NuNet

What it does

NuNet is a protocol layer rather than a marketplace. Each participating device runs the Device Management Service, an open-source Go daemon that advertises capabilities (CPU, RAM, GPUGPUGraphics Processing Unit. Originally designed to render video game graphics, GPUs turned out to be exceptionally good at the massively parallel math that AI models need. Modern AI training and inference runs almost entirely on GPUs.Like a factory with 10,000 workers doing the same simple task in parallel, versus a CPU which is more like 10 workers each doing different complex tasks. AI training involves doing simple math a million times per second on a million numbers, which is exactly what the GPU factory is designed for.GPU in the glossary →, geography, trust level) over a libp2p gossipsub mesh. The Logical Orchestration Layer matches incoming workloads to candidate devices via constraint satisfaction and dispatches the job to a containerised runtime. Each device and workload is an actor with a key pair; messages are cryptographically signed; the actor ID is the public key. Payment settles peer-to-peer in NTX on Ethereum, Cardano or BNB Smart Chain.

The project was incubated inside SingularityNET in 2018, incorporated as a standalone entity in August 2021, and shipped mainnet on 2 March 2026. Co-founders Dr Kabir Veitas (CEO and CTO), Dr Weaver D.R. Weinbaum, and Dr Ben Goertzel are all doxxed; Veitas runs day-to-day operations while Goertzel is now CEO of the Artificial Superintelligence Alliance. The dual-entity structure separates protocol stewardship from commercial operations: NuNet Foundation governs, NuNet Solutions builds.

One framing worth correcting up front. NuNet is sometimes described as the “remaining ASI Alliance compute leg” after Ocean Protocol’s October 2025 exit. That framing is wrong. The ASI Alliance lists three members: Fetch.ai, SingularityNET and CUDOS. NTX never migrated to FET. SingularityNET’s 2024 annual report describes NuNet as the “decentralised compute layer” supporting AGI infrastructure, not as a peer member. The SingularityNET Foundation retained 495,000 NTX from the 2021 spin-out (0.05% of supply) but has no governance control. Treat NuNet as infrastructure for SingularityNET, not as part of the ASI Alliance itself.

Value proposition

The pitch is architectural rather than commercial. Most compute marketplaces sit on top of a centralised orchestrator, take a cut, and sell decentralisation as a brand. NuNet inverts that. The orchestration layer is itself the open-source protocol. Anyone with the codebase can run a parallel matching engine. The Apache 2.0 licence on the Device Management Service and the NuNet Appliance makes that legally clean, and the libp2p mesh means there’s no central relay to gatekeep participation.

Multi-chain settlement is the second structural choice. NTX is deployed natively on Ethereum, Cardano and BNB Smart Chain (the leg totals are under Tokenomics below). A consumer pays a provider in NTX on whichever chain both prefer. The protocol’s design explicitly accepts stablecoins and other settlement assets as alternatives, which solves an interoperability problem and creates an obvious tension for token holders: if the protocol works equally well without NTX, what is NTX for?

The counter-narrative is just as direct. At the 32 connected devices its homepage reported in May 2026, NuNet is two orders of magnitude smaller than Akash, io.net, Render or Aethir. The Auki/Posemesh and Serverista partnerships are reciprocally confirmed but produce no public workload volume or revenue. The homepage counter now shows a dash, and the dashboard at dashboard.orgs.nunet.network reads a public metrics endpoint whose node series (24 reporting a location, 2 with onboarded CPU on 7 October 2026) NuNet doesn’t define as a device count. There’s an open question whether NuNet’s honesty on scale is a feature (no inflated metrics to discount) or a constraint (no scale to underwrite a revenue thesis). Right now, both are true.

Where NuNet fits on the compute shelf depends on what you weight. Against the 327,000 registered GPUs io.net reported in Q1 2025, of which a daily average of 6,720 were active, NuNet’s 32 reported devices are smaller, but they aren’t padding a marketing claim. Against Aethir’s $127.8M 2025 revenue claim, which reconciles on-chain, with closed-source code, NuNet’s invisible revenue with open-source code is a different trade. Against Gensyn, which shipped a token in April 2026 with the training mainnet still pending, NuNet has the inverse profile: mainnet live, token deeply post-cycle.

Tokenomics

NTX was a fixed 1 billion supply until 19 September 2026. At 20:50 UTC that evening, Ethereum block 26014055, the deployer key called mint(0x2dcc…1dfE, 408,532,878.133452) and took the Ethereum leg from 591.5 million to exactly 1 billion NTX in one transaction. The three legs now hold more NTX between them than the published maximum: roughly 966.6 million on Ethereum after subsequent burns, 429.4 million on Cardano and 12 million on BNB Smart Chain, about 1.41 billion against a cap of 1 billion. The minted tokens went to the MetaMask Swaps spender contract in ten-million chunks through the night and were sold.

The same address had received 8,721,530.40 FET from Fetch.ai’s TokenConversionManagerV3 twenty-nine minutes earlier, which is what ties the two incidents to one attacker. NuNet’s own documentation and homepage still describe a fixed supply that can never be added to; both were live and unamended when we read them on 20 September.

What followed says as much as the mint. Twelve hours later the compromised key granted DEFAULT_ADMIN_ROLE to a fresh address, revoked its own, handed that address PAUSER_ROLE, and called pause(). Every NTX transfer on Ethereum is frozen as a result, for every holder, with no carve-out, and the token sits that way now. The Cardano and BSC legs were not paused, but only Cardano is out of the key’s reach. The BSC token is an upgradeable proxy, and its ProxyAdmin is still owned by the compromised deployer key (re-read 7 October 2026), so that key can still replace the BSC token’s code. Circulating supplyCirculating SupplyThe number of tokens currently in circulation and tradeable on the open market. Differs from total supply (which includes locked or unvested tokens) and max supply (the upper limit, if there is one).Like the number of cars on the road today versus the number ever produced. Some are in showrooms, some in junkyards, some still at the factory. Only the ones on the road count toward what people are actually driving.Circulating Supply in the glossary → in the fact strip above is a CoinGecko figure and doesn’t yet reflect any of this.

Distribution, per the project’s published token overview:

• R&D reserve: 21.00% (foundation-controlled release; no public schedule)
• Team & advisors: 16.25%
• Mining rewards: 15.25% (released to compute providers as workloads execute)
• Private round: 14.40%
• Community round: 10.00%
• Community rewards: 9.00%
• Backers: 6.00%
• Liquidity provision: 3.50%
• Seed round: 2.60%
• Launchpads: 2.00%

Insider allocation (team plus private plus backers plus seed) totals 39.25%. Community-allocated supply (community rounds plus mining rewards) totals 34.25%. The R&D reserve at 21% is the largest single category and it’s the structural overhang to watch, because the release cadence is foundation-controlled and not published.

The NTX Ethereum contract was audited by Hacken OÜ in September 2021 (Solidity 0.6.2, MIT licensed, verified on Etherscan). The report found no critical, high, medium or low severity issues. Hacken itself recommended additional independent audits and a public bug-bounty programme as part of the standard audit conclusion. Neither has been publicly executed in the four years and eight months between that audit and the March 2026 mainnet launch. The orchestration protocol (Device Management Service, Logical Orchestration Layer) deployed at mainnet has no published independent audit at all.

The Ethereum NTX contract has burn, mint, pause and role-based-access-control features per the verified bytecode. We wrote in August 2026 that mint() carries no cap guard and that one un-renounced deployer EOA held DEFAULT_ADMIN_ROLE, MINTER_ROLE and PAUSER_ROLE together, so new NTX could be created outside the bridge by a single key. That is the key that minted 408.5 million NTX thirty-eight days later. The contract was never exploited; it did exactly what it was written to do, for whoever held the key.

Accrual is unchanged by any of this, because there was none to change. No documented burns, no buyback, no fee-share to holders, no staking, no validator yield, no compute-provider yield-share and no governance voting. The “small transaction fees fund network operations and development” language on nunet.io doesn’t specify whether protocol fees accrue to NTX holders or to the NuNet Foundation treasury. Compute providers earn NTX from completed jobs; passive holders earn nothing.

Market context: NTX is down approximately 99% from its all-time high of $0.2293 set on 30 November 2021. The all-time low cited at this review’s mid-May research date (set 5 May 2026) has been broken repeatedly since, most recently on 20 September 2026 as the minted tokens were sold (CoinGecko). Listed on MEXC plus DEX pools on Ethereum (Uniswap), Cardano (Minswap, WingRiders) and BSC (PancakeSwap). No tier-1 CEX listing; see live data above for current pricing.

How to participate

Hold NTX. No staking, no yield, no governance voting yet. Passive participation is purely directional. Liquidity on one tier-2 CEX (MEXC) and DEXes (Uniswap V3 on Ethereum, Minswap on Cardano) means positions above retail size face material slippageSlippageThe difference between the expected price of a trade and the price you actually get when the trade executes. Slippage usually goes against the trader and gets worse with bigger trades or thinner markets.Like trying to buy 1000 bananas at the corner shop. The first few are at the marked price, but by the time you've bought them all you've moved the price up because there are no more bananas left at the original level. The shop has to restock at higher cost.Slippage in the glossary →.

Run a Device Provider node. Install the open-source NuNet Appliance (Ubuntu 24.04 base; MacOS and Windows supported). Minimum 2 CPU cores, 8 GB RAM, 100 GB storage, stable internet. The DMS advertises the device’s capability profile to the libp2p mesh and earns NTX peer-to-peer when matched workloads execute. The Appliance scales from a Raspberry Pi to a 64-GPU data-centre rack on the same actor framework. At 32-device network size, earnings expectations aren’t yet benchmarkable. Documentation at docs.nunet.io/appliance/about.

Use as a consumer. Submit compute jobs via the REST APIAPIApplication Programming Interface. A structured way for one piece of software to talk to another. In DeAI, APIs let applications request inference from a model without running the model themselves.Like a waiter in a restaurant. You don't walk into the kitchen and cook your own meal. You tell the waiter what you want, they tell the kitchen, the kitchen cooks it, and the waiter brings it back. The API is the waiter.API in the glossary → at 127.0.0.1:9999. The protocol performs dynamic constraint satisfaction across location, latency, hardware type, cost and trust without manual provider selection. No public pricing or cost calculator is published.

Build on the SDK. Apache 2.0 codebase on gitlab.com/nunet; GitHub is a secondary mirror. UCAN capability-token authorisation model. REST API documented at docs.nunet.io/docs/developer-documentation. No NuNet-specific grants programme; SingularityNET’s Deep Funding accepts adjacent proposals.

Governance. Currently off-chain via the NuNet Foundation. The body is a Foundation Council of three to six members whose first term runs to 2029, with community election deferred to November 2029, alongside an Executive Fellowship that NuNet describes as a CEO function distributed across three to five people. Phase 2 of the governance roadmap introduces liquid-democracy voting weighted by NTX holdings, with the option to delegate to another holder or to an AI agent. Phase 3 targets development outsourcing. Phase 2 is roadmap, not deployed; mainnet shipped without on-chain voting.

Honest assessment

What works

The codebase is fully open. Apache 2.0 across the Device Management Service, the NuNet Appliance and the dev-tools. MIT on the Ethereum NTX contract. The primary repository lives on gitlab.com/nunet (GitHub at github.com/nunet is a mirror, so its star and follower counts understate actual activity). Anyone can fork the matching engine and run a parallel instance. That’s the architectural promise of permissionlessness, and unlike io.net or Aethir where the orchestration code is closed-source, NuNet actually delivers it.

Multi-chain settlement is operational, and with the Ethereum leg paused in September 2026 the Cardano and BSC legs kept settling. The separation is thinner than that suggests, because the compromised key still holds upgrade rights over the BSC token. The Ethereum contract is verified on Etherscan with a clean Hacken audit on the token layer. The Cardano integration activated on 19 January 2026, six weeks before mainnet, with Eternl wallet support and recognition in the Cardano Foundation’s January 2026 monthly update.

Two production partnerships have reciprocal confirmation. Auki Labs published a partnership announcement on auki.com confirming joint node-deployment work within the NuNet Appliance for the Posemesh spatial-computing layer. Serverista’s integration was covered by Bitget News and describes NuNet’s Logical Orchestration Layer being used for dynamic VM workload distribution across data-centre infrastructure. Two reciprocally-confirmed partners is more concrete evidence than most early-stage compute protocols ship with, even before any revenue figure attaches.

The vesting schedule was the cleanest on the compute shelf, and September separated what that bought from what it didn’t. Scheduled dilution really was almost finished: the June 2026 unlock released 0.25% of supply, where io.net and Aethir are both around half circulating with vesting running through 2028. None of it protected holders, because the dilution that arrived was unscheduled and 160 times the size of that last release. A clean vesting table counts for something only when the supply it describes is the supply that can exist.

What doesn’t work

The audit gap is the headline weakness. The September 2021 Hacken review covered the token contract only and predates the orchestration protocol that shipped at mainnet. That’s a four-year-and-eight-month window between the only published audit and a live network handling peer-to-peer payments and containerised workloads. Hacken’s own report concluded with a recommendation for additional audits and a bug-bounty programme. Neither has been publicly executed.

Governance is fully foundation-controlled. No on-chain voting, no proposal register, no treasury transparency. The dual-entity structure (NuNet Foundation governs, NuNet Solutions operates) at least separates protocol stewardship from commercial interest, which is more than io.net offers, but it doesn’t substitute for an actual decision-making mechanism that token holders participate in. The Phase 2 liquid-democracy roadmap is appealing on paper. Until it ships, governance is one foundation board.

The token-utility model has a structural cap that the project itself describes openly. The protocol’s design accommodates stablecoins and other settlement assets, so NTX is the native asset but not the necessary one. Most live jobs probably do default to NTX, but the project is on record that they don’t have to. That’s honest. It’s also a permanent ceiling on the “NTX captures protocol throughput” thesis.

Network state is opaque. The 32-connected-devices figure on the homepage is the only quantitative network state the project publishes, and the underlying dashboard at dashboard.orgs.nunet.network returns HTTP 307 on plain fetch. There’s no public revenue, no transaction count, no compute-hours-delivered figure, no settlement-volume breakdown by chain. Project Catalyst funding documentation references 5,000 to 10,000 NTX transactions as an MVP success target, which is an honest acknowledgement of where the volume bar sits. Compare to Akash’s public Messari quarterly reports.

The risk

The structural risk is now key custody, and it has already cost holders more than every scheduled unlock combined. One externally owned account held mint, pause and role-management on the Ethereum token from deployment in 2021 until the day it was compromised, with nothing between that key and 40.9% of the published maximum supply. Control moved first to a second externally owned account, then on 28 and 29 September to a 2-of-3 Safe, which closes the single-key gap on the Ethereum leg. A hard cap in mint() is still missing, and the compromised key still owns the BSC ProxyAdmin.

The second structural risk is the R&D reserve. 21% of supply sits in a foundation-controlled bucket with no published release schedule, sold into thin liquidity whenever the foundation draws on it.

The narrative risk is dependency on SingularityNET, which is itself part of the ASI Alliance. The alliance’s governance has already been tested once: Ocean Protocol exited in October 2025, and a lawsuit over an alleged 286 million FET conversion is still live in SDNY. NuNet’s separate token status (NTX, not migrated to FET) insulates it from analogous merger disputes. But if SingularityNET were to depart the ASI Alliance or wind down its NuNet integration, the most-cited consumer of NuNet infrastructure would be gone. Read that as a structural risk on the SingularityNET dependency; the codebase itself would survive.

The execution risk is timing. Mainnet shipped on 2 March 2026. Six months in, the network has 32 reported devices, two reciprocally confirmed production partners, no public revenue, no governance voting, and no working burn or fee-share. None of those gaps are technically blocked. All of them could be closed by the foundation. They now have to be closed from a much worse starting position, with the token at a fresh all-time low and the Ethereum leg frozen.

My position

Fact: NuNet ships an Apache 2.0 compute orchestration protocol with multi-chain NTX settlement, two reciprocally announced production partnerships, and a published 32-device network state.

Take: The orchestration work is still an honest version of what much of the compute shelf only claims, and it’s now attached to a token that can be printed by whoever holds one key. September proved that the cap on the website was never a cap. The engineering culture that ships an Apache 2.0 stack and publishes an unflattering device count is the same culture that left mint, pause and admin on a single externally owned account for five years, and the second of those has now cost more than the first has earned in five years.

I don’t hold NTX. The bar has moved: before any of the old conditions matter, mint() has to carry a hard cap, the BSC ProxyAdmin has to leave the compromised key, and the foundation has to publish what it intends to do about 408.5 million tokens that exist outside its own supply schedule. Those are a day of Solidity and a decision, and the decision is the hard part.

Freedom Score: 46/100

NuNet scores 46/100 (D grade). Full methodology at Freedom Score Methodology.

Infrastructure decentralisation (10/20): Device onboarding is permissionless: anyone can install the open-source NuNet Appliance and join the libp2p mesh. Settlement runs across Ethereum, Cardano and BSC, so no single chain is a single point of failure. The Logical Orchestration Layer (matching engine) is a single foundation-operated reference implementation, however, and the network’s reported size of 32 devices is too small to demonstrate geographic or organisational distribution. Apache 2.0 across the DMS means anyone could fork the matching engine, but no alternative implementation exists.

Governance decentralisation (5/20): All current decisions sit with the NuNet Foundation Council and its Executive Fellowship, with community election of the Council deferred to November 2029. No on-chain voting, no public proposal register, no treasury transparency. The Phase 2 liquid-democracy model is on the roadmap but not deployed; mainnet shipped on 2 March 2026 without it. Above fully-team-controlled DePIN peers because the dual-entity structure (Foundation governance plus Solutions operations) at least separates protocol stewardship from commercial interest.

Token distribution fairness (6/15): Insider allocation totals 39.25% (team and advisors 16.25%, private 14.40%, backers 6%, seed 2.60%). R&D reserve at 21% is unusually large and represents future foundation-controlled release with no public schedule. Community-allocated supply (community round 10% plus community rewards 9% plus mining rewards 15.25%) totals 34.25%, which is reasonable for a DePINDePINDecentralised Physical Infrastructure Networks. Protocols that use token incentives to coordinate real-world physical infrastructure like GPU compute, wireless networks, storage, mapping sensors, or bandwidth.Like crowd-sourced ride-sharing but for physical hardware. Uber incentivises drivers with dollars. DePIN incentivises hardware operators with tokens. The network grows because individuals choose to contribute capacity in exchange for rewards.DePIN in the glossary →. The token launched via IDOIDOInitial DEX Offering. A token launch mechanism where the initial sale happens directly on a decentralised exchange, with built-in liquidity pool funding. IDOs replaced ICOs as the standard launch model for many projects after 2018.Like opening a new shop directly inside an existing market hall instead of running a separate sale event. The shop is open, the market provides foot traffic, and customers can walk in and trade from day one.IDO in the glossary → and launchpad rounds rather than fair launch.

Censorship resistance (8/15): Apache 2.0 codebase means the DMS can be forked and run by anyone. The libp2p P2P mesh has no central relay, and device participation needs no KYC. The 20 September 2026 freeze was leg-local, and the Ethereum leg is still paused for every holder while Cardano and BSC carry on settling. Pause and admin on Ethereum have sat with a 2-of-3 Safe since 29 September, so no single key can freeze the token, but the compromised deployer key still owns the ProxyAdmin that can upgrade the BSC token, which costs a point.

Data sovereignty (7/15): Workloads execute locally on provider devices in containers; no centralised aggregation of model weights or inputs. Cryptographic signing of every actor message provides integrity guarantees. There is no confidential-computeConfidential ComputeHardware-enforced computation where data and code are encrypted in memory and only the authorised application can access them. The machine's operator cannot read what the application is doing even though they own the machine.Like renting space in a bank vault. The bank owns the building and runs the security, but what you put in the vault is invisible even to the bank staff. Only you have the key.Confidential Compute in the glossary → hardware support (no Intel TDX, SGXSGXIntel Software Guard Extensions. The first widely-deployed TEE technology, introduced in 2015. SGX creates encrypted memory regions (enclaves) where code and data are protected from the operating system and the machine's owner.Like a safe deposit box at a bank. The bank owns the safe room and can see who comes in and out, but they can't see what's inside the boxes. SGX gives applications a private box on a shared computer.SGX in the glossary → or NVIDIA H100/H200 confidential containers as offered by io.net and Phala), so sensitive workloads are limited by what providers’ standard environments support. Metadata (job matching, payment) flows through the DMS reference implementation which is foundation-operated.

Open source and transparency (10/15): Device Management Service, NuNet Appliance and dev-tools are Apache 2.0 on gitlab.com/nunet. NTX Ethereum contract verified on Etherscan, MIT licensed. Whitepaper 2.0 published. The Hacken token-contract audit (September 2021) is publicly accessible. The four-year-eight-month audit gap between the only published audit and the 2 March 2026 mainnet launch is the headline weakness; the orchestration protocol deployed at mainnet has no published independent audit. Hacken itself recommended additional audits and a bug-bounty programme; neither was publicly executed.

Path to improvement

Three changes would materially raise NuNet’s Freedom Score:

1. Audit the orchestration protocol. Commission a recognised firm (Trail of Bits, OpenZeppelin, Halborn or equivalent) to audit the Device Management Service and the Logical Orchestration Layer. The September 2021 Hacken token-contract review is not sufficient cover for a live mainnet handling peer-to-peer payments. Hacken’s own recommendation for additional audits has sat unactioned for four-plus years.
2. Ship Phase 2 governance. Move the liquid-democracy voting mechanism from roadmap to live, with a public proposal register, on-chain treasury operations and transparent R&D reserve release scheduling. The dual-entity structure is a start; on-chain voting is the proof.
3. Publish a verifiable network dashboard. The 32-device figure on the homepage should be cross-referenceable against a live, externally accessible network state page showing active devices by region, settled jobs over time, fee revenue by chain, and burn or treasury accumulation. Akash publishes quarterly Messari reports; NuNet currently publishes a homepage number.

Returns Score: 24/100

NTX scores 24/100 (F grade). Full methodology at Returns Score Methodology.

Token utility (9/20): NTX is the native settlement asset across Ethereum, Cardano and BSC with a network-access requirement for consumers and providers. The protocol’s blockchain-agnostic design accommodates stablecoins and other settlement assets, which caps but does not eliminate NTX-specific utility because most live jobs default to NTX. No staking yield, no governance voting yet, no fee discount for NTX-denominated jobs. Compute providers earn NTX from completed jobs; passive holders earn nothing. Below io.net (12/20) and Aethir (12/20), which have payment plus staking utility layers.

Value accrual (4/20): Burn capability exists in the Ethereum NTX contract per the verified Etherscan bytecode and protocol fees are designed to flow through, but no public burn cadence, no documented burns, no buyback programme and no fee-share to holders. The “small transaction fees fund network operations” language on nunet.io doesn’t specify whether fees accrue to NTX holders or to the NuNet Foundation treasury. Marginal credit for a designed-but-not-fired mechanism versus zero infrastructure.

Supply dynamics (3/20): The 1B cap is a sentence on a website, not a constraint in the contract, and on 19 September 2026 it stopped holding: a compromised deployer key minted 408,532,878 NTX on Ethereum in one transaction, 40.9% of the published maximum, and sold it through MetaMask Swaps overnight. The three legs read about 1.41 billion against a published 1 billion on 20 September. This is the supply-shock band (0-5), and it lands there on the mechanism rather than the event: mint() has no cap guard, an ordinary EOA calls it, and the same holds today under new ownership. The scheduled side of the curve was genuinely the cleanest on the compute shelf, with the June 2026 unlock at 0.25% of supply against io.net and Aethir near half circulating, and it counted for nothing.

Revenue sustainability (4/25): Mainnet live since 2 March 2026. No published fee or transaction-volume figure. Production workloads named (Auki/Posemesh, Serverista, HOMEPUTE369, NuNet Native) and two are reciprocally announced from the partner side, which is more credit than self-claim alone. Project Catalyst documentation references 5,000 to 10,000 NTX transactions as an MVP target. No DeFiLlama or Token Terminal listing for fees. Similar to Gensyn (3/25, prediction-market fees nominal); well below Aethir (16/25, a $127.8M 2025 revenue claim that reconciles on-chain) and io.net (13/25, ~$12.5M annualised per DePINpulse).

LiquidityLiquidityHow easily a token can be bought or sold without moving the price. High liquidity means you can enter or exit large positions quickly at the quoted price. Low liquidity means even small trades can swing the market.Like the difference between selling a house and selling a share of Apple stock. The house might be worth more on paper, but finding a buyer at that price takes weeks. The Apple share converts to cash in one click.Liquidity in the glossary → and access (4/15): A microcap with thin daily volume, turning over well under 1% of its market cap a day in early October 2026. Down ~99% from the November 2021 ATH; the 5 May 2026 ATL has been broken repeatedly since, most recently on 20 September 2026 after the unauthorised mint. CoinGecko lists nine tickers (read 24 September 2026): MEXC plus Uniswap pools on Ethereum, Minswap and WingRiders on Cardano and PancakeSwap on BSC, and the XT.COM listing this review named no longer appears. No tier-1 CEX (Binance, Coinbase, Kraken) listing. Positions above $10k face material slippage on most venues.

Path to improvement

Three changes would materially raise NTX’s Returns Score:

1. Turn on the burn. The Ethereum contract has burn capability. Implement a publicly auditable monthly burn funded by protocol fees, with on-chain proof of every burn. This is the single most powerful signal that NuNet’s revenue flows to NTX holders rather than to the foundation treasury.
2. Publish revenue data. Settlement transactions on Ethereum and Cardano are on-chain; a Messari-style quarterly report listing settlement volume by chain, fees collected, and net-of-emission yield to providers would let the market price the network on revenue rather than on hope.
3. Earn a tier-1 CEX listing. MEXC and a handful of DEX pools are not the same liquidity tier as Binance or Coinbase. Listings follow revenue, audits and governance maturity. The other two paths-to-improvement above are prerequisites; the listing is the trailing indicator.

Score change log

Date	Score	Change	Reason
2026-10-13	Data	N/A	Frontmatter liquidity line brought into line with the 7 October restatement: turnover well under 1% of market cap (7-day median 0.13%, 13 October). Scores unchanged.
2026-10-07	Freedom	4.4 → 4.6 (D held)	Censorship Resistance 6/15 → 8/15: the two points taken for the freeze are restored, since pause and admin on Ethereum now sit with a 2-of-3 Safe. The BSC ProxyAdmin point stays off.
2026-10-07	Data	N/A	Device count dated: the 32-device homepage figure is from May 2026 and the counter now shows no figure; the dashboard’s public metrics read 24 nodes with a location and 2 with onboarded CPU. Scores unchanged.
2026-10-07	Data	N/A	Turnover restated from about 3% to well under 1% of market cap a day (7-day median 0.41%, early October). Scores unchanged.
2026-10-07	Data	N/A	Ethereum admin and pause moved to a 2-of-3 Safe on 28-29 September, and the BSC token’s owner to a Safe with the same signers; the compromised key still owns the BSC ProxyAdmin. Scores held pending review.
2026-09-25	Freedom	4.5 → 4.4	The compromised deployer key still owns the BSC token’s ProxyAdmin and can replace its code, which weakens the multi-chain blast-radius credit. Censorship Resistance 7/15 → 6/15.
2026-09-25	Data	N/A	The BSC leg was described as untouched by the compromise; on chain, the deployer key that minted on Ethereum still owns the ProxyAdmin that can upgrade the BSC token. Scores unchanged.
2026-09-24	Data	N/A	The ASI Alliance paragraph called the Ocean dispute settled with 286M FET returned; the SDNY case is still live and the 286M is an alleged conversion. Scores unchanged.
2026-09-24	Data	N/A	Stale lines refreshed: per-chain supply (631M/369M) replaced, ATL moved to 20 September 2026, venue list and ticker count updated (9), mainnet age de-hardcoded, io.net and Aethir comparisons re-attributed to their current scores, unsourced $2M theft total dropped. Scores unchanged.
2026-09-23	Data	N/A	Supply type set to uncapped and the “fixed” max-supply tile relabelled, since the 19 September mint showed the 1B cap isn’t enforced. Scores unchanged.
2026-09-23	Data	N/A	Integrity records re-cut: 2 claims now quote NuNet’s own pages verbatim and 4 are our own measurements. Scores unchanged.
2026-09-20	Returns	3.3 → 2.4	A compromised deployer key minted 408,532,878 NTX on Ethereum on 19 September, 40.9% of the published 1B maximum, and sold it. Supply Dynamics 12/20 → 3/20 (supply-shock band).
2026-09-20	Freedom	4.7 → 4.5	The Ethereum token was paused on 20 September, freezing every holder on the leg, and admin control moved from one bare EOA to another. Censorship Resistance 9/15 → 7/15.
2026-09-20	Data	N/A	Cross-chain total re-read at ~1.41B against a published 1B cap; supply_cap_enforcement moved established → outdated, severity high. Our 2026-08-12 verdict had named the uncapped mint() and the single deployer EOA 38 days before they were used.
2026-09-06	Data	N/A	WS3b liquidity rail: XT.COM no longer appears in the ticker set (seven pairs on six venues, MEXC 58.3%), and the hardcoded ~$3M market cap has drifted well below that; both restated structurally across three surfaces. Turnover 2.60%. Liquidity & Access 4/15 held.
2026-09-05	Data	N/A	Fossilising-claim audit. “Technical Council” is not a body NuNet has; its own foundation page names a Foundation Council (first term to 2029, community election deferred to Nov 2029) and an Executive Fellowship. Separately the cited Hacken audit URL now 404s and the report survives only via the Wayback Machine, dated 20 Sep 2021. Governance 5/20 held.
2026-09-05	Data	N/A	September monthly review. The io.net (37.7%) and Aethir (41.6%) comparison figures were two corrections stale on their own pages; both are now around half circulating. Replaced with structural language, so another project’s live figure is no longer copied into this one’s prose. Supply Dynamics held at 12/20.
2026-08-19	Data	N/A	Correction. Two hardcoded market caps removed from the verdict and the Take, and a relative time reference (“nine days ago”) replaced. No score change.
2026-08-15	Data	N/A	Circulating supply de-hardcoded: absolute token count removed from the TokenFactsStrip context, percentage refreshed to 86.58% (CoinGecko). No score change.
2026-08-12	Data	N/A	WS3 on-chain reconciliation (1->4 verdicts). 3-chain total matches ~1B but the cap is not code-enforced: the Ethereum NuNetToken has an uncapped mint() held by the bridge and a bare un-renounced deployer EOA that also holds pause + role-admin (supply_dynamics + token-admin established). Open-source confirmed (GitLab + Apache-2.0 DMS; match). Scores unchanged.
2026-06-26	Data	N/A	DefiLlama LlamaAI harvest cross-check, verified independently (CoinGecko + api.llama.fi). The snapshot noted LlamaAI treats our review as the authoritative tiebreaker for circulating supply over the conflicting aggregators; confirmed our ~866M (86.57%) holds exactly (CoinGecko 865.8M). Refreshed the ATH decline to ~99% (verified -99.1% from $0.2293, 30 Nov 2021). The $0.002906 all-time low cited at the May research date has since been broken: NTX fell to fresh lows around $0.002 by late June 2026, which reinforces (rather than changes) the active-sell-pressure thesis. No score change.
2026-05-14	Both	N/A	Initial publish. Freedom 47/100 (D), Returns 33/100 (F). Triage framing corrected: NuNet is the SingularityNET ecosystem’s compute layer, not a peer ASI Alliance member.