Ika
IKA
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Ika (IKA) is a decentralized zero-trust MPC signature network coordinated on Sui (built by dWallet Labs). Active development is relatively positive (6.5/10), featuring a mainnet beta, pre-alpha builder program on Solana, published whitepaper, and an npm SDK. Tokenomics (5.5/10) provide genuine protocol utility for MPC operations, staking, and governance, backed by prominent investors like DCG and Sui Foundation, though it carries substantial dilution risk from unlocks extending through 2028 without token burn mechanisms. Security (7.0/10) is supported by multiple CertiK audits (83.73 Skynet score) and a clean track record free of exploits, albeit with a short operational history. However, market positioning is weak (2.5/10) with a low market cap (~$6M-$6.8M), ~99% drawdown from all-time highs, and fragmented liquidity. Furthermore, there were significant data gaps in both Community Support and Team and Governance (-1.0 scores), as retrieved records lacked verifiable project-specific social and governance data; these sections were excluded and their weights redistributed.
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 Ika (IKA)
Ika (IKA), formerly known as dWallet, is a decentralized zero-trust multi-party computation (MPC) signature network built by dWallet Labs and coordinated on the Sui blockchain. The protocol is designed to provide cross-chain asset control infrastructure. It operates an active mainnet beta, maintains an SDK package, and runs a pre-alpha builder program on Solana.
The IKA token serves as the utility, staking, and governance asset for the protocol. It is used to pay for MPC network operations and secures the network via a Delegated Proof-of-Stake (DPoS) mechanism featuring staking and slashing. The project has a fixed total supply of 10 billion tokens, with initial allocations distributed among the community reserve (46%), core contributors (23%), early backers (16.75%), ecosystem incentives (8.25%), and a community airdrop (6%). The project previously raised over $21 million in private funding from investors including the Sui Foundation and Digital Currency Group.
From a security standpoint, Ika has undergone four third-party audits by CertiK and has recorded no protocol exploits or smart contract hacks since inception. However, the asset carries notable market and structural risks. IKA has suffered a severe price crash of approximately 99% from its all-time high of $0.349, with low market capitalization and thin trading volume. Furthermore, the token is subject to substantial dilution risk due to an uncirculated supply overhang of approximately 70% with scheduled vesting unlocks continuing through mid-2028 and no native fee-burning mechanics.