1. Token profile
| Field | Value | Source |
|---|---|---|
| Name | HECTARE, a FastForest Uzbekistan product. The HECTARE ticker overlaps with similarly named tokens HECTR (agro, Coinstore) and HEC (Hector Network); these are different projects | app.web3eco.io |
| Issuer | Web3Eco AG, Zug, CHE-364.476.358. Jurisdiction per the app: Switzerland | Zug Commercial Register, app |
| Operator | GREEN WORLD FORESTRY MCHJ QK (Uzbekistan, TIN 309220219, reg. 24 Jan 2022). Shareholdings: Web3Eco AG 51%, Bolotov F.A. 34%, TURON ECO CEMENT GROUP 15% | Extract from the Ministry of Justice of Uzbekistan, 21 May 2025 |
| Licence | Not disclosed. The app refers to CISA, FINSA and FinMIA without stating status | App |
| Underlying asset | Paulownia plantations, intensive orchards and vegetable gardens on leased land in the Fergana region. 300 ha in active scaling, 1,000 ha in development, 150,000+ trees | App |
| Legal nature | Stated: revenue-sharing agreement (RSA) under Swiss law. The agreement has not been published | App |
| Network and contract | Not disclosed | - |
| Launch | Sales through the app. Product payouts start: 2027 | App |
| Entry price | From $100 for 0.001 ha to $285,000 for 5 ha. 1 ha: $59,500 | app.web3eco.io, 21 Oct 2026 |
| Raised | $3m from 400+ investors, plus $1m of the company's own funds | App |
| Stated yield | 16% per annum (forecast), 13–29% by year (2027–2031+) | app.web3eco.io |
| Investor eligibility | Via registration in the app. KYC and country restrictions not disclosed | App |
| Secondary market | Not found | App, open sources |
| Code audit | Not found | Open sources |
2. Verdict and red flags
| Field | Value |
|---|---|
| In one sentence | The plantation exists and is documented, but the HECTARE holder's right to income is not confirmed by a published agreement, so it is impossible to verify what exactly the investor is buying. |
| Score and grade | 47/100 (block total 46.3, rounded up), which corresponds to grade B. Final grade CCC: the red flag on the hectare valuation caps it. |
| Main strength | A real asset with a verifiable chain: land lease from the Fergana city administration (khokimiyat), the operator is 51% owned by the issuer, and both companies are listed in state registers. |
| Main weakness | The RSA, on which the right to income and return of capital rests, is not published, and HECTARE's own terms are not publicly available. |
| What would change the rating | Publication of the RSA and a legal opinion on its qualification, an independent valuation of the hectare, and disclosure of fees and the payout formula. |
Red flags
| Flag | Consequence | Status |
|---|---|---|
| The holder's right is not confirmed by a published agreement | The holder's claim cannot be verified. A grade cap (in v1: C) applies if the absence of the right is confirmed | Not confirmed: agreement not disclosed, cap not applied |
| The hectare price is set by the operator without an independent valuation | The entry price is not tied to the asset's value. Grade cap (in v1: C) | Triggered |
| License and prospectus not disclosed despite references to CISA, FINSA, FinMIA | Regulatory risk of sales suspension | Open |
| No mechanism to exit the stake | Capital locked until 2052 | Confirmed |
| Fee discrepancy in disclosure | −5 penalty per template | Not applied: the fee amount is not disclosed anywhere, so there is no numerical contradiction |
| Sanctions | Audit not performed | None identified |
3. Legal nature and holder rights
Block weight: 15. Key question: what the buyer of a hectare legally receives.
The app describes the product as a revenue-sharing agreement (RSA) under Swiss law, with a right to a share of the company's revenue, insurance, audited financials and a full refund in the event of non-performance. This agreement is not publicly available. Separate terms of issuance and circulation for HECTARE are not publicly available either, so the scope of the holder's rights is known only from the issuer's statements.
| # | Criterion | Finding | Score |
|---|---|---|---|
| 3.1 | Agreement establishing the holder's right (RSA) is published | The app calls the product an RSA under Swiss law, but the agreement itself has not been made public | 1.5 |
| 3.2 | HECTARE product terms are published | Separate terms of issuance and circulation for HECTARE were not found in the public domain | 1.5 |
| 3.3 | Issuer is unambiguously identified | The app names Web3Eco AG as the seller, jurisdiction Switzerland (CHE-364.476.358). The company is listed in the Zug commercial register. Whether it is the counterparty to the RSA specifically is not confirmed, as the agreement has not been published | 2 |
| 3.4 | Link between the holder's right and the asset | Web3Eco AG owns 51% of the operator GREEN WORLD FORESTRY, which leases the land. The link is documented in registers, but the holder receives revenue through the 51% stake rather than directly | 1 |
| 3.5 | Holder rights in the event of the issuer's bankruptcy or liquidation | Not disclosed: no pledge, no asset segregation, no order of priority | 1.5 |
| 3.6 | Dispute resolution procedure | Governing law is stated (Switzerland); the dispute resolution procedure and limitations of liability for HECTARE are not disclosed | 1.5 |
Block score: 7.5 out of 15 (50% of weight). Criteria total: 9 out of 18. Key finding: The holder's right to revenue is stated, but neither the agreement nor the product terms have been published, so it cannot be verified. Risk level: medium
4. Ownership chain and asset custody
The chain from investor to land, based on published documents:
| Link | Who | Evidence |
|---|---|---|
| Investor | Buyer of a HECTARE share via app.web3eco.io | Revenue-sharing agreement (RSA) not published |
| Issuer | Web3Eco AG, Zug | Commercial register extract of 15.09.2023 |
| Operator | GREEN WORLD FORESTRY, Fergana, 51% held by Web3Eco AG | Ministry of Justice of Uzbekistan extract of 21.05.2025 |
| Land | Lease from the city administration (khokimiyat) of Fergana, agreement No. 232932/123-22 dated 07.04.2022, lot 1595278 | Translation of the agreement notarised on 26.02.2024, e-auksion.uz auction result |
| Harvest and revenue | Belong to the lessee (operator) | Clause 10 of the lease agreement |
The Web3Eco AG commercial register extract is dated 2023. The current composition of its governing bodies has not been verified.
| # | Criterion | Finding | Score |
|---|---|---|---|
| 4.1 | Issuer is registered and verifiable | Web3Eco AG, CHE-364.476.358, Zug, registered 14.09.2023, capital CHF 100,000 (CHF 50,000 paid in). Extract published but dated 2023 | 2 |
| 4.2 | Issuer's stake in the operating company | GREEN WORLD FORESTRY: Web3Eco AG 51%, F.A. Bolotov personally 34%, TURON ECO CEMENT GROUP 15% (Ministry of Justice of Uzbekistan extract, 21.05.2025). 49% of the operator's economics sits outside the issuer | 1 |
| 4.3 | Land rights | Lease agreement No. 232932/123-22 dated 07.04.2022 with the Fergana city administration (khokimiyat). The published translation does not state the area or the lease term, and the lessor is entitled to expropriate the land for state needs. | 1 |
| 4.4 | Who owns the harvest and revenue | Under the agreement, the harvest and the proceeds from its sale belong to the lessee, i.e. the operator, not the holders. The holder's right is contractual only | 1 |
| 4.5 | Asset segregation for holders (SPV, pledge) | Not disclosed: no SPV, pledge or other asset segregation for holders is described | 1.5 |
| 4.6 | Plantation insurance | Stated in the app (crop failure, natural disasters, fire). Policy and insurer not disclosed | 1.5 |
Block score: 4.4 out of 10 (44% of the weight). Criteria total 8 out of 18. Key finding: The chain from issuer to land is documented, but the holder sits behind a 51% stake in the operator and a contractual right, with no segregated asset. Risk level: medium
5. Regulation and investor eligibility
The product is sold to retail investors from $100 and promises a share of revenue. In most jurisdictions these are hallmarks of a security or a collective investment. The app refers to the Swiss CISA, FINSA and FinMIA, but no licence, registration or prospectus for HECTARE has been disclosed. There is no legal opinion on which exemption the offering falls under.
| # | Criterion | Finding | Score |
|---|---|---|---|
| 5.1 | Licence or authorisation for the offering | No licence, registration or prospectus for HECTARE has been disclosed | 1.5 |
| 5.2 | Product classification | The app refers to CISA, FINSA and FinMIA, but the product's status (collective investment, security, exemption) is confirmed neither by a legal opinion nor by a register | 1 |
| 5.3 | Investor eligibility and KYC | Purchases are made by registering in the app. The KYC procedure and the list of prohibited jurisdictions have not been disclosed | 1.5 |
| 5.4 | Sanctions and enforcement actions | No regulator warnings or court cases were found in open sources. The FINMA warning list was not checked manually | 2 |
| 5.5 | Tax and reporting information for investors | Not disclosed | 1.5 |
Block score: 2.5 out of 5 (50% of the weight). Criteria total 7.5 out of 15. Key finding: The regulatory status of the offering has not been disclosed, and the references to Swiss laws are not backed by a licence, prospectus or legal opinion. Risk level: medium
6. Asset Valuation and Yield Forecast
HECTARE has no NAV. The price of a share is set by the operator's price list, and the price per hectare depends on the purchase size:
| Lot | Lot price | Price per 1 ha | Markup vs. 1 ha lot |
|---|---|---|---|
| 0.001 ha | $100 | $100,000 | +68% |
| 0.0025 ha | $200 | $80,000 | +34% |
| 0.1 ha | $7,500 | $75,000 | +26% |
| 0.25 ha | $17,500 | $70,000 | +18% |
| 0.5 ha | $32,500 | $65,000 | +9% |
| 1 ha | $59,500 | $59,500 | base |
| 5 ha | $285,000 | $57,000 | -4% |
Source: app.web3eco.io, 21.10.2026.
Yield Forecast in the App
| Source | Date | Stated yield |
|---|---|---|
| App, description | 21.10.2026 | 16% per annum forecast, depending on the number of hectares |
| App, table | 21.10.2026 | 13% (2027), 15.5% (2028), 21% (2029), 26.5% (2030), 29% (2031 onwards) |
| # | Criterion | Finding | Score |
|---|---|---|---|
| 6.1 | Independent valuation of the hectare | Not disclosed. The price of a hectare is set by the operator | 1.5 |
| 6.2 | Entry price reflects asset value | The price per hectare depends on ticket size: from $100,000 per hectare when buying in 0.001 ha lots to $57,000 when buying in 5 ha lots. In this case, the price reflects a price list rather than the value of the asset | 1 |
| 6.3 | Consistency of the yield forecast | The app simultaneously cites 16% per annum and a year-by-year table of 13–29%. How the two figures relate to each other and which lot size they apply to is not explained | 1 |
| 6.4 | Basis for the forecast | The agronomic model, yields, and timber and agricultural produce prices are not disclosed | 1.5 |
| 6.5 | Track record of actual payouts | Payouts under the FastForest product start in 2027. There is no history of payouts to HECTARE holders | 1 |
| 6.6 | Financials on performance | The app promises audited financials. However, Web3Eco AG has opted out of the limited audit (commercial register entry dated 31.07.2023), and no reports are publicly available | 1 |
Block score: 5.8 out of 15 (39% of the block weight). Criteria total: 7 out of 18. Key finding: The price of a hectare is not linked to any asset valuation, and the yield forecast is given as two unreconciled figures with no supporting basis anywhere. Risk level: high
7. Fees and net yield
| Payment type | Amount | Source |
|---|---|---|
| Entry markup for small lots | up to +68% over the per-hectare price in a 1 ha lot | App price list |
| Management company fee | not disclosed, withheld from revenue | web3eco.io FAQ |
| Company expenses before payout | not disclosed | web3eco.io FAQ |
| Exit or refund fee | not disclosed | - |
| Payout currency and window | USDT, from 1 December to 31 March | App |
Calculation for $100,000
The app shows payouts for a 0.1 ha lot: $975 (2027), $1,163 (2028), $1,575 (2029), $1,988 (2030), $2,175 (2031). Converted to a per-hectare basis, this comes to $78,760 for 2027–2031. The calculation below assumes that the payout is tied to the number of hectares rather than the amount paid. The wording "depending on the number of hectares" suggests this, but the formula is not disclosed.
| Buying in lots of | Hectares per $100,000 | Payouts 2027–2031 | 5-year multiple |
|---|---|---|---|
| 0.001 ha | 1 ha | $78,760 | 0.79x |
| 0.1 ha | 1.333 ha | $105,013 | 1.05x |
| 1 ha | 1.681 ha | $132,370 | 1.32x |
This is the issuer's forecast before deduction of the undisclosed fee. A buyer of minimum lots does not recover the investment within five years, while a buyer of 1 ha lots receives 1.32x. The difference is explained entirely by the price list, not by the asset.
| # | Criterion | Finding | Score |
|---|---|---|---|
| 7.1 | Management company fee amount | The website states that income is paid out net of the company's fee and expenses. The fee amount is not specified | 1.5 |
| 7.2 | Entry markup | A buyer of the minimum lot pays 68% more per hectare than a buyer of a 1 ha lot ($100,000 vs $59,500) | 1 |
| 7.3 | Operating expenses before payout | Not disclosed | 1.5 |
| 7.4 | Payout currency and schedule | USDT, payout window from 1 December to 31 March, starting in 2027 | 2 |
| 7.5 | Formula for calculating the holder payout | Not disclosed: it is unclear whether the payout is calculated per hectare or on the amount paid, and whether before or after the fee | 1.5 |
| 7.6 | Exit and refund fees | Not disclosed | 1.5 |
Block score: 10 out of 20 (50% of weight). Criteria total 9 out of 18. Key finding: The payout channel and schedule are disclosed, but the fee, expenses and payout formula are not, and a small investor pays up to 68% more per hectare. Risk level: medium
8. Liquidity and exit
A HECTARE share can be bought through the app, but there is nowhere to sell it: the public materials show no secondary market, resale function or buyback by the issuer. Payouts are scheduled until 2052, but the return of the invested amount at the end of the term is not described.
Stress scenario
A drought or land expropriation for state needs in 2027–2029, before the first major timber harvest. Payouts from agricultural produce fall, and HECTARE has no exit mechanism. The holder can only demand a refund under the RSA, which has not been published, and the dispute resolution procedure is undisclosed. For a ticket of a few thousand dollars, such a claim is unlikely to be economically justified.
| # | Criterion | Finding | Score |
|---|---|---|---|
| 8.1 | HECTARE secondary market | Not found: the share is sold only through the app, with no resale function or trading venue | 0 |
| 8.2 | Early exit mechanism | No early exit or share buyback mechanism is described | 1.5 |
| 8.3 | Investment term and return of capital | Payouts until 2052. Return of the invested amount at the end of the term is not described | 1 |
| 8.4 | Right to a refund in case of non-performance | Stated in the app, but not backed by a published agreement | 1.5 |
| 8.5 | Liquidity infrastructure readiness | No venue, market maker or buyback fund for HECTARE has been disclosed | 1.5 |
| 8.6 | Holder concentration and stress scenario | Not disclosed | 1.5 |
Block score: 5.8 out of 15 (39% of weight). Criteria total 7 out of 18. Key finding: There is nowhere to exit the share before 2052, and no exit or buyback mechanism is described. Risk level: high
9. Smart contract and technical rights
HECTARE's technical layer is not disclosed. It is unknown whether the share is issued as an on-chain token or recorded in an app. This determines how the holder proves their right and whether the issuer can freeze or seize the share.
| # | Criterion | Finding | Score |
|---|---|---|---|
| 9.1 | HECTARE contract address published | Not found. It is unknown whether HECTARE has been issued on-chain | 1.5 |
| 9.2 | Code audit | Not found | 1.5 |
| 9.3 | Privileged roles, multisig, timelock | Not disclosed | 1.5 |
| 9.4 | Transfer restrictions and compliance functions | Not disclosed | 1.5 |
| 9.5 | Incidents | No public incidents found | 2 |
Block score: 2.7 out of 5 (53% of weight). Criteria total 8 out of 15. Key finding: The contract, roles and code audit are not disclosed, so the technical risk cannot be assessed. Risk level: medium
10. Underlying asset: plantations in the Fergana Valley
| Indicator | Value | Source |
|---|---|---|
| Land | 300 ha in active scale-up, 1,000 ha in development | App |
| Plantings | 150,000+ trees | App |
| First major harvest | 2029 | App |
| Company's own investment | $1m | App |
| Operator revenue, profit | not disclosed | - |
| Timber buyers | not disclosed | - |
| # | Criterion | Finding | Score |
|---|---|---|---|
| 10.1 | Physical existence of the plantation | Confirmed by video, an Uzbek TV report, the results of the electronic auction for lot 1595278 and the lease agreement. There has been no independent field inspection | 2 |
| 10.2 | Quality of land rights | Lease, not ownership. The published copy does not state the term or the area, and there is a right of expropriation for state needs | 1 |
| 10.3 | Agronomic and production risk | Long cycle: the first major paulownia harvest is in 2029, and there have been no timber sales yet. Water is allocated within limits | 1 |
| 10.4 | Offtake market and prices | Offtake contracts and pricing assumptions are not disclosed | 1.5 |
| 10.5 | Operator financials | GREEN WORLD FORESTRY's revenue, profit and balance sheet are not disclosed | 1.5 |
| 10.6 | Team and experience | The website names the team members, including the plantation director in Uzbekistan, the technical director and the financial advisers | 2 |
Block score: 7.5 out of 15 (50% of the weight). Criteria total 9 out of 18. Key finding: The plantation exists and is managed by an on-site team, but it does not yet generate any cash, and the operator's financials are not public. Risk level: medium
11. Scoring and risk matrix
| Block | Weight | Total / maximum | Score | % of weight |
|---|---|---|---|---|
| 3. Legal nature and holder rights | 15 | 9 / 18 | 7.5 | 50% |
| 4. Ownership chain and asset custody | 10 | 8 / 18 | 4.4 | 44% |
| 5. Regulation and investor eligibility | 5 | 7.5 / 15 | 2.5 | 50% |
| 6. Asset valuation and yield forecast | 15 | 7 / 18 | 5.8 | 39% |
| 7. Fees and net yield | 20 | 9 / 18 | 10 | 50% |
| 8. Liquidity and exit | 15 | 7 / 18 | 5.8 | 39% |
| 9. Smart contract and technical rights | 5 | 8 / 15 | 2.7 | 53% |
| 10. Underlying asset: plantations in the Fergana Valley | 15 | 9 / 18 | 7.5 | 50% |
| Total | 100 | 46.3 |
Sum of block scores: 46.3 out of 100. For grading purposes, the score is rounded up to 47, which corresponds to grade B. The flag triggered on the per-hectare valuation caps the grade at CCC. Result: 47/100, CCC.
If the issuer discloses what is currently undisclosed (the RSA, fees, valuation, financials, contract) and substantiates the yield forecast, the score under the same methodology would rise to approximately 57 (BB), and the flag cap would be lifted. The remaining gap stems from facts that disclosure cannot fix: a lease instead of ownership, a 51% stake in the operator, and the absence of a secondary market.
Risk matrix
| Risk | Likelihood | Impact | Mitigation | Block |
|---|---|---|---|---|
| Rights under the RSA prove narrower than stated or unenforceable | medium | high | Publication of the RSA, legal opinion | 3 |
| Regulator suspends sales | medium | high | License or confirmed exemption, prospectus | 5 |
| Actual yield falls short of the forecast | high | medium | Agronomic model, harvest reports | 6, 10 |
| Fees erode the yield | medium | medium | Disclosure of the fee and the payout formula | 7 |
| Inability to exit the stake | high | high | Secondary market or buyback of the stake at a transparent price | 8 |
| Land expropriation or non-extension of the land lease | low | high | Disclosure of the lease term and area, insurance | 4, 10 |
| Value leakage to the operator's other 49% | medium | medium | Asset segregation for holders, SPV | 4 |
12. Questions for the issuer, limitations and sources
Questions for the issuer
- Publish the RSA for HECTARE. Confirm that Web3Eco AG is the party to the agreement.
- Publish the HECTARE issuance and circulation terms: holder rights, dispute resolution procedure, limitations of liability.
- Which FINSA and CISA exemption does the offering fall under? Is there a legal opinion?
- What area and what lease term does agreement No. 232932/123-22 cover? Are there other lease agreements covering the 300 ha?
- How is the payout calculated: per hectare or on the amount paid? What fee and what expenses are deducted before payout?
- Who performs the valuation of a hectare, and how? Why does the price per hectare depend on lot size?
- Who is the plantation's insurer, and what does the policy cover?
- Who prepares the "audited financials" if Web3Eco AG has opted out of a limited audit?
- How can a holder exit their stake before 2052, and at what price?
- Has HECTARE been issued on a blockchain? Contract address, roles, code audit.
- Who currently sits on the board of directors of Web3Eco AG?
Right of reply
Web3Eco may send answers and documents to hello@8blocks.io. The audit will be revised based on the information received. Any score changes and their reasons will be stated in the new version.
Method limitations
- Only public sources and documents published by Web3Eco as of 21 October 2026 were used. No site visit was conducted.
- The land lease agreement was reviewed in its English translation. The Uzbek-language original and the cadastral record were not checked.
- The current composition of Web3Eco AG's governing bodies and the FINMA warning list were not cross-checked against registers.
- The $100,000 calculation is based on the issuer's forecast and an assumption about the payout formula.
Sources
- Web3Eco app (FastForest Uzbekistan product): https://app.web3eco.io/
- Web3Eco website (used where data is not available in the app): https://web3eco.io/
- Commercial register extract, Canton of Zug: https://web3eco.io/wp-content/uploads/2024/04/Trade-register-extract.pdf
- Extract on GREEN WORLD FORESTRY: https://web3eco.io/wp-content/uploads/2025/06/green-world.pdf
- Land lease agreement (translation): https://web3eco.io/wp-content/uploads/2024/04/Land-lease-UZB-EN.pdf
- Auction result for lot 1595278: https://e-auksion.uz/auction-result?lots_id=1595278
Final audit conclusion
Web3Eco owns a real, documented asset, but HECTARE sells a right that cannot be verified. The agreement that underpins the right to income and return of capital has not been published. Without it, the holder cannot assess what they have bought, how much they will receive after fees, or how they will exit.
| Block | Score | Risk | Key conclusion |
|---|---|---|---|
| 3. Legal nature | 7.5/15 | medium | RSA and product terms not published |
| 4. Ownership chain | 4.4/10 | medium | Lease and 51% stake in the operator, no asset segregation |
| 5. Regulation | 2.5/5 | medium | Regulatory status not disclosed |
| 6. Valuation and forecast | 5.8/15 | high | Price taken from a price list, forecast not substantiated |
| 7. Fees | 10/20 | medium | Fee not disclosed, markup on small lots up to 68% |
| 8. Liquidity | 5.8/15 | high | No exit from the stake until 2052 |
| 9. Smart contract | 2.7/5 | medium | Technical layer not disclosed |
| 10. Underlying asset | 7.5/15 | medium | Plantation is real, no revenue yet |
Strengths
- The physical asset is confirmed by several mutually independent pieces of evidence: a state auction, a lease agreement, media reports, video.
- The issuer and the operator are registered, and the link between them is disclosed through a registry extract.
- Payouts are planned in USDT with a clear annual window.
Key risks
- The right to income is not confirmed by a published document.
- Offering to retail investors without a disclosed license or prospectus.
- The entry price is not linked to the asset valuation, and fees are not disclosed.
- Capital is locked until 2052 with no exit mechanism.
Who it suits and who it does not
Suits an investor who knows the team personally, has verified the RSA directly with the issuer and is prepared to hold the stake as a long-term venture investment in agribusiness with no possibility of exit. Does not suit anyone counting on liquidity, protection of rights through public documents, or the stated yield as a benchmark.
What would raise the assessment
Publication of the RSA and a legal opinion, an independent valuation of a hectare, and disclosure of the fee, the payout formula, the operator's financials and the insurance policy. This removes the red-flag cap and raises the score to roughly 57 (BB).
Re-assessment triggers
- Publication of the RSA or the HECTARE product terms.
- First actual payouts in 2027 and a harvest report.
- Any regulatory action in Switzerland or Uzbekistan.
The audit is not investment advice, an offer to buy or sell the asset, or a legal opinion. The assessment reflects public information as of the audit date.
