Ethos

Ethos (ETHOS) presents a unique investment case as a 'revival' project driven by its original founders, Adam and Shingo Lavine, who re-acquired the brand following the collapse of Voyager Digital. The project scores highly on foundational metrics: the team is experienced and fully doxxed (Score: 8.5), the active development is verifiable through rigorous Sherlock audit contests (Score: 7.0), and the security posture is robust (Score: 8.0). The pivot to 'Self-Custody as a Service' using MPC technology addresses a real market need, aiming to solve the security issues that plagued centralized custodians. However, the project faces significant hurdles in Tokenomics (Score: 4.5) and Community Support (Score: 4.5). The 'Recovery Airdrop' distribution model creates a substantial risk of immediate sell pressure from former Voyager creditors seeking to recoup losses. Furthermore, the wallet market is highly saturated, and the project currently lacks the viral trading momentum or growth metrics seen in trending assets. While the technical execution and moral narrative ('righting the wrongs') are strong, the investment thesis relies heavily on the team successfully overcoming historical reputational baggage and converting a 'recovery' audience into active, long-term users.