Carbon Protocol

Carbon Protocol (SWTH) presents a dichotomy between strong fundamental infrastructure and weak market adoption. The project excels in Team and Governance (9/10) and Tokenomics (8.5/10), driven by the transparent Switcheo Labs team and a deflationary, hard-capped 'Real Yield' model that aligns staker incentives with protocol revenue. Active Development remains healthy (7/10) with consistent delivery of roadmap items like Demex² and cross-chain integrations. However, the protocol faces significant headwinds in Market and Use Case (4.5/10) and Community Support (4/10). Despite superior technology, it has lost significant market share to competitors like Injective and dYdX, resulting in extremely low daily trading volumes and a niche user base. While the Security score (7/10) reflects reputable audits, it is impacted by the notable $950k Nitron exploit in May 2024. Consequently, SWTH represents a technically sound platform struggling for product-market fit in an oversaturated sector.