Shadow Exchange

SHADOW

DeFi, financial protocol weightsMarket-cap rank 2688, CoinGecko 23 Oct 2026

STRICT score withheld.Score opens with Pro

Sustainabilitywithheld×0.20–

Transparencywithheld×0.16–

Revenuewithheld×0.24–

Innovationwithheld×0.16–

Communitywithheld×0.10–

Tokenomicswithheld×0.14–

Weights are public.

The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.

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About Shadow Exchange

Analysis of 27 Dec 2025

Shadow Exchange is the dominant decentralized exchange on Sonic blockchain, commanding 65% market share and processing over $1 billion in monthly trading volume with just $30 million in TVL, delivering exceptional 33x capital efficiency. Built on Ramses V3 Core (Uniswap V3 fork) with concentrated liquidity mechanics, Shadow pioneered the x(3,3) incentive model, an evolution of Andre Cronje's ve(3,3) that eliminates 4-year lock requirements while maintaining fair participation and rewards.

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Launched in November 2024 by developer 24dollars, the protocol achieved $4 billion cumulative volume by March 2025 with 120,000 active addresses (10x growth in one month). Shadow generates $7.23 million in 30-day fees, outpacing all other Sonic projects by 2.3x, with 100% of protocol fees flowing to xSHADOW stakers.

The platform experienced explosive 500% price growth in one week (February 2025) during Sonic's ecosystem surge from zero to $500 million TVL in two months. Trading at current prices after 63% correction from peak, SHADOW offers entry into Sonic's DeFi infrastructure layer backed by Andre Cronje's ecosystem endorsement and institutional partnerships through Sonic Foundation.

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