ETHPlus
ETH+
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
ETH+ (ETHPlus) is a diversified liquid-staking token (DTF) index built on the Reserve Protocol framework. While the product demonstrates regular operational management and governance activity through quarterly collateral rebalances and methodology updates, it exhibits substantial structural vulnerabilities. Tokenomics are highly opaque with zero published supply schedule or circulating supply figures, alongside admin centralization risks from an upgradeable UUPS proxy contract. Market footprint is negligible, characterized by a small holder base of under 600 addresses, limited DEX-only liquidity, and a sub-$10M market cap facing intense competition from primary LSDs. Governance and community rely entirely on the broader Reserve Protocol rather than a standalone community or dedicated DAO. Additionally, a data gap occurred in the Security and Audit History section (-1.0), as no direct audit reports or incident records specifically referencing ETH+ were retrieved in search sources. Excluding the security section from the weighted average yields an overall score of 4.3, reflecting high structural and liquidity risks.
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 ETHPlus (ETH+)
ETH+ (ETHPlus) is a diversified liquid-staking token (LST) index and decentralized token folio (DTF) issued via the Reserve Protocol framework. Deployed across the Ethereum mainnet and Arbitrum One, the token is structured to address single-asset concentration risk by holding a collateral basket that includes liquid staking derivatives such as Lido, Rocket Pool, and staked Frax ETH. The product undergoes periodic operational management and governance-directed rebalances, including methodology updates and collateral expansion proposals to incorporate assets such as wrapped Origin Ether (wOETH).
Governance and product management for ETH+ do not operate through an independent decentralized autonomous organization (DAO) or dedicated community channels; instead, they rely on the broader Reserve Protocol governance framework and forum discussions led by pseudonymous contributors. Market adoption and liquidity remain limited, with trading activity primarily confined to decentralized exchange venues such as Curve and Uniswap. The token maintains a small market footprint with a sub-$10 million market capitalization and fewer than 600 unique holder addresses.
The protocol presents several structural and transparency considerations. ETH+ is deployed behind an OpenZeppelin Universal Upgradeable Proxy Standard (UUPS) proxy, concentrating contract modification capabilities in an administrative role and introducing centralization risks. Furthermore, the token exhibits tokenomics transparency deficiencies, lacking published figures for total supply, circulating supply, and vesting schedules. Security evaluations note an absence of direct, standalone audit reports specific to the token contracts, alongside reporting discrepancies on application interfaces where market capitalization metrics have conflicted with pool liquidity data.