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Source: <a href="https://hacken.ai/blog/?p&#61;154" rel="noopener noreferrer nofollow">Trust Army: In-Depth Analysis of 559 Web3 Projects</a>Trust Army, Web3 research and educational platform, has just released an updated report that provides valuable insights into the current state of EVM-compatible projects included in CoinGecko’s top 1,000.The Trust Army team has analyzed 559 Web3 projects, and the results show some interesting trends that investors and enthusiasts should consider when navigating the blockchain space.Transparency remains a major issue for Web3 projects, with 17.35% of ones concealing their whitepapers and 32% of projects hiding their tokenomics. This lack of transparency can make it difficult for investors to evaluate a project’s potential and risks, highlighting the need for platforms like Trust Army that provide unbiased analysis and education.Security is also a concern, with only 30.2% of projects passing smart-contract audits. That’s a critical issue for investors, as smart contracts are the backbone of many Web3 projects, and any security flaw can have devastating consequences for investors. Coins’ supplies controlled by whales is another issue that Trust Army’s report highlights. 32.9% of projects have token holders that hold 1% or more of the total token supplies, and a staggering 45% of projects have token holders who own 10% or more of total supplies. This concentration of tokens in the hands of a small group of holders could pose concerns regarding unpredictable consequences regarding the tokens’ value.<img src="https://miro.medium.com/v2/resize:fit:1400/1*PgRouf4OqaGFtEZZxsTQ5w.jpeg" />These insights reveal that there is still a long way to go in bringing transparency and security to the Web3 industry. However, Trust Army aims to tackle this issue head-on through the mission of building a trusted and transparent blockchain space.We will make quarterly reports based on Trust Army collected data to provide up-to-date insights on the industry. The next one will be devoted to the projects offered for users to explore in the 1.0 version, which is now available. To contribute to the overall results and bring Web3 transparency closer, users can register at Trust Army.With on-chain analysis data skills, users can help to analyze projects and contribute to further reports findings. In conclusion, investors in the Web3 industry must be cautious and diligent in their research. Trust Army’s report highlights the importance of transparency, security, and fair distribution of token supplies in making informed investment decisions. Through the platform’s efforts, we hope to see a more trustworthy and reliable Web3 ecosystem in the future.

Trust Army: In-Depth Analysis of 559 Web3 Projects

Hacken.AI

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