarantors' parameter by 10%”, “replace the calculation of the defective ball from nlog(n) to n!”, “add accounting for 'trust through one' and set the weight according to the formula”.
The best proposal automatically goes to the vote in a week.

Final concept assessment

Rating 4 out of 5: self-confident (believe that Ethos will use everything, as understanding reputation is very important).
Yes - this is important, but there can be many options. And it's not a fact that Ethos will be the best due to their social factor (people will always try to overpower: example of failed social networks Steem).
Otherwise: well done for describing the reasons for creation, and why the project will have good demand: people need to understand the reputation of profiles.
It's also great that there is documentation for developers to integrate Ethos into their applications.
The functionality is interesting and unique.

Coin

Tokenomics: no utility and initial distribution. But there is a point program.

The truth about the details was written to me in Discord as follows:

"We value quality reviews and vouchers, as well as holding Ethos market assets. In addition, completing your daily tasks will help us with this. However, we will not go into details about how people can specifically earn XP."

According to Cryptorank, Ethos received 1.75 million dollars:

From dingaling, Zeneca, Bharat Krymo, 0xQuit, James Hall, and Sighduck.

Coin summary

Rating 2 out of 5: no tokenomics (utility and initial distribution). There is an XP program, but details are missing, although they said to participate in daily tasks, leave reviews and profile ratings, voucher, and perform other actions.
Investments of 1.75 million dollars from unknown persons.

Code

There is a white paper page on contracts and property rights:

Smart contracts are managed by a multi-sig Safe.

0xB4a9bc5fb037eBd805a405F2b53cFadF4bCB4774 has the rights to own smart contracts and requires 3 out of 5 signatures to manage Ethos smart contracts

On the page, you will also find a table with the wallets of the multi-sig managers.

Ethos also uses admin approval and a separate multi-signature for operations not related to fund withdrawals. This is also protected by the Safe multi-sig and requires 2 out of 4 signatures to manage operations not related to fund withdrawals. The address of this Safe is 0x72F04d999E12D456FE7eE0Acaa345124A081018D.

There is also a list of admin wallets.

Finally, Ethos has a bank wallet where all protocol payments are sent. It is also protected by a 2 out of 3 multi-sig Safe. The address is 0x9C98258da66Ed095948CE4774e541C9FE978e946.

Next is a table of admins and a table with a list of Ethos contracts.

What is managed by multi-sigs is bad. Although as a temporary solution until there is a DAO, it's okay.
But I would advise Ethos to use not only the protocol token for management after development, but also the score of participants from 2000.

Updates 5 months ago.

It is important that there are links to smart contract code:

Above I showed a screenshot with an example.

This is important as it allows those interested to analyze the code.

It turns out that the code for ContractAddressManager, EthosAttestation, EthosDiscussion, EthosProfile, EthosReview, Reputation Market, EthosVote, EthosVouch, InteractionControl, SignatureVerifier, EthosSlash is published - that's cool!

The only thing is, I couldn't find the Ethos Markets contracts from the name.

There are also smart contract audits:

Ethos conducted three audit stages via Sherlock.xyz, covering different contract groups: Ethos 1 (Social Contracts) on November 3, 2024, Ethos 2 (Financial Contracts) on December 5, 2024, and Ethos 3 (Reputation Market) on December 30, 2024.

The page also lists recently implemented smart contract upgrades, such as the change to the "Vouch After Attestation" function (for both Vouch and Profile contracts) and the check for attempts to pop() from an empty array (Empty Array Check), with links to the corresponding transactions.
This is great as it speaks to Ethos' full transparency!

More about the audits

1. Social Contracts (November 2024)

Found 3 medium-level issues, no critical (High) ones.

All 3 Medium issues were fixed by the team (confirmed in the report).

In the end, there were no open vulnerabilities left.

2. Financial Contracts (December 2024)

Found 4 critical (High) and 3 medium (Medium).

Among the issues:

• Price manipulation on the curve (bonding curve manipulation).

• Errors in fee calculation (overpay fees, double counting when withdrawing funds).

• Exploit in the Vouch system (user can pay less fees).

All High and Medium were fixed in subsequent PRs (links to fixes are provided).

The report states that there are no remaining unfixed issues.

3. Reputation Market (December 2024)

Found 0 critical, 2 medium (Medium):

• Issue with high gas cost when calculating vote purchases (may cause OOG).

• Rounding error in the function _calcCost that prevented selling the last votes.

Both Medium issues were fixed by the team (links to PRs are available).

As stated in the report - there are no unresolved issues left.

Bug bounty

The link to it is provided in the white paper:

The Ethos bug bounty program is designed to reward researchers who act ethically and help improve the security of the platform. The main principle of the program is that what matters most is not formal rules, but whether the researcher acted honestly and without harm to users or infrastructure.

Researchers must comply with ethical and legal standards. Actions that go beyond testing and can harm the system or users are not allowed. Threatening, blackmailing, disclosing personal data of employees or users, as well as interacting with them outside official channels for reporting is prohibited. Rewards and their amounts are determined by the Ethos team or partners managing the program.

Testing is only conducted in specially designated environments. Production services (e.g., app.ethos.network and api.ethos.network) cannot be tested, only the use of test environments (testnet.ethos.network and api.testnet.ethos.network) is allowed. DoS attacks are prohibited. Testing on third-party services such as Twitter/X, Cloudflare, Intercom, Alchemy, and Moralis is not allowed. If your checks can create increased load, you need to notify the team in advance. Testing smart contracts on the public mainnet is also prohibited - for this, local forks or test networks should be used, and in case of necessity, coordinate checks with the Ethos team.

In the event of a vulnerability discovery, the researcher must adhere to responsible disclosure: information cannot be published before it is fixed, discussed in public channels, or used for personal gain. You cannot independently try to save funds without written permission. Submissions are only accepted through official channels - for web services at support@ethos.network, and for smart contracts through the Sherlock platform. The report should describe the vulnerability, demonstrate how to reproduce it or provide a working Proof of Concept, assess the impact on users and the platform, and format everything as one bug per report. The language of reports is English.

Rewards depend on the severity of the issues found. For web services, maximum payouts are:

• for critical vulnerabilities - up to $1000,

• for high - up to $500,

• for medium - up to $50.

• Low or informational errors can earn a positive review from the Ethos team.

Payouts are possible in fiat or USDC/USDT. For smart contracts, rewards and all disputes are fully regulated by Sherlock.

Critical findings include things like obtaining private signing keys or the ability to steal user funds. High severity issues include, for example, redirecting users to incorrect addresses, impersonating social accounts, or coercing others to take actions within the system. Medium severity vulnerabilities allow for obtaining bonuses for others' social accounts or forcing others' referral links. Low severity errors only affect internal metrics like XP or score. For smart contracts, the criteria are strictly defined by Sherlock.

Ethos also applies a "Safe Harbor" policy. This means that ethical researchers (whitehats) who act in the interest of protecting the system will not face legal consequences. To receive this protection, you must notify Ethos of your actions via support@ethos.network and receive written confirmation. In the event of funds being saved, at least 90% must be returned within 24 hours to the specified wallet address.

You described everything in detail - that's great!
The only thing is, the amount for the web service is very small, and the rewards for smart contract vulnerabilities are not described on the page itself.

I went to the page in Sherlock, and here's what it says:

• Critical vulnerabilities - $150,000 (no more than 10% of funds at risk at the time of reporting)

• High - $50,000

• Medium - $10,000

• Low - $1,000

• Informational - review/acknowledgment without monetary reward

Github repositories

The main codebase is not open, but there is Github:

12 repositories. Let's consider the main ones.

trust-ethos/api-docs:

API documentation for developers.

The last commit was last week:

There are 45 of them:

14, 8 August, 23, 10, 7 July and earlier.

trust-ethos/ethos-twitter-agent:

Twitter agent ethosAgent.

Also, the latest update last week:

Total 271 commits:

August 13, 19, 18, 17 and earlier.

trust-ethos/ethos-discord:

Discord bot for displaying Ethos scores.

Last update two weeks ago:

Total - 71 commits:

August 8, 27, 26, 25, 24, 23, 7, 4 June and earlier.

trust-ethos/zora-ethos-sniper:

Automated bot for trading creator coins for the Zora protocol on the Base network.

The last commit was 3 weeks ago:

There are 7 of them:

July 29 and 28.

trust-ethos/ethos-invite-graph:

Web application for visualizing invitation networks on the Ethos platform using interactive charts and network analysis.

Last updated last month:

There are 25 of them:

July 22 and 21.

trust-ethos/ethos-anonymous-reviews:

Anonymous reviews in Ethos.

Last updated last month:

Total - 128 commits:

17, 7, 6 July, 29, 26, 25, 19, 18, 17 June and earlier.

trust-ethos/ethos-farcaster:

Last update last month:

Farcaster Demo for Ethos. As I understand, this is about a Farcaster application.

Total 9 commits:

9 and 7 July.

trust-ethos/ethos-spiderchart:

A web application that analyzes Ethos profiles and visualizes how well users match specified categories using AI analysis of their reviews and confirmations, displayed as an interactive spider graph.

The last commit was last month:

There are 35 of them:

July 8, 3, and 2, .

trust-ethos/ethos-whitepaper:

White paper for Ethos protocol and Ethos network.

Last updated last month:

Total 22 commits:

July 3, June 2, and earlier.

trust-ethos/ethos-r4r:

A complex web application for analyzing "Review 4 review" patterns and building reputation on the Ethos platform. Built using Deno Fresh, TypeScript, and modern web technologies.

Last updated 2 months ago:

Total 27 commits:

June 27, 25, and 23.

Code summary

Rating 4 out of 5: code is partially open (except for core functionality), but there are various services. Smart contracts are also verified in Basescan, allowing you to read their code.
There are audits and a bug bounty program with maximum rewards of $100,000 for critical vulnerabilities in smart contracts and $1,000 for errors in the web service.

Practice

Project website https://app.ethos.network/:

To register, you will need an invite. Look for them from acquaintances using Ethos, on social media (unlikely, as inviting the wrong people can lower your score) or in chats you are part of.

I already have an account - I click on the button next to "Leaderboard" in the menu:

Here we see various settings and links, including Login. But before logging in, let's see what else is here.

You can go to the Directory to view all Ethos profiles with filtering:

"Get the Chrome extension" will allow you to install an extension to view Ethos score profiles:

I opened it, but didn't find any text labels (I'll tell the founder about this later):

There might be a graphical representation of the score.

I'll show Ethos Markets as a separate practice section.

We log in and work with the account

So, we click "Login":

Here you can choose a wallet, but I choose "Log in with a social account":

I chose Telegram and authorized:

You will be asked for an invite, and after specifying it, the same thing as mine will open immediately.

Let's start by going to Settings:

Here I recommend connecting your EVM wallet (mine is already connected) and enabling the smart wallet (I'm talking about Smart wallet).

On the "Social connections" tab, do the same with the social networks listed here:

As you can see, I already have all available ones connected.

This is important to do, as it can increase your score.

On the "Notifications" tab, we just enable push notifications:

My profile

On your profile page (go from the account menu to "My profile"):

By clicking the "Suggest for category?" button, you can apply for a category in the leaderboard:

Connect X, select a category:

And fill in the other fields. Send and wait.

My acquaintance applied for "Alpha callers" and ended up in the top 20 for this category.

Let's go back to the profile.

Here we can also see what they say about us and what activity we have done in Ethos.

On the "Given50" tab, we can view outgoing actions:

Here, for example, is one of the reviews:

Awesome that the Ethos founder replied to it!

And I'm replying to the comment, adding something else:

Since my Score is < 1300, I need to connect a wallet to send a transaction:

"Connect wallet":

And select / connect.

After that, just "Reply" and confirm (requires Gas in Base).

Here's what was added:

My score and invites in the account menu

On the "My score" page, you can see all the information about your score:

On the "Invite · 0" page, it will show you your invites and who you invited:

By the button "Invite · 0" I see that there are no invites yet.

Vouches

Go to the link "Vouches · 0.01e" (you will have 0E) in the account menu (where logout is):

Select the person you want to support with a vouch. You need to have at least 0.01 ETH in Base.

You can scroll using the "left" and "right" buttons.

Here is my second page:

Choose who you trust. It's great if you know that they will also leave you a voucher.

For example, this one:

Specify the title, description, amount, and confirm.

Also, at the bottom of the voucher page, you can add or withdraw a voucher from existing ones. But you should understand that if you do this before the end of the season, points (XP) will be deducted.

Adding:

Withdrawal:

You can simply take the money without affecting the user's score or take it with a negative review. The second option is a good idea if you supported someone, but the person did something wrong.

I, of course, will leave the voucher for now.

An alternative way to make a voucher is through the user's profile:

You can get a link from a friend, find in Directory or social networks.

Here we are looking for the "Vouch" button:

We write the title, text and enter the amount:

"Publish" and confirm in the wallet.

Done. We can share the voucher in X:

Or go to the voucher.

But I'll just close it.

I'll be happy to receive vouchers and reviews on my profile: https://app.ethos.network/profile/x/Denis_skripnik

Reviews and Slashes

There is a Review button next to the voucher button.

Let me show you the process of leaving a review on another account.

Log in to any user's profile:

"Review":

And write a title with a description. The more detailed, the better.

"Publish" and wait:

Done:

Can be shared in X:

That's what I did.

Slash looks like this:

For now, only trust score reduction is available, financial is not.

By the way, launching slash is only possible with a score > 1600. So I still wouldn't be able to publish.

But the main thing is I showed you.

And yes, as you saw I think in the profile, there are the same sections with user activity and what people are talking about.

Listings

They are on the page https://app.ethos.network/listings:

As I understand it, this is where projects are displayed that you can vote on.

Each Ethos user gets the opportunity to vote once every 10 days, either bullish or bearish, for a particular project.

For example, I choose "Espresso ☕️":

Here is the project information + the ability to vote. I click "Vote bullish":

By the way, note that 20% voted for the project (bullish sentiment), against (bearish) - 80%.

In the window that appears, I click "Vote (1)" - done:

Also, there are tabs below with info about the team, sentiment, top reviews, and comments.

"Sentiment":

In general, all the data is displayed on the page, and when activating the tabs, we move to the right place. Although visually it may not be so - I don't know.

Here are some more reviews, for example:

And comments:

At the top of the page, it already says that I have 0 bull votes and 1 bear vote.

I advise you to go and vote.

Here's an example of a bear vote. I selected the number of votes that I don't like the product and now there is confirmation:

I'm not showing you the settings, as they are at the bottom of the page, and I'm not sure if it will be visually visible.

So, I voted:

You can't add yourself to the listing - this only applies to projects.

Leaderboards

Go to the corresponding page:

By default, the main top is displayed.

You can change the tab to "Ethos contributors":

Here is the top of Ethos contributors. You will be in first place, but on this screenshot - it's me.

It's important that you can filter accounts.

On the "Most credible" tab:

At the top, you can filter by category.

For example, here are the AI Agents:

Least credible or "Least credible":

First place here is Eros Agent, who tried to use AI to identify low-quality reviews and AI-generated content, unfairly damaging reputations... As a result, he was downvoted to a score of 634!
Pleasant, since he also accused me...

Contribute to Ethos and daily tasks

Go to the same-named link in the account menu or via the URL https://app.ethos.network/contribute:

Here we see the statistics of contributions and, if you haven't started today's tasks yet, you can start them.

Also, the start button is on every page at the top with the "Daily tasks•" button.

I start via "Start":

The first task is about whether there is trust in the account.

I follow the link with "X" and the login.

I look at the description, registration date, and posts.

And I choose. The options are: "No", "Neutral", "I'm not sure" and "Yes".

I set it to neutral:

If your score is less than 1300, you will get a wallet with transaction confirmation.

By clicking "Leave a review" you can leave a review. I recommend that if you know the X account you met well, write it.

I press "Skip & continue".

The next task appears:

Read the review. If it's normal, rate it. If the account seems familiar and belongs to another, check it.

I thought the review about the person was left by the Saga project account. But it turned out not to be. So I put "Upvote".

And further almost all tasks with rating reviews: "Downvote", "Neutral", "I'm not sure", "Upvote".

And the last task is to rate whether you consider the score of this profile high or low:

Also, I go to X and rate.

I said it was too low because he is the founder of Offchain labs.

And left a review:

Done (tasks completed):

Next time I will rate tomorrow.

I've been doing this for 20 days - it's not stressful.
On the contrary, it's quite interesting to explore Ethos this way.

Feed

On the main Ethos page after logging in, you'll find a feed:

You can view reviews of people you've rated.

There's also an option to filter by other parameters:

hot, by comments, by votes, etc.

For example, Hot:

You can flexibly choose what you want to read.

Ethos markets: trading user reputation

This is a separate site https://ethos.markets/:

Also click the button next to "Create your market":

"Login":

Click on "Twitter" - this is the only way, we authorize.

Done (you should have X connected to Ethos):

In the account menu, open Settings:

Here we can top up or withdraw funds from the wallet, as well as export.

"Fund":

And choose the method. In the case of a wallet, you will need to connect it, enter the amount in ETH and replenish from Base:

Minimum 0.01 ETH.

I will not replenish now.

"Receive funds" is just a QR code with the address.

"Withdraw" is a standard form with amount and wallet address input:

By clicking the link "My profile", we will go to the Ethos Markets profile:

The volume, balance, deposit and withdrawal, as well as open positions (I have one) are visible.

Trading in Ethos Markets

We can click on "Sell". We go to the profile page:

By clicking "Sell 1 vote", I can sell. But I won't do it, as I will only get 0.006 - this is a loss.

On the "Buy" tab, we can buy:

As you can see, the price of 0.007 is the same as I bought. So if you sell immediately or there is no volatility, you can lose 0.001 ETH.

Before the form, you can assess: trust or distrust the profile. Depending on this, it will affect the Trust Score.
As you can see, Ethos network has 65% trust, 35% distrust

Commission is 2%.

Let's go to the main page or via the Markets link:

Sorted by volume over 24 hours:

For example, the founder of Serpin Taxt has a volume of 150.93K $. You can use buttons to switch to buying trust / distrust.

When you go to the profile, you will see the same purchase form that I have already shown you:

Ethos markets leaderboard

Let's go to the "Leaderboard" link:

By default, the top by profit, but we can change it to the rating by Contributor XP:

You can filter the data. By default, the top for all time.

Create your market

Click on the corresponding button:

Asks to switch to Ethos network to create.

There in the account menu, click "Create market":

Select the liquidity curve algorithm and click "Create market".
Requires 0.1 ETH. Since I don't have it yet, I won't continue.
But I think you understand that there is wallet confirmation and everything.

Also stated that I will earn 1% of all purchase transactions.

Conclusion of the practice

Rating 5 out of 5: convenient, understandable interfaces. There are nuances about availability, but hopefully they will fix them. In any case, the founder supported my information about the shortcomings in this regard.
The functionality is interesting. There is an opportunity to leave reviews, support with vouchers, slash, etc. There are interesting daily tasks for rating reviews and profiles.
In Ethos Markets, you can trade reputation, which is also interesting.

Overall conclusion

19 out of 25:

• Team: 4 out of 5: information about the team on LinkedIn is available, but there is no link to the company profile (had to search myself). Discord is active, the question was answered quickly. Only in response to the question about the team, they provided a link to the article without indicating the participants' profiles. But overall, the answer was correct.
  X profile is also active, and he has a good moni score.
  Minus one point for the answer regarding the team.

• Concept: 4 out of 5: self-confident (believe that everyone will use Ethos because understanding reputation is very important).
  Yes - it is important, but there can be many options. And it's not a fact that Ethos will be the best due to its social factor (people will always try to abuse: example of failed social networks Steem).
  Otherwise: well done that they described the reasons for creation and why the project will have good demand: people need to understand the reputation of profiles.
  Also great that there is documentation for developers for the possibility of integrating Ethos into their applications.
  The functionality is interesting and unique.

• Coin: 2 out of 5: no tokenomics (utility and initial distribution). There is an XP program, but details are missing, although they said to participate in daily tasks, leave reviews and profile ratings, vauch, and perform other actions.
  Investments of $1.75 million from unknown individuals.

• Code: 4 out of 5: code is partially open (except for the main functionality), but there are various services. Smart contracts are also verified in Basescan, allowing you to read their code.
  There are audits and a bug bounty program with maximum rewards of $100,000 for critical vulnerabilities in smart contracts and $1,000 for errors in the web service.

• Practice: 5 out of 5: convenient, understandable interfaces. There are nuances about accessibility, but I hope they will fix them. In any case, the founder supported my information about the shortcomings in this regard.
  The functionality is interesting. There is an opportunity to leave reviews, support with vauches, slash, and so on. There are interesting daily tasks for rating reviews and profiles.
  In Ethos Markets, you can trade reputation, which is also interesting.

You were with a blind programmer and review author

Subscribe to https://t.me/blind_dev - there are new reviews, news about my developments and other posts.

I will also be glad to distribute the article!

At the request, I am writing an accessibility review for the blind. Along the way, I give some general recommendations for improving usability.

Introduction: how to improve accessibility

1. Use aria-label="Name" for elements where text cannot be added due to design.

2. To fix the cursor, use tabindex=-1 and .focus in JS

3. It's better to separate blocks on the page with h2 and h3 headings. This makes it easier to navigate through them.

Main site

On the home page getmoni.io some buttons are also not labeled (apparently only as icons), but this is not critical:

1. Nothing happens when clicked

2. This is an info resource.

Example: buttons under "Alpha Reports" and the link "Learn More" (I'm talking about the position in the html code, not visually). They are also above the heading "MONI API".
Similar ones are under the heading "LOVE IS MONI".

On the page about Noti bot there is information in the heading, starting from "Why choose Noti Bot?" and up to the link "Add Noti to your group".
From "➕" to the "Play" button.
From the heading "Step 1" to the heading "FAQ".

It's very inconvenient to listen to the text when there's a title on every line.

It turns out something like this:

"title level 1 Why choose Noti Bot?
title level 1 We get it—building a community before launch is tough. Noti Bot helps you boost virality,
title level 1 engagement, and hype.
title level 1 Alert received –> FOMO kicks in –> Community hype ignites
title level 2 Your community won’t miss a post from your Twitter account, increasing engagement for all
title level 2 participants".

Similar is also on the page Moni extension.

Extension

• Under the "Dark Theme" button there is another one without a name. It's unclear why it's needed - an extra element that performs the same action.
  The same under "Sidepanel".

• Under the "Check account" field, there should be a search button, but it's not there. There is a "Click" element, but it has no description = complicates understanding (not always "Click" performs any actions).

• Next is a link with a button and graphics, and then - a list of five buttons without description. It's unclear what they do.

• "Clear" for search history is available - good.

• On the account page in the extension under the login in X, there is a button without a description, clicking on which opens a choice: trusted account and scam account. Better name it "rate" or something like that.
  There will be a screenshot under the list - I hope it will be clear what I'm talking about.

According to the project data:

There is something similar to this: "Smarts244+1". Please always separate words with spaces. Here, of course, everything is fine, but sometimes there is a bug because of this. For example, in Debank it is inconvenient to listen to percentages, as their numbers merge with balance numbers...

Otherwise, everything is fine here.

The only thing: I would like to see data on the Moni score when entering the project's website if it is present in Moni.

For example, I went to coredao.org - when opening the extension, information about their X Moni score is immediately visible.

Something similar could be done when visiting X profile pages.

Extension data on the Twitter page

• Moni Score should be written in the "Discover" button or next to it, not under the name and the button "Provides details about verified accounts.".
  Also, describe the account rating button (where information about the rating and buttons "Trusted account" / "Scam account" is located), otherwise you have to find out its purpose by trial and error.

• In the line with the number of smarts and mentions by smarts, the number and the word Smart should be separated

• In the list of tweets above the login, there is a button. It is also unsigned and opens the extension. Advice: name it "Moni aX ccount data" or something like that.
  Above the "More" button is the rating. Again, it should be described.

Screenshot:

By extension, everything.

Site discover.getmoni.io

Right under the title and, as I understand it, the logo, there is an unnamed button. Code:

I never figured out its purpose. But I would like it to be described.

Regarding other elements:

1. Under the button with the wallet address, there is another unnamed button and a list of five buttons in the link.

2. In "Trending" under the image with alt "fire" there are two buttons. It might be worth naming them "Prev" & "Next", although I didn't notice any difference after clicking them: perhaps they should be removed, making them fully visual.

3. In projects (applies to both Curated and Raw) after clicking on "Manage filters", the cursor does not land on the settings, which is inconvenient. It might be worth making a modal window (role="dialog" and other methods of highlighting an html block)

4. In the list of projects, there are columns. But they are represented by buttons. It would be great if you made a normal html table with table, tr, th, td tags, etc. Buttons can be left for sorting, but the columns should be named so that you understand what data relates to what. Otherwise, now when you look at the list: if you don't save the names, you get an incomprehensible mix.
   Example in one line:
   2D552 +573 53 +52 20 +20 4.24K +4 095
   As you can see, it's hard to perceive.

About Watchlist

In "New list":

Above the "List name" field, there is a button to select a symbol (better name it "Select symbol". And above it - closing. It should also be named "Close". By the way, it's also worth doing in the filter settings.

In the list of sheets:

• The delete sheet button is not described. Write "Delete", like "Edit".

• "Edit" should be renamed to "Edit name".

On the sheet page:

• Under the change periods, there is a "Feed" button. It's unclear what it does: no changes noticed. It turned out to be a ribbon in a modal window, but the cursor doesn't immediately get into it - inconvenient.

• Also, it would be better to make a table.

• Under the Last element, there is an unsigned button. After clicking, sheet management opens. Better name it "Manage".
  Also, it's inconvenient that a repeated click doesn't hide the management - it's not very convenient, as you have to press the down arrow key to move to the next item in the list.

• More to the level of convenience, but it would be great to see a mass selection with input type="checkbox" for each item in the list. Clicking the "Manage" button under the list would open the ability to delete or add multiple accounts.

About Mentions Feed

There are also unsigned buttons in Trending.

Next to profile search, there is also an unsigned button. It would be better to name it "Search" if it actually launches the search.

In filter management, a modal or cursor transition to the opening location is also needed, change the table in the list, add a caption to the "Manage" button in the list for management in lists.

Smart Tracker

Addition: it would be better to write at the beginning what distinguishes the watchlist from "Smart Tracker". At first, I didn't understand.
For example, that the watchlist allows you to get a feed of new posts and some other things, and here - to monitor smarts and their actions.

Also, it is worth renaming "Edit" to "Edit name", adding names to the close and character selection buttons.

Categories are great! But I would like the ability to select multiple of them, not choose separately. I thought I could immediately see the accounts for Researchers, Hyperliquid Degens, and AI Agents Degens - it didn't work out...

In addition, the "Manage" button in the list should be named.

Reports, Mindshare, and checker

The page Reports

Everything is fine here. The only thing is that it might be worth making them on your own resource so as not to depend on Notion. It's also not very accessible. In particular, automatic translation of the entire text is not supported and there are some other drawbacks.

mindshare

Surprisingly, everything is good here!

The only thing is that on the Categories tab, data is leaking:
L117.62%-1.93%
Please separate with spaces. Also, it's unclear what these percentages are. It might be better to make a table again.

Everything is great in "Projects", as well as in Chains.

The only thing is that it's also better to make a table in Chains.

And it might be worth indicating what these settings are before the list and how to work with them. Otherwise, it's unclear: whether these are filters or something else... And why, for example, a small list of blockchains is displayed for projects.
The filter on the main page is somehow more likable...

Page Checker

In "Top Queries" there are two undescribed pagination buttons that do nothing when clicked with the keyboard.

Everything else is fine.

Referrals

The referral program page has everything available.

At least at this stage (while the balance functionality is unavailable, as there are 0 invites and $0).

I would be happy to use my referral link if you are a reader of my channel and came to the article:
https://discover.getmoni.io/?ref=ORKFDD

Premium

Here under "Pay with referal bonuses" there is a button without a name. Purpose unknown.

Everything else here is fine.

About the page Alerts

There is an unsigned button above the title and other data. I didn't understand its purpose, as I didn't notice any changes.

Also, next to "Edit", I assume it's a delete button: it would be better to write the name "Delete".

Editing via "Edit" or creating via "New Alert":

1. Make a close button with a name

2. It would be great if there was an option to turn list selection into input type="checkbox". You can, of course, click and look at the top for the count, but it's not very convenient. And not everyone will understand that this is what they need to do.

3. In "Alert Types" there is also a list with text. I set it up a long time ago: I already don't even remember myself, but it seems like there was a problem with the settings (had to ask sighted people for help to understand the essence). It would be better to make, again, a semblance of a filter control on the main page. Although I recall that in the end, I didn't touch this list, apparently...

4. Next to the ID there is an unsigned button. It would be better to indicate that this is selecting an ID from the list.

5. When creating an alert on the "Smart Tracker" tab, there are "Alert Types". Again, it's unclear whether the selection occurs after pressing Enter. It would be better to implement checkboxes or input type="radio".

Portfolio tracker

Let's see what's with accessibility https://app.getmoni.io

What needs to be changed:

1. Add a table for easier column determination

2. The last item in the list is an unsigned button. Better to name it "Actions".

3. In creation, it is also worth naming the close button and the character selection button.

4. It is inconvenient that after creating a watchlist, it goes to its page. You have to manually select Global to choose other assets.
   Search is completely unavailable: entered HYPE. Something seemed to appear on the screen, but couldn't catch and go with the keyboard. This is very bad! Screenshot below

Also:

• The first button and the last in pagination are unsigned. Better to write "First", "Last".

• At the very bottom, there is also an unsigned button. Didn't understand the purpose.

• When creating a portfolio, also add a title to the close button and character selection.

• Next to "Share Portfolio" there is an unsigned button (in the html code before it). Opens selection editing, exclusion from the total number and deletion. Better to name "Actions".

• Below the line "“Portfolio created. Add balance to get started.”" there is an unsigned button. Better to name "Add transaction".

• In the token list under "Select token".

• When searching for a token, if you enter a ticker, they are not sorted by market cap for some reason. For example, when I entered ETH, ETH+ was first - inconvenient.
  Also, I would like to set the price by market by clicking the corresponding button next to the price field.

• In the transaction list, the last item is a button without a name. Better to name it "Actions".

• In the "Sorter" on the Coins tab, each option has two buttons. Better to name them "Desc" and "Asc" accordingly.

• Lines are merging: "Ethereum$395.790.1 ETH100%+0%". It would be better to separate them with spaces. Even better, if you create a standard table.

Total

Some elements are accessible, but about 40%-60% of the interface needs to be made more accessible. I would appreciate that. Thank you.

If you came to the article from a channel or blog, thank you for reading and sharing.

New accessibility and usability reviews, articles with project analysis by 4K+ (team, concept, coin, code + practice) and news of my developments in the channel https://t.me/blind_dev - subscribe if you haven't already.

Everything is important here:

• Team - the professionalism (what we can detect externally), the quality of communications determines the longevity of the project and the response to your requests

• Concept - how well the project is described in the documentation / FAQ / website. Does it meet all the criteria I will tell you about next

• Coin - how good the tokenomics is, the level of investment and the quality of investors (do most projects not dump 90+%)

• Code - is it open, are there main repositories and what is the activity. And most importantly: are there audits and are errors / vulnerabilities fixed

• Practice - how good the functionality is, does it work, is it full.

More details

Team

1. First I ask in Discord: is there information about them on LinkedIn or similar service, tokenomics of the future or existing token and is the code open. The answer from them determines the quality of communication.
   After studying the concept, I sometimes ask another question. For example, in one of the last projects, I found out that they have a centralized backend (they didn't write about it directly in the documentation).
   If the reaction is indirect (evading), absent or off-topic - the risk of poor communication when closely interacting with the project or its closure / lack of success

2. I look at social media: X (activity and check for bots in Moni / Tweetscout, and also who subscribes to them: if there are large funds or projects - good)
   In the same section, I report whether the team is open: do they respond and how politely. Because sometimes they are silent or write off-topic

3. I study other social networks: LinkedIn, blog, Telegram, etc. This is not the main thing, but if there is an active community there - better
   If social networks are inactive and do not answer questions, the risk of project suspension and poor feedback at critical stages increases. If there are many bots in X - the risk of inflated parameters = poor quality (not guaranteed, as boosting can be tasks with rewards)

Concept

Most often, this is documentation, white paper (less often) and FAQ.

• Is there demand analysis in them: if not - the risk that the project does not understand the market = cannot make a good product. Or they are making a product that there will be no demand for.

• Competitor analysis: pros and cons of projects or at least their list. Allows you to understand that the founders are monitoring the market = reduces the risk of creating a weak product

• Technical information - if there is none or little, it means they are hiding something (for example, the project is centralized = works on one server). At least the architecture with a detailed description of how everything is arranged should be

• Lack of user documentation (instructions) increases the risk of low demand and low user retention, especially in complex products

• Information about fees and other prices - if not, there is a risk of unexpected charges.

• And in general, how detailed the project description is, is everything clear (at least with explanations of neural networks)

Coin

Not all projects have tokenomics, as there is no token and it is not planned yet / very early stage. But I consider this section critical, as weak tokenomics increases the risk of price drop.

In analytics:

1. Is there a tokenomics?

2. Is the distribution normal: maximum 10% to the team (extreme - 15%), maximum 10% to investors (extreme - 15%)

3. How much is allocated to the community at once and is there a ready product that can generate demand for the token / good market makers? If not - risk of weak price (even investors may not wait for a good fix on unlocks)

4. Are there no sharp spikes during unlocks (unlocks of 10% of all tokens a year after TGE = almost guaranteed price drop if there is no strong demand due to utility)
   Acceptable risk - < 0.9% of all tokens per month

5. Utility: are they spelled out and how good are they. Buybacks with a good product, paid features and other utilities can support the token.
   If not spelled out or, for example, only staking with DAO - risk of weak support.

6. Capital: is there public capital of the team / investments. They can support the price.

Also, I'm looking at investments:

• Amount

• And who invested. There are some funds where the absolute majority of projects have fallen by -90% and more. Don't you agree that this is strange?

Code

• Is it open?

• Are there repositories of the main programs of the project? For example, blockchain nodes, smart contract processor...

• Is development active: are there periodic updates?

• Are audits published? How long ago? If there have been significant updates recently but audits are old - risk of new vulnerabilities or errors.
  If everything is fine, have all the issues described in the audits been resolved?

• The more "no" answers to these questions, the higher the risk of poor project quality. The code may be good, but it's hard to assess.

Practice

1. Does the functionality work at all?

2. How complete and clear is it? Sometimes there is some functionality in the documentation, but it is missing in the interface.

3. Does it match the description in the documentation (concept)? For example, are there no additional fees.

If there are "no" answers - risk of poor project quality.

Conclusion

This article describes the approach. In specific cases, the accents and risks may differ - that's why I always look at projects in context.

For example, it allows you to keep assets in a certain percentage ratio by price or even set conditions.

It caught my interest with its unique functionality, as well as the implementation of the much-anticipated rebalancing portfolio functionality.

Audit

Team

As often happens, I couldn't find the team page on the website - that's bad. No LinkedIn links either.

But I found the company on LinkedIn.

Interestingly, they are actively posting (the last post was 7 hours ago at the time of writing the article), 956 followers and 12 employees:

I'll tell you about some of them:

• John Johnson - Co-Founder. Previously, he was R&D Lead at Anagram Ltd, and before that, he worked at 0x Labs for 4 years (last position Technical Advisooor). Before that - Senior Software Engineer at Textio.
  In total, he has worked at 10 companies.

• Brian H. - also a co-founder. Previously - Tutor, Consultant at IvyWise. Before that - Product Manager at Anchorage Digital (I've heard of it). As far as I understand, he also traded at XTX Markets. Before this company - Interest Rate Trader at Morgan Stanley.
  In general, good experience to lead a project in this area.

• Software Engineer Intern Tolga Gokturk Cohce (internship). Previously was Vice President at Dalhousie Blockchain Society, Student Technician at Mount Allison University, Information Technology Specialist at My Investing Club and others. Has experience, but in related fields. And recently at the company.

• Senior Software Engineer Dylan DesRosier also works in the same position at Anagram Ltd. But importantly, he was a Senior Software Engineer at MetaMask (2023-2024) - that's cool! Before that company - Frontend Software Engineer at Draper AI and others.
  Good experience.

• Staff Software Engineer Marcos Silva previously worked at Cega as Senior Software Engineer and Lead Front End Engineer (strange that the position became lower). Also was a Software Engineer at Coinbase (2021-2023) - that's a cool claim for experience.
  In general, also a professional who contributes a lot to the project.

• Head of Business Development Vincent Chen previously worked at Supra: Technical Integrations Lead, Director of Ecosystem and VP of Ecosystem. Related positions, useful in terms of experience for the current one. Before that, he was at Api3 as a Deployment Engineer and so on...
  Also most likely a professional. Although we haven't heard about Supra for a long time - maybe he wasn't very good as a specialist (although more likely just not much depended on him there).

• Yusuf Gidado - Community Manager, and before that Community Ecosystem Lead at Sign, Marketing Intern at Collective Memory, Community Manager at DRAGON CLAN and Social Media Manager at DEX STANDARD. Small experience (since December 2024).
  Education also cannot indicate experience in this field.

• Staff Software Engineer Ogulcan Patavi previously was Senior Software Engineer at Moralis, at Gelato: Software Engineer and Technical Lead, Senior Software Engineer at Spendesk, Software Engineer at Klarna and others.
  Good experience.

• Head of Marketing Shimron (Wynter) previously was at Growgami (6 months): Senior Marketing and Head of Socials, Creative Marketing Director at TOOTHACHE, Marketing Consultant at NEÜM. And at MOVEMEON Growth Associate and Growth Marketer.
  In general, good experience, if you consider previous companies. But how good he is in real marketing - I can't say.

Conclusion: most team members are professionals, based on their work at other companies.

Project social media

Discord:

They answer questions and are polite. Also quite fast.

There are also roles whose information is easy to find in the respective channels.

The last announcement was published on January 7:

They write infrequently, but the periodicity is maintained. For example, the penultimate one was on January 5, before that - December 31, and even before that - December 25.

In the community updates, the last post with announcements is today:

Lounge chat is active:

In general, normal activity.

X @glider_fi:

4038 posts, 74.9 thousand subscribers. Last post 7 hours ago with 80 replies, 76 reposts, 207 likes, 4218 views.
The previous one was also 7 hours ago, but with two 1 repost, 17 likes and 1657 views.

There are apparently spikes due to interest or quests. And there are too many subscriptions for such activity.

They write about the project and the field they work in.

According to Tweetscout, the project has a score of 630 (level 3 - Credible). As for bots, the level is 4 - Alarming (too many of them).

Some subscribed projects: MoonPay, DEGEN NEWS, 0x, Matcha, doodlifts, GSR, Anchorage Digital, Plume Avalon Labs and others.

Venture capital: loomdart, eGirl Capital 仙女資本, Drew Austin, Red Beard Ventures, Joey Krug, Pantera Capital and others.

Youtube:

The last video 3 months ago - they haven't published anything for a long time.

Blog:

The last article on January 12 - okay.

Telegram chat:

There are messages today (and it's midnight for me). So the chat is active, and the admins answer questions.

Team summary

Rating 4 out of 5: the team is public, but there are no links or information on the website. Most participants have experience in their current or related positions.
Social media is active (except for Youtube), and they answer questions correctly & quickly.

Concept

There are several places where we can learn about the project:

The main page of the site (briefly, I'll show it in practice).

FAQ

Here we learn what Glider is:

Glider is a platform that allows you to easily create investment portfolios. The platform is designed to provide investors with advanced tools and capabilities that would otherwise require coding or be incredibly time-consuming to implement manually.

With Glider, you can create automated portfolios for any assets on the blockchain: stablecoins, real-world assets (RWA), blockchain stocks, and of course, cryptocurrencies.

Here are just some of Glider's capabilities:

1. Create any ETF that will automatically rebalance the portfolio.

2. Earn income from assets and automatically switch between different income sources.

3. Buy or sell when any trigger is triggered (e.g., when BTC reaches $120,000 or one of the top ten token holders transfers their token).

The project creators' goal is to simplify portfolio creation. They want to eliminate complex aspects like gas, intermediate transactions, and signing - things users will never have to think about.

What the project is non-custodial (Glider does not store, see, or perform any actions with your private keys).

"Glider wallets are created using account abstraction - think of each portfolio as a sub-account to your existing wallet. These wallets always remain yours, even if Glider ceases to exist".

The smart wallet infrastructure they use is open source and audited (see ZeroDev Kernel Wallet audit).

Glider itself does not use any new smart contracts. We use ZeroDev Kernel Wallet, as well as leading audited DEX aggregators and lending protocols.
But it's worth understanding that in addition to you, Glider will also have access to manage strategies - how management works is not written - this is a risk.

What is the cost of using Glider?

"Glider covers all gas fees and DEX aggregator fees for users. The founders believe that covering these fees improves the user experience.
To ensure further growth of Glider and generate revenue that can be distributed to referrals, Glider charges a 30 basis point fee on trading volume.
Glider uses these fees to cover operational expenses, such as all gas and network connection costs - things users usually have to pay for on other platforms".

And others.

For example, there is a point system within the platform. The user earns 1 point for every dollar in Glider, for each day. Points are credited not from the deposit amount, but from the current value of the portfolio. That is, as the balance grows, the rate of point accumulation increases. Even funds lying on the cash balance are also taken into account in the calculation. These points serve as an indicator of early participation and, according to the team's statement, will be converted into full-fledged points of the main system in the future.

A separate referral program has been developed, which allows earning both points and a portion of the commissions of attracted users. The reward is distributed according to a three-tier system: 30% of their points and commissions are credited for direct referrals, 5% for the second level, and 3% for the third level. At the same time, the points of the invited users themselves do not burn out, and commission rewards are paid in USDC and credited to the balance.

Developer docs

This is more for developers, so I won't show it in detail. I'll just say that there is a description of the API and SDK.

For example, here's a quick start:

Although there is something else important:

To automate operations (for example, rebalancing), the GLider software uses session keys - these are limited authority signatures that you sign once, and they allow the platform to execute actions according to your strategy without your participation in each individual transaction.

However, the keys do not give the right to withdraw funds.

Only the management method is not disclosed. In some reviews, they write about solvers (executors), but how they are chosen and how they work is unclear.

Learn in the project's blog; about the strategy builder

All instructions for use are in Learn - this is a section in their blog:

It details how to create portfolios, how logic blocks work, what rebalancing is, how to use dynamic filters, moving averages, and other elements of the strategy builder. Essentially, Learn is a knowledge base that turns Glider from just a "portfolio builder" into a full-fledged platform for systematic on-chain strategy management.

The quick start section explains how to use ready-made strategies.

To better understand how strategy work in Glider looks in practice, it's useful to look at what logical elements a portfolio is actually built from and what scenarios this allows you to implement. The entire logic is built from visual blocks that determine which assets should be in the portfolio, how the weight is distributed between them, and under what conditions the strategy should change its behavior.

In the simplest case, a portfolio can consist of just a few assets with specified weights and automatically rebalance to maintain the original distribution. For example, a user can set a portfolio of 50% ETH and 50% BTC and enable automatic rebalancing. If one asset grows stronger than the other and "skews" the proportions, Glider will make the necessary exchanges to return the portfolio to its original ratio. Inside the builder, this looks like a combination of an asset block and a weight block, with a rebalancing mechanism on top.

More complex strategies are built through conditional logic. For example, you can set a rule: if the price of BTC is above its moving average, the portfolio holds BTC and ETH, and if the price falls below, it moves into stablecoins. In terms of the builder, this is implemented through an If/Else block that compares the price with an indicator (e.g., SMA) and, depending on the result, switches the portfolio between two sets of assets. Thus, the strategy starts automatically "going into defense" when market conditions deteriorate and returns to the market when the trend recovers.

Another level of complexity arises when using dynamic blocks. Instead of manually selecting specific tokens, the user can set filters: for example, market capitalization above a certain value, sufficient liquidity, and sorting by any indicator. The Dynamic Block itself selects suitable assets and keeps their list up to date. As a result, you can assemble a strategy like "hold the top 3 tokens by market capitalization in a selected category" or "invest in the most liquid assets in a certain sector" without manually changing the portfolio with every market change.

The portfolios themselves are assembled from several basic types of blocks: some are responsible for asset selection, others for their weights, others for filtering and sorting, and others for conditional logic. By combining them, the user can assemble both a very simple strategy, essentially an index portfolio analog, and a fairly complex system with entry, exit, and protective scenarios.

Conceptual summary

Rating 3 out of 5: the functionality is interesting and unique. But it is not described how the project manages the user's smart wallet with the strategy: is it a node, a centralized server, or an oracle... It's good that session keys are issued for managing the strategy without the ability to withdraw from the smart wallet.
There is also no market analysis, competitors, and demand.

Coin

No tokenomics or utility tokens. No token either. But as I wrote in the concept (FAQ section), there is a point program.

I remind you that points are awarded for the balance of the strategy and the holding time (when the amount of the strategy changes, the accrual also changes).

According to Cryptorank, the project raised $4 million from a16z CSX, Coinbase Ventures, GSR, Selini Capital, Anagram Crypto, Uniswap Labs Ventures, Generative Ventures, Pivot Global, MoonPay, Hardi Meybaum, and Plume Network:

The list is long, and there are well-known investors. The amount could be larger (now or in the future).

Coin summary

Rating 3 out of 5: there is no token or tokenomics, but there is a point program. There are also investments, including from well-known funds (e.g., A16Z and Uniswap). But the total amount is only $4 million (according to Cryptorank).

Code

Rating 1 out of 5: it is closed.

Practice

We open the application's website:

"Sign in":

If not needed - "Other wallets":

Select, connect and sign the message.

Onboarding:

Click "Create your account" to create a strategy account:

And sign.

After that, we can immediately select a portfolio:

Options:

• 50/50 BTC and ETH

• DeFi Token Mix

• The Big Five

You can also go to "explore moreor" or create your own portfolio.

Let's choose "The Big Five":

We see information, including TVL $ 5.1K - it's a bit low.

There is also a description and assets. Note that for XRP, $UXRP is used instead of SOL uSOL and instead of DOGE uDOGE. They have their own liquidity level in Base. I already talked about uTAO with liquidity of 7K in the review of Universal and how it dropped to 2K $.

If you agree, click "Sign (Free)" and sign the message. It's important that I wouldn't choose this option for the main deposit. Here it doesn't matter: anyway, I'll invest 5-10 $.

So, next they offer a choice of funding method:

Selecting "Crypto Transfer":

USDC Base is selected by default. I'll keep this token and have already entered the amount.

You can choose a different token:

I'll keep my current one and click "Deposit". Confirm the standard fund transfer in your wallet (don't forget to check the amount).

Next:

Click "Schedule portfolio":

I see the asset composition and that the portfolio is online.

"Rebalance Now" is unavailable. Click "View Portfolio":

I land on the portfolio page. Here we can go to settings by clicking "Settings":

Here we can specify how often to rebalance (keep in mind that this also requires fees). I changed it to 1 day and added a description. I didn't touch the tags - they are not needed in my case.

And expanded "Permissions":

Here you can make the portfolio public (private by default) and allow forks. This is more relevant for creators of unique portfolios, which we will discuss later.

By clicking "Edit portfolio" we open the constructor:

Here we can see the added assets. At the top - delete them or add new ones.

By clicking "Edit weighting configuration", we see the following menu:

We can choose between equality (to always be equal), percentage, and market cap.

Changed to percentage:

The button became like this:

"Weight

specified percentage"

And below are the percentages for each asset.

I set 5% for uDOGE:

uXRP also 5% in the same way, ETH - 40%, cbBTC - 30%, uSOL - 20%:

So as you can see, it's quite simple!

Ready to go, hit "Save and Rebalance":

The page with new data has opened. We can study it. In particular, we see the rebalancing that occurred.

And also that there is currently a loss of -0.03 $.

With the "Share" button, we can share:

"Portfolio options" will open the menu:

Where we can view the template, duplicate the portfolio, and change permissions. I won't show the second and third, but here's the template:

The "Addresses" button on your portfolio page will display addresses in different blockchains. But I don't recommend topping them up (I have 5 USDC Arbitrum stuck):

Below (under the history and other sections) you will find the rebalance, deposit, and withdrawal buttons. Below the rebalance, you will see the balance, the Gas saved, and the points I will receive 9 per day.

Profile and settings

To access them, click on the wallet address at the top:

"My profile":

We see the deposit balance and active portfolios.

"Settings":

Here you can select a theme, restart the onboarding, configure portfolios and notifications in the future, and connect X.

Dashboard, cash balance, and referral program

The first page from the title opens via the "Dashboard" link in the main menu:

Here you can top up your cash balance for use when creating / replenishing strategies.

You can also create a portfolio and view existing ones.

The "available-funds" page with cash balance:

Top up, withdraw, and change permissions in "More options":

(I wouldn't advise you to change anything here).

Click on the "Refer and Earn" button at the top. Also opens via "Invite friends" in the dashboard:

Here we can enter the referral code of the person who invited you (you will already have mine) and copy / generate your own link.

We study existing ones and create a portfolio from scratch.

Study for selection in "Explore":

This is like a list of strategies in onboarding, but there are more of them here.

We see the existing tokens and description. So we choose what suits us. Don't forget that we can edit later.

There are 2 blocks here: Base batches, Plume ecosystem portfolio (RWA), and Solana portfolio.

There are also DeFi and popular portfolios. For example, the first one is the High Yield USDC Strategy. The name is nice, but there are only 2 tokens: USDC and HYCSUSDC.

I draw your attention to the fact that the most popular deposit strategy has $1,771,665.06. That is, not very large: it is worth allocating a small deposit for this project.

Create

Click "Create" in the menu, landing on this page:

Click "Select block":

Options:

• Asset
  Add a token from any network

• Weight (Allocation)
  Determine the balance between your assets

• If/Else (Conditional)
  Tell your portfolio: "If this happens, do this and that".

• Filter
  Keep only the tokens that match your rules

• Dynamic
  Automatically update tokens in DexScreener using your filters

The other 2 are inactive for now.

Selected the last option:

Clicking on "Dynamic":

Changed market cap and liquidity. Also set the percentages of changes and that there are 5 tokens. At the end "Apply Filters".

Here are the changes - awesome functionality!

"Weight" set to "Market Cap":

But after that, the tokens became inactive, and I don't know where to set the desired value. So I will use either an equal percentage or a specific balance.

Under the block, you can press the button (mine is unsigned) - another block will be added:

For example, I selected a filter:

"SortSelect":

Also changed to top 5, and then to another function by clicking on "Choose function":

On "Percent Gain":

Result:

By the way, don't click on waiting (another one is added, and for some reason it can't be deleted). It's the same as what we had immediately:

Fortunately, you can click "Undo" to undo the changes.

Manual token selection is the standard selection form:

I won't be adding them.

And the most interesting thing left is if/else:

How "Select block" - opens the same list of blocks:

Selected token:

But forgot to set the condition. Click on "Set condition":

Clicked on "Select function" and set the function "Current price". Next, selected the token. Result:

By clicking on "greater" we can select it and "less" (I set it).

Here in the list of functions, "Fixed Value" is added. I will specify it:

Unfortunately, there is no percentage... So we could set a condition that if the price has decreased by 10%, then...

I set the price < 0.497:

As you can see on the screenshot below, a separate block with the token is no longer needed. So I have already removed it from the condition:

And we can select the action block. As I understand, here you can specify the purchase token by simply selecting the token. I selected USDC. But I'm not sure if this will work...

And in else, I specified ETH:

As you can see, there is a list of assets. But ETH is also present in it.

In general, if there is a desire to do something complex, you can implement something other than what is desired.

Once everything is done, click "Create portfolio":

"Sign (Free)" and sign. Then top up as when creating the first portfolio or, if you have topped up the cash balance, select cash balance.

Done:

"Schedule portfolio":

And we see our portfolio.

Here's its link: https://glider.fi/portfolio/cxogxhkx

Practice results

Rating 4 out of 5: unique functionality, you can create almost any portfolio management strategy. Almost, because I couldn't rebalance when the price changed by 10% in USDC and back.
All constructor blocks are clear, but the if/else operating principle is not entirely clear.

Also, it's important that the deposit for the top 1 strategy is only about 1.2 million $: don't allocate a significant amount here.

Overall result

15 out of 25:

• Team: 4 out of 5: the team is public, but there are no links or information on the website. Most members have experience in their current or related positions.
  Social media is active (except for Youtube), and they answer questions correctly and quickly.

• Concept: 3 out of 5: the functionality is interesting and unique. However, it is not described how the project manages the user's smart wallet with the strategy: is it a node, a centralized server, or an oracle... At least session keys are issued for managing the strategy without the ability to withdraw from the smart wallet.
  There is also no market analysis, competitors, and demand.

• Coin: 3 out of 5: there is no token or tokenomics, but there is a points program. There are also investments, including from well-known funds (e.g., A16Z and Uniswap). But the total amount is only 4 million (according to Cryptorank).

• Code: 1 out of 5. It is closed. There are audits of the smart wallet, but they are from other developers.

• Practice: 4 out of 5: unique functionality, you can create almost any portfolio management strategy. Almost, because I couldn't rebalance when the price changed by 10% in USDC and back.
  All constructor blocks are clear, but the if/else operating principle is not entirely clear.
  It is also important that the deposit for the top 1 strategy is only about $1.2 million: do not allocate a significant amount here.

You were with a blind programmer and review author

Subscribe to https://t.me/blind_dev - there are posts with new reviews, about the tokenomics of projects and about me.

They did a good job distributing to users back in the day, but then the token fell for a very long time. Even when the market was growing, it didn't react much.

But I know a person who talks about interesting technologies at Dydx, and also that it is decentralized and the code is open. So I decided to write a review: let's see how good the project is.

This is a blockchain based on the Cosmos SDK for trading.

Audit

Team

There is LinkedIn:

4 thousand followers.

Last post 1 day ago with 9 reactions and 1 repost.
Previous - 2 days ago with 11 reactions and 2 reposts.

There are vacancies.

Company people:

A total of 13 employees are listed. 9 of them have profiles.

Joshua Watts:

970 followers. Only shares other posts about Dydx.

Work experience:

• At dYdX Foundation: Operations from November 2021 to November 2022, Governance Lead from November 2022, Head of Governance and Strategic Initiatives from January 2024, COO (Executive Director) from June 2025

• Law Clerk - Private Investment Funds at Proskauer Rose LLP from November 2019 to March 2021

• Summer Associate at Proskauer Rose LLP from May to July 2018

• Venture Capital Associate at O'Leary Ventures from July 2017 to February 2018

• Legal Advocate at Community Legal Assistance Society in 2016

• Research Associate - The Mentally Ill Homeless Housing Project - at CAMH in 2015

• At The University of Winnipeg: Research Associate and Assistant Program Evaluator from 2013 to 2015, Researcher (Social Sciences and Humanities Research Council) from 2014 to 2015

• And another (total 11)

Education:

• University of Toronto - Rotman School of Management: Master of Business Administration - MBA, Business Administration and Management, General from 2016 to 2019

• University of Toronto: Doctor of Law - JD, Law from 2015 to 2019

• Universiteit van Amsterdam: International Law and Legal Studies, Exchange Program in 2018

• The University of Winnipeg: Honors Bachelor of Arts, Criminal Justice from 2010 to 2015

From the work experience, one cannot say that he is capable of being in the position of Executive Director, or even Head of the Department of Management and Strategic Initiatives. But he has been working at Dydx for a long time: apparently gained experience there.

Mackay Grant:

838 followers. In posts, he only shares content.

Work experience:

• Founder in Stealth Startup since March 2025

• Founder in Residence at The Residency since May 2024

• Grants at dYdX Foundation since September 2023. Previously worked as Analyst, Operations from April to September 2022

• At Blockchain Acceleration Foundation (BAF): Core Team from September 2022 to January 2024, Board of Advisors since January 2024

• At Suffolk University Blockchain: Vice President, Co-Founder from October 2021 to July 2022, President, Co-Founder since July 2022

• And other experience (total 14)

Education:

• Suffolk University: Bachelor of Business Administration - BBA, Management and Entrepreneurship from 2020 to 2024

• Hopkinton High School, New Hampshire: High School Diploma from January 2015 to June 2019

Here is a professional capable of working effectively in their position: led many places. Although the companies are not particularly well-known: it is unknown how well they distributed grants.

Charles d'Haussy:

25,686 followers. Also only shares content about Dydx.

Work experience:

• CEO at dYdX Foundation since September 2022

• Book Co-Author at Arabian Crypto since January 2025

• At ConsenSys: Director Strategic Initiatives from February 2019 to March 2021, Managing Director - APAC from March 2021 to April 2022, Global Head of Business Development from April to September 2022

• Co-Author, Block Kong at Block Kong, The Book from February 2019 to August 2022

• Appointed Member, Working Group on eCNY/CBDC Implementation at Financial Services Development Council from September 2020 to March 2021

• And other experience (total 13)

Education:

• Sun Yat-sen University: Chinese Mandarin, language from 2004 to 2005

• Rennes School of Business: Bachelor of Arts, International business 1997 - 2002

Great specialist: held leadership positions at Consensys. Therefore, also leads Dydx well.

Mega S.:

1441 followers. Last post 3 months ago with 1 reaction

Work experience:

• At dYdX Foundation: Governance Operations Manager from September 2023 to January 2024, Governance & Strategic Initiatives Manager from January 2024 to January 2025, Governance Lead from January 2025

• Research Analyst at Nansen from July 2022 to June 2023 (contract)

• Legal Counsel at Harbourfront Capital Management from October 2018 to June 2022 (contract)

• Data Analyst at TripleTen from July 2021 to March 2022 (professional training)

• Data Analyst at SUPERFLUID LABS from December 2021 to January 2022 (professional training)

• And other experience (total 11)

Education:

• Universitas Indonesia (UI): Bachelor of Laws (LL.B.), Energy, Environment, and Natural Resources Law from 2013 to 2017

• TripleTen: Data Analytics from July 2021 to March 2022

Extensive work experience, but more related to analytics and research. Great that he worked at Nansen. But I don't know how good this experience is for quality DAO management in Dydx.

Javier Sánchez Valiente:

1,528 followers.

Last post 2 months ago about DyDx with 28 reactions and 2 comments.
Previous one - also 2 months ago about Dydx with 61 reactions, 5 comments, and 3 reposts.

Work experience:

• At dYdX Foundation: Legal Counsel from July 2022 to December 2023, Head of Legal from January 2024

• Legal Advisor at Fence from January 2023 to March 2024 (part-time)

• Associate at Freshfields from September 2018 to July 2022

Education:

• Global Blockchain Initiative: GBI Blockchain Academy Spring 2022 Edition, Blockchain from January to March 2022

• Universidad Pontificia Comillas ICAI-ICADE: Double Degree, Law and Business Administration and Management (E-3) from September 2013 to May 2018

Good experience in the field related to the position at Dydx.

Alice Regan:

2,984 followers.

Last post 8 months ago about marketing with 4 reactions.

Work experience:

• KOL & Affiliate Marketing Manager at dYdX Foundation since March 2025

• KOL Lead at Flight3 from April 2024 to March 2025

• Chief Marketing Officer at Foxify from January 2023 to April 2024 (remote)

• Founding Partner & CMO at 3DGE from January 2022 to April 2024

• Web3 Marketing Consultant at MINT Social Media from August 2016 to March 2024

• And another experience (total 9)

Education:

• CIM | The Chartered Institute of Marketing: Foundation degree, Professional Digital Marketing from January 2023 to January 2024

• University of Northampton: Bachelor of Laws - LLB

Good experience, but I haven't heard much about the projects: is this such a good specialist in marketing?

Markus Spillmann - I'll skip. He is a member of the foundation's board. And he is also in other projects. From the well-known ones - Worldcoin foundation.

Winfred K. Mandela:

3,429 followers. Last post 1 day ago about Dydx with 1 reaction, 2 comments, and 1 repost.

Work experience:

• Marketing Lead at dYdX Foundation since July 2025

• Head of Business Development, Marketing and Governance at Stakecito Labs from January 2024 to July 2025

• Technology & Finance Media Contributor at Entrepreneur Media from July 2021 to July 2025

• Head of Marketing & Communications for Anoma and Namada at Heliax from June to December 2023

• Senior Growth Marketing Manager at EOS Network Foundation from May 2022 to May 2023

• And other experience (total 10)

Education:

• Carleton University: Economics

• University of Ottawa: Accounting

Extensive experience in leading marketing. From well-known companies - EOS Network Foundation, Zcash Foundation, Entrepreneur Media and validator Stakecito.

Julian La Picque:

21,770 followers. Last post not about Dydx 1 month ago with 154 reactions, 7 comments, and 2 reposts.
Previous - 5 months ago with 179 reactions and 6 comments.

Work experience:

• Group CFO at Chiliz since September 2022

• Group CFO at Socios.com since September 2022

• Board Member at dYdX Foundation since March 2025

• Advisory Board Member at Crowdgenix since April 2023

• Mentor at Tenity since August 2022

• And other experience (total 23).

Education:

• Swiss Board School: Diploma of Education from September 2023 to July 2024

• The London School of Economics and Political Science (LSE): Msc, Finance and Private Equity from 2010 to 2011

• HEC Lausanne - The Faculty of Business and Economics of the University of Lausanne: Bsc, Economics from 2006 to 2009

• Collège Madame de Stael (Geneva): Maturitat, Physics and Applied Mathematics from 2002 to 2006

Project social networks

Discord:

Good activity. My questions were answered correctly. Moreover, they even have a neural network that provided an automatic but useful answer.

Last announcement on July 21:

Only announcements in the Russian chat. The last one was today at 3 AM, before that - the day before yesterday:

X @dydx:

283.7K subscribers, 6,235 posts. Last post 11 hours ago with 24 replies, 14 reposts, 58 likes, and 3,276 views.
The previous one was published 14 hours ago; it received 47 replies, 20 reposts, 85 likes, and 7,533 views.

X analysis by Tweetscout:

Score 1773, level 4 (Significant).

Projects subscribed to them: @osf_rekt, @solana, @tier10k, @phantom, @moonpay, @coingecko, @DegenerateNews, @AxieInfinity and others.

Venture capital: @DavidSacks, Craft Ventures, @rleshner, Robot Ventures, @ljxie, Scalar Capital and others.

Analysis of X by Moni:

Moni Score
Level: 7. Peak
16143
+61/day
Mentions 8.01K, mentions by smart contracts - 921.

X @dydxfoundation:

This is a DAO account.

39.8K subscribers, 5,524 posts.
The last one was 7 hours ago about a new proposal with 4 replies, 3 reposts, 18 likes and 526 views.
The previous post about the market with a boost had 10 replies, 8 reposts, 61 likes and 734 views.

Analysis of X by Moni:

Moni Score
Level: 4. Established
3586
+22/day
1,96K mentions and 127 mentions by smarties.

Analysis of X by Tweetscout:

Bot level 3 (High). Score 742, level 3 (Credible).

Subscribed projects: @DefiantNews, DeFi Pulse, @zerion, @Bitstamp, @MilkRoadDaily, @BitteProtocol, @BlockchainAssn, @VeloraDEX, @maplefinance and others.

Venture capital: @ljxie, Scalar Capital, @Arthur_0x, DeFiance Capital, @VinnyLingham, Newtown Partners and others.

Youtube:

4.08K subscribers, 129 videos.

The last and penultimate video 1 month ago. The first got 103 views, and the second - 221.
Before that, there was a video 2 months ago with 361 views.

Reddit:

The community is also active: the last post was 20 hours ago.

Team assessment

Rating 5 out of 5: there are participants on LinkedIn and they have experience in their field (for the most part), social media is active and they answer questions correctly. Moreover, there is even an active Reddit community, which not every project has.

Concept

Sources:

Knowledge base:

Developer documentation:

Article about Dydx chain

What is dYdX and how does the software work

dYdX Chain (version 4) is an independent blockchain built on the Cosmos SDK and using a Proof-of-Stake consensus algorithm. It is designed for decentralized trading of perpetual contracts.

Key features:

• Order book and order matching work off-chain, but the result is recorded in blocks

• All network components are open and can be launched by any participant

• Interfaces are provided by a web application and mobile apps for iOS and Android

• The network is independent of external blockchains but can interact with them via IBC and third-party solutions

For traders: fees, funding, limits, liquidations, and risks

Fees:

• For market orders (taker) - from 0.05% to 0.025% depending on the trading volume over 30 days

• For creating liquidity (maker) - from 0.01% to -0.011%. Partial fee refund is possible with high volume and activity

Funding:

• Used to peg the contract price to the price of the underlying asset

• When the contract price is higher than the fair price (according to the oracle data), traders in long positions (longs) pay those in short positions (shorts)

• When the price is below fair value, shorts pay longs

• Funding calculation occurs every hour, the rate depends on the market situation

Margin and liquidations:

• To open a position, collateral (USDC) must be provided

• If the capital falls below the minimum level, the position is closed forcibly

• In case of sharp price changes, if the position goes into negative, the protocol can automatically reduce other positions of the same user to cover the loss (deleveraging)

• Up to 1.5% of the remaining capital upon liquidation may be directed to the insurance fund

Additional risks:

• Slippage during high volatility

• Losses from funding when holding an unprofitable position

• Changing network parameters through community voting

For liquidity providers: MegaVault and risks

MegaVault is a storage where users deposit USDC to provide liquidity and earn income

Income is generated from:

• Profits from trading strategies implemented within the vault

• Transaction fees on the exchange

• Funding payments and additional incentives

How it works:

• Deposits are distributed across separate vaults (subvaults) for different markets

• Income is distributed proportionally among all participants

• Withdrawals are possible at any time, but may be subject to slippage

Risks:

• Income is not guaranteed, losses are possible in case of unsuccessful trades within the vault

• Slippage and withdrawal delays may occur under unfavorable conditions

• Future withdrawal restrictions may apply (e.g., locks or minimum holding periods)

Network and order book operation

Order book:

• Stored in validators' RAM and not recorded on the blockchain until the trade is executed

• One validator is selected to assemble a block and includes executed trades in the block

• All validators synchronize after each block

• Average block creation speed is 1 block per second, ensuring fast order execution and high data update frequency

Indexer:

• Collects trading data and provides it via API and WebSocket

• Divides data into:

• on-chain - balances, trade history, funding, liquidations

• off-chain - active orders, order book states

• Provides real-time data access for interfaces and external services

Cross-chain interaction: deposit and withdrawal of funds

dYdX supports interaction with other blockchains through the following mechanisms:

• IBC (Inter-Blockchain Communication) - a standard for transferring tokens between blockchains in the Cosmos ecosystem

• Skip - an external interface that allows users to conveniently transfer assets between dYdX Chain and other networks. Uses IBC and path routing

• IbcTransferHook and IbcForward contracts allow setting up routes and performing actions after transfer

With these solutions, users can deposit and withdraw assets (e.g., USDC) from dYdX Chain to other blockchains and back

Using oracles

For calculating funding, liquidations, and fair contract prices, dYdX uses external oracles, which provide reliable data on the market price of the underlying asset.

Features:

• Oracles supply median values from aggregated centralized exchanges

• Data is updated every second and synchronized across all validators

• Oracles are the only source of fair price (mark price) that affects funding and liquidations

The chain does not depend on user orders or prices within dYdX to determine the true value of an asset. This reduces manipulation risk and protects users from dishonest actions in the internal market.

Additional features and capabilities

Subaccounts:

• One user can open up to 128001 subaccounts

• Subaccounts allow isolating positions and managing risks

• Some subaccounts are intended for separate isolated positions

Rewards:

• For staking - validators and delegators receive, proportional to their contribution

• For trading - are credited automatically after each trade in the form of dYdX tokens

Management:

• All network parameters (commissions, funding, risks) are configured through community voting

• Participants can submit proposals, vote, and make changes

Competitors, market analysis, and demand

Unfortunately, there is no information about this.
According to the demand, it is indicated that Dydx is for active traders. Blockchain provides greater reliability than smart contracts, as they are decentralized.
But compared to the same Hyperliquid, the speed of 1 block per second is quite slow...

On the other hand, it is unlikely that an ordinary user will notice the difference between 0.1 seconds and 1 second. So the disadvantage is not critical.

Analysis of project demand

DefiLlama:

TVL $314.08 MLN. Volume of swaps over 30 days - $6,785 MLRD!

In July, the project earned $1.39 MLN in commissions, and in June - $1.05 MLN.

In January, December, and November, they were higher than usual (2 and 3 MLN with something).

Conclusion on the concept

Rating 4 out of 5. All the details: there is information for both users and developers. Information about blockchain and how it works has been published.
But there is no information with analysis of competitors, demand, and market.

Coin

Initial Distribution

Initially, 1,000,000,000 $ethDYDX tokens (on Ethereum) were emitted on August 3, 2021 and are unlocked over 5 years. The distribution was as follows:

• 50% (500 million) - to the community:
  25% - trading rewards (Trading Rewards),
  7.5% - retroactive rewards to users (Retroactive Mining Rewards),
  7.5% - to liquidity providers (Liquidity Provider Rewards),
  5% - community treasury (Community Treasury),
  2.5% - USDC stakers (Liquidity Staking Pool),
  2.5% - DYDX stakers (Safety Staking Pool).

• 27.7% (277.3 million) - to dYdX Trading Inc. investors.

• 15.3% (152.7 million) - to dYdX Trading and dYdX Foundation founders, employees, consultants

• 7.0% (70 million) - to future employees and consultants of these organizations

Source: dYdX Governance Documentation – Allocations

My comment: a lot was allocated to the team and investors. To avoid dumping, it's better to give a maximum of 10% to investors and 10% to the team.
Although half was given to users - this is a significant part. It's good, although it depends on the distribution terms (if large shares were sent after launch - bad)

$DYDX unlocks

Token unlocking occurs in stages starting from the launch. The first liquidity wave began on September 8, 2021, 8 days after the end of the "zero epoch" (Epoch 0). Approximately 8.11% of the total token volume became liquid at this stage.

A vesting schedule was established for investors, employees, and advisors:

• 30% - after 18 months

• 40% - evenly from month 19 to 24

• 20% - from month 25 to 36

• 10% - from month 37 to 48

My comment:
The first unlock was large. 30% of 27.7% is 8.31% of all tokens. This is enough to significantly drop the price.
The second unlocks of 8% of the investor share are also too much, as this is 2.216%.
The third and subsequent ones are already fine, as they are distributed at 0.5% per month or less. This can already be bought back if there is demand.

In addition, trading and liquidity rewards are distributed in monthly cycles (epochs) over 5 years and are not subject to vesting or additional locks.
Comment: From the project development perspective, this is good, but combined with investor unlocks, it becomes significantly...

Data source: Introducing DYDX

And here is the vesting for Cryptorank:

It says here that only 64.8% is unlocked, but it should be noted that some data is not tracked, such as the "Community Treasury".

But overall, it's worth looking at. So we see that on August 1, 0.42% will be unlocked, in 10 days - 0.28%, on September 1 - 0.42%, and so on.

The total percentage for the month is 0.7%, which is generally okay.

I checked: there will be no spikes.

Token utility

After the launch of the dYdX Chain in October 2023, the DYDX token (previously ethDYDX on Ethereum) became not just a governance token, but a full-fledged infrastructure element of a new independent level 1 network built on the Cosmos SDK.

1. Staking and security
   DYDX is used for delegating to validators who are responsible for block production and order book operation. Validators and delegators receive rewards in USDC - it comes from trading activity and gas fees, not from inflationary emissions. As of mid-2025:
   over 300 million DYDX is staked
   over 17,700 addresses participate
   over $52 million has been paid out in USDC

2. Governance
   DYDX remains a governance token. Holders can vote on protocol changes, including network parameters, asset listings, and strategic initiatives. Governance is fully on-chain, without intermediaries.

3. Capital and SubDAO
   DYDX gives the right to vote on capital allocation through SubDAOs:Treasury SubDAO - buybacks, staking, resilienceGrants SubDAO - funding the ecosystem and developersOperations SubDAO - analytics, infrastructure

DYDX has become not just a governance tool, but a coordination mechanism for the entire ecosystem.

Source: DYDX Token Utility Explained

Comment:
Buybacks are good, but I briefly looked and saw that there are not many of them.

Investments

According to Cryptorank, the project once received $85 million:

Investors: Andreessen Horowitz (a16z crypto), Polychain Capital, Paradigm, HashKey Capital, DragonFly Capital, Delphi Ventures, DeFiance Capital, CMS Holdings, Hashed Fund, CMT Digital and others.

Final assessment of the coin

Rating 3 out of 5: tokenomics and utility exist, but a lot was allocated to the team and investors (27.7% for investors and >22% for the team). The initial unlocks were large, which caused the price to drop to the current level, but now the unlocks are smaller (if there is demand, they can be bought back, especially since there are $DYDX buybacks). The investments are good and from well-known funds in the amount of about $85 million.

Code

There are several repositories.

dydxprotocol:

As I understand it, this is the main account of the protocol. There are 60 repositories here, so I will consider the main ones.

dydxprotocol/v4-abacus:

General interface and mobile logic written in cross-platform Kotlin.

Last updated 3 weeks ago:

Total 886 commits:

July 4, 18, 17, 12, 10 and earlier.

dydxprotocol/v4-infrastructure:

As the name suggests - Dydx V4 infrastructure.

Last updated 4 days ago:

A total of 122 commits:

July 21, 3, 1, June 30, May 2, and earlier.

By the way, in dydxopsdao/v4-infrastructure the update was 2 months ago: maybe moved to the main, or maybe stable releases are here.

dydxprotocol/v4-documentation:

Dydx V4 Documentation.

Last updated 2 days ago:

A total of 280 commits:

July 23, 22, 17, 16, 14, 11, 9, 7, 4, 3, 2 and earlier.

dydxopsdao/v4-documentation was updated 3 months ago.

dydxprotocol/v4-clients:

Last updated 15 hours ago:

Total 278 commits:

July 24, 22, 21, 17, 16, 4, 2 and earlier.

dydxprotocol/v4-native-android:

As I understand it, this is the Android app code for trading through Dydx.

Last updated 2 days ago:

Total 306 commits:

July 23, 15, 14, 8, 7, 3 and earlier.

dydxopsdao/v4-native-android was updated 3 hours ago - apparently more frequent development is happening here.

dydxprotocol/v4-chain:

Blockchain PO.

Updated yesterday:

Total 1,832 commits:

July 23, 22, 17, 14, 13, 9, 8, 1 and earlier.

dydxprotocol/v4-web:

Dydx V4 web interface.

Last updated 12 hours ago:

Total of 1,596 commits:

July 24, 22, 21, 17, 16, 15, 14, 11, 9, 8, 1 and earlier.

dydxopsdao/v4-web was also updated 12 hours ago.

dydxprotocol/v4-native-ios:

Native IOS trading app.

Last update 2 days ago:

Total 175 commits:

22, 18, 17, 14, 7, 1 July, 19, 18, 16, 13, 10 June and earlier.

In the repository dydxopsdao/v4-native-ios the last update was yesterday.

The full list of repositories for the account dydxopsdao:

And now to the unique repos.

dydxopsdao/validator-snapshots:

S3 environment for creating node snapshots.

For some reason, the last update was last year (a long time ago):

Although if there are no snapshots in the repository itself, it's okay.

Only 3 commits:

All of them were on April 18, 2024.

dydxopsdao/rpc-monitoring:

Last update 3 weeks ago.

RPC checker.

Last updated 3 weeks ago:

Total of 26 commits:

July 7, May 5 and earlier.

Audits

Located here: dydxprotocol/v4-chain/tree/main/audits:

PDF files with audits.

It's bad that it's one company (Informal Systems), but it's great that they conduct periodic audits.

Code Summary

Rating 5 out of 5: updates are conducted, code is open. SDK is unfortunately not available, but there is an API.
There are also blockchain code audits by Informal Systems.

Practice

We will work with the web application https://dydx.trade:

"Connect wallet"

Great that they support EVM wallets - it's convenient.
Also a plus for supporting e-mail - it's convenient for new crypto users.

Choose, connect - result:

"Send request" and sign in the wallet. It's important that there are no 0x (only text).

Result:

They offer to top up. I click on USDC Ethereum:

And I choose USDC Base. Next, I enter the amount:

"Deposit funds". We change the balance to match the screenshot (according to the entered amount). It is not advisable to approve everything:

And we confirm approve, sign the permission, and confirm the transaction.

Done:

"Start trading":

A new list of markets has opened.

Under the banner logo, we can see the language selection button, an inactive mainnet button,
By clicking the "More" button under the menu, informational links will open.

About to add:

• First - downloading Dydx on the phone (Android and IOS)

• Second - help

• Third - notifications.

Perhaps you understand from the icons, but they are voiced to me as "Button", so I decided to write.

By clicking on the connected wallet, we see the Dydx address, EVM address, link to the address in the explorer and balance (28.76 $: > -1.24 $ commission), the ability to export the Seed phrase, connect the mobile app and download it, settings and disconnect:

And on the page itself, first the recently added markets, then "Largest participants in the process" by growth or decline, and all markets with the ability to search and filter.

For example, I am interested in DePIN:

We immediately see the maximum leverage, the price by the oracle, the change over 24 hours and the volume over the same time, the spot volume over 24 hours, market capitalization, number of transactions, open interest rate and financing per 1 hour.

Moved to the market:

Also, asset parameters and deposit/withdrawal.

We can choose: long or short.

I choose short:

Isolated margin selected: cross is not available.

Market order by default, but can be changed to limit:

Or click "Advanced" and select another order type:

Stop-limit or stop-market.

I'll start by creating a market order.

By clicking on TAO, I switch to USD:

Also, as you can see, I set a different credit leverage and added a stop order of -10%.

It's inconvenient that you can't choose a percentage of the amount or the whole thing - I entered it manually:

We see the parameters: the expected price, the liquidation price, margin and leverage, commission ($0.25) and the expected reward size.

If everything is satisfactory, click "Place Market Order".

Position created:

The first button in the last column of the table allows you to share:

The second one is for closing the position:

Let's see how much we get, what the commission and reward are. Other parameters are secondary, although it's worth checking them too.

If everything suits us and we want to close the position, click "Close position".

On the "Open Orders1" tab, we will see orders:

The only button is cancel.

And the "Executed Orders1" remain with history. I won't show them: the tables are standard.

By the way, you can view the markets by clicking on the current pair:

Portfolio

Here:

Here you can see a summary with a chart, balances, and positions.

Also, there are tabs: positions, orders, etc.

Let's move on to "Commissions":

There is also info about levels. I'm on the first level, and to reach the second level, you need a volume of 1 million $ over 30 days.

"Capital levels":

As far as I understand, if the balance is from 20 to 100 $, I can open a maximum of 10 orders. You should focus on your own amounts.

And "History":

By default, trades. Let's move on to transfers:

As you can see, everything is clear.

The next two are empty, so I won't show them.

It's great that we can export history and close positions on the overview tab.

We can withdraw funds by clicking the "Withdraw Funds" button:

I click on "Ethereum" and change the withdrawal network:

If everything is satisfactory (note that the commission is $0.04), click "Withdraw Funds":

In progress.

MegaVault

The page of the vault whose funds are traded. This storage is managed by Greave Cayman Limited. The operator was chosen by the dYdX community.

We see that the calculated interest rate is 15%, and TVL is $18,268,026 (not enough):

Next is a chart to assess profits or losses.

Further down is a list of assets (200 in total) and the ability to add/remove USDC.

Minimum amount is 5 USDC.

After closing a profitable position, the amount became $33.

But I will add 13:

We see how much will remain for the margin. And how much will go to storage.
If everything is good - "Review":

Check the box, agreeing to the terms. and "Confirm":

By going to "Withdraw Funds", we can withdraw:

My balance decreases by 1 cent, but over time it may be less or more.

"Review":

If you agree with the changes, "Confirm" and that's it.

Referrals

On this page, you can get a referral link and view reward statistics:

I click "Get your partner link":

Here it is: dydx.trade?ref=CopperHook15J

Under statistics, you will see the leaderboard table.

I will be happy to register using my link.

DYDX

Token page:

There are contest trader points (I have 0), a chart and history of rewards in the token and token section.
You can transfer it there and send it to staking.

"Place in staking":

We can choose a validator:

For example, Cosmostation5,00% commission, by clicking on it:

But my amount is not enough for a steak: the commission is more than the amount.
But I think the principle is clear.

Management is simply going to the Keplr wallet control panel to participate in proposals.

Practice result

Rating 4 out of 5: everything is convenient and clear. There is even a mobile app and email authorization!
The downside is that I had to explore some buttons by trial and error (not described by text - only icons). I put a minus for this, as accessibility is also important.

Overall result

21 out of 25:

• Team: 5 out of 5: there are participants on LinkedIn and they have experience in their field (mostly), social networks are active and answer questions correctly. Moreover: there is even an active Reddit community, which not every project has.

• Concept: 4 out of 5. Everything in detail: there is information for both users and developers. Information about the blockchain and how it is set up is published.
  But there is no information with analysis of competitors, demand and market.

• Coin: 3 out of 5: tokenomics and utility are present, but a lot was allocated to the team and investors (27.7% for investors and >22% for the team). The initial unlocks were large, which caused the price to drop to the current level, but now the unlocks are smaller (if there is demand, they can be bought back, especially since there are $DYDX buybacks). Investments are good and from well-known funds in the amount of about 85 million $.

• Code: 5 out of 5: updates are carried out, the code is open. There is no SDK, unfortunately, but there is an API.
  There are also blockchain code audits from Informal Systems.

• Practice: 4 out of 5: everything is convenient and clear. There is even a mobile app and email authorization!
  The downside is that I had to explore some buttons by trial and error (not described by text - only icons). I put a minus for this, as accessibility is also important.

You were with a blind programmer and author of reviews

Subscribe to https://t.me/blind_dev - there are new articles with reviews, tokenomics analysis, and news about my developments.

Abstract positions itself as a ZK-Rollup L2 network designed to make the crypto space accessible to the masses. Simple authentication via email or Google, default smart contract accounts, and low fees - it sounds impressive. But what's behind these promises? In my review, I delved into the depths of Abstract to find out how professional the team is and how they interact with the community, how unique and well-thought-out the concept is, what investments have been raised and whether there is transparent tokenomics, and also assessed the code update and the presence of audits. In practice, I evaluated the convenience of the interface and the operation of the project's main application.
I invite you to find out where Abstract has already proven itself and what still needs to be worked on.

Audit

Team

Found through a search engine LinkedIn:

The last post was 7 months ago with 11 reactions and 1 repost.
The previous one was 8 months ago with 15 reactions, 1 comment, and a repost.

443 followers

Company people:

Only two are listed - few, but apparently most have no public profiles.

Mason Cagnoni:

425 followers.

Last post 1 year ago (not counting reposts) with 19 reactions and 6 comments.

Work experience:

• Head of Ecosystem at Abstract Foundation since October 2024

• Partner at FlowCap Ventures since January 2023

• Chief Operating Officer at DKODA Labs from February 2023 to December 2024

• Senior Associate at Shikiar Asset Management from November 2021 to February 2023

• Analyst at Deutsche Bank from June 2019 to November 2021

• Insurance Producer at FINANCIAL RENAISSANCE, INC. from January 2018 to June 2019

• Building Maintenance at Cagnoni Development from May 2013 to August 2016

• Sales Floor Team Member at Menards from May 2015 to May 2016

Education:

• DePaul University: Bachelor's degree, Finance, General from 2015 to 2019

The only interesting thing is that he was an analyst at Deutsche Bank. But this doesn't quite match the area of work at Abstract: unless the results of the analysis are somehow used, which is unlikely...

Geoffrey Thompson:

2118 followers.

Work experience:

• General Counsel at Abstract Foundation since February 2025

• Charter Member at The L Suite (TechGC) since December 2019

• General Counsel at Matter Labs from April 2023 to February 2025

• At Roofstock: General Counsel, Chief Compliance Officer and Corporate Secretary from September 2019 to November 2021, Chief Blockchain Officer from November 2021 to March 2023

• Cypher Accelerator @ The Wharton School, UPenn at The Wharton School from January to April 2022

• And another experience (total 13)

Education:

• Duke University School of Law: Juris Doctor & LL.M. in International and Comparative Law from 2003 to 2006

• Georgetown University Law Center: Visiting Student from 2005 to 2006

• SDA Bocconi: Master's in International Economics from 1999 to 2000

• The American University of Paris: Bachelor of Arts from 1994 to 1997

Interesting fact - worked at Roofstock and Matter Labs as Chief Legal Officer. Also served as Legal Counsel at Anchorage Digital.

Found another team member list in Cryptorank:

The only one with LinkedIn - Co-Founder Michael Lee:

6440 followers.

Work Experience:

• Co-founder & CEO at Stealth Startup since 2024

• Co-founder & General Partner at Family Office since 2012

• Senior Vice President at ZKsync from 2023 to 2024

• Vice President at Activision Blizzard from 2022 to 2023

• Vice President at DFINITY from 2019 to 2022

• Writer & Producer at Disney Entertainment from 2018 to 2019

• Vice President at Pivotal Software, Inc. from 2015 to 2018

• Investor & Contributor at Ethereum from 2014 to 2018

• Senior Director at HP from 2013 to 2015

• And other experience (total 15)

Education:

• Northwestern University - Kellogg School of Management: MBA from 2010 to 2012

• University of Chicago: MA, Economic Policy from 1998 to 2000 and BA, Economics // BA, Public Policy from 1995 to 1998

• Fordham Preparatory School

Impressive that he worked at HP, ZkSync, and DFINITY.

The team at RootData:

Found more here with links to LinkedIn.

Lorenzo Melendez:

Co-Founder at Abstract.

1249 followers.

Work experience:

• President at Igloo, Inc. since March 2024

• At Pudgy Penguins: Chief Technology Officer from March 2022 to June 2024, President from March 2023

• Founder & Chief Executive Officer at Cowboy Labs from November 2021 to November 2022

• Full Stack Engineer at LeanTaaS from May 2019 to January 2022

Education:

• Washington University in St. Louis: Bachelor of Science in Computer Science from 2017 to 2021

• Kent Denver School: High School Diploma from 2013 to 2017

As I understand it, it's thanks to him that Abstract is associated with Pudgy Penguins! That's definitely cool!

Brian Hong:

APAC Growth Lead at Abstract.

1176 followers. Last post a week ago with 40 reactions, 2 comments, and two reposts. Topic: Abstract.
Previous - 7 months ago with 415 reactions, 43 comments, and 17 reposts. Topic: launch of $PENGU.

Work Experience:

• Head of APAC at Cube Labs since August 2024

• Growth Lead at ChainLight from September 2023 to October 2024

• Marketing Manager at OFF from February 2022 to September 2023

• In Republic of Korea Army: Basic Combat Training (BCT) Platoon Guide (PG) from February to March 2020, Sergeant, TOD (Thermal Observation Device) Operation Squad Leader from March 2020 to August 2021

• CGO, Co-Founder at VIA Entertainment from August 2015 to January 2019

Education:

• New York University: Bridge to NYU Tandon, Computer Science from 2019 to 2020, Master's degree, Computer Science from 2021 to 2022

• University of Illinois Urbana-Champaign: Bachelor's degree, Economics from 2014 to 2019

• Gyeonggi Suwon International School (GSIS): from September 2010 to May 2014

Abril Zucchi:

7542 followers.
The description says he is Head of AI Growth at Abstract.
But in RootData, it says Developer Relations.

Last post 1 month ago about a position at Abstract with 85 reactions and 9 comments.
Previous one - 2 months ago with 11 reactions.

Work experience:

• At Cube Labs: Developer Relations since September 2024, Head of AI Growth since June 2025

• Developer Relations at Morph from January to September 2024

• Founder at Lalent from August 2023 to August 2024

• Developer Relations Lead at Fleek from September 2022 to August 2023

• Solidity Engineer at Ripio from January to October 2022 (contract)

Project social media

X @AbstractChain:

659.4K readers, 1,481 posts.

Last post 16 hours ago with 180 replies, 115 reposts, 681 likes, and 32,688 views.
Previous - 19 hours ago with 161 replies, 83 reposts, 613 likes, and 25,774 views.

About Abstract, about XP.

Analysis of X by Moni:

Moni Score
Level: 7. Peak
17899
+20/day
3.35 thousand mentions, 3.34K smart mentions!

Analysis of X by Tweetscout:

Score 2254, level 5 (Supreme).

Subscribed projects: @opensea, @osf_rekt, @nowmedia, @rarible, @pudgypenguins, @coolcats, @worldofwomenxyz, @anonchained, @CoinMarketCap, @moonpay and others...

Venture capital: @loomdart, eGirl Capital 仙女資本, @cburniske, ARK Invest, @elliotrades, Neo and others.

Youtube:

2,920 subscribers. Only 11 videos.
Last one 5 months ago with 454 views.
The one before that - 7 months ago with 1.4 thousand views.

Discord:

Unfortunately, I can't join the server yet: I'm banned...

Team summary

Rating 4 out of 5: no links to the team on the website, found LinkedIn through search, and there are only two with links. Found more with LinkedIn links through RootData, and they are professionals. One even worked at ZkSync, and another at Paggi penguins!
X and Discord are active, but they don't answer questions. Waited 2 days. They also don't respond to direct messages on X - that's a big minus.

Concept

Information on the documentation:

About the project

Abstract is an L2 network on top of Ethereum for large-scale consumer applications with low fees and high transaction speed.
The foundation is the Abstract global wallet - a wallet that can be authorized not only with web3 wallets but also with web2 services (email, Google). This allows web2 users to easily join Abstract and use applications.
And soon, fiat integration is planned so that developers can work with it as easily as with crypto: the user pays in $, and the application exchanges or otherwise utilizes it in the form of tokens.

The network is based on Zk Stack from ZkSync, which allows it to be secure thanks to zero-knowledge proofs:
transactions are combined into batches and sent to Ethereum, where they are verified using ZKP.

Abstract is EVM-compatible, meaning it looks and works like Ethereum, but with lower gas fees and higher transaction throughput. Existing smart contracts developed for Ethereum will work on Abstract "out of the box" (with some differences), which means developers can easily port applications to Abstract without any changes or with minimal changes.

Great that the integration methods with Abstract are described in detailfor developers, as not everyone has this in their documentation.

Abstract Architecture

Abstract is a second-layer (L2) blockchain running on top of Ethereum. It processes transactions quickly and with low fees, and then bundles them into packages and publishes them to the Ethereum network to leverage its security.

Abstract is built as a ZK-Rollup. This means that all changes are verified using cryptographic proofs (Zero-Knowledge), which prove correctness without re-executing transactions on Ethereum.

How a transaction works

1. Execution in L2. The transaction is processed in Abstract, and the user immediately sees the result.

2. Sending to Ethereum. The sequencer bundles transactions into packages and sends them to Ethereum in compressed data to reduce costs.

3. Verification. A ZK-proof of correctness is created for the package, which is verified by smart contracts on Ethereum.

4. Finalization. After verification, changes are finalized on L1, and the state of Abstract becomes final.

Main components

• Sequencer - accepts transactions, forms blocks and packages, sends them to Ethereum.

• Prover - creates proofs of transaction correctness.

• Verifier - verifies these proofs in Ethereum.

• L1 contracts - store data and ensure security, and also allow messages to be exchanged between L1 and L2.

About Abstract Global wallet

Abstract Global Wallet uses its own account abstraction, creating smart contract wallets for users that have greater security and flexibility than traditional EOAs.

Users can connect their Abstract Global Wallet to an application by logging in with an email, social media account, or existing wallet. After connecting, applications can start offering users to approve transactions that are executed from the user's smart contract wallet.

Each AGW account must have at least one signer authorized to sign transactions on behalf of the smart contract wallet.

For this reason, each AGW account is created in two stages:

1. Creating an EOA. Upon registration, an EOA is automatically created - a key pair (public and private key) associated with the user's chosen authentication method. The process is implemented through Privy Embedded Wallets. The private key is divided into three parts using the Shamir's Secret Sharing algorithm, and any two are sufficient for recovery. The shares are distributed as follows: on the user's device, in encrypted form on Privy's servers (Auth) and in the user's backup cloud (Recovery).

2. Deploying a smart contract wallet. After generating the EOA, a smart contract wallet is deployed, to which the EOA address is passed as an authorized signer. All accounts in Abstract are smart contract-based, so the wallet is integrated into the ecosystem as a basic element. It is based on a modified version of Clave with secp256k1 support (for compatibility with Privy Embedded Wallet), custom validation logic, and EIP-712 signatures.

After initialization, the user can add and remove signers, set up recovery, and use additional modules.

After initializing the smart contract, the user can freely add and remove signers in wallets, as well as use other functions provided by AGW.

An important feature of Abstract global wallet is session keys

Session keys are temporary keys that allow performing a predefined set of actions on behalf of the Abstract Global Wallet without requiring the owner to confirm each transaction. They provide a smooth user experience by eliminating pop-ups and signature requests, which is especially convenient for games, mobile apps, and other interactive services.

An application can request permission from the user to create a session key for their Abstract Global Wallet. Such a key contains:

• A specific set of actions it is authorized to perform.

• A specific EOA signatory authorized to perform these actions.

After user request approval, the specified signatory can perform the permitted operations without repeated confirmation until the session key expires or is revoked.

Feature #2: Native account abstraction in Abstract

There are two types of accounts in Ethereum:

• EOA (Externally Owned Account) - managed by a private key.

• Smart contract - managed by code, but cannot send transactions.

Transactions in Ethereum always originate from an EOA, which limits flexibility. To overcome this, the concept of account abstraction was devised - the ability to use a smart contract as a wallet. This provides:

• access recovery without a private key,

• limits and session keys,

• payment of fees in tokens or through a sponsor,

• combining multiple operations into one,

• custom signing methods.

However, in Ethereum, this feature is implemented on top of the existing system, which creates difficulties.

Abstract solves the problem radically: all accounts in the network are smart contracts by default. This is called native account abstraction.

What this provides:

• no separation between EOA and smart contracts - everything works according to a single standard,

• support for paymasters to pay gas for other accounts or in tokens,

• compatibility with familiar wallets (e.g., MetaMask), which automatically become smart contracts when interacting with Abstract,

• Ready base for advanced UX (recovery, gas sponsorship, session keys) without manual assembly of workarounds.

Complication for developers

Abstract uses Zk Stack, which differs significantly from Ethereum due to the Zk L2 entity.
Plus, Abstract itself adds complications in the form of working with native abstraction.

But a lot in the Zk Stack plan is probably simplified by using zksync hardhat. But for the project's specifics, they should make their own library...

About security

Thanks to the fact that the L2 network uses Zk Stack, it is secure: transactions are reliably verified using ZKP.

This almost negates the downside of a single sequencer: the only downside is the potential for transaction censorship and lack of access in case of offline.

About fees

In Abstract, you pay a fee for using the network, and it consists of two parts: fixed and variable. Fixed part (about $0.001 per transaction) covers the work inside L2: data storage and cryptographic proof calculation. Variable part depends on the gas prices in Ethereum, because Abstract periodically publishes packages of changes (state diffs and compressed bytecode) in Ethereum for security. When gas on Ethereum becomes more expensive, the variable part of the fee in Abstract also increases.

The network collects many transactions into one package, so the total costs are distributed among participants. If you overpaid due to an inflated limit, after the transaction is executed, the excess funds are automatically returned as a refund.

And an addition for developers:

In Abstract, you can deploy a smart contract in two ways, and the choice affects how much you and your users will pay:

• Native (ZKsync VM) - the contract is compiled for Abstract and executed directly. This is the basic and usually cheapest option in terms of fees. Recommended in most cases.

• EVM-equivalent (via EVM Interpreter) - you upload the contract in the same bytecode as in Ethereum. Abstract executes it through a translation layer 'on the fly', so the fee can be about 150-400% higher, compared to a native contract. Only makes sense if you need strict compatibility with EVM behavior.

If unsure - choose the native option. This way, users will spend less on gas.

If you are a user and see high fees, know that this is due to the deployed code not through ZkSync EVM.

Is there a market and competitor analysis?

Unfortunately no.
In this regard, I expected more from a blockchain for consumer applications: what they will describe, why their project will be important, why there will be demand for it.

I'll say briefly:

Users don't want to use other blockchains and web2 wallets because it's complicated and unclear. Here, they strive to simplify everything as much as possible.
They also collaborate with web2 companies for integration.

The demand will come from these integrations and marketing.

Conclusion on the concept

Rating 4 out of 5: there is information about the project, technical details are available, user instructions are also available. But there is no market analysis, competitors, and demand.
Also, interesting technology: the project offers native account abstraction since the times when it wasn't in Ethereum.
The positioning is also interesting: a network for consumer applications. Demand due to marketing and maximum convenient interaction of web2 users with applications in Abstract.

Coin

No tokenomics or utility.

But there are XP, which are distributed once a week. The rules are communicated post-factum: often for storing nft, interacting with applications, etc.

According to Cryptorank, the project received investments from Electric Capital, Igloo, 0xMaki, Luca Netz, and Ray Chan. The amount is unknown:

I only know the first fund.

In RootData the amount is written - 11 MLN $:

Investors: Founders fund, 1kx, Fenbushi Capital, Selini Capital, Everest Ventures Group.

Coin result

Rating 3 out of 5: no tokenomics and utility, but there is a point program and investments of 11 MLN $ (if you believe RootData, Cryptorank says: unknown amount). Not in the list of especially popular ones, but there are some I've heard of.

Code

There is Github:

21 repositories. Let's look at the main ones.

Abstract-Foundation/abstract-node:

Last commit last month:

There are 47 of them:

They were on June 7, 15, 14, May 1, etc.

Abstract-Foundation/abstract-docs:

Developer documentation for building on Abstract.

Last commit 2 days ago:

There are 254 of them:

15, 9 July, 14, 9, 5, 4, 3 June and earlier.

Abstract-Foundation/agw-contracts:

Smart contracts for Abstract global wallet.

Last commit last week:

Total 605 commits:

9 July, 25 and 24 June, 7 and 5 March, earlier...

Abstract-Foundation/agw-sdk:

Abstract global wallet SDK for integrating a wallet into applications. Written in TypeScript.

Last commit 5 days ago:

There are 311 in total:

July 12, 4, and 3, June 5 and 4, earlier.

Abstract-Foundation/examples:

Examples of starter templates and repositories for launching a project on Abstract.

Last commit yesterday (July 16):

Total of 79 commits:

16, 8 July, 23, 22, 14, 4 May and earlier.

Abstract-Foundation/audits:

Audits.

The last commit was 5 months ago:

He is the only one.

They update, of course, rarely...

More about audits

So far, only an audit of the Abstract global wallet has been conducted:

And the last one was on December 23. If there are significant updates - bad.

Clave Audit (Pashov Audit Group)

Period: November 2–11, 2024

Auditors: Said, ubermensch, pontifex

Result:

• Critical: 0

• High: 1 (1 fixed)

• Medium: 6 (4 fixed, 2 acknowledged - m01: registered module can access critical functions; architectural solution, modules should be trusted. m06: fixed authenticator data in WebAuthn; risk accepted as low with current threat model.)

• Low: 4 (3 fixed, 1 acknowledged - l02: no upper limit on quantity; requires conscious action by owner, considered low risk.)

Clave Audit (Trust Security)

Period: November 5–11, 2024 (review of fixes on November 21, 2024)

Auditor: HollaDieWaldfee

Result:

• Critical: 0

• High: 0

• Medium: 1 (1 fixed)

• Low: 1 (partially fixed - l1: due to requirements for owners/validators, access can be lost; added mandatory minimum of one k1 owner and one k1 validator, but recovery scenarios via R1 are disabled per project decision.)

Clave Audit (Pashov Audit Group, Session Keys)

Period: December 23–26, 2024

Auditors: Said, ast3ros, pontifex

Result:

• Critical: 0

• High: 0

• Medium: 4 (4 fixed)

• Low: 4 (2 fixed, 2 acknowledged - l01: uncleaned transient storage slots remain; accepted as a permissible limitation. l03: incorrect reading of parameters >32 bytes in session constraints; requires specially crafted input, deemed unlikely in production.)

Code Summary

Rating 4 out of 5: updated periodically. There are smart contract audits from several companies, but they were conducted 5 months ago (considering that there have been changes since then, they may be outdated).

Practice

Main application - https://portal.abs.xyz

After logging in, you will see an overview of applications and streams:

discover

At the beginning, there will be popular ones, and then a list of apps by category.

Some compare Abstract to Google Play, so they partly also believe it will be successful.

I chose the Social category:

By the way, you can vote for various DApps.

After the first one, there will be a notification:

For example, I'll choose Noodles.fun:

We see information + links to the site + on X.

Using the application on Abstract

After going to the application's website, I see this:

"I'm ready to cook":

"Sign in":

And click "Approve" to authorize your Abstract Global Wallet.

Logged in:

And you can use the functionality. Each application has its own. Here, for example, select a profile and "Trade Now". I chose Ashley and specified the purchase amount in ETH:

Purchasing:

"Create Session":

See that the message is similar, and "Approve":

"All Done":

And again "Buy":

As you can probably see, the transaction went through without pop-up windows - convenient!

This is the main feature of Abstract.

You can also offer something with payment in this app, but I won't show you that.

Watching streams - Streams page

Becoming an author is pointless, probably. In any case, my application to Abstract at dawn was not accepted and not even answered.

List with a filter by language. I already opened the selection (hopefully, the stream feed itself is not closed).

And here I filtered by Russian language:

And I chose an interesting one:

We can like and subscribe. And of course watch.

I'm seeing this author, as well as the stream, for the first time - not a recommendation.

Below the player and description, there's a chat and a donation via "Send tip":

Sent. And I see a notification offering to send more:

I will not do this.

Wallet (Wallet), also known as Profile

I see my badges.

You won't have them: you'll have to go through.

I have 3 subscribers and 0 subscriptions.

By clicking on "Sign in methods" we can select other login options: E-mail or wallet.

With "Manage Sessions" we manage sessions. I recommend deleting them for security:

Selected:

And "Revoke selected":

Editing and settings

With "Edit profile" we can edit the profile: login, e-mail, description.

Before editing, there will be wallet connect, after - security settings:

Pass key and other.

Replenishment, transfer and receipt

"Fund":

Bridge:

Centralized exchanges:

Issues ZkSync Era address.

As well as Coinbase, Moonpay (by card) and "Deposit Funds Manually":

Displays the Abstract wallet address.

Clicking "Send" opens the standard asset sending form:

To get the Abstract wallet address and QR code, click "Receive":

The wallet itself

You can hide small balances by clicking "Yes".

Below will be the tabs: Tokens, NFTs, Transaction history.

"Manage Liquidity" will take you to the dex:

Here's after authorization:

But I won't show you further: you'll figure it out.

We return to the wallet and click on the token (I chose PENGU):

The exchange opened.

By clicking in the middle, we can swap tokens:

I specified the amount:

"Review":

"Swap" - PENGU balance changed:

Below you can find the exchange history.

I think it's not quite logical that there is no choice between transferring funds and exchanging, but that's how it is...

NFTs tab

I selected one:

You can view properties, trades, as well as go to marketplace links for selling and sending.

I'll show sending via "Send":

Standard.

Comment: It's bad that the nft list on the corresponding tab doesn't have a floor...

And the tab with transaction history

The link opens the transaction in the explorer:

Again, standard.

Exchange and Rewards

The "Trade" page is similar to the exchange of the selected token, so I won't dwell on it in detail:

And here is the rewards page:

Here you can see information about XP and earning badges.

Click "View Details" to view information about the active (changes weekly):

"Go to app" to go to the app or view instructions.

After completion, the "Redeem Badge" button will become available: click on it and "Claim" - that's it.

For me, "Duper" is unfortunately unavailable, so I'll have to skip this badge.

All earned (and not only) badges can be viewed via "View All":

I have 0% XP bonus. To get it, click on the corresponding button:

And to get the "Pengu Holder" status - via the eponymous button:

Minimum must be 88,888 $PENGU - for me this is a lot, so I'll have to skip.

To confirm, you need to have Abstract confirm the presence of assets in Discord.

Practice summary

Rating 4 out of 5: the interface is convenient and understandable. There is easy authorization using web2 services for people not from the crypto sphere. There are rewards for badges and storing $PENGU. There is a convenient catalog of ecosystem applications, a streaming center, and exchanges.
I put a minus because not everything is perfect: when selecting a token, there is an exchange, but there is no transition to transferring funds; in NFTs, there is no information about the floor and sorting by it, although such information is available on the page of the selected nft.

Overall summary

19 out of 25:

• Team: 4 out of 5: there are no links to the team on the site, I found LinkedIn through a search, and there are only two with links. Through RootData, I found more with links to LinkedIn, and they are professionals. One even worked at ZkSync, and the other at Paggi penguins!
  X and Discord are active, but they don't answer questions. I waited 2 days. In X private messages, they also don't answer - this is a big minus.

• Concept: 4 out of 5: there is information about the project, technical details are available, user instructions are also available. But there is no market analysis, competitors, and demand.
  Also, an interesting technology: the project offers native account abstraction from the time when it wasn't in Ethereum.
  The positioning is also interesting: a network for consumer applications. Demand due to marketing and the most convenient interaction of web2 users with applications in Abstract.

• Coin: 3 out of 5: there are no tokenomics and utility, but there is a point program and investments of $11 million (if you believe RootData, Cryptorank writes: unknown amount). Not in the list of especially popular, but there are some I've heard of.

• Code: 4 out of 5: updated periodically. There are audits of smart contracts from several companies, but they were conducted 5 months ago (given that there have been changes since then, they could be outdated).

• Practice: 4 out of 5: the interface is convenient and understandable. There is easy authorization using web2 services for people not from the crypto sphere. There are rewards for badges and storing $PENGU. There is a convenient catalog of ecosystem applications, a streaming center, and exchanges.
  I put a minus because not everything is perfect: when selecting a token, there is an exchange, but there is no transition to transferring funds; in NFTs, there is no information about the floor and sorting by it, although such information is available on the page of the selected nft.

You were with a blind programmer and review author

Subscribe to https://t.me/blind_dev - there are new posts about projects, tokenomics analysis, and news about my developments.

I will be glad to receive donations in Abstract

0xf8632854BAB43e94c60F12Ee7B541b35E919e659

Thank you!

Audit

Team

There is information about the team in the "About" section and in more detail (albeit without LinkedIn links) in the Litepaper:

• Rand Hindi, CEO of Zama. Work experience: Co-founder of Zama since 2020 to present; was a partner at Unit.vc; founded the startup Snips, which was acquired by Sonos; previously - member of the French Digital Council (advised the government on AI and Privacy issues); was a lecturer at Science Po University in Paris; advisor to several companies in biotech, AI and defense.
  Education: BSc Computer Science and PhD Bioinformatics, University College London UCL.

• Pascal Paillier, CTO of Zama. Work experience: co-founder of Zama since 2020; inventor of the Paillier additive homomorphic encryption scheme; before Zama, he headed the cryptographic innovations team at Gemalto; founded the consulting firm CryptoExperts; 2025 - IACR Fellow; led several ISO cryptography standards.
  Education: PhD in Cryptography, Telecom Paris.

• Nigel Smart, Chief Academic Officer of Zama. Work experience: one of the leading researchers and executives of the company; specific workplaces and dates are not specified.

• Marc Joye, Chief Scientist of Zama. Work experience: one of the leading researchers and executives of the company; specific workplaces and dates are not specified.

Also found on the site LinkedIn:

10 thousand followers.
Last post a week ago. It received 46 reactions and 4 reposts. They wrote about the story of Zama and FHE.

People of the company:

As many as 170 participants associated with the company!
I think this is too many... But I may not know the specifics of developing such projects.

I selected a small list of key employees for analysis.

Rand Hindi:

8,791 followers.
Shares other content in posts, but also about Zama.

Work experience

• Co-founder & CEO at Zama since November 2019

• General Partner at Unit Ventures since January 2020

• Advisor at CrunchDAO since February 2022

• Advisor at Mindstate Design Labs since June 2021

• Advisor at Chipiron since February 2021

• Advisor at NAVAL GROUP from September 2018 to December 2021

• Lecturer at Sciences Po from September 2017 to December 2021

• Advisor at Sonos, Inc. from January 2020 to January 2021

• Total 14.

Education

• At UCL: PhD, Bioinformatics from 2006 to 2011

• At UCL: Bsc, Computer Science from 2003 to 2006

• THNK School of Leadership: Graduate Degree, Creative Leadership from 2012 to 2013

• Singularity University: Graduate program, Exponential Technologies in 2010

Good experience.

Pascal Paillier:

4,920 followers
No publications.

Work experience

• Chief Technology Officer at Zama since November 2019

• At CryptoExperts: Chief Executive Officer from February 2009 to December 2019; Senior Cryptography Expert from February 2009.

• Non Executive Advisor at Nitromia since May 2019

• Non Executive Advisor at CircaGene since April 2019

• Non Executive Advisor at Olvid since March 2019

• Co-editor of ISO/IEC 27551 "Requirements for attribute-based unlinkable entity authentication" at ISO since April 2017

• Editor of ISO/IEC 18033-6 "Homomorphic Encryption" at ISO from October 2015 to October 2019

• Total 11.

Education:

Telecom Paris: PhD, Computer Science, Cryptography from 1995 to 1999

Extensive experience. Great that he has worked in leadership positions and engaged in cryptography + FHE - this is useful for the project.

Antoine H.:

10,020 followers.
Last post 1 day ago with thanks for 10K followers with 54 reactions and 7 comments.
Previous - 6 days ago with 6 reactions. Post about tGBP integration, "Wirex."

Work experience:

• Director of Business Development at Zama since February 2024

• Membre at Crypto Valley Association since March 2024

• Mentor at Outlier Ventures since May 2024

• At Ledger: Inside Sales - Ledger Enterprise from January 2020 to December 2020; Sales Director - EMEA - Ledger Enterprise from January 2021 to December 2021; Sales Director - UKI & Nordics - Ledger Enterprise from January 2022 to January 2024

• Sales Development Representative at Snips from 2019 to 2020

• Business Developer at Médoucine from 2017 to 2019

• Commercial Development / Pre-sales at Worldline in 2016

Education

• Frankfurt School of Finance & Management: DeFi Talents, Decentralized Finance

• Conservatoire National des Arts et Métiers: Fundamentals of Blockchain Technology, Finance, General

• IÉSEG School of Management: MSc in Management - Grande école, International Business, Economics & Strategy

Good work experience and profile. Experience in Ledger Enterprise directly supports the current BizDev role.

Jason D.:

4,023 followers.
Last post 1 month ago about Zama with 32 reactions and 3 reposts.

Work Experience

• Ecosystem Lead at Zama since January 2023

• At Theodo: Product Manager from March 2017 to March 2020; Head of blockchain BU and nocode BU from March 2020 to March 2022

• Co-founder at Bannann from September 2015 to June 2018

• Equity Derivative Sales at BNP Paribas from January 2014 to August 2015

• Investor Relations Assistant at Anaxago from February 2013 to August 2013

Education

• ESCP Business School: Master in Management Grande Ecole from 2011 to 2015

• Queen’s University: 6-Months Exchange Program, Business / Commerce in 2014

• Lycée Kléber: Classe préparatoire aux grandes écoles - Economique et commerciale option Scientifique (ECS) from 2009 to 2011

He has experience in product management and building blockchain ecosystems - this is useful for the current role of Ecosystem Lead.

Ghazi Ben Amor: