HT vs RAY
Huobi Token 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
HT scores 98 of 250 and ranks 150th of 251. RAY scores 129 and ranks 46th. RAY leads by 31 points, which is a wide enough margin that the framework is not ambivalent. HT takes 0 of the 25 variables, RAY takes 18, and 7 are level.
The framework rates HT PASS 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 Vesting Schedule (9 against 6), Active Users (7 against 4) and Network Growth (6 against 3).
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.
HT still has 78.1% of its eventual supply to enter circulation against 51.4% for RAY. On the same market capitalisation, a buyer of HT is taking the 4.57x dilution path and a buyer of RAY the 2.06x one.
RAY is valued at $670.5M against $16.3M for HT, a 41.2x 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 | 5 | 6 | RAY +1 | |
| Revenue Trend | 3 | 4 | RAY +1 | |
| P/S Multiple | 5 | 6 | RAY +1 | |
| Real Staking Yield | 4 | 4 | level |
Supply
| Supply Inflation | 5 | 7 | RAY +2 | |
| Vesting Schedule | 6 | 9 | RAY +3 | |
| Circulating / FDV Ratio | 6 | 6 | level | |
| Buyback and Burn | 6 | 7 | RAY +1 |
Ownership
| Smart Money Flows | 3 | 4 | RAY +1 | |
| Insider Selling | 4 | 6 | RAY +2 | |
| Holder Concentration | 3 | 5 | RAY +2 |
Traction
| TVL Trend | 3 | 5 | RAY +2 | |
| Active Users | 4 | 7 | RAY +3 | |
| Developer Activity | 3 | 5 | RAY +2 | |
| Network Growth | 3 | 6 | RAY +3 |
Position
| Market Share | 3 | 5 | RAY +2 | |
| Competitive Moat | 4 | 4 | level | |
| Institutional Adoption | 3 | 3 | level | |
| Exchange Depth | 4 | 5 | RAY +1 | |
| Social Mindshare | 3 | 5 | RAY +2 |
Risk
| Regulatory Safety | 3 | 3 | level | |
| Catalyst Calendar | 3 | 4 | RAY +1 | |
| BTC Alpha Potential | 3 | 3 | level | |
| Team Execution | 4 | 5 | RAY +1 | |
| Treasury Runway | 5 | 5 | level |
Bars read outward from the centre: HT 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
| HT | RAY | |
|---|---|---|
| Price | $0.1489 | $2.48 |
| Market cap | $16.3M | $670.5M |
| Circulating | 21.9% | 48.6% |
| Dilution to full supply | 4.57x | 2.06x |
| Off all-time high | -99.62% | -85.2% |
| To recover the high | 263.2x | 6.8x |
| Total value locked | not published | $1.00B |
| Network | HECO | 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
HT · PASS
HTX exchange fee discounts and burn mechanisms; potential revival from Justin Sun's network.
Regulatory overhang from Huobi's past; centralized exchange risk and low trading volume.
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 HT or RAY the better investment?
- On this framework RAY scores higher: 129 against 98 of 250, and it is rated CAUTIOUS HOLD against PASS. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and HT still wins 0 of the 25 individual variables against RAY.
- What is the biggest difference between HT and RAY?
- Vesting Schedule. HT scores 6 of 10 there and RAY scores 9, a gap of 3 points on a single variable.
- Which is bigger, HT or RAY?
- HT is valued at $16.3M 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.