INI

InitVerse (INI) presents as a technically ambitious project attempting to carve a niche in the crowded Layer 1 and DePIN sectors through its focus on Fully Homomorphic Encryption (FHE). The project's strongest attributes lie in its Security (Score 7.5), evidenced by an active bug bounty program and lack of exploit history, and its Tokenomics (Score 6.5), which adheres to a 'fair launch' model with no pre-mine. However, significant structural weaknesses undermine these strengths. Active Development (Score 4) is concerningly centralized with low public code velocity, while Community Support (Score 4.5) suffers from a stark disconnect between claimed user numbers and organic engagement, suggesting inflated metrics. The Market outlook (Score 5.2) is challenging given the competition from established privacy and decentralized computing giants. Furthermore, while the Team (Score 5.2) is semi-public, it lacks top-tier industry pedigree, and Governance remains centralized during this early phase. With a very low circulating supply (~9%) creating high inflationary pressure for the foreseeable future, the project carries significant execution and dilution risks.