AAVE vs TON
Aave and Toncoin scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
AAVE scores 156 of 250 and ranks 18th of 251. TON scores 110 and ranks 94th. AAVE leads by 46 points, which is a wide enough margin that the framework is not ambivalent. AAVE takes 17 of the 25 variables, TON takes 5, and 3 are level.
The framework rates AAVE HOLD and TON WATCH. Two tokens close enough to compare do not have to land in the same band, and where they do not, the divergence table below is where the split comes from.
5 variables separate them by 3 points or more. AAVE is clear on Vesting Schedule (9 against 2), Protocol Revenue (7 against 1) and Supply Inflation (9 against 3).
Both score 3 or below on TVL Trend, BTC Alpha Potential. A weakness both sides share is not a reason to prefer either. It is a reason to check whether the category itself carries the problem.
TON still has 46.4% of its eventual supply to enter circulation against 3.5% for AAVE. On the same market capitalisation, a buyer of TON is taking the 1.86x dilution path and a buyer of AAVE the 1.04x one.
TON is valued at $4.02B against $2.65B for AAVE, a 1.5x difference. The smaller of the two scores higher on fundamentals, which is the disagreement worth understanding before either position is taken.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 7 | 1 | AAVE +6 | |
| Revenue Trend | 5 | 2 | AAVE +3 | |
| P/S Multiple | 8 | 3 | AAVE +5 | |
| Real Staking Yield | 6 | 5 | AAVE +1 |
Supply
| Supply Inflation | 9 | 3 | AAVE +6 | |
| Vesting Schedule | 9 | 2 | AAVE +7 | |
| Circulating / FDV Ratio | 9 | 4 | AAVE +5 | |
| Buyback and Burn | 4 | 2 | AAVE +2 |
Ownership
| Smart Money Flows | 7 | 7 | level | |
| Insider Selling | 6 | 2 | AAVE +4 | |
| Holder Concentration | 4 | 2 | AAVE +2 |
Traction
| TVL Trend | 3 | 2 | AAVE +1 | |
| Active Users | 6 | 6 | level | |
| Developer Activity | 4 | 7 | TON +3 | |
| Network Growth | 6 | 5 | AAVE +1 |
Position
| Market Share | 8 | 4 | AAVE +4 | |
| Competitive Moat | 7 | 7 | level | |
| Institutional Adoption | 8 | 5 | AAVE +3 | |
| Exchange Depth | 8 | 7 | AAVE +1 | |
| Social Mindshare | 5 | 8 | TON +3 |
Risk
| Regulatory Safety | 8 | 3 | AAVE +5 | |
| Catalyst Calendar | 7 | 8 | TON +1 | |
| BTC Alpha Potential | 2 | 3 | TON +1 | |
| Team Execution | 4 | 7 | TON +3 | |
| Treasury Runway | 6 | 5 | AAVE +1 |
Bars read outward from the centre: AAVE to the left, TON to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| AAVE | TON | |
|---|---|---|
| Price | $171.60 | $1.42 |
| Market cap | $2.65B | $4.02B |
| Circulating | 96.5% | 53.6% |
| Dilution to full supply | 1.04x | 1.86x |
| Off all-time high | -74.1% | -82.7% |
| To recover the high | 3.9x | 5.8x |
| Total value locked | $14.49B | $56.4M |
| Network | Ethereum | TON |
TON now trades as GRAM. The scoring pass ran under the old ticker, so the scores above are filed there while the market figures track the new one.
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
AAVE · HOLD
V4 multi-chain expansion, Grayscale/Bitwise ETF filings, CLARITY Act DeFi safe harbor, Horizon $1B target
KelpDAO bad debt resolution, Morpho $175M raise competitive threat, governance centralization (top 3 = 58% votes)
TON · WATCH
GRAM rebrand Jun 15, TON Teleport BTC bridge, TON Pay 2.0, MTONGA steps 5-7, Stars-to-TON fiat onramp
Believers $61M/mo releases (27mo left), 1.08B frozen wallets unfreeze Feb 2027, Durov 12 charges, 85% whale concentration, zero protocol revenue
Common questions
- Is AAVE or TON the better investment?
- On this framework AAVE scores higher: 156 against 110 of 250, and it is rated HOLD against WATCH. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and AAVE still wins 17 of the 25 individual variables against TON.
- What is the biggest difference between AAVE and TON?
- Vesting Schedule. AAVE scores 9 of 10 there and TON scores 2, a gap of 7 points on a single variable.
- Which is bigger, AAVE or TON?
- AAVE is valued at $2.65B and TON at $4.02B on the latest market snapshot.
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Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.