Alchemix (ALCX)
Self-repaying loans. Deposit collateral, borrow against future yield.
Ranked 100th of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
ALCX scores 108 of 250 across the 25-variable framework, which places it 100th of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
The score rests on P/S Multiple 5/10, 38th of 251, Insider Selling 5/10, 42nd of 251, BTC Alpha Potential 4/10, 45th of 251 and Smart Money Flows 5/10, 48th of 251.
Against the same universe, ALCX sits in the bottom third on Exchange Depth 3/10, 220th of 251. These are the variables that would have to move for the verdict to change.
Only 78.9% of ALCX's total supply is in circulation, so 1.27x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 21.1% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
ALCX trades 99.87% below its all-time high of $2,066. Recovering that level is a 769.2x move, not a 99.87% one, which is the arithmetic most drawdown charts hide.
The framework score gained 108 points against the previous pass (0 to 108). Revisions of this size follow a change in the underlying variables, not a change in price.
ALCX clears 7 of 10 on none of the 25 variables. Its best three are Vesting Schedule at 6, Circulating / FDV Ratio at 6, P/S Multiple at 5. The market prices none of those, so there is nothing here it is failing to notice either. This is a low score on things nobody is bidding for. It is weak on Active Users, Market Share, Institutional Adoption and Exchange Depth, which the market does price, so that damage is already done and visible in the valuation.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 4 | 60th of 251 | |
| Revenue Trend | 4 | 71st of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 4 | 82nd of 251 |
Supply
| Supply Inflation | 5 | 61st of 251 | |
| Vesting Schedule | 6 | 59th of 251 | |
| Circulating / FDV Ratio | 6 | 88th of 251 | |
| Buyback and Burn | 3 | 63rd of 251 |
Ownership
| Smart Money Flows | 5 | 48th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 4 | 65th of 251 | |
| Active Users | 3 | 149th of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 4 | 100th of 251 |
Position
| Market Share | 3 | 131st of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 3 | 115th of 251 | |
| Exchange Depth | 3 | 220th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 4 | 45th of 251 | |
| Team Execution | 5 | 74th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Self-repaying loans via Alchemix V3; yield optimization on multiple chains.
Principal risk
Smart contract risk from complex DeFi strategies; low TVL and user adoption.
Market and supply
| Price | $2.62 |
| Market cap | $6.6Mrank 1512 |
| All-time high | $2,06620 Mar 2021 |
| Circulating supply | 2,528,681 |
| Eventual supply (total supply) | 3,205,153 |
| Dilution to full supply | 1.27x |
| Listed on | Sushiswap, Uniswap, Gate.io |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to ALCX measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
ALCX compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
Common questions
- What is the Early Thunder score for Alchemix (ALCX)?
- ALCX scores 108 out of 250 on the 25-variable framework, ranking 100th of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are ALCX's strongest fundamentals?
- ALCX ranks highest on P/S Multiple 5/10, 38th of 251, Insider Selling 5/10, 42nd of 251, BTC Alpha Potential 4/10, 45th of 251 and Smart Money Flows 5/10, 48th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the ALCX thesis?
- ALCX scores in the bottom third of the universe on Exchange Depth 3/10, 220th of 251. The single risk carried on the scorecard is: Smart contract risk from complex DeFi strategies; low TVL and user adoption.
- How much ALCX supply is still to enter circulation?
- 78.9% of eventual ALCX supply is circulating today, leaving 1.27x the current float still to arrive. At a flat price per token that is 21.1% of fully diluted value ahead of current holders.
- How far is ALCX from its all-time high?
- ALCX trades 99.87% below its all-time high of $2,066. Returning to that high requires a 769.2x move from the level used in this scoring pass.
- Which tokens have a similar profile to ALCX?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to ALCX are INV (95), NMR (98), NOS (86) and MLN (104). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for ALCX?
- Self-repaying loans via Alchemix V3; yield optimization on multiple chains.
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.