BAL vs FXS
Balancer and Frax Share 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
BAL scores 95 of 250 and ranks 167th of 251. FXS scores 105 and ranks 115th. FXS leads by 10 points, which is inside the range where the individual variables matter more than the total. BAL takes 2 of the 25 variables, FXS takes 12, and 11 are level.
The framework rates BAL PASS and FXS 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.
No single variable separates BAL and FXS 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 BTC Alpha Potential, Social Mindshare. 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.
BAL still has 27.4% of its eventual supply to enter circulation against 6.1% for FXS. On the same market capitalisation, a buyer of BAL is taking the 1.38x dilution path and a buyer of FXS the 1.06x one.
FXS is valued at $28.3M against $9.1M for BAL, a 3.1x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
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 | 4 | FXS +1 | |
| Revenue Trend | 3 | 4 | FXS +1 | |
| P/S Multiple | 5 | 5 | level | |
| Real Staking Yield | 4 | 4 | level |
Supply
| Supply Inflation | 4 | 4 | level | |
| Vesting Schedule | 5 | 4 | BAL +1 | |
| Circulating / FDV Ratio | 6 | 6 | level | |
| Buyback and Burn | 3 | 4 | FXS +1 |
Ownership
| Smart Money Flows | 3 | 4 | FXS +1 | |
| Insider Selling | 4 | 4 | level | |
| Holder Concentration | 4 | 4 | level |
Traction
| TVL Trend | 3 | 4 | FXS +1 | |
| Active Users | 3 | 4 | FXS +1 | |
| Developer Activity | 5 | 5 | level | |
| Network Growth | 3 | 4 | FXS +1 |
Position
| Market Share | 3 | 4 | FXS +1 | |
| Competitive Moat | 3 | 4 | FXS +1 | |
| Institutional Adoption | 3 | 4 | FXS +1 | |
| Exchange Depth | 4 | 5 | FXS +1 | |
| Social Mindshare | 3 | 3 | level |
Risk
| Regulatory Safety | 6 | 5 | BAL +1 | |
| Catalyst Calendar | 4 | 4 | level | |
| BTC Alpha Potential | 3 | 3 | level | |
| Team Execution | 4 | 4 | level | |
| Treasury Runway | 4 | 5 | FXS +1 |
Bars read outward from the centre: BAL to the left, FXS 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
| BAL | FXS | |
|---|---|---|
| Price | $0.1309 | $0.3018 |
| Market cap | $9.1M | $28.3M |
| Circulating | 72.6% | 93.9% |
| Dilution to full supply | 1.38x | 1.06x |
| Off all-time high | -99.82% | -99.29% |
| To recover the high | 555.6x | 140.8x |
| Total value locked | $750.0M | $600.0M |
| Network | Ethereum | Ethereum |
FXS now trades as FRAX. 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
BAL · PASS
Balancer V3 relaunch with fee-switch and hooks architecture
BAL token buybacks via fee revenue are negligible vs inflation; veBAL bribe market in decline
FXS · WATCH
Fraxchain L2 launch and frxUSD institutional adoption
FXS → FRAX token migration and veFXS overhaul create high dilution and uncertainty for existing holders
Common questions
- Is BAL or FXS the better investment?
- On this framework FXS scores higher: 105 against 95 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 BAL still wins 2 of the 25 individual variables against FXS.
- What is the biggest difference between BAL and FXS?
- 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, BAL or FXS?
- BAL is valued at $9.1M and FXS at $28.3M on the latest market snapshot.
Related comparisons
Keep reading
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.