XSwap Protocol
XSP
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
XSwap Protocol (XSP) is an automated market maker DEX and launchpad native to the XDC Network. While the protocol continues to ship features—including V3 farming in early 2024 and bridged USDC support in 2025—it displays severe fundamentals and structural risks across multiple areas. The project suffers from an extremely low market presence, with a market cap under $200,000, 24-hour token volume of roughly $262, and minimal value capture. Tokenomics are pressured by a low circulating supply (~18%) with approximately 82% of the 13B total supply yet to enter circulation, alongside lack of clarity on ecosystem vesting schedules. Governance remains highly centralized under an anonymous team that holds sole proposal-creation rights. Security-wise, its CertiK and Techrate audits are from 2021-2022, leaving newer V3 contracts without verified audit coverage, and previous CertiK findings (including a major centralization issue) remain unaddressed. Community Support lacked sufficient data (-1.0) and was excluded from the weighted score calculation. No qualifying red-flag events were established.
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 XSwap Protocol (XSP)
XSwap Protocol (XSP) is an automated market maker (AMM) decentralized exchange and launchpad operating natively on the XDC Network. Designed to support token swaps, liquidity provision, and ecosystem project launches, the protocol provides features including decentralized staking, yield farming, and an npm software development kit (SDK). Since its inception, the protocol has rolled out updates including V3 farming in January 2024 and bridged USDC support in March 2025.
The native utility token, XSP, has a capped maximum supply of 13,000,000,000 tokens. The token is designed for governance voting, staking, farming rewards, and ecosystem payments. Approximately 2.4 billion tokens (~18%) are in active circulation, leaving roughly 82% of the total supply non-circulating. While the team allocation is subject to documented vesting (10% locked over 30 months with quarterly distributions), comprehensive vesting details for ecosystem, partnership, and token sale allocations have not been publicly detailed.
The protocol faces several governance, security, and market risks. Its core development team remains entirely anonymous with an estimated headcount of 2 to 10 members, and proposal creation within the governance system is restricted exclusively to the team. Security assessments include older audits conducted by Techrate in October 2021 and CertiK in March 2022; however, CertiK findings—including a major privilege and centralization issue—remained acknowledged rather than resolved, and newer V3 contracts lack verified audit coverage. Furthermore, XSP has experienced severe price drawdown from its historic highs, trading at a heavily depreciated market capitalization below $200,000 alongside low daily trading volume and minimal protocol fee generation.