# Nous Research

> Independent Nous Research review: the Psyche distributed-training network, the Hermes models, the Paradigm-backed raise, and the pre-TGE token question.

- Scores: Freedom 5/10 (grade D)
- Category: compute · Token: Pre-TGE
- Published: 2026-05-13 · Updated: 2026-10-13
- Canonical: https://ownyourmind.ai/projects/nous-research/
- Data (scores + integrity verdicts, JSON): https://ownyourmind.ai/api/projects/nous-research.json
- Cite as: Own Your Mind (ownyourmind.ai), licence CC BY 4.0. Link the canonical URL.

Charts and interactive widgets are omitted here; their data is in the JSON above.

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## What it does

Nous Research is a US-based AI research lab building two intersecting products. Psyche is a coordination layer for distributed model training that uses Solana smart contracts to register participants, schedule training rounds, and settle work. Hermes is the open-weight model family that ships out the other end. The connective tissue is DisTrO, a gradient-compression stack that lets a 40-billion-parameter model train across the public internet without needing data-centre interconnects.

The lab was an informal Discord research collective in 2022 and incorporated as Nous Research, Inc. in May 2023 (GitHub organisation creation date is the cleanest primary anchor). The founding team is four people: Jeffrey Quesnelle (CTO), Karan Malhotra (Head of Behavior), Ryan "Teknium" Teknium (Head of Post-Training), and Shivani Mitra. Nous's [October 2026 fundraise note](https://nousresearch.com/a-note-on-our-fundraise) is signed by Dillon Rolnick as CEO. Headquarters in New York with a fully remote workforce per the careers page.

Funding to date is approximately $155 million across three rounds. Distributed Global led roughly $15 million of pre-Series-A capital with participation from North Island Ventures, Delphi Digital, Together AI, and Solana co-founder Raj Gokal. Paradigm then led a $50 million Series A in April 2025 at a $1 billion token valuation via SAFT.

In October 2026 Nous announced a [$90 million raise](https://nousresearch.com/a-note-on-our-fundraise), with NVIDIA, Microsoft's M12 and Samsung among the investors it names. [TechCrunch reports](https://techcrunch.com/2026/10/07/nous-research-confirms-it-hit-1-5b-valuation-launches-ai-agents-for-business-users/) it as a Series B led by Robot Ventures at a $1.5 billion valuation, closing the talks it first reported in July. Nous's note gives no valuation, and neither it nor the coverage we read mentions a token component.

No official Nous token has launched. Karan Malhotra told Fortune at the time of the Paradigm round that the team had not decided whether to issue a proprietary token or use Solana's native SOL as the coordination asset.

Psyche is the network side of the business. Four programs are deployed on Solana with public IDs: a coordinator, an authorizer, a treasurer, and a mining pool. The codebase is Apache-2.0, hosted at PsycheFoundation/nousnet (formerly PsycheFoundation/psyche), with 22 contributors including co-founder and CTO Quesnelle as the top committer under the handle `jquesnelle`. The documentation does not formally use the word mainnet. The September 2025 blog post describes the post-testnet phase as "the next phase of Psyche," and the docs file lists mainnet under "not discussed in this documentation." Production training runs are happening on the network today; the project has chosen not to label that as a graduation.

Hermes is the model side. The Hermes 4 family launched in August 2025 across three Llama-3.1 and Qwen3 base sizes (14B, 70B, 405B). Hermes 4.3 (36B, December 2025) is the first to be trained in full on Psyche, hitting 144,000 tokens per second across 24 nodes per Nous. Consilience 40B is the lab's headline pre-training artifact: a dense decoder using DeepSeek v3 architecture plus Multi-head Latent Attention, pre-trained on Psyche against a 20-trillion-token data mix. Its HuggingFace model card still lists training duration as TBD, and the last checkpoint pushed there (step 23,216) is dated 14 August 2025.  The weights live on HuggingFace under a dual CC0-1.0 and MIT licence.

## Value proposition

The pitch is straightforward. Pre-training a frontier-scale model in a centralised data centre is a club with maybe ten members worldwide. Each member runs their training on tens of thousands of high-end GPUs connected by InfiniBand and writes a cheque measured in the hundreds of millions of dollars. Decentralised pre-training across the public internet would change that calculus. The catch is that pushing gradient updates across consumer broadband is roughly a thousand times slower than across a data-centre fabric. DisTrO is the compression layer that closes the gap.

What separates Nous from peers is that the lab has actually shipped at scale. Consilience 40B is a 40-billion-parameter pre-training run over the internet on Psyche, with checkpoints published to HuggingFace as it trained. Its data mix is 20 trillion tokens, more than the 15 trillion Llama 3.1 405B was pretrained on (centralised), but Nous hasn't published how many of those tokens the run consumed. The lab also published the DisTrO preliminary report (arXiv, August 2024), the Hermes 4 Technical Report (arXiv, August 2025), and the MoE scaling field notes describing 15,057 tokens per second per GPU on a 128-GPU B200 cluster. The papers and the weights line up.

The Hermes family is the lab's commercial wedge. Hermes 4.3 is downloadable via GGUF for local inference and via the Nous Portal API for hosted inference at portal.nousresearch.com. Independent benchmarks via Artificial Analysis price Hermes 4-70B at around $0.13/$0.40 per million tokens via third-party hosts, and Hermes 4-405B at around $1.00/$3.00 per million tokens. Hermes Agent, the open-source agent runtime, sits at 248,548 stars and 52,559 forks on GitHub (verified via the GitHub API, September 2026). For context, that is an order of magnitude above the next-largest open-source DeAI tooling repo we cover. Community pickup is the strongest competitive signal on the board.

The counter-narrative is the cap table. A $1 billion SAFT-implied valuation is venture capital pricing in expected token upside before anyone outside the institutional cap table has had a chance to buy. The decentralised in "decentralised AI" describes the technique here, not yet the ownership. Paradigm, Distributed Global, North Island Ventures, Delphi Digital, Together AI, and Raj Gokal have first claim on whatever token launches, and Nous hasn't said whether the October 2026 Series B investors hold token rights. The Token Distribution Fairness score in this review reflects that arithmetic.

The other counter-narrative is the framing of Psyche itself. The project does not use the word mainnet in its current documentation. The training runs are active and the Solana programs are deployed, so the network is functionally live. Sticking with "next phase" rather than declaring mainnet leaves the team optionality on what the eventual graduated network looks like, which is a sensible engineering choice and an editorial complication. We score the infrastructure dimension on what is actually shipped, with a discount for the missing formal declaration.

## Tokenomics

There is no official Nous token. The $1 billion figure that travels with this project is the SAFT-implied fully diluted valuation from the Paradigm Series A in April 2025, set by the documents the institutional buyers signed. It is a venture price, not a public market price. Pre-TGE reviews always come with this caveat: the supply curve, the vesting schedule, and the public allocation are all unannounced. Everything below should be read as the structural shape implied by what has been disclosed, with the understanding that the actual launch terms can move the score meaningfully in either direction.

What is reasonably knowable. The SAFT cap table is concentrated. Paradigm leads, with five other named investors holding meaningful positions. SAFT structures typically come with multi-year vesting and a cliff, so insider sell pressure at TGE is usually deferred but not absent. Whatever proportion of total supply the SAFT covers, the cap table will dominate the early float once that vesting starts releasing. By Distributed Global and North Island Ventures naming conventions, the prior-round investors are sitting on much earlier strike prices than Paradigm, which compounds the structural overhang.

What is unknown. Whether Nous launches a proprietary token (call it NOUS or PSY) or uses SOL as the Psyche coordination asset. Whether there is a fair public allocation tranche (an airdrop, a public sale, a participant-only mining mechanism). Whether the four Solana programs already on chain become the canonical token-economy hooks or whether the team rebuilds the coordination layer to accommodate a new asset. Karan Malhotra's April 2025 comment that the decision was still open suggests there is active internal debate about the launch model. A community-aligned launch is possible. So is a standard venture-priced TGE that hands the early float to insiders.

**Warning on the unofficial pump.fun NOUS token.** A pump.fun contract at `C42Wzk8rSnETpktCUofXJ5eAf9VW4GRU12ePuwqEpump` carries the NOUS ticker on Solana and gets mistaken for an official Nous Research launch in retail trading channels. It is not. Phantom labels the contract unverified. As of publication: locked liquidity approximately $4,331, 24-hour volume $0, 47 holders, pool age roughly one year, GeckoTerminal Security Score 50 out of 100. A separate unofficial contract carrying the NOUS symbol also exists on Ethereum at `0x36096eb8c11729fdd7685d5e1b82b17d542c38ce` and is equally unaffiliated with the lab. Do not interact with either. If and when Nous launches an official token, the team will announce it through nousresearch.com and the @NousResearch X account, not via a pump.fun or DEX listing.

## How to participate

**Download Hermes models and run them locally.** The lowest-friction entry point. The Hermes 4 family is on HuggingFace under NousResearch with GGUF quantisations for llama.cpp and Ollama and MLX builds for Apple Silicon. Hermes 4-14B runs on a 16-32GB Mac at decent speed. Hermes 4.3 36B needs more memory but still fits on consumer hardware in a quantised build. Consilience 40B is the heaviest of the public weights and is more of a research artifact than a daily-driver model. All open weights, all under permissive licences.

**Use the Nous Portal API.** Hosted inference for Hermes models at portal.nousresearch.com. Pay-per-token commercial access, useful for prototyping against Hermes without the local hardware requirement. Pricing per Artificial Analysis-reported third-party hosts puts Hermes 4-70B near $0.13 input / $0.40 output per million tokens and Hermes 4-405B near $1.00 / $3.00.

**Run a Psyche training node.** The Apache-2.0 codebase at PsycheFoundation/nousnet includes the Solana programs and the off-chain trainer. Node operation requires GPU hardware and Rust or Python familiarity; the specific requirements vary by active run. Pre-TGE there is no token-denominated reward; participation today is contribution-driven, with future incentives undefined.

**Contribute to the codebase.** 109 public repos on the NousResearch GitHub organisation (September 2026). The headline projects: PsycheFoundation/nousnet (network coordination, renamed from PsycheFoundation/psyche), NousResearch/DisTrO (compression substrate), NousResearch/hermes-agent (agent runtime, 249k stars), NousResearch/atropos (RL environment, 1,351 stars), NousResearch/Hermes-Function-Calling (1,473 stars). All Apache-2.0 or MIT. The community is sufficiently active that meaningful pull requests get reviewed quickly.

## Honest assessment

### What works

Nous is shipping the thing on the box. Consilience 40B exists as downloadable checkpoints, pre-trained over the internet on Psyche against a 20-trillion-token data mix. Hermes 4.3 was trained start-to-finish on the same network at industrial pace. The papers, the model cards, and the on-chain coordinator programs all line up. For a category that has spent the last three years getting laughed off as "you can't train across the internet," that is a meaningful refutation.

The open-source momentum is in a separate bracket from peers. Hermes Agent at 248,548 stars on GitHub sits in rare territory for any GitHub repo and is an order of magnitude above any other DeAI tooling we cover. Cross-checking via the GitHub API in September 2026 confirms the number. The Hermes lineage carries community goodwill that predates the corporate entity, and Teknium remains one of the most prominent open-source ML voices on X. The Psyche repo, now PsycheFoundation/nousnet, at 966 stars with 22 active contributors including the CTO is a much smaller community but, as a network-coordination codebase, perfectly healthy.

On 2 September Hermes Agent refactored its own codebase. Per Teknium's post on the Nous blog, the main run took about nineteen active hours and dispatched 1,393 subagents, with 218 running at once. The output is public as PR #102117, merged on 4 September: 4,271 commits across 2,655 files, taking non-test Python from 1,063,826 to 698,363 lines, a 34.4% cut per the PR's own table. The post's headline "$1.8M of value" is Nous's estimate of engineering hours it did not have to spend, so we leave it out of the scoring.

Hermes Agent v0.20.3 (tag v2026.8.16.2, 17 August) bundled Bot Mode into the desktop app, on by default, per PR #87886. Bot Mode gives a user a roster of named agents with their own chats and routines that can message each other, and its standalone MIT repo is now archived. It's a feature of the desktop app on one person's machine, which makes it a workstation tool for now.

Hermes Agent v0.20.4 (tag v2026.8.18) added NVIDIA SkillEvaluator Tier 1 scanning on skill installs. PR #88573 is explicit that the scan is advisory: it prints PII, secrets and Unicode-smuggling findings before the install prompt, the install always continues, and it does nothing unless the optional `skillevaluator` binary is present. The built-in skills guard stays the only enforcement layer.

The founders are coding the production system. Jeffrey Quesnelle is the top committer on PsycheFoundation/nousnet. The contributor list reads as engineers, not consultants. That reduces a category of execution risk that flattens a lot of DeAI projects where the visible team and the actual code authors are different people.

### What doesn't work

No mainnet declaration. The project chooses not to use the word, and the architectural reality is that the four Solana programs are deployed and used but the framing is "next phase," not graduated. Participant counts, node counts, and training-run dashboards exist as JavaScript-rendered web pages that we could not parse directly. For a network that prides itself on verifiability, the public observability story is thinner than the engineering would suggest.

The cap table is not decentralised. $155 million of venture capital has gone into this project before any public participant got to buy a single share of upside. The Paradigm-led Series A is priced at $1 billion of token value via SAFT. Distributed Global, North Island Ventures, Delphi Digital, Together AI, and Raj Gokal hold the prior round, and TechCrunch names Robot Ventures as lead of the October 2026 Series B. The Token Distribution Fairness score in the next section reflects that, and any community-aligned launch model will need to be visibly imposed on top of that starting position.

No published value-accrual mechanism. Nous Portal API generates inference revenue today, and that revenue flows to the corporate entity. There is no committed buy-and-burn, no staking yield, no fee-sharing arrangement with a future token. Holders of a hypothetical NOUS token would be buying into utility that has not been specified.

### The risk

The TGE structure is the single biggest variable in this review. A well-designed launch (meaningful public tranche, transparent vesting, governance pathway) lifts Token Distribution Fairness, Governance, and Value Accrual scores in ways that could move the project from a D into a clean B. A standard venture-priced launch (insider-heavy float, short cliff, no governance) confirms the current scoring and probably tightens it down. Karan Malhotra's open-question framing in April 2025 suggests both outcomes are still live.

Concentrated technical leadership. The four-person founding team carries the lab. Departure of any of the four, particularly Teknium (community face) or Quesnelle (production code), would materially affect roadmap delivery. That is a normal risk for a small lab, with one twist: the brand equity here is unusually concentrated.

Single-jurisdiction US corporate entity. The open weights are sovereign once downloaded, but Nous Research, Inc. is subject to US legal process. HuggingFace, where the models are hosted, is a US company. Nothing about the current setup is censorship-resistant at the company layer.

The pump.fun NOUS contract on Solana keeps catching retail buyers. Without a direct on-record disavowal from the team, the contract can be expected to keep absorbing capital from people who think they are buying a Nous token. The contract is unrelated to the lab and worthless on the metrics.

### My position

I don't hold any Nous-related tokens because no official Nous token exists. Hermes 4.3 is downloaded on my Mac, and Consilience 40B sits on the to-read list as a research artifact rather than a daily driver. I'd be a buyer of an actual NOUS token at a sensible public price post-TGE, gated on what the launch terms look like for non-SAFT participants. Pre-TGE, the participation route I'd recommend is the contribution one: run a Psyche node if you have GPU capacity, contribute to the Apache-2.0 codebase, or use the open weights locally. The Paradigm-led venture round priced the speculative case at $1 billion. The Freedom and Returns scores in this review price the network at what is actually on chain and downloadable today, which is much less, but built on a more honest base.

## Freedom Score: 50/100

Nous Research scores 50/100 (D grade). Full methodology at [Freedom Score Methodology](https://ownyourmind.ai/resources/freedom-score-methodology/).

**Infrastructure decentralisation (10/20):** Psyche deploys four public Solana programs (coordinator, authorizer, treasurer, mining pool). Hermes 4.3 was trained in full on the network at 144,000 tokens per second across 24 nodes, per Nous. Consilience 40B pre-trained on Psyche with public checkpoints, though its trained-token count is unpublished. The design is permissionless and the runs coordinate through on-chain programs. Discounts: the project documentation does not formally use the word mainnet (the current phase is described as "next phase"); active participant and node counts are not publicly verifiable; the docs explicitly list mainnet under topics "not discussed in this documentation."

**Governance decentralisation (3/20):** Founder-led with no DAO, no on-chain governance, and no token-based voting. The four-person founding team makes all decisions. Paradigm holds a meaningful SAFT position from the April 2025 Series A. No published transition plan from corporate governance to community governance post-TGE.

**Token distribution fairness (4/15):** Pre-TGE, scored on the SAFT-implied structure. Paradigm-led $50 million Series A at $1 billion plus roughly $15 million of prior capital from Distributed Global, North Island Ventures, Delphi Digital, Together AI, and Raj Gokal totals $65 million of insider capital before any public participant gets access, and the October 2026 Series B adds $90 million with no reported token component. The team has not committed to a fair launch and the proprietary-token-versus-SOL decision remains open, so the final score will be re-evaluated at TGE.

**Censorship resistance (9/15):** Hermes models are open weights on HuggingFace and run locally with no entity able to revoke them. The Hermes 4 Technical Report shows lower refusal rates than peer models on RefusalBench. Psyche programs on Solana are permissionless. Discounts: Nous Portal API is a centralised US-jurisdiction service; HuggingFace is a US-hosted distribution channel; the corporate entity is subject to US legal process.

**Data sovereignty (10/15):** Local inference via GGUF and MLX is fully sovereign once weights are downloaded. Training data sources are publicly attributable (FineWeb plus Common Crawl mix). Psyche participant nodes hold partial state but coordination data sits on a public Solana chain, which is a transparency feature and a metadata-exposure feature simultaneously. No zero-knowledge or confidential-compute layer at coordination time.

**Open source and transparency (14/15):** 109 public repos. Psyche under Apache-2.0 with 22 active contributors including the CTO. Hermes Agent under MIT with 248,548 stars (verified via GitHub API, September 2026). DisTrO preliminary report and Hermes 4 Technical Report on arXiv. Consilience 40B and all Hermes models published with open weights and full model cards. Small discount: company financial structure, state of incorporation, and TGE plans not disclosed.

### Path to improvement

Three changes would materially lift the Freedom score:

1. **Declare mainnet and publish a participant dashboard.** Production runs are happening on Psyche today. Naming the current state as mainnet (or as a clearly defined post-mainnet phase with a public on-chain dashboard showing active nodes, training-run status, and compute hours contributed) would convert engineering reality into editorial credibility.
2. **Commit to a fair public allocation at TGE.** A meaningful public sale, airdrop to Psyche contributors, or participant-only mining tranche would change the Token Distribution Fairness picture. The current SAFT-only cap table scores poorly; any visible community share would lift it.
3. **Publish a governance transition plan.** A roadmap from founder-led decision-making to token-based or council-based governance, with concrete dates and decision categories, would address the Governance score directly. The lab has the technical and community credibility to land this well; the absence of the plan is what holds the score down.

## Returns: N/A (pre-token)

Nous has **no Returns Score**; it is N/A until a token exists. There is live commercial inference revenue today, but no live official token, no published token spec, and no committed mechanism for a future token to capture that revenue, so the dimensions a Returns Score would rest on do not yet exist. Freedom is still scored (above). Full policy at [Returns Score Methodology](https://ownyourmind.ai/resources/returns-score-methodology/) under Pre-Token Projects. What follows is a forward-looking read on the token *design*, not a score.

**Token utility (design):** No published token specification. The team has not decided whether to issue a proprietary token or use Solana's native SOL as the Psyche coordination asset. This is design intent at an early stage, less detailed than Intelligent Internet's whitepaper-stage utility model because no formal token spec exists.

**Value accrual (design):** No mechanism committed. Nous Portal API revenue flows to the corporate entity. No buy-and-burn, no fee distribution, no staking yield is committed for a future token. There is a wide gap between the project's commercial activity and any path for that activity to accrue to public holders.

**Supply dynamics (design):** Pre-TGE with no published vesting schedule, no supply curve, no allocation breakdown. The $1 billion SAFT plus the prior round imply a heavy insider tranche. No fair-launch commitment. The launch terms could move this in either direction.

**Revenue sustainability:** Live but modest. Nous Portal API runs hosted inference at portal.nousresearch.com. Third-party hosts price Hermes 4-70B around $0.13/$0.40 per million tokens and Hermes 4-405B around $1.00/$3.00 per million tokens per Artificial Analysis provider pricing. Annual revenue figures are not publicly disclosed. There is commercial inference activity, but no commitment that a future token will capture the flow.

**Liquidity and access:** No live official token. The unofficial pump.fun NOUS contract at `C42Wzk8rSnETpktCUofXJ5eAf9VW4GRU12ePuwqEpump` has approximately $4,331 of locked liquidity, $0 24-hour volume, and 47 holders. Phantom labels it unverified. There is no official tradeable asset to assess.

### Path to improvement

Three changes would move Nous from N/A to a scored, investable Returns:

1. **Announce TGE date and launch terms.** Every dimension is gated on TGE. A published vesting schedule, fair allocation tranche, and clear token utility spec would let Returns move from N/A to an actual score.
2. **Commit value accrual to the token.** A protocol-level mechanism that routes some share of Psyche coordination fees, Hermes Portal inference revenue, or a treasury cut to token holders (via burn, buyback, or yield) would convert the existing commercial revenue into a Returns signal.
3. **Publish unit economics for Psyche.** Active participant count, average rewards per node, training-run frequency, and inference revenue captured. The data exists internally; making it public would let analysts price the network rather than the venture round.

## Score change log

| Date | Score | Change | Reason |
| - | - | - | - |
| 2026-10-13 | Data | N/A | CEO corrected: Nous's fundraise note is signed by Dillon Rolnick as CEO, and Jeffrey Quesnelle self-describes as co-founder and CTO, so he is now named CTO throughout. Scores unchanged. |
| 2026-10-13 | Data | N/A | Added the $90M October 2026 Series B (Nous note; TechCrunch reports a Robot Ventures lead at $1.5B), closing the July talks; funding now $155M. No token component reported, so Token Distribution holds at 4/15. |
| 2026-09-24 | Score | Freedom 51 to 50 | Infrastructure 11 to 10: the Consilience 20T-token support is withdrawn (20T is the data mix, training duration TBD, last checkpoint August 2025). |
| 2026-09-24 | Data | N/A | "Consilience 40B reached 20T tokens" and "largest verifiable run" withdrawn: 20T is the data mix, the model card lists training duration TBD, last checkpoint 14 Aug 2025. Hermes 4.3 throughput attributed to Nous; repo renamed nousnet. Scores unchanged. |
| 2026-09-24 | Data | N/A | Added the Hermes Agent self-refactor (PR #102117, 1,393 subagents per Nous) and refreshed GitHub counts via API: hermes-agent 248,548 stars, nousnet 966, org 109 repos. Scores unchanged. |
| 2026-09-24 | Data | N/A | Added NVIDIA SkillEvaluator Tier 1 scanning (v0.20.4, tag v2026.8.18, PR #88573), recorded as advisory: findings shown, install continues. Scores unchanged. |
| 2026-09-24 | Data | N/A | Added Bot Mode, bundled default-on in Hermes Agent v0.20.3 (tag v2026.8.16.2, PR #87886), described as a desktop workstation tool. Scores unchanged. |
| 2026-09-23 | Data | N/A | Integrity records re-cut: 0 claims now quote Nous Research's own pages verbatim and 1 is our own measurement. Scores unchanged. |
| 2026-08-14 | Data | N/A | GitHub figures refreshed via API: hermes-agent 148,154 to 229,979 stars, Psyche 775 to 955, org 80 to 91 repos, all now dated. PsycheFoundation/psyche has been renamed nousnet and is cited under the new name. No score change. |
| 2026-07-18 | Data | N/A | TechCrunch (2026-07-13) reports Nous finalizing a new round, ~$75M+ at a $1.5B valuation (Robot Ventures lead, USV), and cites ~$70M prior per Crunchbase. We keep our specific $50M Series A + ~$15M = $65M breakdown (the ~$70M rounds the earlier round up; investor lists differ). Pre-TGE, Returns N/A; raise unclosed; no score change. |
| 2026-07-07 | Returns | 21 → N/A | Pre-token Returns policy (house rule): no tradeable asset now means Returns N/A, not a numeric score. Removed the 21/100 score + breakdown; token-design read kept as prose. Freedom (51/100) unchanged. Methodology updated; also applied to Intelligent Internet. |
| 2026-06-26 | Data | N/A | DefiLlama LlamaAI harvest cross-check. Confirmed Nous remains pre-token: no official token exists, consistent with the review (the harvest noted LlamaAI flagged the same and quoted our framing). Reader-protective addition: the harvest surfaced a second unofficial impostor beyond the Solana pump.fun one we already warn about, an Ethereum contract at 0x36096eb8c11729fdd7685d5e1b82b17d542c38ce carrying the NOUS symbol; added it to the warning. Scores unchanged (pre-TGE; Liquidity & Access pinned at 0). |
| 2026-05-13 | Both | N/A | Initial publish. Freedom 51/100 (D), Returns 21/100 (F, preliminary). Pre-TGE per Section 3.3.1 of the research plan: Liquidity & Access fixed at 0/15, total Returns flagged preliminary. |