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Protocol economics advisors are firms whose main service is designing or auditing the economic model of a blockchain protocol: token design, incentive schemes, supply and emission modelling, and DeFi integration strategy. Marketing agencies, development studios without a separate economics practice and venture funds that do not sell consulting are not included.
GauntletBest for: Lending and DEX protocols needing parameter and incentive optimization8.6/10
LlamaRiskBest for: Large lending protocols and stablecoin issuers that need a risk framework, parameter design and oracle-based risk automation7.6/10
Tokenomics.netBest for: Early-stage founders who want a fixed-price, fully documented token model before a raise7.1/10
CryptoEconLabBest for: Infrastructure, DePIN and AI protocols that need quantitative mechanism design and simulation6.9/10
FinDaSBest for: Early-stage teams that want a fixed-price token design or audit with an optional simulation model6.3/10
BlockScienceBest for: Protocols that want simulation-based, research-grade mechanism and governance analysis6.0/10| # | Service | Score | Best for | Fees | Since |
|---|---|---|---|---|---|
| 1 | GauntletStrong | 8.6/10 | Lending and DEX protocols needing parameter and incentive optimization | ||
| 2 | LlamaRiskSolid | 7.6/10 | Large lending protocols and stablecoin issuers that need a risk framework, parameter design and oracle-based risk automation | ||
| 3 | Tokenomics.netSolid | 7.1/10 | Early-stage founders who want a fixed-price, fully documented token model before a raise | ||
| 4 | CryptoEconLabMixed | 6.9/10 | Infrastructure, DePIN and AI protocols that need quantitative mechanism design and simulation | ||
| 5 | FinDaSMixed | 6.3/10 | Early-stage teams that want a fixed-price token design or audit with an optional simulation model | ||
| 6 | BlockScienceMixed | 6.0/10 | Protocols that want simulation-based, research-grade mechanism and governance analysis | ||
| 7 |  8BlocksWeak | 5.7/10 | Pre-TGE teams and Web2 or RWA businesses that want a token model or audit tied to business revenue | ||
| 8 |  Simplicity GroupWeak | 5.6/10 | Early-stage projects with modest budgets that want token design and GTM support from one vendor | ||
| 9 |  ChainriskWeak | 5.4/10 | Lending and perpetuals protocols that need a simulation-based economic audit of collateral, liquidation and interest rate parameters | ||
| 10 |  Three SigmaWeak | 5.3/10 | DeFi protocols that want a code audit and an economic or parameter review from the same vendor | ||
| 11 |  NethermindWeak | 5.2/10 | Protocols wanting tokenomics analysis from a large engineering and security firm | ||
| 12 |  Block AnaliticaWeak | 5.2/10 | Lending and stablecoin protocols that need ongoing collateral risk parameters and monitoring rather than a one-off token design | ||
| 13 |  ForgdAvoid | 4.0/10 | VC-backed projects preparing a TGE that want tokenomics, market maker and listing work from one provider | ||
| 14 |  Delphi ConsultingAvoid | 3.8/10 | Larger projects that want token advisory backed by a large research desk and are comfortable with a group that also invests | ||
| 15 |  BlockphraseAvoid | 2.4/10 | Projects in India or the UAE that want token design combined with development and compliance work from one vendor |
| # | Firm | Research · 25% | Clients · 20% | Recency · 20% | Conflicts · 15% | Team · 10% | Terms · 10% | Score |
|---|---|---|---|---|---|---|---|---|
| 1 | Gauntlet | 9.0 | 10.0 | 10.0 | 5.0 | 9.0 | 7.0 | 8.6 |
| 2 | LlamaRisk | 7.0 | 10.0 | 10.0 | 5.0 | 3.0 | 8.0 | 7.6 |
| 3 | Tokenomics.net | 8.0 | 6.7 | 10.0 | 0.0 | 8.0 | 10.0 | 7.1 |
| 4 | CryptoEconLab | 10.0 | 5.7 | 10.0 | 0.0 | 3.0 | 10.0 | 6.9 |
| 5 | FinDaS | 7.0 | 0.0 | 10.0 | 5.0 | 8.0 | 10.0 | 6.3 |
| 6 | BlockScience | 10.0 | 8.0 | 3.0 | 0.0 | 8.0 | 5.0 | 6.0 |
| 7 | 8Blocks | 7.0 | 3.3 | 10.0 | 0.0 | 3.0 | 10.0 | 5.7 |
| 8 | Simplicity Group | 6.0 | 2.0 | 10.0 | 0.0 | 7.0 | 10.0 | 5.6 |
| 9 | Chainrisk | 9.0 | 1.0 | 7.0 | 0.0 | 5.0 | 10.0 | 5.4 |
| 10 | Three Sigma | 7.0 | 6.7 | 3.0 | 0.0 | 6.0 | 10.0 | 5.3 |
| 11 | Nethermind | 8.0 | 0.0 | 10.0 | 0.0 | 7.0 | 5.0 | 5.2 |
| 12 | Block Analitica | 6.0 | 3.6 | 10.0 | 0.0 | 5.0 | 5.0 | 5.2 |
| 13 | Forgd | 6.0 | n/p | n/p | 5.0 | 7.0 | 10.0 | 4.0 |
| 14 | Delphi Consulting | 8.0 | 0.0 | n/p | 5.0 | 5.0 | 5.0 | 3.8 |
| 15 | Blockphrase | 5.0 | n/p | n/p | 0.0 | 6.0 | 5.0 | 2.4 |
n/p = not published. A criterion with nothing on the public record scores 0.
Gauntlet began in 2018 as a simulation-based risk and parameter modelling firm for DeFi protocols.
LlamaRisk is a DeFi risk firm that designs risk frameworks, parameter policies and risk oracles, most visibly as Aave's risk service provider.
Tokenomics.net is a small tokenomics consultancy founded by Tony Drummond that designs token models, runs tokenomics audits and produces whitepapers and investor documentation.
CryptoEconLab is a cryptoeconomics consultancy that spun out of Protocol Labs in 2022, where it served as Filecoin's in-house economics team.
FinDaS is a Sofia-based tokenomics consultancy that designs token economies, audits existing ones and runs Monte Carlo simulations in Machinations.
BlockScience is a complex systems engineering and research firm founded by Michael Zargham and known for cadCAD, an open-source simulation framework for modelling token economies.
8Blocks is a Dubai-registered consultancy (8BLOCKS FZCO) that designs and audits token economies and advises on digital asset strategy and RWA structuring.
Simplicity Group is a UK and Dubai advisory founded in 2022 that offers go-to-market services and a tokenomics practice covering token economy design, Machinations-based modelling and tokenomics audits.
Chainrisk is a DeFi economic security firm that runs agent-based and Monte Carlo simulations to audit lending and perpetuals protocols and to recommend risk parameters.
Lisbon-based blockchain security firm that runs smart contract audits alongside an economic audit practice covering tokenomics, mechanism design and agent-based stress testing.
Nethermind is a London-founded blockchain research and engineering company best known for its Ethereum execution client, Starknet tooling and smart contract audits.
Block Analitica is a DeFi risk firm that sets and monitors risk parameters, onboards collateral and builds risk dashboards for lending protocols.
Forgd is a New York based token launch platform and advisory firm that offers free self-service tools (Token Designer, market maker requests for quotes, exchange listing research, unlock monitoring) plus paid full-service advisory.
The advisory unit of Delphi Digital, selling token advisory and due diligence backed by the group's research desk.
Blockphrase is a Web3 advisory and development firm based in Mumbai and Dubai that offers tokenomics design with deterministic and stochastic modelling, alongside smart-contract development, RWA tokenisation (ERC-3643, ERC-1400) and regulatory strategy.
Score = Σ (mark × weight), rounded to 0.1. A criterion with nothing published scores 0. Equal scores are split by the higher published research and models mark.
A token model is a set of assumptions about how people will behave when money is at stake. A firm that publishes its models, simulations and papers lets anyone test those assumptions before a protocol commits to them. A firm that publishes nothing asks to be trusted on reputation. That is why research is a quarter of the score, and why it decides any tie.
Most advisory firms list logos. We count a case only when the client says so too, on its own site, in its documentation or in a governance forum post. A logo the client never mentions still appears in the review, but it does not move the mark.
An advisory firm is only as useful as the team it has doing the work today. Websites stay up long after a practice winds down, so we look for the latest economics deliverable with a date on it: a client report, a model, a governance proposal or a case study. Blog posts and code audits do not count. We do not score token price after launch, because it mostly reflects the market a token launched into.
Advisors are often paid partly in the token they helped design, which gives them a stake in how it trades. That is not disqualifying, but readers should know about it. Firms that publish a conflict policy and disclose token compensation score highest on that criterion.
Nothing in this rating is estimated. A criterion with no public evidence scores 0, and few firms publish a conflict-of-interest policy or client confirmations, so most scores sit in the middle of the scale. Every firm is measured the same way, so the order is meaningful, but a score here is not comparable with one in another OBOL rating. We checked 31 firms to publish these fifteen: the others were inactive, had changed business, or fell outside the category definition.
Read the six marks rather than the headline score. A team that needs a simulation it can audit should weight research; a team hiring for a governance-heavy launch may care more about client-confirmed work. Every mark links to its source on the firm's review, so the evidence can be checked before a call is booked.
