KMNO vs RAY
Kamino Finance 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
KMNO scores 138 of 250 and ranks 35th of 251. RAY scores 129 and ranks 46th. KMNO leads by 9 points, which is inside the range where the individual variables matter more than the total. KMNO takes 12 of the 25 variables, RAY takes 8, and 5 are level.
5 variables separate them by 3 points or more. KMNO is clear on Institutional Adoption (7 against 3) and Smart Money Flows (7 against 4). RAY is clear on Buyback and Burn (7 against 2), Vesting Schedule (9 against 5) and Supply Inflation (7 against 4).
Both score 3 or below on 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 is valued at $670.5M against $214.9M for KMNO, a 3.1x difference. The smaller of the two scores higher on fundamentals, which is the disagreement worth understanding before either position is taken.
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 | 6 | 6 | level | |
| Revenue Trend | 4 | 4 | level | |
| P/S Multiple | 7 | 6 | KMNO +1 | |
| Real Staking Yield | 3 | 4 | RAY +1 |
Supply
| Supply Inflation | 4 | 7 | RAY +3 | |
| Vesting Schedule | 5 | 9 | RAY +4 | |
| Circulating / FDV Ratio | 5 | 6 | RAY +1 | |
| Buyback and Burn | 2 | 7 | RAY +5 |
Ownership
| Smart Money Flows | 7 | 4 | KMNO +3 | |
| Insider Selling | 5 | 6 | RAY +1 | |
| Holder Concentration | 5 | 5 | level |
Traction
| TVL Trend | 8 | 5 | KMNO +3 | |
| Active Users | 7 | 7 | level | |
| Developer Activity | 7 | 5 | KMNO +2 | |
| Network Growth | 8 | 6 | KMNO +2 |
Position
| Market Share | 7 | 5 | KMNO +2 | |
| Competitive Moat | 6 | 4 | KMNO +2 | |
| Institutional Adoption | 7 | 3 | KMNO +4 | |
| Exchange Depth | 4 | 5 | RAY +1 | |
| Social Mindshare | 5 | 5 | level |
Risk
| Regulatory Safety | 5 | 3 | KMNO +2 | |
| Catalyst Calendar | 6 | 4 | KMNO +2 | |
| BTC Alpha Potential | 2 | 3 | RAY +1 | |
| Team Execution | 7 | 5 | KMNO +2 | |
| Treasury Runway | 6 | 5 | KMNO +1 |
Bars read outward from the centre: KMNO 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
| KMNO | RAY | |
|---|---|---|
| Price | $0.0377 | $2.48 |
| Market cap | $214.9M | $670.5M |
| Circulating | 57.1% | 48.6% |
| Dilution to full supply | 1.75x | 2.06x |
| Off all-time high | -84.8% | -85.2% |
| To recover the high | 6.6x | 6.8x |
| Total value locked | $3.20B | $1.00B |
| Network | Solana | 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
KMNO · CAUTIOUS HOLD
Lend V2 live, Anchorage tri-party custody, Bitwise $259M fund, Ethena $1B+ integration
Zero fee sharing, zero buyback, -94% ATH, 229M tokens/month opening, revenue declining -67%
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 KMNO or RAY the better investment?
- On this framework KMNO scores higher: 138 against 129 of 250, and it is rated CAUTIOUS HOLD against CAUTIOUS HOLD. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and KMNO still wins 12 of the 25 individual variables against RAY.
- What is the biggest difference between KMNO and RAY?
- Buyback and Burn. KMNO scores 2 of 10 there and RAY scores 7, a gap of 5 points on a single variable.
- Which is bigger, KMNO or RAY?
- KMNO is valued at $214.9M 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.