The Quadrant Model

How we position DeAI projects on two axes: Freedom Score and Returns Score. Four quadrants, what each means, and why both dimensions matter.

Every project we review gets two independent scores: a Freedom Score measuring decentralisation, and a Returns Score measuring tokenTokenA digital unit of value or access rights tracked on a blockchain. Tokens can represent ownership in a project, a right to use a service, a share of future revenue, or simply a tradable asset with no underlying claim.Like a physical poker chip a casino issues. The chip itself has no value. What makes it worth something is what it lets you do at the casino, what the casino has promised, and how much other people will pay you for it.Read more → value capture. The quadrant modelModelA trained neural network that takes inputs (text, images, audio) and produces outputs (more text, classifications, generated content). In DeAI the model is the thing that actually does the work.Like a very experienced apprentice who has spent years watching thousands of masters make furniture. They can't explain how they know when a joint is right, but they can make a chair that looks and functions like a Chippendale. The training is invisible. The output is what matters.Read more → plots these against each other.

The two axes

Freedom Score (0–100) measures how decentralised a project actually is. Six dimensions: infrastructure, governance, token distribution, censorship resistance, data sovereignty, and open source transparency.

Returns Score (0–100) measures how well the token captures value. Five dimensions: token utility, value accrual, supply dynamics, revenue sustainability, and liquidityLiquidityHow easily a token can be bought or sold without moving the price. High liquidity means you can enter or exit large positions quickly at the quoted price. Low liquidity means even small trades can swing the market.Like the difference between selling a house and selling a share of Apple stock. The house might be worth more on paper, but finding a buyer at that price takes weeks. The Apple share converts to cash in one click.Read more →.

These are deliberately independent. A project can score high on freedom and low on returns, or vice versa. The tension between the two is the interesting part.

The four quadrants

The threshold for “high” on each axis is 55/100 (displayed as 5.5/10 on the dashboard).

                HIGH RETURNS
                     |
       C             |           A
  Centralised        |     Best of both
  value              |
                     |
  LOW FREEDOM -------+-------- HIGH FREEDOM
                     |
       D             |           B
  Avoid              |     Sovereignty
                     |     play
                LOW RETURNS

Quadrant A: Best of both

High Freedom, High Returns. The ideal position: genuinely decentralised and the token captures real value. These are rare. Most projects that score well on freedom are early-stage with weak tokenomics, and most projects with strong returns are centralised.

What it means for investors: Strong conviction hold. The project delivers sovereignty without sacrificing economic fundamentals.

Quadrant B: Sovereignty play

High Freedom, Low Returns. Genuinely decentralised but the token economics are weak: high inflationEmissionsNew tokens created and distributed by a blockchain protocol over time as rewards to validators, stakers, or miners. Emissions fund network security and participation at the cost of diluting existing holders.Like a company that pays employees partly in newly printed shares. Every year the total number of shares goes up, which means existing shareholders own a slightly smaller slice of the same company unless the company grows faster than the printing.Read more →, no burnBurnPermanently removing tokens from circulation by sending them to an address that no one controls. Burns reduce total supply, which (all else equal) makes each remaining token worth more of the network's value.Like a company buying back its own shares and shredding them. The company's total value stays the same, but each remaining share now represents a slightly bigger slice of that value.Read more → mechanism, or revenue that does not flow through the token. These are often the most ideologically important projects in the space.

What it means for investors: You are investing in the infrastructure thesis, not the current token model. The bet is that utility and revenue will eventually catch up to the decentralisation fundamentals. Position sizing should reflect that uncertainty.

Quadrant C: Centralised value

Low Freedom, High Returns. Value capture works well here, but the project isn’t meaningfully decentralised. Proprietary tech, permissioned networks, foundation-controlled governance. These often outperform in the short term because centralisation produces a better product.

What it means for investors: Returns are real but carry platform risk. If the founding team or company fails, the network likely fails with it. You are investing in a company with a token, not a decentralised protocol.

Quadrant D: Avoid

Low Freedom, Low Returns. Neither decentralised nor economically sound. These are projects where the token adds no genuine utility and the “decentralised” label is marketing.

What it means for investors: There is no thesis here. Low freedom means you have platform risk. Low returns means the token does not capture value even if the platform succeeds. Move on.

How quadrants are assigned

The calculation is mechanical:

  • Freedom Score >= 55/100 (5.5/10 on dashboard) = High Freedom
  • Returns Score >= 55/100 (5.5/10 on dashboard) = High Returns

No editorial override. The quadrant is derived directly from the two scores. If a project’s scores change during a review cycle, the quadrant updates automatically.

Why both scores matter

Most DeAIDeAIDecentralised AI. An umbrella term for blockchain-based projects that build AI infrastructure (compute, data, inference, models, agents) without a single central provider controlling the system.Like the difference between streaming a movie from Netflix and sharing it via BitTorrent. Netflix is fast and polished but one company controls what you can watch and what you pay. BitTorrent is messier but no single operator can shut you out.Read more → coverage treats decentralisation as either everything (sovereignty maximalists) or nothing (pure investment analysis). We think both perspectives miss something.

A sovereignty seeker who ignores returns buys tokens that dilute to zero. An investor who ignores freedom buys centralised platforms dressed as protocols, and gets surprised when the team rugs, the SEC intervenes, or the permissioned network censors their workload.

The quadrant model forces honesty about the trade-off. A project cannot be all things. The question is whether you understand what you are buying and whether the trade-off is one you are willing to make.

Where to see quadrant labels

You’ll find them in three places:

  • The Projects Dashboard, as a column in the table and on mobile cards
  • Individual project review pages, between the score breakdowns and market data
  • The Compare tool, in the scores section

Score changes, new reviews, one editorial take every two weeks. No spam.