Trust Army, a Web3 research platform, has been working on the Beta version that allows users to investigate the tokenomics of 560 blockchain projects. Over 98 days, we received 5,296 reports from the first Trust Army users. Our validators continue to verify the reports submitted in a heightened mode to make conclusions on the projects within the Beta version and to provide payouts for completed missions. Validators have already made the first evaluations, enabling us to start estimating the level of transparency in Web3.
The data presented below is based on a sample of 100 blockchain projects and covers several metrics:
- The readiness of projects to be transparent and showcase their tokenomics and whitepapers to potential investors for study.
- Projects’ stance on security and audit of the smart contracts used to ensure their operations.
- Distribution of cryptocurrencies among holders.
Results, based on out of the 100 verified projects
- 17% of projects conceal their whitepapers.
- 34% of projects hide their tokenomics.
- Only 50% of projects got a smart contract audit.
- 33% of projects have whales holding 1%+ tokens of the total supply in their wallets.
- 39% of projects have 10%+ of total tokens supply in just 1–3 wallets.
Initial discoveries suggest that blockchain projects do not always prioritize transparency and security. Besides, a large percentage of the distribution supply in a few holders’ hands indicates a significant volume that can have an unpredictable impact on the project’s sustainability and future.
The first results obtained from Trust Army demonstrate the critical importance of ongoing analysis and monitoring of the Web3 market and the necessity for Trust Army to enable further research and insights into the ever-evolving landscape of cryptocurrencies.
NB! This report is an interim analysis, and Trust Army’s validators continue to investigate the remaining projects according to the above metrics. This report will be updated to cover all projects proposed by Trust Army to users for research as soon as the validators provide the necessary results.
Finally, the Trust Army 1.0 version is coming soon, and a limited circle of users is already testing the platform together with the first HAI utility proposed in the updated HAI tokenomics, Trust Fuel. Read more about Trust Fuel in this article.