CVX vs SPELL
Convex Finance and Spell Token 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
CVX scores 103 of 250 and ranks 124th of 251. SPELL scores 63 and ranks 242nd. CVX leads by 40 points, which is a wide enough margin that the framework is not ambivalent. CVX takes 25 of the 25 variables, SPELL takes 0, and none are level.
The framework rates CVX WATCH and SPELL 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.
2 variables separate them by 3 points or more. CVX is clear on Supply Inflation (6 against 3) and Vesting Schedule (7 against 4).
Both score 3 or below on Revenue Trend, Buyback and Burn, Smart Money Flows, TVL Trend, Active Users, Network Growth and 5 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.
CVX is valued at $193.9M against $16.0M for SPELL, a 12.1x 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 | 4 | 3 | CVX +1 | |
| Revenue Trend | 3 | 2 | CVX +1 | |
| P/S Multiple | 5 | 3 | CVX +2 | |
| Real Staking Yield | 5 | 3 | CVX +2 |
Supply
| Supply Inflation | 6 | 3 | CVX +3 | |
| Vesting Schedule | 7 | 4 | CVX +3 | |
| Circulating / FDV Ratio | 7 | 6 | CVX +1 | |
| Buyback and Burn | 3 | 2 | CVX +1 |
Ownership
| Smart Money Flows | 3 | 1 | CVX +2 | |
| Insider Selling | 4 | 2 | CVX +2 | |
| Holder Concentration | 4 | 3 | CVX +1 |
Traction
| TVL Trend | 3 | 2 | CVX +1 | |
| Active Users | 3 | 2 | CVX +1 | |
| Developer Activity | 4 | 2 | CVX +2 | |
| Network Growth | 3 | 2 | CVX +1 |
Position
| Market Share | 4 | 2 | CVX +2 | |
| Competitive Moat | 3 | 2 | CVX +1 | |
| Institutional Adoption | 3 | 1 | CVX +2 | |
| Exchange Depth | 5 | 3 | CVX +2 | |
| Social Mindshare | 3 | 2 | CVX +1 |
Risk
| Regulatory Safety | 6 | 4 | CVX +2 | |
| Catalyst Calendar | 3 | 2 | CVX +1 | |
| BTC Alpha Potential | 3 | 2 | CVX +1 | |
| Team Execution | 4 | 2 | CVX +2 | |
| Treasury Runway | 5 | 3 | CVX +2 |
Bars read outward from the centre: CVX to the left, SPELL 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
| CVX | SPELL | |
|---|---|---|
| Price | $2.08 | $0.000093 |
| Market cap | $193.9M | $16.0M |
| Circulating | 93.2% | 81.7% |
| Dilution to full supply | 1.07x | 1.22x |
| Off all-time high | -96.5% | -99.73% |
| To recover the high | 28.6x | 370.4x |
| Total value locked | $850.0M | $85.0M |
| 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
CVX · WATCH
Curve network revival if stablecoin volumes recover
CVX value entirely derived from CRV bribe economics which are in secular decline; no independent utility
SPELL · PASS
Abracadabra's GLP-collateralized MIM vaults finding yield-bearing collateral niches
Abracadabra was associated with 0xSifu/Wonderland fraud; MIM depegged in 2022; trust permanently damaged
Common questions
- Is CVX or SPELL the better investment?
- On this framework CVX scores higher: 103 against 63 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 CVX still wins 25 of the 25 individual variables against SPELL.
- What is the biggest difference between CVX and SPELL?
- Supply Inflation. CVX scores 6 of 10 there and SPELL scores 3, a gap of 3 points on a single variable.
- Which is bigger, CVX or SPELL?
- CVX is valued at $193.9M and SPELL at $16.0M 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.