MX vs RAY
MEXC 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
MX scores 94 of 250 and ranks 173rd of 251. RAY scores 129 and ranks 46th. RAY leads by 35 points, which is a wide enough margin that the framework is not ambivalent. MX takes 0 of the 25 variables, RAY takes 19, and 6 are level.
The framework rates MX 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 5), 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.
MX still has 77.5% of its eventual supply to enter circulation against 51.4% for RAY. On the same market capitalisation, a buyer of MX is taking the 4.45x dilution path and a buyer of RAY the 2.06x one.
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 | 4 | 4 | level | |
| P/S Multiple | 5 | 6 | RAY +1 | |
| Real Staking Yield | 4 | 4 | level |
Supply
| Supply Inflation | 5 | 7 | RAY +2 | |
| Vesting Schedule | 5 | 9 | RAY +4 | |
| Circulating / FDV Ratio | 5 | 6 | RAY +1 | |
| Buyback and Burn | 5 | 7 | RAY +2 |
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 | 3 | 4 | RAY +1 | |
| 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: MX 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
| MX | RAY | |
|---|---|---|
| Price | not published | $2.48 |
| Market cap | not published | $670.5M |
| Circulating | 22.5% | 48.6% |
| Dilution to full supply | 4.45x | 2.06x |
| Off all-time high | n/a | -85.2% |
| To recover the high | n/a | 6.8x |
| Total value locked | not published | $1.00B |
| Network | Ethereum | 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
MX · PASS
MEXC exchange token with fee discounts, launchpad access, and buyback
Centralized exchange regulatory crackdown and token concentration 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 MX or RAY the better investment?
- On this framework RAY scores higher: 129 against 94 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 MX still wins 0 of the 25 individual variables against RAY.
- What is the biggest difference between MX and RAY?
- Vesting Schedule. MX scores 5 of 10 there and RAY scores 9, 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.