Shrapnel
SHRAP
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
SHRAP (Shrapnel) presents a mixed profile marked by genuine ongoing game development alongside severe market, security, and governance headwinds. On the positive side, developer Neon Machine maintains an active production cadence with an Early Access release on Steam and an economy migration to GalaChain in July 2025. However, multiple structural weaknesses impair the project's viability: the token exhibits catastrophic value destruction with a >99.99% drawdown from all-time highs and functionally absent liquidity ($1K–$5K daily volume). Tokenomics show high insider concentration (54% allocated to team, seed, and strategic investors vs. 1.5% public) and persistent unlock overhang. Additionally, there are no verifiable third-party smart contract audits or active vulnerability disclosure programs for its token and marketplace contracts. Governance is centralized and clouded by an unresolved internal legal battle for corporate control between studio founders and a major shareholder.
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 Shrapnel (SHRAP)
Shrapnel (SHRAP) is the native in-game utility and governance token for Shrapnel, a Web3 first-person shooter developed by studio Neon Machine. Following its initial development on an Avalanche subnet, the project executed a technical migration of its in-game economy to GalaChain in July 2025, alongside maintaining an Ethereum contract. Within the game ecosystem, SHRAP functions as the primary medium of exchange for marketplace assets, incorporates a fee-burn mechanism on transactions, and is planned to support platform rewards and governance.
The token has a fixed maximum supply of 3,000,000,000 units with no ongoing emissions inflation. Tokenomics reflect high insider concentration, with 54% of the total supply allocated to the team, seed, and strategic investors, compared to 1.5% distributed through public sales. Although Neon Machine maintains an active production schedule with a Steam Early Access release and a roadmap planned through 2026, community governance remains centralized under the studio, with decentralized DAO mechanisms deferred to future milestones.
SHRAP has faced substantial market, security, and internal corporate challenges. The token has experienced a severe price contraction exceeding 99.99% from its all-time high of $26.11 to roughly $0.00035, alongside functionally depressed daily trading liquidity. Internally, Neon Machine underwent a leadership restructuring in December 2024 amid an unresolved legal dispute for corporate control between the studio's founders and a major shareholder. Furthermore, the project operates with closed-source repositories, lacks verified third-party smart contract audits for its core economy and GalaChain migration infrastructure, and maintains no active vulnerability disclosure program.