PASS

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.

Score
93/250
177th of 251
Percentile
29.9%
of the rated universe
Circulating
98.3%
1.7% of value still to vest
Off all-time high
-98.1%
52.6x to recover
NervosNative L1
01

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.

02

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

Cash flow variables for CKB, scored 1 to 10 and ranked against 251 tokens
Protocol Revenue
2166th of 251
Revenue Trend
2191st of 251
P/S Multiple
4104th of 251
Real Staking Yield
482nd of 251

Supply

Supply variables for CKB, scored 1 to 10 and ranked against 251 tokens
Supply Inflation
4146th of 251
Vesting Schedule
5100th of 251
Circulating / FDV Ratio
688th of 251
Buyback and Burn
2114th of 251

Ownership

Ownership variables for CKB, scored 1 to 10 and ranked against 251 tokens
Smart Money Flows
3149th of 251
Insider Selling
4151st of 251
Holder Concentration
458th of 251

Traction

Traction variables for CKB, scored 1 to 10 and ranked against 251 tokens
TVL Trend
3111th of 251
Active Users
2220th of 251
Developer Activity
4158th of 251
Network Growth
3156th of 251

Position

Position variables for CKB, scored 1 to 10 and ranked against 251 tokens
Market Share
2203rd of 251
Competitive Moat
557th of 251
Institutional Adoption
2192nd of 251
Exchange Depth
4157th of 251
Social Mindshare
3157th of 251

Risk

Risk variables for CKB, scored 1 to 10 and ranked against 251 tokens
Regulatory Safety
717th of 251
Catalyst Calendar
490th of 251
BTC Alpha Potential
513th of 251
Team Execution
4147th of 251
Treasury Runway
574th 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.

03

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

04

Market and supply

Price$0.000835
Market cap$41.1Mrank 492
All-time high$0.043731 Mar 2021
Circulating supply49,272,821,004
Eventual supply (total supply)50,112,598,794
Dilution to full supply1.02x
Total value locked$4.0M
Listed onBinance, 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.

05

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.

06

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
07

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.