Balancer (BAL)
Pioneer AMM with weighted pools and boosted pools, but hemorrhaging TVL to Uniswap V4 and newer competitors while BAL token has severe value accrual problems
Ranked 167th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
BAL scores 95 of 250 across the 25-variable framework, which places it 167th of 251 rated tokens and inside the lower half of the set. The framework verdict is PASS.
The score rests on P/S Multiple 5/10, 38th of 251, Regulatory Safety 6/10, 52nd of 251, Holder Concentration 4/10, 58th of 251 and Buyback and Burn 3/10, 63rd of 251.
Against the same universe, BAL sits in the bottom third on Treasury Runway 4/10, 181st of 251. These are the variables that would have to move for the verdict to change.
Only 75.3% of BAL's maximum supply is in circulation, so 1.33x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 24.7% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
BAL trades 99.85% below its all-time high of $74.45. Recovering that level is a 666.7x move, not a 99.85% one, which is the arithmetic most drawdown charts hide.
The framework score gained 5 points against the previous pass (90 to 95). Revisions of this size follow a change in the underlying variables, not a change in price.
$750.0M sits in the protocol. The token is capitalised below the value locked in the protocol.
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 | 3 | 98th of 251 | |
| Revenue Trend | 3 | 117th of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 4 | 82nd of 251 |
Supply
| Supply Inflation | 4 | 146th of 251 | |
| Vesting Schedule | 5 | 100th of 251 | |
| Circulating / FDV Ratio | 6 | 88th of 251 | |
| Buyback and Burn | 3 | 63rd of 251 |
Ownership
| Smart Money Flows | 3 | 149th of 251 | |
| Insider Selling | 4 | 151st of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 3 | 111th of 251 | |
| Active Users | 3 | 149th of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 3 | 156th of 251 |
Position
| Market Share | 3 | 131st of 251 | |
| Competitive Moat | 3 | 175th of 251 | |
| Institutional Adoption | 3 | 115th of 251 | |
| Exchange Depth | 4 | 157th of 251 | |
| Social Mindshare | 3 | 157th of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 4 | 147th of 251 | |
| Treasury Runway | 4 | 181st 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
Balancer V3 relaunch with fee-switch and hooks architecture
Principal risk
BAL token buybacks via fee revenue are negligible vs inflation; veBAL bribe market in decline
Market and supply
| Price | $0.1095 |
| Market cap | $7.9Mrank 1341 |
| All-time high | $74.454 May 2021 |
| Circulating supply | 72,372,045 |
| Eventual supply (max supply) | 96,150,704 |
| Dilution to full supply | 1.33x |
| Total value locked | $750.0M |
| Listed on | Binance, Coinbase, Kraken |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to BAL 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.
Sources
- [DeFiLlama] Balancer TVL peaked at $4B in 2022 and has declined to ~$750M by 2025
- [CoinGecko] BAL price down 98.7% from ATH; protocol revenue insufficient to justify current FDV
- [Balancer Docs] Balancer V3 launched with hooks and 100% boosted pools, attempting to reclaim relevance
Common questions
- What is the Early Thunder score for Balancer (BAL)?
- BAL scores 95 out of 250 on the 25-variable framework, ranking 167th of 251 rated tokens (lower half). The framework verdict is PASS.
- What are BAL's strongest fundamentals?
- BAL ranks highest on P/S Multiple 5/10, 38th of 251, Regulatory Safety 6/10, 52nd of 251, Holder Concentration 4/10, 58th of 251 and Buyback and Burn 3/10, 63rd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the BAL thesis?
- BAL scores in the bottom third of the universe on Treasury Runway 4/10, 181st of 251. The single risk carried on the scorecard is: BAL token buybacks via fee revenue are negligible vs inflation; veBAL bribe market in decline
- How much BAL supply is still to enter circulation?
- 75.3% of eventual BAL supply is circulating today, leaving 1.33x the current float still to arrive. At a flat price per token that is 24.7% of fully diluted value ahead of current holders.
- How far is BAL from its all-time high?
- BAL trades 99.85% below its all-time high of $74.45. Returning to that high requires a 666.7x move from the level used in this scoring pass.
- Which tokens have a similar profile to BAL?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to BAL are API3 (99), BAND (73), RBN (68) and RPL (104). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for BAL?
- Balancer V3 relaunch with fee-switch and hooks architecture
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.