| Unlock | 7/10 |
| Tokenomics | 4/10 |
| Insider | 5/10 |
| Onchain | 5/10 |
| Dev Activity | 2/10 |
| Revenue | 5/10 |
| Institutional | 4/10 |
| Etf | 1/10 |
| Market Structure | 5/10 |
| Security | 5/10 |
Beldex (BDX) is a privacy-focused layer-1 blockchain using ring-signature and stealth-address cryptography to enable untraceable transactions, powering an ecosystem of privacy dApps including the BChat encrypted messenger and the BelNet decentralized VPN. The project migrated from being a token on other chains to its own native Beldex mainnet, positioning itself as broader privacy infrastructure rather than just a currency. Adoption remains niche relative to larger privacy coins like Monero and Zcash, with a smaller market cap and thinner liquidity. Regulatory pressure on privacy-preserving assets -- including exchange delistings seen across the sector -- is a persistent risk, and competitive pressure has intensified as Zcash gains traction through newly regulated ETF/ETP products in the US and Europe.