Hippocrat (HPO), currently rebranding to the Hippo Protocol, presents a polarized investment profile defined by strong fundamental backing versus weak operational momentum. The project scores highly on Team and Governance (7.5/10), benefiting from exceptional institutional credibility via investments from Kakao and Naver, and a clear path toward DAO governance. Similarly, Tokenomics (7.5/10) is a standout strength; with nearly 95% of the supply circulating and vesting complete, the risk of inflation or insider dumping is minimal. The Market and Use Case (7.2/10) is also solid, positioning HPO within the emerging 'DeSci' (Decentralized Science) narrative with tangible integrations like 'Hippodoc' and partnerships in the Korean healthcare sector. However, these strengths are severely dampened by low scores in execution-heavy categories. Active Development (4.5/10) shows concerning signs of 'maintenance mode' with low code velocity and a dead archive of previous repos. Community Support (4.5/10) appears fragile, heavily reliant on high-APR incentives rather than organic engagement, and Security (4.5/10) lacks top-tier, transparent audit reports despite the major technical migration to a Cosmos app-chain. Consequently, HPO represents a high-integrity team managing a project with low current velocity, making it a bet on the successful execution of its mainnet migration and the broader adoption of decentralized healthcare data markets.