0xMarkets
SN35
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
SN35 (0xMarkets) is evaluated as a decentralized perpetual futures DEX built as Subnet 35 on Bittensor. The project shows functional development progress with a live trading interface, documentation, and a completed HackenProof audit contest, though full findings and external security scores remain unverified. Tokenomics reflect Bittensor's inflationary emission model with fee-sharing mechanisms, but allocation schedules and TVL transparency remain limited. Team and governance fundamentals are weak due to anonymous leadership and centralized control under a single subnet owner hotkey. A significant data gap occurred in Community Support (-1.0), which was excluded from the weighted average calculation, with its weight redistributed across the remaining five sections. No qualifying red-flag events were established in the analysis. Overall, while the protocol exhibits operating activity and no security incidents to date, it remains an early-stage, beta product with material governance and transparency constraints.
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 0xMarkets (SN35)
0xMarkets (SN35), previously associated with the identifier logicnet, is a decentralized perpetual futures exchange operating as Subnet 35 on the Bittensor blockchain. The platform is designed as a Liquidity-as-a-Service protocol to facilitate decentralized cryptocurrency and foreign exchange derivatives trading. Within its operational model, liquidity providers deposit USDC into isolated per-market vaults to facilitate trades in exchange for fee shares and ALPHA token emissions.
The tokenomics of SN35 are governed by Bittensor subnet emission schedules, which feature continuous weekly emissions offset by an approximate 5.37% burn rate. The protocol's documented design relies on validator-checked multi-oracle pricing systems and isolated vault structures intended to mitigate cross-market exposure. Project materials outline a governance mechanism where tokens can be locked for voting power.
The project currently operates in a beta stage. Although 0xMarkets conducted an audit contest through HackenProof, specific findings, remediation details, and external security scores remain unverified. The protocol has no recorded history of hacks, exploits, depegs, or regulatory actions. However, operational and governance risks remain, including an anonymous development team associated with the General-Tao-Ventures GitHub organization, lack of transparent token allocation schedules, and centralized governance control concentrated in a single subnet owner hotkey.