ETH vs MKR
Ethereum and Maker / Sky 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
ETH scores 187 of 250 and ranks 2nd of 251. MKR scores 177 and ranks 5th. ETH leads by 10 points, which is inside the range where the individual variables matter more than the total. ETH takes 12 of the 25 variables, MKR takes 8, and 5 are level.
5 variables separate them by 3 points or more. ETH is clear on Exchange Depth (10 against 6), Vesting Schedule (10 against 7) and Circulating / FDV Ratio (10 against 7). MKR is clear on Revenue Trend (8 against 5) and P/S Multiple (8 against 5).
MKR trades 70.7% below its all-time high and ETH 48.2% below its own. Recovering the high needs 3.4x from MKR and 1.9x from ETH, which is the same statement read as the return each one has to produce.
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 | 9 | 9 | level | |
| Revenue Trend | 5 | 8 | MKR +3 | |
| P/S Multiple | 5 | 8 | MKR +3 | |
| Real Staking Yield | 7 | 5 | ETH +2 |
Supply
| Supply Inflation | 7 | 7 | level | |
| Vesting Schedule | 10 | 7 | ETH +3 | |
| Circulating / FDV Ratio | 10 | 7 | ETH +3 | |
| Buyback and Burn | 6 | 9 | MKR +3 |
Ownership
| Smart Money Flows | 9 | 7 | ETH +2 | |
| Insider Selling | 7 | 7 | level | |
| Holder Concentration | 6 | 5 | ETH +1 |
Traction
| TVL Trend | 6 | 8 | MKR +2 | |
| Active Users | 8 | 5 | ETH +3 | |
| Developer Activity | 7 | 7 | level | |
| Network Growth | 8 | 7 | ETH +1 |
Position
| Market Share | 7 | 8 | MKR +1 | |
| Competitive Moat | 8 | 8 | level | |
| Institutional Adoption | 10 | 8 | ETH +2 | |
| Exchange Depth | 10 | 6 | ETH +4 | |
| Social Mindshare | 6 | 4 | ETH +2 |
Risk
| Regulatory Safety | 10 | 8 | ETH +2 | |
| Catalyst Calendar | 8 | 7 | ETH +1 | |
| BTC Alpha Potential | 4 | 6 | MKR +2 | |
| Team Execution | 6 | 7 | MKR +1 | |
| Treasury Runway | 8 | 9 | MKR +1 |
Bars read outward from the centre: ETH to the left, MKR 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
| ETH | MKR | |
|---|---|---|
| Price | $2,564 | $1,844 |
| Market cap | $313.17B | not published |
| Circulating | 100% | n/a |
| Dilution to full supply | 1x | n/a |
| Off all-time high | -48.2% | -70.7% |
| To recover the high | 1.9x | 3.4x |
| Total value locked | $46.17B | $7.17B |
| 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
ETH · HOLD CORE
Glamsterdam ePBS (Q3 2026), CLARITY Act (the 4 July 2026 signing target was missed, the bill stalled in the Senate), staking ETF expansion
Burn collapsed (-71% post-Pectra), ETH/BTC 10mo low, 9 EF departures, identity crisis
MKR · HOLD CORE
USDS supply doubling to $20.6B, SubDAO launches, Sky Agent Network
MKR/SKY dual-token confusion, generic Sky rebrand, SubDAO dilution
Common questions
- Is ETH or MKR the better investment?
- On this framework ETH scores higher: 187 against 177 of 250, and it is rated HOLD CORE against HOLD CORE. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and ETH still wins 12 of the 25 individual variables against MKR.
- What is the biggest difference between ETH and MKR?
- Exchange Depth. ETH scores 10 of 10 there and MKR scores 6, a gap of 4 points on a single variable.
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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.