Shade Protocol
SHD
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Shade Protocol (SHD) achieves an overall score of 3.3/10 based on the weighted synthesis of all evaluation areas. The protocol has a clean security record with no documented exploits, hacks, or insolvencies, and maintains verified audit credentials from CertiK (score 87.91 AA). However, the project is characterized by severe stagnation across development and governance, with no verifiable activity between 2024 and 2026. The market for SHD is essentially illiquid, trading down ~99.9% from its all-time high with zero 24-hour volume reported on major tracking platforms. Additionally, an ongoing SHD-to-Feather migration/burn deadline extending through August 2026 signals token deprecation/transition, triggering an Avoid recommendation for the legacy SHD asset.
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 Shade Protocol (SHD)
Shade Protocol (SHD) is a privacy-focused decentralized finance (DeFi) token native to Secret Network that is undergoing a migration to Feather with a migration and burn deadline extending to August 21, 2026. Operating primarily on Secret Network with an IBC-wrapped listing on Ethereum, the protocol was designed to support an interconnected suite of privacy-preserving financial applications, including governance, staking, fee capture, and serving as peg-support collateral for the native SILK stablecoin.
The protocol features a fixed total supply of 10,000,000 SHD, with 1.45 million tokens (14.50%) distributed via an initial airdrop and 775,000 tokens (7.75%) allocated through a private round. Staking rewards follow a 10-year thirdening emission schedule modeled after Osmosis. In August 2022, CertiK completed an audit of the protocol's Shade Bonds smart contracts, earning a CertiK Skynet score of 87.91 AA and verifying three team members, though external audit coverage did not encompass the entirety of the broader protocol infrastructure.
Shade Protocol has experienced severe market and operational deterioration. The SHD token suffered a price crash of roughly 99.9% from its all-time high of $95.66, falling to a market capitalization of approximately $348,000 with trading halted or registering zero 24-hour volume across listed tracking platforms. In addition, the project exhibits significant stagnation, with no verifiable development, governance proposals, or major software releases recorded between 2024 and 2026.