IO vs S
io.net and Sonic (prev. Fantom) 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
IO scores 108 of 250 and ranks 100th of 251. S scores 115 and ranks 84th. S leads by 7 points, which is inside the range where the individual variables matter more than the total. IO takes 4 of the 25 variables, S takes 10, and 11 are level.
No single variable separates IO and S 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 Supply Inflation, Vesting Schedule. 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.
IO still has 48.7% of its eventual supply to enter circulation against 0% for S. On the same market capitalisation, a buyer of IO is taking the 1.95x dilution path and a buyer of S the 1x one.
S is valued at $154.2M against $63.1M for IO, a 2.4x 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 | 4 | level | |
| Revenue Trend | 5 | 5 | level | |
| P/S Multiple | 6 | 5 | IO +1 | |
| Real Staking Yield | 4 | 5 | S +1 |
Supply
| Supply Inflation | 2 | 3 | S +1 | |
| Vesting Schedule | 2 | 3 | S +1 | |
| Circulating / FDV Ratio | 2 | 4 | S +2 | |
| Buyback and Burn | 3 | 4 | S +1 |
Ownership
| Smart Money Flows | 5 | 5 | level | |
| Insider Selling | 3 | 4 | S +1 | |
| Holder Concentration | 3 | 4 | S +1 |
Traction
| TVL Trend | 4 | 6 | S +2 | |
| Active Users | 4 | 4 | level | |
| Developer Activity | 6 | 6 | level | |
| Network Growth | 5 | 5 | level |
Position
| Market Share | 4 | 4 | level | |
| Competitive Moat | 5 | 4 | IO +1 | |
| Institutional Adoption | 5 | 3 | IO +2 | |
| Exchange Depth | 5 | 5 | level | |
| Social Mindshare | 4 | 5 | S +1 |
Risk
| Regulatory Safety | 6 | 6 | level | |
| Catalyst Calendar | 5 | 6 | S +1 | |
| BTC Alpha Potential | 4 | 4 | level | |
| Team Execution | 6 | 6 | level | |
| Treasury Runway | 6 | 5 | IO +1 |
Bars read outward from the centre: IO to the left, S 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
| IO | S | |
|---|---|---|
| Price | $0.1537 | $0.0397 |
| Market cap | $63.1M | $154.2M |
| Circulating | 51.3% | 100% |
| Dilution to full supply | 1.95x | 1x |
| Off all-time high | -97.6% | -96.1% |
| To recover the high | 41.7x | 25.6x |
| Total value locked | not published | $185.0M |
| Network | Ethereum | Sonic |
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
IO · WATCH
AI compute demand boom driving GPU marketplace utilization; IO Cloud enterprise partnerships expanding real revenue
Only 18% circulating; 82% supply open over 3 years creates structural sell pressure; competing with Akash, Render, and centralized clouds
S · WATCH
Andre Cronje-led DeFi network expansion; Sonic Gateway bridge to Ethereum and fee sharing with apps going live
Heavy token releases (46% remaining), FTM rebrand legacy bagholders exiting, competing with mature EVM L2s
Common questions
- Is IO or S the better investment?
- On this framework S scores higher: 115 against 108 of 250, and it is rated WATCH against WATCH. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and IO still wins 4 of the 25 individual variables against S.
- What is the biggest difference between IO and S?
- 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, IO or S?
- IO is valued at $63.1M and S at $154.2M 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.