Project X

Project X receives a C+ risk grade (41/100) from Hindenrank, where lower scores indicate lower risk. Project X offers competitive LP yields on a fast-growing HyperEVM ecosystem, but the combination of pseudonymous team, no legal entity, self-funding, and new chain infrastructure creates a risk profile unsuitable for conservative capital. The Uniswap V4 fork base provides some code-level confidence, but custom modifications and HyperEVM-specific risks remain under-evaluated. Best suited for risk-tolerant DeFi users comfortable with early-stage ecosystem exposure. Project X is an automated market maker DEX built on Hyperliquid's HyperEVM, forked from Uniswap V4. It offers concentrated liquidity trading with 86% of fees going to liquidity providers. The project is self-funded by pseudonymous developers and has no token yet.

The key risks identified for Project X are: (1) Run by anonymous developers with no legal entity — higher risk of abandonment or rug pull compared to established DEXes (2) Built entirely on HyperEVM, a new and less battle-tested chain — infrastructure failures could trap your funds (3) No token yet — TVL is largely driven by airdrop farming that may evaporate once points convert to tokens

Project X scores 41/100 across eight risk dimensions: Mechanism Novelty: 3/15, Interaction Severity: 8/20, Oracle Surface: 3/10, Documentation Gaps: 5/10, Track Record: 8/15, Scale Exposure: 3/10, Regulatory Risk: 4/10, Vitality Risk: 7/10. The highest risk area is Vitality Risk at 7/10.

Among 111 rated DEX protocols on Hindenrank, Project X ranks #89 by safety (lowest risk score = safest). Its 41/100 risk score and C+ grade place it among the riskier DEX protocols.

Project X scores 8/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.