ICO Rankings Blog

TAGZ Exchange was launched in March 2019 and claimed to operate under Australian licenses, offering zero-fee crypto trading and near-instant deposits and withdrawals. It promoted itself as a leader in trading volume despite minimal transparency.

The rise and fall

Initially promoted as a top-tier crypto exchange, TAGZ boasted rankings above major platforms like Binance and Kraken. At one point, it reported daily volumes exceeding 3.5 billion USD. Soon after, reports flagged that these figures appeared artificial and unverifiable.

Volume and activity today

TAGZ is now classified as an untracked exchange. No spot volume, reserve data or active trading pairs are visible. Major industry trackers list it as dead or defunct. The site domain is reportedly for sale, signaling operational shutdown.

Security, withdrawals and trust

User complaints describe blocked withdrawals, locked accounts, and unresponsive support. Some early reviews mentioned fast service, but later posts tell the opposite. Community discussions on forums label TAGZ a scam, citing fake volume and allegations of exit fraud.

Platform features previously offered

TAGZ had promoted features such as:

• Zero trading fees
• Instant crypto deposits and withdrawals
• Support for crypto-to-crypto trades
• Licensed operations via ASIC and AUSTRAC, though these claims are now unverified

Pros and cons

Pros:

• Once claimed to be Australia-regulated with ASIC and AUSTRAC licenses
• Zero-fee trading model and promises of fast operations

Cons:

• Now entirely untracked with no active trading
• Multiple scam allegations, including frozen accounts and lost funds
• Domain appears for sale and the platform is considered dead
• Community consensus points to fraud and unreliability

Final thoughts

TAGZ began with bold claims and aggressive marketing but collapsed amid allegations and loss of trust. It has no visible operations, no user confidence, and no recovery in sight. Anyone coming across TAGZ today should assume it is defunct and avoid any engagement with it.

TRIV has been in business for almost a decade. It started as a local service for buying and selling bitcoin for Indonesian rupiah, and today it offers trading on more than 800 cryptocurrencies. The exchange serves millions of users and operates under a BAPPEBTI license.

What the platform offers

TRIV focuses on convenience for Indonesian traders. It supports fiat, staking, trading against IDR, and even provides access to some stock market assets. Over time, trading activity has grown, but some aspects remain unclear.

Trading and volumes

Trading volumes look genuine, reaching around 368 billion rupiah per day, roughly 192 BTC. Most trades involve classic pairs like ETH-USDT or BTC-IDR. Spreads are tight, liquidity is acceptable, but the exchange does not disclose its reserves.

Security and features

TRIV enables fiat deposits and withdrawals, uses cold storage, and insures funds through BitGo and Lloyd’s. It holds ISO 27001, PCI DSS, and CISA certifications. The mobile app works but has occasional bugs according to user feedback.

Fees

The platform advertises a flat trading fee of about 0.1 percent. There is no detailed information about discounts for high-volume traders, and withdrawal fees are not clearly specified.

Reputation and user opinions

Local traders generally report positive experiences, praising the fast processing and helpful support. Internationally, TRIV is rarely mentioned, and English-language reviews are scarce.

Pros and cons

Pros:

• Licensed and regulated in Indonesia
• Real trading volumes and fiat support
• Over 800 assets available, with staking options
• Insurance coverage and certified security standards

Cons:

• Limited visibility outside Indonesia
• Lack of transparency on full fee structure
• No open information on reserves
• Mobile app needs improvements

Final thoughts

TRIV remains a strong player in Indonesia’s crypto market. For local users, it offers reliability, fiat gateways, and a broad selection of coins. For international traders, the lack of transparency, limited support, and minimal presence in global discussions make it less attractive. It can be used safely within its jurisdiction, but outsiders should proceed with caution and check current conditions before committing funds.

Skydrome launched on the Scroll Layer-2 network, positioning itself as the first ve(3,3)-style AMM platform on that chain. It aimed to serve as a central liquidity hub with governance token SKY and a protocol design focused on rewarding liquidity providers.

Concept and promise

The project intended to integrate features like token swapping, LP incentives, on-chain voting, and redistribution of fees through SKY tokenomics - all under a decentralized model. It drew inspiration from Solidly and Velodrome designs, adapted for Scroll.

Volume, liquidity and token activity

Current available data shows extremely low volume: 24-hour trading volume ranges only between tens and a few hundred USD. Smart-contract analytics reveal negligible activity, with just a handful of transactions per day. Liquidity pools hold only a few thousand USD, making trading risky and slippage high.

Visibility and ecosystem context

While the Scroll ecosystem now includes several DEX platforms, Skydrome barely appears in rankings. Its Total Value Locked is around 85K USD, which is tiny compared to other Scroll protocols. Adoption and awareness remain minimal.

Security, transparency and trustworthiness

No formal audits or compliance reports are available. Contract risk flags include ownership not renounced and mint-burn privileges retained by developers. There are no user reviews or independent confirmations of safety.

Platform mechanics and fees

Reported maker and taker fees are near zero by design, but with such low trading activity, this claim is hard to verify. The platform requires wallet-based interactions and offers no fiat on-ramp or KYC process.

Community signals and coverage

Skydrome rarely appears in DeFi discussions. Community activity is almost absent, user ratings are missing, and web traffic is minimal. The project remains obscure with virtually no media coverage.

Pros and cons

Pros:

• Built on Scroll with innovative ve(3,3) design intentions
• SKY token designed for governance and LP rewards

Cons:

• Extremely low trading activity and liquidity
• TVL under 100K USD
• No audits or clear security measures
• Lack of transparency, trust, and adoption

Final thoughts

Skydrome is more of an idea than a functioning protocol. The concept of a ve(3,3) DEX on Scroll is appealing, but the reality shows minimal volume, shallow liquidity, no audits, and no active user base. At present, it resembles an experimental project rather than a reliable exchange. Anyone testing it should proceed with extreme caution and only risk small amounts.

MakiSwap launched in 2021 on the Huobi Eco Chain (HECO) as part of the UniLayer ecosystem. It positioned itself as both an automated market maker (AMM) and yield farming platform, with its governance token MAKI driving rewards and swap fees.

Platform concept

Built for fast, low-cost token swaps across HECO, MakiSwap offered AMM pools, farming incentives, and governance through MAKI tokens. Users could stake assets, trade, and earn rewards while contributing to liquidity pools.

Volume and liquidity

Currently, the reported 24-hour trading volume is zero. No active coin pairs or liquidity are detected. Smart contract activity is negligible, with no recent transactions and only minimal reserves locked in pools.

Token metrics

The MAKI token trades at a very low price, around $0.003 USD. Market capitalization is just above $200K, while total value locked remains close to $13K. This shows almost no ongoing participation in the protocol.

Security and regulation

MakiSwap is not regulated. It operates through non-custodial smart contracts without public audits. While users keep control of their assets, there is no formal oversight or legal protection.

Fees and usability

The platform originally charged a 0.2 percent fee per swap. Transactions were intended to be fast and cheap thanks to the HECO chain. However, with no real trading activity, this fee model is now irrelevant. Fiat on-ramps were never part of the design.

Community and trust

MakiSwap has almost no presence on social media or crypto forums. User reviews are absent, traffic is extremely low, and there is no visible community around the project. It has faded from DeFi discussions entirely.

Pros and cons

Pros:

• Built on HECO for low-cost and fast swaps
• Governance token MAKI with staking and reward functions
• Initially offered farming and liquidity incentives

Cons:

• Zero trading volume and no active markets
• TVL under $15K and negligible liquidity
• No audits, regulation, or external verification
• No community presence or user feedback

Final thoughts

MakiSwap started as a promising DeFi project within the HECO ecosystem, but in 2025 it looks abandoned. Liquidity is almost gone, token metrics are weak, and no active development is visible. At this point, the platform functions more as a leftover experiment than a real exchange. Use it only if you fully understand the risks and are prepared for potential loss.

FlatQube is a decentralized AMM platform built on Everscale, created by the Broxus team. It supports token swaps, liquidity farming, staking rewards, and community governance through its QUBE token.

What’s the concept

The protocol aims to provide a high-speed, censorship-resistant DEX with passive income options. Liquidity providers can vote via DAO mechanisms to adjust APRs and yield settings. The design centers on non-custodial trading using a constant-product AMM formula.

Trading volume and liquidity

Reported 24-hour volume is extremely low - between $11 and around $820 depending on the source. Only six coins across 18 trading pairs are available; the most active pair (USDT-USDC) accounts for nearly half of the daily activity. Liquidity depth is minimal, and trades per day remain scarce.

Security, compliance and transparency

FlatQube operates without formal regulation or audit reporting. No compliance frameworks are visible, and Everscale projects often lack external verification. Contract audits or ownership information have not been made public, leaving transparency concerns unresolved.

Community traction and visibility

Community footprint is minimal. Web traffic ranks are low, social media following is modest, and crypto forums rarely mention FlatQube. There are no user ratings or third-party trust scores on major review platforms.

Platform mechanics and fees

Swap fees are reportedly around 0.5 percent with adjustable slippage. Yield incentives are set through DAO voting and liquidity provision. However, due to low activity, these mechanisms remain largely theoretical and untested.

Pros and cons

Pros:

• Built with low-fee, non-custodial DeFi in mind on the Everscale chain
• Offers farming and staking with community-driven APR settings
• AMM model inspired by proven designs, leveraging Everscale performance

Cons:

• Trading volume is tiny - often under $1K per day
• Very few tokens and trading pairs
• No audits, no legal oversight, and no verified security
• No community engagement or external reviews
• Lack of transparency on smart contracts and liquidity

Final thoughts

FlatQube sets out an ambitious vision of yield farming and staking on Everscale, but current usage tells a different story. Liquidity is weak, volume nearly absent, and trust signals are missing. Right now, it feels more like an experimental project than a reliable exchange. If you plan to try it, proceed cautiously and limit your exposure.

Bluefin DEX operates on the Sui blockchain as a hybrid spot and derivatives platform. Backed by notable investors and market makers, it delivers both spot trading and perpetual futures, aiming for high throughput, low latency, and on-chain compliance.

Big picture and ambition

Originally conceived as a high-performance perpetual DEX, Bluefin evolved to include retail-access spot AMM, cross-chain liquidity, and planned aggregator tools - all while positioning itself as both regulated and permissionless.

Trading volume and protocol metrics

• 24-hour DEX volume sits around 99 million USD
• 7-day volume is near 842 million USD
• 30-day volume is just under 3 billion USD

These figures place Bluefin among the most active DEXs in the Sui ecosystem, with real liquidity and strong trading activity.

Token stats and TVL

The native BLUE token trades around 0.074 USD, with a market cap of about 22-23 million USD and a fully diluted valuation near 75 million USD. Total Value Locked across the protocol is roughly 179 million USD, which reflects healthy usage relative to token value.

Security, governance and support

Bluefin claims to use audits by top firms, integrated threat monitoring, and risk management via third-party services. However, full public access to audit reports is limited. Liquidity is supported by well-known market makers, and a regulated version is planned for 2025. Current terms may restrict access for users in some regions.

What works, what doesn’t

Pros:

• Strong daily and monthly trading volumes with deep liquidity
• Balanced mix of spot and derivatives products
• Tokenomics tied to staking and LP incentives through revenue sharing
• Institutional backing and partial audit infrastructure

Cons:

• Limited transparency on reserves and insurance
• Audit details and governance information not fully open to the public
• Growth is tied to the overall success of the Sui chain
• Regulatory clarity is lacking outside select jurisdictions

Final thoughts

Bluefin is one of the few on-chain perpetual DEXs combining scale, liquidity, and serious investor support. It holds a strong position in the Sui ecosystem, but challenges remain in governance openness and audit transparency. For those considering interaction, it is worth reviewing staking conditions, liquidity parameters, and access restrictions before trading or investing.