Net supply direction
Which tokens shrink supply fastest after both inflation and buybacks?
Scoring pass 18 Sept 2026. Market snapshot 28 Sept 2026.
What this list asks
The rule
Each token's Supply Inflation percentile and Buyback & Burn percentile are averaged into a single net figure, and tokens with at least $30M market cap are ranked on that average. Either variable alone can mislead. A 4% issuance schedule with a bigger burn still shrinks supply.
Buyback announcements and inflation schedules are usually reported separately, which is exactly how a large issuance schedule hides behind a louder burn programme. Averaging the two percentiles is the simplest honest net figure the dataset supports.
The insight this dataset adds
The universe mean on buyback is 2.94 out of 10 against 4.8 on supply inflation, which is the arithmetic reason most 'deflationary' marketing fails: real, sustained burn programs are rarer than issuance schedules. The top of this list is where both variables are simultaneously strong. On the full universe, 77 tokens sit in the top quartile on both, before the $30M market-cap floor and composite-score ordering narrow it to the rows below.
The 40 tokens
Ranked by composite score within the qualifying set. Every row links to the full token page, where the variable-by-variable scores behind the ranking are published.
| # | Token | Supply pct | Buyback pct | Net | Score | Verdict | Market cap | Dilution |
|---|---|---|---|---|---|---|---|---|
| 1 | Pendle Finance PENDLE | 97.2 | 99.6 | 98.4 | 160/250 | HOLD | $415.3M | 1.62x |
| 2 | UNUS SED LEO LEO | 97.2 | 97.6 | 97.4 | 126/250 | CAUTIOUS HOLD | $8.33B | 1.07x |
| 3 | CoW Protocol COW | 97.2 | 95.2 | 96.2 | 167/250 | HOLD | $89.1M | 1.74x |
| 4 | GMX GMX | 97.2 | 95.2 | 96.2 | 143/250 | HOLD | $82.2M | 1.27x |
| 5 | Synthetix SNX | 97.2 | 95.2 | 96.2 | 130/250 | CAUTIOUS HOLD | $141.0M | 1x |
| 6 | BNB BNB | 90 | 99.6 | 94.8 | 144/250 | HOLD | $102.03B | 1.5x |
| 7 | Virtuals Protocol VIRTUAL | 99.2 | 89.2 | 94.2 | 151/250 | CAUTIOUS HOLD | $534.4M | 1.52x |
| 8 | Yearn Finance YFI | 99.2 | 89.2 | 94.2 | 111/250 | WATCH | $85.9M | 1.02x |
| 9 | OKB OKB | 90 | 97.6 | 93.8 | 145/250 | HOLD | $2.48B | 1x |
| 10 | Wrapped Lido Staked ETH WSTETH | 97.2 | 89.2 | 93.2 | 185/250 | HOLD CORE | $12.39B | 1x |
| 11 | Rocket Pool ETH RETH | 97.2 | 89.2 | 93.2 | 159/250 | HOLD | $992.1M | 1x |
| 12 | Uniswap UNI | 90 | 95.2 | 92.6 | 167/250 | HOLD | $5.52B | 1.61x |
| 13 | Bitget Token BGB | 90 | 95.2 | 92.6 | 135/250 | CAUTIOUS HOLD | $1.40B | 2.86x |
| 14 | Raydium RAY | 90 | 95.2 | 92.6 | 129/250 | CAUTIOUS HOLD | $527.8M | 2.06x |
| 15 | Aave AAVE | 99.2 | 84.5 | 91.85 | 156/250 | HOLD | $2.27B | 1.04x |
| 16 | Maple Finance SYRUP | 83.3 | 99.6 | 91.45 | 168/250 | HOLD | $248.9M | 1.07x |
| 17 | Coinbase Wrapped Staked ETH CBETH | 97.2 | 84.5 | 90.85 | 158/250 | HOLD | $508.2M | 2.25x |
| 18 | Fluid (Instadapp) FLUID | 97.2 | 84.5 | 90.85 | 145/250 | CAUTIOUS HOLD | $118.5M | 1.19x |
| 19 | Ethereum ETH | 90 | 91.2 | 90.6 | 187/250 | HOLD CORE | $327.18B | 1x |
| 20 | Injective INJ | 83.3 | 97.6 | 90.45 | 139/250 | CAUTIOUS HOLD | $732.1M | 1x |
| 21 | Hyperliquid HYPE | 76.1 | 100 | 88.05 | 193/250 | HOLD CORE | $19.77B | 4.5x |
| 22 | Ether.fi ETHFI | 76.1 | 99.6 | 87.85 | 162/250 | HOLD | $674.0M | 1.04x |
| 23 | THORChain RUNE | 90 | 84.5 | 87.25 | 106/250 | PASS | $244.4M | 1.08x |
| 24 | Across Protocol ACX | 76.1 | 95.2 | 85.65 | 137/250 | CAUTIOUS HOLD | $30.3M | 1.42x |
| 25 | Lighter LIT | 76.1 | 91.2 | 83.65 | 125/250 | WATCH | $1.09B | 4x |
| 26 | Render Network RENDER | 90 | 75.3 | 82.65 | 127/250 | CAUTIOUS HOLD | $1.00B | 1.24x |
| 27 | Helium HNT | 76.1 | 89.2 | 82.65 | 122/250 | CAUTIOUS HOLD | $91.7M | 1.16x |
| 28 | FLOKI FLOKI | 90 | 75.3 | 82.65 | 88/250 | PASS | $262.6M | 2.07x |
| 29 | Solana SOL | 76.1 | 84.5 | 80.3 | 170/250 | HOLD | $69.93B | 1.08x |
| 30 | TRON TRX | 76.1 | 84.5 | 80.3 | 125/250 | CAUTIOUS HOLD | $31.78B | 1x |
| 31 | Jupiter JUP | 83.3 | 75.3 | 79.3 | 151/250 | HOLD | $1.09B | 3.01x |
| 32 | Akash Network AKT | 83.3 | 75.3 | 79.3 | 129/250 | CAUTIOUS HOLD | $196.0M | 1.3x |
| 33 | Convex Finance CVX | 83.3 | 75.3 | 79.3 | 103/250 | WATCH | $194.9M | 1.07x |
| 34 | PAX Gold PAXG | 97.2 | 55 | 76.1 | 141/250 | HOLD | $1.80B | 1x |
| 35 | Compound COMP | 97.2 | 55 | 76.1 | 119/250 | WATCH | $236.9M | 1x |
| 36 | Theta Network THETA | 97.2 | 55 | 76.1 | 105/250 | WATCH | $225.4M | 1x |
| 37 | Curve Finance CRV | 76.1 | 75.3 | 75.7 | 140/250 | HOLD | $526.7M | 1.93x |
| 38 | Avalanche AVAX | 76.1 | 75.3 | 75.7 | 138/250 | CAUTIOUS HOLD | $4.89B | 1.53x |
| 39 | NEAR Protocol NEAR | 76.1 | 75.3 | 75.7 | 135/250 | CAUTIOUS HOLD | $6.43B | 1x |
| 40 | Jito JTO | 76.1 | 75.3 | 75.7 | 134/250 | CAUTIOUS HOLD | $295.9M | 1.9x |
Scores are from the research pass dated 18 Sept 2026 and do not move with price. Market caps are from the snapshot fetched 28 Sept 2026.
Common questions
- Which tokens shrink supply fastest after both inflation and buybacks?
- 166 tokens qualify. Pendle Finance (PENDLE), UNUS SED LEO (LEO), CoW Protocol (COW), GMX (GMX), Synthetix (SNX) lead the list.
- What is the rule?
- Each token's Supply Inflation percentile and Buyback & Burn percentile are averaged into a single net figure, and tokens with at least $30M market cap are ranked on that average. Either variable alone can mislead. A 4% issuance schedule with a bigger burn still shrinks supply.
- Does appearing on this list mean a token is a buy?
- No. The list clears one stated rule as recorded at the scoring pass on 18 Sept 2026. Every row links to the full token page, where the weaknesses are listed next to the strengths.
Sources
- [CoinGecko /coins/markets] Market caps, snapshot fetched 28 Sept 2026.
- [Early Thunder scoring pass] All 25-variable scores and percentiles, pass dated 18 Sept 2026.
- Each token page carries its own claim-level source list, including sources whose links have gone dead (marked unverified, not dropped).