Cetus Protocol (CETUS)
Leading CLMM DEX on Sui with near-monopoly status; strong TVL growth as Sui network expansion accelerates
Ranked 22nd of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
CETUS scores 147 of 250 across the 25-variable framework, which places it 22nd of 251 rated tokens and inside the top 10% of the set. The framework verdict is HOLD.
CETUS is a top-10 name in the set on 4 variables. The score rests on Network Growth 8/10, 4th of 251, Market Share 8/10, 4th of 251, Revenue Trend 7/10, 6th of 251 and BTC Alpha Potential 6/10, 6th of 251.
96.5% of eventual supply is already circulating, so vesting is not a live risk for CETUS. Price has to be justified by demand rather than absorbed against a cliff.
CETUS trades 94.7% below its all-time high of $0.4877. Recovering that level is a 18.9x move, not a 94.7% one, which is the arithmetic most drawdown charts hide.
The framework score gained 9 points against the previous pass (138 to 147). Revisions of this size follow a change in the underlying variables, not a change in price.
$380.0M sits in the protocol. The token is capitalised below the value locked in the protocol.
CETUS's strengths split in two. Active Users, Market Share and Catalyst Calendar are variables the market already pays up for, so that part of the score is priced. P/S Multiple are variables it does not price at all, and that is where holding this token is a disagreement with the market rather than an agreement with it.
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 | 7 | 6th of 251 | |
| P/S Multiple | 7 | 9th of 251 | |
| Real Staking Yield | 5 | 37th of 251 |
Supply
| Supply Inflation | 5 | 61st of 251 | |
| Vesting Schedule | 5 | 100th of 251 | |
| Circulating / FDV Ratio | 6 | 88th of 251 | |
| Buyback and Burn | 5 | 28th of 251 |
Ownership
| Smart Money Flows | 7 | 12th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 5 | 30th of 251 | |
| Active Users | 7 | 8th of 251 | |
| Developer Activity | 7 | 9th of 251 | |
| Network Growth | 8 | 4th of 251 |
Position
| Market Share | 8 | 4th of 251 | |
| Competitive Moat | 7 | 14th of 251 | |
| Institutional Adoption | 4 | 71st of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 6 | 23rd of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 7 | 15th of 251 | |
| BTC Alpha Potential | 6 | 6th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 6 | 33rd 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
Sui TVL surging past $2B; CETUS as dominant liquidity layer capturing majority of Sui DEX volume
Principal risk
Sui network concentration risk; hack/exploit history (2023 $22M exploit fully recovered); competition from Turbos/Aftermath
Market and supply
| Price | $0.0259 |
| Market cap | $25.0Mrank 772 |
| All-time high | $0.48779 Nov 2024 |
| Circulating supply | 965,217,391 |
| Eventual supply (max supply) | 1,000,000,000 |
| Dilution to full supply | 1.04x |
| Total value locked | $380.0M |
| Listed on | OKX, Gate.io, Cetus DEX |
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 CETUS 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.
CETUS 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.
Sources
- [DefiLlama] Cetus is the dominant CLMM DEX on Sui, consistently holding 50%+ of Sui DEX market share
- [DefiLlama] Sui TVL surpassed $2B in 2025, directly benefiting Cetus as the primary liquidity venue
- [Cetus Blog] Cetus recovered from 2023 $22M exploit; security improved with audits and oracle upgrades
Common questions
- What is the Early Thunder score for Cetus Protocol (CETUS)?
- CETUS scores 147 out of 250 on the 25-variable framework, ranking 22nd of 251 rated tokens (top 10%). The framework verdict is HOLD.
- What are CETUS's strongest fundamentals?
- CETUS ranks highest on Network Growth 8/10, 4th of 251, Market Share 8/10, 4th of 251, Revenue Trend 7/10, 6th of 251 and BTC Alpha Potential 6/10, 6th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- How much CETUS supply is still to enter circulation?
- 96.5% of eventual CETUS supply is circulating today, leaving 1.04x the current float still to arrive. At a flat price per token that is 3.5% of fully diluted value ahead of current holders.
- How far is CETUS from its all-time high?
- CETUS trades 94.7% below its all-time high of $0.4877. Returning to that high requires a 18.9x move from the level used in this scoring pass.
- Which tokens have a similar profile to CETUS?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to CETUS are GRASS (111), DRIFT (142), ARB (134) and WLD (89). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for CETUS?
- Sui TVL surging past $2B; CETUS as dominant liquidity layer capturing majority of Sui DEX volume
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.