Cetus Protocol (CETUS) Review: OG Score & Community Audit

The protocol is heavily dependent on Sui and Aptos, so its growth is tied to activity on two ecosystems rather than having broad multi-chain demand. If liquidity or users move elsewhere, Cetus has limited diversification. Its concentrated-liquidity model also adds complexity for LPs, especially when positions fall outside their active ranges.
Token economics are another concern. CETUS has a large supply with future unlocks/emissions that can create continued sell pressure unless protocol growth and fee generation keep up. Competition for Move-based liquidity is also getting tougher, meaning ecosystem growth alone doesn't guarantee stronger demand for CETUS.
And looking at the community side, strong protocol activity doesn't automatically translate into strong token demand. CETUS needs sustained trading volume, liquidity growth and actual fee generation to justify its token economy rather than simply benefiting from Sui/Aptos growth.

Cetus has already passed a hard test by surviving a $223M smart contract disaster and rebuilding enough liquidity to process more than $220M of monthly DEX volume again. That deserves real credit. Cetus generated roughly $229K in fees over the last 30 days, yet only about $45.5K counted as protocol revenue and $0 was reported as holder revenue. That means users can actively trade through Cetus without creating a proportional economic claim for CETUS holders. This is the biggest breakdown I can't unsee.
The other uncomfortable fact is that the exploit was not a cosmetic issue. A mathematical flaw in core CLMM infrastructure allowed an attacker to drain approximately $223M. The response was impressive, including the freezing of $162M, but that recovery does not erase the underlying security failure. CETUS is still struggling to prove that owning the token is the best way to capture that infrastructure's growth. Its near complete circulating supply removes much of the classic unlock problem, but it also need prove stronger security.
For now this is a recovering DEX token with real usage, serious historical security damage, and an unresolved value capture problem waiting to regain the community again.

Cetus was the largest DEX on Sui before it was hacked in May last year, with an estimated $223 million drained. The hacker was able to exploit a simple vulnerability in an overflow check within the project’s liquidity calculation function. Even though Cetus had undergone multiple audits, this issue was never caught. With the help of Sui validators, they managed to freeze $162 million of the stolen funds. Even after the hack, Cetus is still building, which is a good sign. From the Token side, Half of the supply goes to the community, which is generally healthy. Still, 35% combined for the team and investors represents a significant insider allocation. Like most DEX tokens, price to performance depends heavily on trading volume and liquidity

Not surprised but they did demonstrated resilience against significant security issues thanks to a solid foundation and community collaboration, so right now I could safely say , it’s in a rebuilding phase, and its tokenomics are affected by the hack’s past, which makes it a riskier investment compared to other well-established DeFi protocols until the compensation unlocks wrap up in mid-2026, https://www.halborn.com/blog/post/explained-the-cetus-hack-may-2025