Nervos Network (CKB)
Bitcoin-compatible UTXO Layer 1 with RGB++ protocol enabling BTC-native assets; technically sound but tiny network
Ranked 177th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
CKB scores 93 of 250 across the 25-variable framework, which places it 177th of 251 rated tokens and inside the lower half of the set. The framework verdict is PASS.
The score rests on BTC Alpha Potential 5/10, 13th of 251, Regulatory Safety 7/10, 17th of 251, Competitive Moat 5/10, 57th of 251 and Holder Concentration 4/10, 58th of 251.
Against the same universe, CKB sits in the bottom third on Active Users 2/10, 220th of 251, Market Share 2/10, 203rd of 251, Institutional Adoption 2/10, 192nd of 251 and Revenue Trend 2/10, 191st of 251. These are the variables that would have to move for the verdict to change.
98.3% of eventual supply is already circulating, so vesting is not a live risk for CKB. Price has to be justified by demand rather than absorbed against a cliff.
CKB trades 98.1% below its all-time high of $0.0437. Recovering that level is a 52.6x move, not a 98.1% one, which is the arithmetic most drawdown charts hide.
$4.0M sits in the protocol. Each dollar of value locked carries 10.29 dollars of token market cap.
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 | 2 | 166th of 251 | |
| Revenue Trend | 2 | 191st of 251 | |
| P/S Multiple | 4 | 104th 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 | 2 | 114th 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 | 2 | 220th of 251 | |
| Developer Activity | 4 | 158th of 251 | |
| Network Growth | 3 | 156th of 251 |
Position
| Market Share | 2 | 203rd of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 4 | 157th of 251 | |
| Social Mindshare | 3 | 157th of 251 |
Risk
| Regulatory Safety | 7 | 17th of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 5 | 13th of 251 | |
| Team Execution | 4 | 147th 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
RGB++ protocol bridges BTC assets natively to CKB; rising Bitcoin L2 narrative could drive attention
Principal risk
Tiny TVL, low volume, minimal developer activity, depends entirely on Bitcoin L2 narrative which is crowded
Market and supply
| Price | $0.000835 |
| Market cap | $41.1Mrank 492 |
| All-time high | $0.043731 Mar 2021 |
| Circulating supply | 49,272,821,004 |
| Eventual supply (total supply) | 50,112,598,794 |
| Dilution to full supply | 1.02x |
| Total value locked | $4.0M |
| Listed on | Binance, Gate.io, OKX |
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 CKB 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
- [CoinGecko] CKB ATH $0.05094 in May 2021; now 97.1% below ATH
- [RGB++ Protocol Docs] RGB++ protocol enables native BTC asset issuance on CKB without bridges
- [Nervos Docs] Nervos CKB secures assets via PoW mining with Bitcoin-compatible cryptography
Common questions
- What is the Early Thunder score for Nervos Network (CKB)?
- CKB scores 93 out of 250 on the 25-variable framework, ranking 177th of 251 rated tokens (lower half). The framework verdict is PASS.
- What are CKB's strongest fundamentals?
- CKB ranks highest on BTC Alpha Potential 5/10, 13th of 251, Regulatory Safety 7/10, 17th of 251, Competitive Moat 5/10, 57th of 251 and Holder Concentration 4/10, 58th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the CKB thesis?
- CKB scores in the bottom third of the universe on Active Users 2/10, 220th of 251, Market Share 2/10, 203rd of 251, Institutional Adoption 2/10, 192nd of 251 and Revenue Trend 2/10, 191st of 251. The single risk carried on the scorecard is: Tiny TVL, low volume, minimal developer activity, depends entirely on Bitcoin L2 narrative which is crowded
- How much CKB supply is still to enter circulation?
- 98.3% of eventual CKB supply is circulating today, leaving 1.02x the current float still to arrive. At a flat price per token that is 1.7% of fully diluted value ahead of current holders.
- How far is CKB from its all-time high?
- CKB trades 98.1% below its all-time high of $0.0437. Returning to that high requires a 52.6x move from the level used in this scoring pass.
- Which tokens have a similar profile to CKB?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to CKB are CANTO (86), CELO (94), KDA (50) and ROSE (84). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for CKB?
- RGB++ protocol bridges BTC assets natively to CKB; rising Bitcoin L2 narrative could drive attention
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.