Bitcast

Bitcast (SN93) demonstrates strong fundamental utility as a niche 'DePIN for Services' within the Bittensor ecosystem, successfully leveraging a 'Proof-of-Influence' model to decentralize marketing workflows. The project is backed by a credible, public team and exhibits disciplined active development with a clear roadmap through 2026. Community support, while niche, is organic and effectively utilizes the product's own incentives. However, the investment thesis is significantly dampened by high-risk tokenomics and security gaps. With a Score of 4.2 in tokenomics, the project suffers from a massive disparity between Market Cap and FDV due to an extremely low circulating supply (~1.5%), creating severe dilution risks for passive investors. Additionally, the lack of formal third-party audits (Score 3.5) introduces technical uncertainty. While the use case and leadership are solid (Scores 7.5), the financial structure currently favors active participants (miners) over holders.