Donut
DONUT
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
DONUT (on the Base blockchain, CoinGecko ID donut-2) is an experimental Dutch-auction mining token. Across all evaluated dimensions, the project exhibits critical weaknesses: public development activity is non-existent, community infrastructure and governance engagement are entirely absent, and contracts remain unaudited. Tokenomics rely on an unsustainable, reflexive internal mining auction with heavy emissions and key-person centralisation under a single pseudonymous developer (Glaze Corp). The token has suffered an unrecovered price collapse exceeding 99% from its December 2025 peak (~$0.54 to ~$0.0048 by August 2026) alongside constrained liquidity. While no confirmed exploit, rug pull, or legal proceeding was established, the asset represents a failed or dormant experimental game with extreme risk.
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 Donut (DONUT)
DONUT (CoinGecko ID: donut-2) is an experimental Dutch-auction mining token operating on the Base blockchain. Developed under the moniker Glaze Corp by a single pseudonymous developer, the project was created as a closed-loop, game-theoretic mining experiment utilizing a rotating "King-of-the-Hill" Dutch auction system. It is distinct from the older, unrelated DONUT community token associated with Reddit's r/ethtrader forum.
The protocol's mining game routes inbound ETH payments from auction participants to the previous miner (80%), the protocol treasury (15%), and a frontend host (5%). The treasury allocation is designated for a buy-and-burn mechanism that ties deflationary pressure directly to auction participation. The token was launched with an initial emission rate of 4 DONUT per second subject to 30-day halvings, eventually tapering to a permanent tail emission of 0.01 DONUT per second. Although the smart contracts incorporate OpenZeppelin ERC20Votes and ERC20Permit primitives, the protocol lacks an active DAO, formal governance proposals, or external decentralized finance integrations.
The project carries significant structural and market risks. The underlying smart contracts have not undergone independent third-party security audits, leaving payment routing mechanisms unverified. Additionally, a reserve of 1.2 million DONUT is controlled by the single pseudonymous developer without published vesting schedules or timelocks. DONUT experienced a severe price collapse exceeding 99%, dropping from an all-time high of approximately $0.54 in December 2025 to around $0.0048 by August 2026 amid constrained liquidity, with public development and community activity remaining stalled.