Proof of Usefulness Report

AFEX

Analysis completed on 2/7/2026

+528
Proof of Usefulness Score
Industry Mainstay

The project 'AFEX' appears to be the legitimate entity 'AFEX Commodities Exchange Ltd', a major player in African agriculture with verifiable turnover exceeding $300M and significant funding ($26.5M+). However, the submission itself is of extremely low quality, featuring a gamer-tag name ('MysticWing'), unverifiable claims ('most people have used my product'), and a domain ('africaexchange.com') that, while linked to the real entity, has garnered online scam warnings compared to their primary domain 'afex.africa'. The score reflects the massive real-world utility and scale of the actual company, heavily penalized for the poor quality and suspicious nature of the specific submission.

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Score Breakdown

Real World Utility+225.0
Audience Reach Impact+80.0
Technical Innovation+52.5
Evidence Of Traction+106.3
Market Timing Relevance+90.0
Functional Completeness+2.5
Subtotal+556.3
Usefulness Multiplierx0.95
Final Score+528

Project Details

Description
Established in 2014 as Nigeria’s first licensed private commodities exchange, AFEX's infrastructure and platforms drive capital to build a trust economy in Africa’s commodity markets. We provide solutions in trading, financing and market system development.

Algorithm Insights

Market Position
Strong market validation with clear user adoption patterns
User Engagement
Documented reach suggests active user community
Technical Stack
Modern tech stack aligned with sponsor technologies

Recommendations to Increase Usefulness Score

Document User Growth

Provide specific metrics on user acquisition and retention rates

Showcase Revenue Model

Detail sustainable monetization strategy and current revenue streams

Expand Evidence Base

Include testimonials, case studies, and third-party validation

Technical Roadmap

Share development milestones and feature completion timeline