King Protocol
KING
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
King Protocol (KING) exhibits significant data gaps across multiple fundamental areas, with Active Development, Community Support, and Team and Governance all returning insufficient data (-1.0) due to unverified repositories, unconfirmed team identities, and a lack of public governance tracking. Among the evaluable areas, Security and Audit History scored highest at 6.0/10 due to historical audits by Nethermind in September 2024 and clean automated contract checks, though liquidity is minimal (~$7.5K) and ownership is not renounced. The Market and Use Case scored 3.0/10 as an illiquid micro-cap with a ~94% drawdown and negligible trading volume. Critically, Tokenomics scored 2.5/10 due to official confirmation that KING distribution has ceased, with restaking rewards restructured via ether.fi rebasing mechanisms (eETH/weETH), effectively deprecating the primary utility of the separate KING token. In accordance with the deprecated token guidelines, this warrants an Avoid recommendation.
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 King Protocol (KING)
King Protocol (KING) is a token associated with a liquid restaking rewards protocol whose primary token utility and distribution have been deprecated in favor of direct yield routing through ether.fi rebasing mechanisms (eETH/weETH). Formerly known as LRT², the protocol was designed to address restaking reward fragmentation by pooling arbitrary ERC-20 rewards from multiple liquid restaking tokens into a single vault-backed asset. Contracts for the protocol have been deployed across Ethereum, Arbitrum One, Base, and Swellchain.
The protocol underwent smart contract audits conducted by Nethermind in September 2024, consisting of a finalized report for LRT Square and a draft report for its strategy contracts. The underlying Ethereum smart contract operates as an upgradeable proxy with unrenounced code ownership. Automated security assessments did not identify active exploit mechanics or transaction taxes, though no manual audits have been documented for its non-Ethereum chain deployments.
King Protocol exhibits significant market and operational risks. In addition to the deprecation of separate KING reward distributions, the token has experienced an approximate 94% drawdown from its all-time high and suffers from thin decentralized exchange liquidity of roughly $7.5K. Public records show a lack of verifiable team identities, governance frameworks, and ongoing core development activity, leaving the token as an illiquid micro-cap asset.