Whales Market
WHALES
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
WHALES (Whales Market) is a decentralized pre-market trading and prediction-market aggregation platform on Solana. Active Development is a notable strength (7.5/10), evidenced by the beta rollout of Whales Market V2 in September 2025, continuous documentation updates in early 2026, and the release of the Whales Market CLI in March 2026. However, fundamental risks persist across other areas: Tokenomics (5.0/10) exhibits structural transparency gaps regarding total, circulating, and insider allocations despite a non-inflationary buyback staking model. Team and Governance (3.0/10) is constrained by a pseudonymous team and centralized admin-controlled operations without a functioning DAO. Security and Audit History (4.5/10) reveals no discoverable third-party smart contract audits for an escrow-based collateral protocol, alongside exposure to an April 2024 brand phishing campaign via Google Ads. Note that Community Support and Market and Use Case both lacked sufficient verifiable data (scored -1.0) and were excluded from the weighted score calculation, redistributing their weights to the remaining categories. No qualifying red-flag events triggered score capping.
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 Whales Market (WHALES)
WHALES is the native token of Whales Market, a Solana-based decentralized pre-market trading platform and prediction-market aggregator. The protocol facilitates peer-to-peer (P2P) trading for pre-token generation event (pre-TGE) allocations, over-the-counter (OTC) tokens, non-fungible tokens (NFTs), points markets, and whitelist allocations using smart-contract-based escrow mechanisms. The project has expanded its infrastructure through the release of the Whales Market V2 beta in September 2025 and the rollout of the Whales Market CLI in March 2026, supporting both Solana and EVM chains.
The WHALES token is designed with several protocol utilities, including trading fee discounts, collateral for OTC transactions, and a non-inflationary staking system where protocol revenues fund open-market token buybacks to distribute yield via xWHALES. Protocol incentive emissions follow a four-year vesting schedule. However, documentation lacks comprehensive disclosures regarding total supply, circulating supply, maximum supply, and insider token allocations. Additionally, the project is operated by a pseudonymous team, governance remains centralized under administrative control rather than a decentralized autonomous organization (DAO), and on-chain voting mechanisms are not implemented.
The protocol and its token face notable operational, market, and security risks. The WHALES token has experienced a substantial market drawdown, dropping over 73% across a 180-day period to trade at approximately $0.0121, down significantly from its all-time high of $4.41. From a security standpoint, no discoverable third-party smart contract audits exist for the platform's escrow contracts. Furthermore, in April 2024, the platform's user base was targeted by a malicious Google search ad campaign that distributed wallet-drainer malware through an impersonation website, though no direct protocol-level smart contract breaches were reported.