BADGER vs NMR
BadgerDAO and Numeraire 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
BADGER scores 100 of 250 and ranks 144th of 251. NMR scores 98 and ranks 150th. BADGER leads by 2 points, which is inside the range where the individual variables matter more than the total. BADGER takes 5 of the 25 variables, NMR takes 3, and 17 are level.
The framework rates BADGER WATCH and NMR PASS. 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.
No single variable separates BADGER and NMR by as much as 3 points. They are close on the framework's terms, which makes price, liquidity and the supply position below the only grounds for choosing.
Both score 3 or below on Protocol Revenue, Revenue Trend, Buyback and Burn, TVL Trend, Active Users, Network Growth and 4 more. 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.
NMR still has 34.8% of its eventual supply to enter circulation against 7.1% for BADGER. On the same market capitalisation, a buyer of NMR is taking the 1.53x dilution path and a buyer of BADGER the 1.08x one.
NMR is valued at $105.4M against $6.4M for BADGER, a 16.4x 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 | 3 | 3 | level | |
| Revenue Trend | 3 | 3 | level | |
| P/S Multiple | 5 | 4 | BADGER +1 | |
| Real Staking Yield | 4 | 3 | BADGER +1 |
Supply
| Supply Inflation | 5 | 5 | level | |
| Vesting Schedule | 6 | 7 | NMR +1 | |
| Circulating / FDV Ratio | 7 | 7 | level | |
| Buyback and Burn | 3 | 2 | BADGER +1 |
Ownership
| Smart Money Flows | 4 | 4 | level | |
| Insider Selling | 5 | 5 | level | |
| Holder Concentration | 4 | 3 | BADGER +1 |
Traction
| TVL Trend | 3 | 3 | level | |
| Active Users | 3 | 3 | level | |
| Developer Activity | 4 | 4 | level | |
| Network Growth | 3 | 3 | level |
Position
| Market Share | 3 | 3 | level | |
| Competitive Moat | 4 | 5 | NMR +1 | |
| Institutional Adoption | 3 | 3 | level | |
| Exchange Depth | 4 | 4 | level | |
| Social Mindshare | 3 | 3 | level |
Risk
| Regulatory Safety | 5 | 5 | level | |
| Catalyst Calendar | 3 | 3 | level | |
| BTC Alpha Potential | 4 | 3 | BADGER +1 | |
| Team Execution | 4 | 5 | NMR +1 | |
| Treasury Runway | 5 | 5 | level |
Bars read outward from the centre: BADGER to the left, NMR 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
| BADGER | NMR | |
|---|---|---|
| Price | $0.3292 | $14.70 |
| Market cap | $6.4M | $105.4M |
| Circulating | 92.9% | 65.2% |
| Dilution to full supply | 1.08x | 1.53x |
| Off all-time high | -99.63% | -84.2% |
| To recover the high | 270.3x | 6.3x |
| Total value locked | not published | not published |
| Network | Ethereum | Ethereum |
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
BADGER · WATCH
Bitcoin DeFi expansion via eBTC and ibBTC; growing TVL in BTC-pegged yield strategies.
Dependence on Bitcoin L2 adoption; competition from Rootstock and Stacks for BTC DeFi.
NMR · PASS
AI-driven hedge fund tournaments and Numerai's staking mechanism attracting data scientists.
Low retail adoption; tokenomics reliant on tournament participation, not broad utility.
Common questions
- Is BADGER or NMR the better investment?
- On this framework BADGER scores higher: 100 against 98 of 250, and it is rated WATCH against PASS. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and BADGER still wins 5 of the 25 individual variables against NMR.
- What is the biggest difference between BADGER and NMR?
- Nothing separates them by more than 2 points on any of the 25 variables, which is unusual and means the two are close substitutes on fundamentals.
- Which is bigger, BADGER or NMR?
- BADGER is valued at $6.4M and NMR at $105.4M 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.