DEX & liquidityIllustrative dataVerified · bond posted

Tidewater Swap

Concentrated-liquidity exchange that routes fees to a protocol-owned vault.

Last updated Oct 3, 2026

NOTR verdict

Ready

Saying ready: Voters 67% · Open poll 61%

Illustrative data. Tidewater Swap is a fictional example project for demonstration purposes only.

Not investment advice. NOTR publishes public data, analysis, and risk signals — never a recommendation to buy, sell, or hold.

Market cap: $96M
30d volume: $61M
Holders: 41.2K
Launch date: Mar 11, 2025
Chain: Tideline Chain

NOTR verdict · Should this project launch?

Ready to launch

Majority

Verified voters who staked their reputation say this project is ready.

At launch, the verdict is written by the NOTR team on public facts. As verified analysts join and earn rating for right calls, their weighted votes take over.

Verified voters4 of 7 say ready

Ready 67%Not yet 33%No 0%

Open poll1,050 votes

61% say ready. Anyone can join this poll, but it is not verified and never changes the verdict.

Cast your vote

Evidence checklist: 5 of 8 checks met (what analysts start from, not the verdict)

Is it safe?

Passed, with 1 warning

No hard check failed. Soft checks are shown as warnings.

Entry checks →

Is the price and structure fair?

1 attention mark

A promise was missed

Price & structure →

Does it keep its word?

3 of 5 promises met

1 missed. Reply to our questions: answered.

Promise ledger →

Step 0 · Entry

Entry checks

Automatic checks of what can be verified from public data, run before anyone votes.

Contract source verifiedDecides entry
Source verified.
Pass
No hidden mint or admin keysDecides entry
DAO-controlled, timelocked.
Pass
Token can be soldDecides entry
Transfers are unrestricted.
Pass
Official links match the contractDecides entry
Links match the deployed contracts.
Pass
Audit publishedShown as a warning
Audited twice by independent firms.
Pass
Team can be identifiedShown as a warning
Two core engineers are pseudonymous.
Warning
Supply and vesting are publicShown as a warning
Wide holder base, unlock dates public.
Pass

These checks run automatically on public data, before any review is written. A failed hard check keeps a project off the main list. Warnings stay visible, and the verdict weighs how much they matter.

Voters

Who voted, and what they staked

Every voter is a verified person with a public rating. Each puts reputation on the line with their call, and their reasons are public.

Ada LindgrenAnalyst · 2,140
Smart-contract security · 17 of 20 past calls right
140 REP stakedReady
The vault contracts were audited twice, by two independent firms.
Rina TakahashiAnalyst · 1,650
Onchain forensics · 14 of 19 past calls right
130 REP stakedReady
Fees reach the protocol vault exactly as the documentation says they should.
Sara QuinteroAnalyst · 2,310
Team background checks · 19 of 26 past calls right
120 REP stakedNot yet
Two of the core engineers are pseudonymous and cannot be checked.
Kofi MensahExpert · 2,880
Tokenomics and unlocks · 22 of 27 past calls right
110 REP stakedReady
Token supply is spread across many holders and the unlock dates are public.
Dmitri VolkovMember · 980
Market structure · 9 of 15 past calls right
90 REP stakedReady
Liquidity is deep on its main pools, so large trades move the price little.
Julian WeissMember · 1,420
Legal and compliance · 11 of 13 past calls right
60 REP stakedNot yet
The DAO legal wrapper has never been tested in court, which leaves risk open.
nightowlNewcomer · 210
Community member · 1 of 2 past calls right
50 REP stakedNot yet
Fees are fine, but the governance forum has barely any discussion from real users.

How votes are counted

Every voter is a passport-verified person with a public nickname and a rating (REP).
To vote, a person stakes part of their REP on the call. Nobody votes for free.
When the facts come in (promises kept or broken), people who were right gain REP, and those who were wrong lose what they staked.
The more REP staked, the more the vote weighs. All Newcomers together count for at most 25% of the total, so a crowd of new accounts cannot decide a verdict.

Concept with invented analysts and numbers. The exact rules need design and legal review.

Your vote

Should this project launch?

Verified people vote. Every vote needs a written reason and a staked rating, and stays sealed until the window closes.

Preview, votes are not saved

Is Tidewater Swap ready to launch?

Only passport-verified people can vote, one account per person. You start as a Newcomer with 100 rating. Newcomers together carry at most 25% of the total weight, and your weight grows as your calls turn out right.

1. Your vote

2. Why? Required.

Write at least 60 more characters.0 / 60

3. Reputation you stake: 50 REP

Your rating is 100, so you can stake at most 50 REP, half of it. If the facts prove you right you gain 60% of the stake. If you are wrong the stake is burned. A higher rating means a bigger possible stake and a heavier vote.

4. I do not hold this project's token and have no link to its team.Hidden conflicts found later mean a ban and loss of rating.

No reason, no vote. At least 60 characters, so a bare “yes” or “no” is not accepted. Votes stay sealed until the window closes.

Open poll

What readers wrote

Anyone can comment and join the open poll. It is not verified and does not change the verdict.

swap_dailyCommunity · Sep 27, 2026
Routing has been reliable for me, fees are lower than the two alternatives I use.
ledger_lenaCommunity · Sep 12, 2026
The v2 router delay was annoying but they did explain it afterwards.
onchain_ottoCommunity · Aug 30, 2026
Check the small pools before you trust their volume numbers.

Attention marks

A promise was missed recorded fact
1 of 5 dated promises in the ledger are marked missed.

Marks point at structures that have hurt buyers before. They do not remove a project from the list, they are not a forecast, and they never replace the verdict. How each mark was tested

The price

Opening valuation (FDV)

$280M

Last private round

$60M

Seed, May 2024

Jump over the last round

4.7x

Valuation / yearly revenue

64x

Revenue $4.4M a year

The supply

Trading at launch

15%

Share of total supply

Unlocks in next 12 months

22%

Share of total supply

The full unlock calendar, in dates and amounts, is on the Onchain & whales tab.

Who paid what

Group	Share of supply	Paid vs opening price	Lock-up
Public buyers	15%	1x	None
Investors	20%	0.15x	9-month cliff, then monthly over 24 months
Team and advisers	15%	–	12-month cliff, 36-month vesting

A group that paid 0.2x of the opening price is sitting on a five-fold gain from day one. That is not wrong in itself, but buyers should know it and know when that group can sell.

What similar launches did

Launches with an opening valuation of $150M–300M

17 launches · 82% below first-day price · median −65%

Launches with 15–25% of supply trading on day one

32 launches · 72% below first-day price · median −54%

From our backtest of real launches, as context for Tidewater Swap and never as a forecast. Explore the data

Who is behind it

About Tidewater Swap

What it does, who runs it, and where to reach them.

Tidewater is an exchange where traders swap tokens and liquidity providers choose the price range they supply. Part of the trading fees goes to a vault the protocol owns. Five of seven core contributors are public.

Ticker: TDW
Founded: November 2024
Legal entity: Tidewater DAO LLC
Jurisdiction: Marshall Islands (DAO LLC)

Team

Niklas BrandtIdentity verified
Founder
Market-maker; previously built a trading engine for a derivatives venue.
Camila DuarteIdentity verified
Lead engineer
Smart-contract developer with two prior DEX deployments.
Rohan MehtaIdentity verified
Head of Growth
Ran liquidity-incentive programs for two protocols.
Two engineersNot verified
Core contributors
Pseudonymous; contributions visible on GitHub only.

Placeholder contacts for a fictional project. Real pages will link to the project's own, checked accounts.

Market

Market cap

Weekly, illustrative market cap over the trailing 6 months.

Market cap

$96M+42.5%

Promise ledger

What the project promised, and what happened

Dated, measurable promises published by the project. When the date passes, the facts decide who was right, and ratings change.

Mainnet launch
DoneMar 11, 2025
Shipped on the announced date.
Fee vault goes live
DoneJul 1, 2025
Delivered two weeks early; vault address is public.
Second audit published
DoneAug 15, 2026
Report published with all high findings resolved.
v2 router release
MissedMay 30, 2026
Shipped 7 weeks late after a scope change; no earlier notice was given.
Cross-chain pools
In progressFeb 1, 2027
Testnet live; no audit scheduled yet.

Voting history

How past polls ended

Tidewater Swap has 3 closed polls on whether a specific, measurable milestone was met. 2 of 3 ended as “Met”. Each result is shown next to what the public record says, so you can see when the crowd and the facts agree.

Share of votes saying “Met”, by poll (oldest to newest)

12%

Did Tidewater ship the v2 router by May 30?
Not met
Met 12%Unsure 16%Not met 72%580 votes · closed Jun 4, 2026
Public record: Shipped 7 weeks late after a scope change.
Was the second audit published by August 15?
Met
Met 84%Unsure 11%Not met 5%570 votes · closed Aug 18, 2026
Public record: Published three days after the stated date, with high findings resolved.
Did the fee vault go live?
Met
Met 86%Unsure 10%Not met 5%420 votes · closed Jul 5, 2025
Public record: Delivered two weeks early.

Illustrative preview. Voting is not open yet. Votes are weighted by each voter's track record, and they never change the evidence checklist. It changes only when public data changes.

Right of reply · Responded

Tidewater Swap reviewed a draft on Sep 19, 2026 and corrected one date; the correction is reflected above.

NOTR analysis

Our written breakdown

Green and red flags identified from the public record, with what would change the picture.

Green flags

Fee revenue is routed to a public, protocol-owned vault with itemized reporting.
Source: Onchain explorer
Two independent audits; all high-severity findings were resolved and re-verified.
Source: Audit report
Swap volume is spread across hundreds of pools, not a few.
Source: Onchain explorer

Red flags

A 14% investor unlock lands in January 2027, close to a third of today's free float.
Source: Onchain explorer
Wash-trading patterns appear in two small pools.
Source: Onchain explorer

What would improve the checks

Publish the legal terms that cover the governance token.
Name the two remaining pseudonymous engineers or publish a verification letter.
Announce a vesting extension or lockup for the January 2027 investor tranche.

Checklist

Evidence checklist

The 8 things NOTR checks in public data. Each one is marked met, partly met or not met. There is no total number, because a total would hide which check failed. Analysts start from this list. It supports their vote, it does not replace it.

Onchain activity

Transaction volume, active wallets, and contract usage trends over the last 90 days.

Met

Daily swappers up 22% over 90 days; volume spread across 400+ pools.

Source: Onchain explorer

Team verified

Whether core contributors have confirmed, cross-checked identities and a track record.

Met

Five of seven core contributors verified; two engineers remain pseudonymous.

Source: Project website

Code audit

Coverage and severity of findings from independent smart-contract audits.

Met

Two independent audits; all high-severity findings resolved and re-verified.

Source: Audit report

Tokenomics and unlocks

How concentrated supply is and whether the vesting schedule is public and being followed.

Partly met

Linear team vesting, but a large investor tranche unlocks in Q1 2027.

Source: Onchain explorer

Kept past promises

Share of publicly committed roadmap milestones the team actually delivered on time.

Met

7 of 10 roadmap milestones delivered on time; the v2 router slipped by 7 weeks.

Source: Project website

Treasury transparency

Whether treasury wallets are disclosed and spending is reported on a regular cadence.

Partly met

Fee vault address is public; spending reports are published semi-annually.

Source: Onchain explorer

Legal structure

Existence of a named legal entity, jurisdiction, and terms covering the token or product.

Partly met

Operating company named; jurisdiction disclosed, no terms covering the token.

Source: Project website

Manipulation signals

Wash-trading, coordinated social activity, and other red flags detected in market data.

Met

Isolated wash-trading in two small pools; none on the main pairs.

Source: Onchain explorer

Met: clear public evidence. Partly met: some evidence, with gaps. Not met: the evidence is missing or points the other way.

Sources

Project website
Reviewed docs, governance forum, and the public roadmap.
GitHub repository
33 contributors; core contracts are open source.
Onchain explorer
Pool volume, fee vault, and team wallets traced over 90 days.
Audit report
Two third-party audits, dated March and August 2026.

Market cap: $96M
Circulating supply: 88.9M TDW
30d volume: $61M
30d volume / market cap: 64%
Liquidity depth: $8.4M
Tightest spread: 20 bps

Market cap

Weekly, illustrative market cap over the trailing 6 months.

Market cap

$96M+42.5%

Where it trades

Tidepool carries 27.6% of 24h volume. Wide spreads and thin depth on a venue mean the volume there is easier to move.

Venue	Type	Pair	24h volume	Share	Spread	Depth ±2%
Tidepool	DEX	TDW/USDT	$562K	27.6%	34 bps	$1.2M
Lanternswap	DEX	TDW/USDT	$392K	19.3%	31 bps	$809K
Northgate	CEX	TDW/USDT	$379K	18.6%	22 bps	$782K
Harborex	CEX	TDW/USDT	$354K	17.4%	20 bps	$732K
Cobalt Exchange	CEX	TDW/USDT	$347K	17.1%	35 bps	$716K

Venues are fictional examples. Real project pages will list actual exchanges with data from public market APIs.

Supply and unlocks

Cumulative share of total supply unlocked over time.

15%

Mar 25

Public sale

23%

Sep 25

Team tranche 1

31%

Mar 26

Team tranche 2

45%

Jan 27

Investor tranche

53%

Sep 27

Team tranche 3

Already unlockedScheduled

Weekly active wallets

21K+48.2%

Weekly onchain volume

$61M+105.9%

Top 10 holders

Addresses are fictional. On real pages every labeled wallet links to a chain explorer.

#	Wallet	Label	% of supply	30d change
1	xiLo…3rtW	Foundation treasury	9.1%	+2.9%
2	iVDf…TyUG	Team vesting contract	7.2%	-5.4%
3	8GJT…4RQE	Exchange cold wallet	5.6%	+4.7%
4	t5FT…2nvK	Investor wallet A	4.5%	-5.3%
5	85ke…iHoB	Market-maker wallet	3.7%	+7.2%
6	fCan…mb2w	Investor wallet B	3.1%	-2.7%
7	rJa3…4yUf	Ecosystem fund	2.5%	-11.0%
8	QRHH…crtP	Unlabeled wallet	2.1%	+3.8%
9	UuEK…ZqKR	Unlabeled wallet	1.7%	+5.1%
10	Qf3D…hxeV	Unlabeled wallet	1.4%	+8.9%

Holder concentration

41%held by the top 10 wallets — moderate concentration

Top 10 holdersEveryone else

Liquidity depth

$8.4M

Treasury runway

26 months

Recent large transactions

Wallet	Type	Value	Date	Note
4nWd…2sQe	Transfer	$648K	Oct 2	Fee vault → liquidity incentives
8fBk…6aTy	Buy	$227K	Sep 29	Unlabeled wallet
2vRp…9mXc	Sell	$140K	Sep 24	Early-investor wallet
5kHj…1dLw	Buy	$101K	Sep 18	Market-maker wallet
9tYz…7uNf	Transfer	$312K	Sep 10	Team vesting wallet → team wallet

Illustrative data. Tidewater Swap is a fictional example project for demonstration purposes only.

Not investment advice. NOTR publishes public data, analysis, and risk signals — never a recommendation to buy, sell, or hold.

How it works

Is it safe?

Is the price and structure fair?

Does it keep its word?

Then one verdict

Tidewater Swap

Ready to launch

Entry checks

Who voted, and what they staked

How votes are counted

Should this project launch?

Is Tidewater Swap ready to launch?

What readers wrote

About Tidewater Swap

Team

Links and contacts

Market cap

What the project promised, and what happened

Mainnet launch

Fee vault goes live

Second audit published

v2 router release

Cross-chain pools

How past polls ended

Our written breakdown

Green flags

Red flags

What would improve the checks

Evidence checklist

Sources

Market cap

Where it trades

Supply and unlocks

Top 10 holders

Holder concentration

Recent large transactions

AI analyst