Quarterly Reports

State of GoPlus Q1 2025

May 22, 2025 ⋅  13 min read

Key Insights

  • GoPlus posted notable growth in several metrics during Q1, including ecosystem profit (+373.7%) and blockchain request volume on Solana (+31.1%), Base (+28.7%), Avalanche (+11.6%), and BNB Chain (+6.4%).
  • In contrast, GoPlus experienced declines in API query volume (-9.8%), active SecHubs (-47.2%), unique application IPs (-47.7%), and blockchain request volume across Ethereum (-34.1%), Polygon (-20.9%), Arbitrum (-1.6%), and the "Others" category (-20.0%).
  • The project team published the GPS tokenomics, outlining allocations, long-term vesting, and utility plans. They also responded to post-launch concerns with a $2 million user compensation plan and a $4.34 million buyback program. Additionally, the team bought back 122 million GPS.
  • The new 2025 roadmap was launched, focusing on decentralized security infrastructure, AI agent protection, and chain-level risk controls.
  • The team also launched Locker v3, expanding token-locking to additional chains and protocols and enabling GPS-based service payments.
  • New integrations during the quarter included Binance Alpha, Story Protocol, and AI-native platforms like ElizaOS, Virtuals, and more.

Primer

GoPlus (GPS) is a decentralized, user-driven security network designed to protect Web3 users and developers from the growing threats of scams, phishing attacks, and malicious token contracts. The platform operates on two core layers: the Security Data Layer and the Security Compute Layer, which aggregate, verify, and process real-time security data across multiple blockchains and decentralized applications. This architecture enables the detection and prevention of onchain risks, providing security services such as token analysis, phishing detection, and transaction risk assessments.

GoPlus’s SecWare protocol serves as a marketplace for developers to create and deploy modular security services (e.g., anti-scam and anti-phishing tools) within decentralized applications. Meanwhile, users can customize their security experience through SecHubs, personal security centers accessible via the GoPlus application. Other key tools include SecScan, which automates malicious token detection, and Mufuzz, an AI-powered fuzz testing engine for uncovering vulnerabilities in smart contracts. Innovations like phishing site detection and address detection leverage advanced machine learning models to identify threats across onchain and offchain ecosystems.

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Key Metrics

Performance Analysis

Marketcap and Price

After launching in early January 2025, GPS ended the quarter with a circulating market cap of $46.1 million and a token price of $0.02, ranking it as the 497th largest crypto asset by market cap. While the token declined 60.3% from its initial price, this performance aligned with broader market conditions, where many assets experienced significant post-launch corrections and macro-driven drawdowns during the quarter.

Ecosystem Profit

Ecosystem profit reflects revenue generated through GoPlus services, primarily from active SecHubs. The revenue model is currently $9.90 per user, covering security services and SecWare transactions; however, the project team plans to transition from the subscription model to a gas fee-based structure in Q2 2025.

In Q1 2025, GoPlus’s ecosystem profit totaled $982,521, up 373.7% QoQ from $207,392 in Q4 2024. The average daily profit also increased from $2,254 in Q4 to $10,917 in Q1.

GoPlus Application IPs

This offchain metric measures the number of unique IP addresses engaging with the GoPlus application. The app, which includes SecHubs, is a centralized platform offering users a suite of security tools and services.

In Q1 2025, the cumulative number of unique IP addresses interacting with the app averaged 94,094 per day, down 47.7% from the Q4 daily average of 179,960. The quarter’s peak activity reached approximately 2.1 million unique IP addresses on Jan. 7, 2025.

GoPlus SecHubs

SecHubs are customizable security centers within the GoPlus ecosystem, designed to allow users to configure and execute security services directly onchain. Unlike the broader interface of the GoPlus application, SecHubs provide a more decentralized solution, integrating security services with blockchain interactions, such as transactions.

In Q1 2025, GoPlus reported an average of 40.4 active SecHubs, representing a 47.2% QoQ decrease from 76.6 in Q4 2024.

API Query Volume

API query volume tracks the number of calls made to GoPlus's security APIs and supports features like token checks, malicious address detection, and phishing alerts. This offchain metric includes blockchain-level interactions (e.g., transaction simulations and malicious address detection) within the network infrastructure.

In Q1 2025, API query volume averaged 30.5 million per day, representing a 9.8% decrease from the Q4 daily average of 33.8 million. This data has been updated from the previous report, which used the “authorized contract API query volume” metric from GoPlus's Dune dashboard. That metric specifically tracked API calls made by external users and platforms, but according to the team, was not the primary one used by customers. The current data is derived from the "daily request volume" metric on the Dune dashboard.

Blockchain Request Volume

This offchain metric includes blockchain-level interactions (e.g., transaction simulations and malicious address detection) within the network infrastructure. In contrast, authorized API request volume specifically measures API calls made by external users and platforms interacting directly with GoPlus's services.

In Q1 2025, blockchain request volume showed mixed trends across networks. Solana led growth, with requests increasing 31.1% QoQ to 5.4 million from 4.1 million. Base followed with an increase of 28.7% to 198.7 million from 154.4 million. Avalanche saw request volume grow 11.6% to 8.3 million from 7.4 million, while BNB Chain also recorded positive growth, rising 6.4% to 227.4 million from 213.7 million.

In contrast, several networks recorded declines. Ethereum’s request volume fell by 34.1% to 215.6 million from 327.0 million, Polygon decreased 20.9% to 26.6 million from 33.7 million, and Arbitrum dropped 1.6% to 17.7 million from 18.0 million. The "Others" category decreased by 20.0% to 28.0 million from 35.0 million.

These trends indicate increased activity on Solana, Base, Avalanche, and BNB Chain, while Ethereum, Polygon, Arbitrum, and other networks saw reduced usage during the quarter.

GoPlus Chrome Extension

Launched on Nov. 27, 2024, the GoPlus Chrome extension strengthens user security by detecting phishing sites, risky transactions, and wallet vulnerabilities. Since launch, it has processed over 11.6 million transactions and ended the quarter with 136,710 active downloads, down 20.9% from 172,760 in Q4 2024.

Locker TVL

GoPlus Locker is a security tool that allows token projects to lock tokens and liquidity pool (LP) assets in a decentralized and transparent manner. The v2 Locker, which supports Uniswap V2 pools, represents the earlier version of GoPlus’s LP locking infrastructure and offers fundamental asset-locking capabilities. The v3 Locker, which supports Uniswap V3 pools, introduced multichain support, an improved user interface, and greater flexibility for structuring locks across networks.

At the end of Q1 2025, GoPlus Lockers held a combined total value locked (TVL) of $30.3 million, ranked 3rd in terms of the overall market on DefiLlama. The v3 Locker accounted for nearly all of this, ending the quarter with $30.3 million in TVL, while the v2 Locker recorded $7,812.

Qualitative Analysis

GPS Tokenomics

On Jan. 2, 2025, GoPlus released a detailed breakdown of its new GPS token. For an overview of additional features of GoPlus, please refer to the Messari Initiation of Coverage (IoC) report.

The above pie chart depicts GPS token allocations (valued at ~$258 million based on a token price of ~$0.026):

  • Ecosystem & Community: 47.67% (4.77 billion GPS, ~$123.00 million)
    • Community Development: 24.67% (2.47 billion GPS, ~$63.68 million)
    • Ecosystem Growth: 10.00% (1.00 billion GPS, ~$25.80 million)
    • Marketing & Growth: 6.00% (600.00 million GPS, ~$15.48 million)
    • Liquidity: 7.00% (700.00 million GPS, ~$18.06 million)
  • Team & Advisors: 23.00% (2.30 billion GPS, ~$59.34 million)
    • Team: 20.00% (2.00 billion GPS, ~$51.60 million)
    • Advisors: 3.00% (300.00 million GPS, ~$7.74 million)
  • Early Backers (2021–2024): 19.33% (1.93 billion GPS, ~$49.88 million)
  • Airdrop: 10.00% (1.00 billion GPS, ~$25.80 million)

Token Vesting

Vesting schedules for the parties mentioned above:

  • Team: Tokens are locked for six months post-TGE, followed by two years of monthly vesting.
  • Early Backers: Tokens are locked for six months post-TGE, followed by two years of monthly vesting.

Token Concerns and Buybacks

Between March 4-5, 2025, GoPlus faced community backlash following GPS’s price after its centralized exchange listings. On March 5, the team publicly denied selling tokens and stated that recent transfers to Binance were part of a listing strategy: 3% of the supply was allocated to the BNB HODLer program, and 2% was allocated to Binance for operations. In a follow-up on March 11, GoPlus released a five-part recovery plan, which included (i) a $2 million USDC compensation pool for net buyers on Binance during the March 4–5 window, (ii) a $4.34 million token buyback using frozen market maker funds, (iii) additional staking incentives, (iv) future airdrop rewards, and (v) new product-based utility for the GPS token. The team also acknowledged delays in executing the buyback due to Know Your Business (KYB) verification requirements for setting up a corporate Binance account, which had not been in place at the time of the listing.

After receiving KYB approval, GoPlus launched the GPS buyback program on March 23 using recovered funds. The team committed to conducting buybacks via limit orders and sending all purchased tokens to a designated burn address on Base. On March 24, GoPlus confirmed that the $2 million USDC compensation had been fully distributed to eligible Binance users. On March 25, the team announced the completion of the first buyback batch totaling ~34.9 million GPS. On March 31, they announced the completion of the second buyback batch totaling ~89.0 million GPS. All buyback activity is being tracked onchain, and weekly updates were promised.

New 2025 Roadmap

On Feb. 20, 2025, GoPlus released its updated roadmap outlining three strategic priorities for the year:

1. Build a Comprehensive Decentralized Security Layer

  • Expand coverage across the full transaction lifecycle, including issuance, management, and trading.
  • Improve the security engine’s accuracy, speed, and chain coverage.
  • Develop transaction simulation infrastructure.
  • Push risk control integration to the chain and sequencer level.
  • Continue product development for end users, especially the browser extension.

2. Develop Security Infrastructure for the AI Ecosystem

  • Integrate AI models like Deepseek to improve detection and analysis.
  • Create security frameworks for AI agents, including assessment and protection systems.
  • Partner with AI projects to test Web3+AI security use cases.
  • Build tools for analyzing agent autonomy and behavior.

3. Expand Decentralized Data and Compute Infrastructure

  • Develop and deploy decentralized Data and Compute layers.
  • Introduce governance mechanisms for protocol neutrality and community input.
  • Support developers and ecosystem contributors via foundation resources.
  • Create an open framework for third-party security service integrations.

General Development and Growth

Beyond the mixed performance metrics, Q1 delivered substantial progress in AI integrations. Specifically, in January, GoPlus teamed up with Virtuals to embed real-time onchain threat detection into AI agent frameworks and partnered with ElizaOS to integrate its onchain threat detection system across 30+ blockchains for AI agents. Other developments are listed below, with March being the most active month.

January:

February:

  • Expanded token security detection to Berachain, aligning with its multichain strategy.
  • Allocated 2 million GPS to AltLayer for its contributions to the network.
  • Partnered with R6D9 to deliver DeFAI security infrastructure for AI-native autonomous agent platforms.
  • UniversalX and Four.Meme launched the “Go BNB: SAFU Launch, EASY Trade” campaign with a $30,000 prize pool.
  • Launched its GPS staking program with flexible lock-up options.
  • Partnered with Heurist to embed decentralized security into AI-driven automation systems.
  • Participated in Ourbit’s Go BRRR Vol. 30 promo, offering 75,000 GPS for trading and referrals.
  • Partnered with TheOpenLayer to deliver security to intent-verification AI architectures in agent economies.

March:

  • Binance launched the GPS HODLer Airdrop via BNB Simple Earn.
  • Launched Locker V3 for secure token and LP locking across BNB Chain, Base, Ethereum, and Arbitrum.
  • BNB Chain integrated GoPlus and HashDit for real-time security vetting in its $4.4 million Liquidity Pool Support program.
  • Integrated its tools with Story Protocol to extend token verification and onchain protection to IP-driven ecosystems.
  • Released a report analyzing token issuance and honeypot trends across Solana, Base, and BNB Chain.
  • Integrated with Binance Alpha to provide token-level risk insights within Binance’s trading interface.
  • Launched the GO Ambassador Program to onboard community evangelists and boost grassroots security adoption.
  • Added a Whitelist feature to its browser extension, improving usability for trusted sites.
  • Expanded GPS to BNB Chain with PancakeSwap liquidity and a 20% discount on services via Hyperlane bridge.
  • Activated direct GPS payments for security services, fully aligning token utility with core product offerings.

Closing Summary

GoPlus launched its GPS token in January 2025, ending the quarter with a circulating market cap of $46.1 million and a token price of $0.02. Similar to broader market trends, GPS declined 60.3% from its launch price amid widespread token volatility and post-listing corrections. Ecosystem profit grew sharply, up 373.7% QoQ to $982,521, while blockchain request volume rose across Solana (31.1%), Base (28.7%), Avalanche (11.6%), and BNB Chain (6.4%). However, authorized API query volume dropped 52.5% to 559,737, SecHub activity declined 47.2% to an average of 40.4, and unique application IPs fell 47.7% to a daily average of 94,094.

Despite the pullback in some usage metrics, GoPlus recorded meaningful developments throughout Q1. It released its updated 2025 roadmap outlining priorities across decentralized security infrastructure, AI agent protection, and data compute layers. The team also launched Locker v3, activated GPS-based service payments, and published a detailed breakdown of GPS tokenomics, including allocations, vesting terms, and planned utility. Additionally, a five-part recovery plan was introduced in response to community concerns post-listing, including a $2 million user compensation fund and a $4.34 million token buyback. Other major integrations during the quarter included partnerships with Story Protocol and AI-focused platforms such as ElizaOS, Heurist, and R6D9, reinforcing GoPlus's role at the intersection of security and the broader market.

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This report was commissioned by GP LABS PTE. LTD. All content was produced independently by the author(s) and does not necessarily reflect the opinions of Messari, Inc. or the organization that requested the report. The commissioning organization may have input on the content of the report, but Messari maintains editorial control over the final report to retain data accuracy and objectivity. Author(s) may hold cryptocurrencies named in this report. This report is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research and consult an independent financial, tax, or legal advisor before making any investment decisions. Past performance of any asset is not indicative of future results. Please see our Terms of Service for more information.

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Research analyst. Painter in the past life. Background: Quantitative analyst in TradFi, research stint in renewables + weather, recent data science grad.

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About the author

Research analyst. Painter in the past life. Background: Quantitative analyst in TradFi, research stint in renewables + weather, recent data science grad.

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