We scored many projects this week. Here are a few you should know about:
- Interlock
- SkyX
- Tashi Protocol
- OpenLayer
- Switchboard
Please remember that some of these projects still need our code review process. Still, we want to call them out here because they preliminarily caught our eye based on our fundamental analysis process.
Interlock – 77.14%
Website | X(Twitter)
Sector – AI/Security
Status – Testnet
Interlock is a blockchain-based security platform designed to safeguard users in the Web3 environment from threats like phishing, scams, and NFT theft. It utilizes decentralized technology, artificial intelligence, and community incentives to create a more secure internet. It is powered by ThreatSlayer, a browser extension that provides enterprise-grade security.
Features
- ThreatSlayer: A free browser extension and Interlock’s flagship product. It protects users from phishing and online scams. It utilizes AI for real-time threat detection and rewards users with $ILOCK tokens for sharing anonymous data.
- Crowdsourced Threat Intelligence: Users contribute to the platform’s security database to enhance overall protection, and the platform monetizes this data for enterprise solutions.
- Enterprise Solutions: Interlock plans to offer cybersecurity products targeting the growing threat intelligence market, allowing businesses to access real-time insights.
Investors
Token
$ILOCK is the native utility token of the Interlock platform, and it is used for various purposes:
- Incentivization: Users are rewarded with tokens for sharing security data.
- Transaction Fees: Paying for URL scanning services and it can also be used for product upgrades.
- Staking: Users stake tokens on misclassified websites and earn for training the threat detection AI.
- Validators: Validators hold tokens and earn yield for verifying user-submitted websites.
- Revenue: Enterprises stake tokens for discounts and paying for services. A percentage of revenue will be used for token buybacks.
SkyX
Website | X(Twitter)
Sector – DePIN
Status – Active
SkyX is building a dense, decentralized network of weather stations that allows participants to provide and consume clean, transparent, and monetizable weather data. It aims to transform how weather data is collected, analyzed, and distributed by integrating blockchain technology, AI, and IoT devices while ensuring that contributors are rewarded based on their input.
Features
- Weather Stations: A portable device designed to measure weather data and earn cryptocurrency without additional mining hardware.
- AI Integration: The network utilizes artificial intelligence for advanced data analysis and modeling, providing tailored insights for various industries.
- Mobile Application: Allows users to engage with the network and track their contributions and earned rewards.
- Community Empowerment: Participants earn rewards through $SKY tokens for sharing local weather data enhancing local infrastructure and quality of life.
Investors
SkyX announced the successful completion of its $1M pre-seed funding round in November 2024. Investors included EV, DePHY, Opulence, Peaq, Waterdrip and more.
Token
$SKY is the native utility token of the ecosystem, and it serves multiple purposes. NANO is a weather data point system within the SkyX network, which users can start earning through the SkyX mobile application and can be converted to $SKY upon mainnet launch.
- Incentives: Users earn $SKY to contribute weather data.
- Payments: $SKY could be used for transactions related to accessing datasets and services within the platform.
Tashi Protocol – 70.00%
Website | X(Twitter)
Sector – Gaming Infrastructure
Status – Active
Tashi Protocol is focused on revolutionizing the gaming industry. It utilizes a high-throughput consensus mechanism, the Tashi Consensus Engine (TCE), to facilitate faster, cheaper, and fairer gameplay. The protocol aims to reduce the dependency on traditional servers, lower game developers’ operational costs, and enhance player engagement through decentralized gaming experiences. It plans to move the consensus engine from public layer 1 and layer 2 networks directly into the players’ game sessions while building the supporting DePIN and key management infrastructure.
Features
- Tashi Consensus Engine (TCE): It faciliatiates peer-to-peer multiplayer gaming sessions, ensuring fair input ordering and synchroinization across players’ devices.
- High Performance: The protocol boasts over one million transactions per second (TPS) with low latency (30-50 ms), making it suitable for real-time applications.
- Interoperability: The protocol has integrated with multiple layer 1 and layer 2 blockchains, supporting cross-chain functionality.
Investors
The fundraising announcement has yet to be made, but the project partnerships suggest interest and backing from entities within the blockchain and gaming sectors, like Rome Blockchain Labs.
Token
$TASHI is the native utility token of the ecosystem.
OpenLayer – 69.05%
Website | X(Twitter)
Sector – AI/Data Layer
Status – Active
OpenLayer is building a Validation-as-a-Service (VaaS) protocol. It aims to reduce transaction validation times on blockchains, particularly through optimistic verifiable computation (OVC) and its flagship product, OpenOracle, which provides user-operated data oracles. It runs as a user-operated data oracle on Eigenlayer AVS. It is designed to democratize the process of data feed validation, making it accessible to a wider audience.
Features
- Open Oracle: It is known for being faster, cost-effective, and capable of accessing more data than existing solutions.
- Optimistic Verifiable Computation (OVC): It enables faster transaction validations by operating on various devices with minimal hardware and uses staking or re-staking to discourage malicious behavior.
- AI Monitoring Tools: Offers real-time monitoring and testing capabilities for AI systems, ensuring high-quality outputs.
Investors
OpenLayer is backed by a16z CSX, Geometry Ventures, LongHash Ventures, and various renowned angel investors. It has also received grants from the Ethereum Foundation, Optimism, and Arbitrum.
Switchboard – 73.33%
Website | X(Twitter)
Sector – Oracle
Status – Active
Switchboard is a decentralized Oracle network built on Solana that allows anyone to publish on-chain data for smart contracts. It allows developers to create customizable data feeds. It offers a secure method for generating random numbers, essential for various blockchain ecosystem applications, such as finance, gaming, and supply chain management. It leverages Trusted Execution Environments (TEEs) for secure computation, ensuring data integrity without exposing the process or results to external parties.
Features
- Customizable Data Feeds: Developers can create tailored data feeds to meet specific application needs, moving away from one-size-fits-all solutions.
- Trusted Execution Environment (TEEs): This ensures that sensitive information remains private and secure during processing.
- On-Demand Data: Switchboard provides real-time data feeds for smart contracts, enhancing responsiveness for applications needing up-to-date information.
Investors
Switchboard raised a Seed round of $3.5M in June 2021 and a Series A of $7.5M in May 2024. Investors include Tribe Capital, Rockaway, Solana Foundation, APTOS, Starkware, Lemniscap, CMS and more.
