SIPHER
SIPHER
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
SIPHER is the ecosystem and governance token for Sipher Odyssey, an action-adventure RPG developed by Ather Labs. The project maintains an identifiable team with backing from notable investors and an established tokenomics design featuring a hard cap and vault-based deflationary mechanics. However, the token exhibits severe signs of dormancy and market distress. Verifiable engineering output and shipped milestones have been absent across recent tracking periods, and community engagement remains negligible with stagnant on-chain holder growth. Market performance has suffered a ~99.4% drawdown from all-time highs alongside near-zero trading liquidity ($30 to $58 daily volume). Furthermore, contract scans identify 23 alerts alongside centralized owner administrative privileges, and governance lacks decentralized on-chain voting. No qualifying red-flag events (such as active regulatory enforcement, confirmed exploits, or hostile delistings) were identified, so the overall score directly reflects the weighted average of the evaluated sections.
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 SIPHER (SIPHER)
SIPHER (SIPHER) is the governance and ecosystem utility token for Sipher Odyssey, a play-to-earn action-adventure roguelike RPG developed by Ather Labs. Headquartered in Ho Chi Minh City, Ather Labs was founded by Tin Nguyen alongside founding advisors Loi Luu and Victor Tran, securing $6.8 million in funding in October 2021 from investors including Konvoy Ventures and Hashed. The token operates primarily as an ERC-20 token on the Ethereum blockchain and is also deployed on Funki.
The token features a hard-capped total supply of 1,000,000,000 tokens under its Tokenomics V2 model. SIPHER is designed for ecosystem governance, staking, and in-game mechanics such as character cloning. The tokenomics framework incorporates the Sipher Vault, which is structured to absorb spent tokens to facilitate burning or ecosystem reinvestment. Token distribution includes vesting schedules extending up to 60 months for community incentives and 24 months for the core team, alongside an insider allocation of approximately 36.3%.
SIPHER has experienced severe market distress, characterized by a price drawdown of approximately 99.4% from its all-time high of $0.8309, accompanied by minimal daily trading volume and a depressed market capitalization. Furthermore, the project has shown no verifiable dated engineering releases or shipped development milestones over the 2024–2026 tracking period. Additional operational risks include centralized interim control over the Sipher Vault and smart contracts by Ather Labs, the absence of an active decentralized autonomous organization (DAO) or on-chain voting, and 23 contract alerts identified in third-party automated scans. No smart contract exploits, hacks, or regulatory enforcement actions have been reported.