Namada
NAM
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Namada (NAM) presents a mixed profile combining strong engineering fundamentals with severe recent protocol-level security setbacks. On the positive side, active development is robust (7.5/10), featuring tagged releases, strict lint gates, and formal verification frameworks. Team and governance are also solid (7.0/10), backed by the Anoma Foundation with identifiable co-founders and transparent on-chain governance parameters. Community engagement is moderate (6.5/10), evidenced by active governance participation despite limited social metric data. However, Namada faces significant headwinds in tokenomics (5.0/10) due to 50.6% insider supply concentration and unquantified inflation schedules, as well as a challenging market position (4.5/10) in a crowded privacy L1 sector with low user adoption. Crucially, the Security and Audit History score (3.0/10) is severely impacted by a June 20, 2026 exploit of Namada's flagship Multi-Asset Shielded Pool (MASP), draining ~$600,000 (and an associated 228,517 ATOM transferred via IBC), which virtually wiped the pool and remains unresolved. While the reported dollar figure does not trigger the formal >$1M red-flag cap rule, the breach directly targets the protocol's core value proposition and weighs heavily on the weighted average score of 5.65.
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 Namada (NAM)
Namada (NAM) is a Proof-of-Stake Layer-1 privacy blockchain implemented in Rust and built on Cosmos, developed under the stewardship of the Switzerland-based Anoma Foundation. Co-founded in 2022 by Adrian Brink, Christopher Goes, and Awa Yin, the network launched its mainnet in December 2024. Namada is designed to enable interchain, asset-agnostic privacy across decentralized networks through its core cryptographic framework, the Multi-Asset Shielded Pool (MASP).
The network operates with a total supply of 1 billion NAM tokens, which serve functions including network staking, transaction fee payment, on-chain governance participation, and MASP privacy rewards. Namada utilizes an inflationary issuance model with no active burn mechanism. Distribution records indicate an insider concentration of approximately 50.6% allocated to early core contributors and backers. On-chain governance enables bonded token holders to vote on network parameters and protocol software upgrades.
In June 2026, Namada confirmed a security exploit targeting its Multi-Asset Shielded Pool that drained approximately $600,000, virtually wiping the pool's assets. A related attacker address received 228,517 ATOM that was routed out of the network via cross-chain IBC transfers. In addition to security challenges, the protocol contends with low user adoption and limited token utility demands in a competitive privacy Layer-1 market.