RWAX

RWAX (APP) presents a complex investment profile characterized by a significant disparity between its strong human capital and its weak technical transparency. The project earns high marks for its team pedigree (8.5/10), featuring experienced veterans from Binance and Kraken, and for its relatively mature tokenomics (7.2/10) with 66% of the supply in circulation. However, the recent pivot from 'Moon App' (a launchpad) to 'RWAX' (an RWA exchange) introduces execution risk and suggests a search for product-market fit. Critical weaknesses include a lack of open-source code velocity (4.5/10), with development verified primarily through app store updates rather than public repositories, and a concerning gap between claimed users and actual on-chain engagement (4.0/10). While the mobile-first RWA narrative is compelling, the absence of finalized public audit documentation for the new protocol adds a layer of uncertainty. The project is currently driven by marketing and centralized product delivery rather than decentralized community growth.