Carrot
CRT
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
CRT (Carrot) was a tokenized yield aggregator on Solana whose CRT token served as an asset-backed receipt token. Community Support lacked sufficient data (-1.0) and was excluded from the weighted score calculation, redistributing weights across the remaining five sections. Active Development scored 3.0/10 due to an absence of traceable public development activity or commits. Tokenomics scored 5.5/10, operating like an ERC-4626 vault share without insider vesting overhang, but hindered by heavy dependency on external lending yields. Market and Use Case scored 1.0/10 with minimal trading volume and significant ticker confusion, while Team and Governance scored 5.5/10 for public founders with centralized governance.
The defining event for CRT is its terminal insolvency and shutdown following the April 1, 2026 exploit of Drift Protocol: "On April 1, 2026, the Drift Protocol (one of Solana's largest perp futures platforms) was exploited for an estimated $285 million... Carrot lost approximately $8 million in TVL, roughly half of its total value locked. As a direct result, Carrot announced its permanent shutdown on April 30, 2026." This severe counterparty loss led to the wind-down of operations and force-deleveraging of vaults, resulting in a Security and Audit History score of 1.0/10. While the wind-down was conducted transparently and does not constitute fraud or a rug pull, the project is defunct.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Carrot (CRT)
Carrot (CRT) is a defunct Solana-based tokenized yield aggregator that permanently shut down operations in April 2026 following catastrophic counterparty losses. Developed by technical co-founders James Blair and Jack Rieck, the protocol offered products such as Boost, Turbo, and Carrot Lend, functioning as an asset-backed yield protocol where CRT operated similarly to an ERC-4626 vault share receipt token. The token had no fixed maximum supply or team pre-mine, expanding and contracting dynamically based on stablecoin deposits and redemptions within its yield-generating strategies.
Although Carrot underwent smart contract audits by Sec3, MadShield, and Adevar Labs with no direct vulnerabilities discovered in its own codebase, the protocol maintained critical exposure to third-party infrastructure. On April 1, 2026, Drift Protocol—a Solana perpetual futures platform integrated into Carrot's Boost and Turbo vaults—suffered an exploit estimated at $285 million. As a direct consequence of this counterparty breach, Carrot lost approximately $8 million in total value locked, representing roughly half of the protocol's assets.
Following the exploit, Carrot announced a permanent shutdown on April 30, 2026, entering terminal insolvency. The team opened a voluntary withdrawal window through May 14, 2026, subsequently force-deleveraging remaining vault positions to 1x leverage to facilitate final redemptions. A snapshot of CRT holdings was taken at the time of the exploit (20:00 UTC on April 1, 2026) to establish proportional claims for any potential future third-party recovery distributions.