GNS vs RAY
Gains Network and Raydium 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
GNS scores 116 of 250 and ranks 81st of 251. RAY scores 129 and ranks 46th. RAY leads by 13 points, which is a real gap, though small enough that one variable moving would close much of it. GNS takes 8 of the 25 variables, RAY takes 12, and 5 are level.
The framework rates GNS WATCH and RAY CAUTIOUS HOLD. 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.
3 variables separate them by 3 points or more. RAY is clear on Active Users (7 against 3), Circulating / FDV Ratio (6 against 3) and Market Share (5 against 2).
Both score 3 or below on Institutional Adoption, Regulatory Safety, 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.
RAY still has 51.4% of its eventual supply to enter circulation against 0% for GNS. On the same market capitalisation, a buyer of RAY is taking the 2.06x dilution path and a buyer of GNS the 1x one.
RAY is valued at $670.5M against $9.5M for GNS, a 70.7x 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 | 6 | RAY +2 | |
| Revenue Trend | 3 | 4 | RAY +1 | |
| P/S Multiple | 8 | 6 | GNS +2 | |
| Real Staking Yield | 4 | 4 | level |
Supply
| Supply Inflation | 7 | 7 | level | |
| Vesting Schedule | 8 | 9 | RAY +1 | |
| Circulating / FDV Ratio | 3 | 6 | RAY +3 | |
| Buyback and Burn | 8 | 7 | GNS +1 |
Ownership
| Smart Money Flows | 5 | 4 | GNS +1 | |
| Insider Selling | 7 | 6 | GNS +1 | |
| Holder Concentration | 4 | 5 | RAY +1 |
Traction
| TVL Trend | 4 | 5 | RAY +1 | |
| Active Users | 3 | 7 | RAY +4 | |
| Developer Activity | 6 | 5 | GNS +1 | |
| Network Growth | 5 | 6 | RAY +1 |
Position
| Market Share | 2 | 5 | RAY +3 | |
| Competitive Moat | 5 | 4 | GNS +1 | |
| Institutional Adoption | 3 | 3 | level | |
| Exchange Depth | 3 | 5 | RAY +2 | |
| Social Mindshare | 3 | 5 | RAY +2 |
Risk
| Regulatory Safety | 3 | 3 | level | |
| Catalyst Calendar | 5 | 4 | GNS +1 | |
| BTC Alpha Potential | 2 | 3 | RAY +1 | |
| Team Execution | 6 | 5 | GNS +1 | |
| Treasury Runway | 5 | 5 | level |
Bars read outward from the centre: GNS to the left, RAY 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
| GNS | RAY | |
|---|---|---|
| Price | $0.3987 | $2.48 |
| Market cap | $9.5M | $670.5M |
| Circulating | 100% | 48.6% |
| Dilution to full supply | 1x | 2.06x |
| Off all-time high | -96.8% | -85.2% |
| To recover the high | 31.2x | 6.8x |
| Total value locked | $50.0M | $1.00B |
| Network | Arbitrum | Solana |
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
GNS · WATCH
GTrade v10, RWA/forex expansion (270+ markets), DEGEN markets, staking v2
Hyperliquid 73% share vs GNS declining, Bitget delisted, $113K daily volume = liquidity risk
RAY · CAUTIOUS HOLD
Solana memecoin cycle revival could 3-5x volume overnight
PumpSwap directly forked revenue model, anonymous team, Q1 2026 revenue -76% from Q3 2025
Common questions
- Is GNS or RAY the better investment?
- On this framework RAY scores higher: 129 against 116 of 250, and it is rated CAUTIOUS HOLD against WATCH. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and GNS still wins 8 of the 25 individual variables against RAY.
- What is the biggest difference between GNS and RAY?
- Active Users. GNS scores 3 of 10 there and RAY scores 7, a gap of 4 points on a single variable.
- Which is bigger, GNS or RAY?
- GNS is valued at $9.5M and RAY at $670.5M 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.