Flow (FLOW)
Dapper Labs chain built for NFTs (NBA TopShot); NFT market collapse destroyed its primary use case
Ranked 221st of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
FLOW scores 78 of 250 across the 25-variable framework, which places it 221st of 251 rated tokens and inside the bottom quartile of the set. The framework verdict is PASS.
The score rests on Regulatory Safety 7/10, 17th of 251, Real Staking Yield 5/10, 37th of 251, Circulating / FDV Ratio 7/10, 46th of 251 and Holder Concentration 4/10, 58th of 251.
Against the same universe, FLOW sits in the bottom third on Active Users 1/10, 243rd of 251, Competitive Moat 1/10, 242nd of 251, BTC Alpha Potential 1/10, 240th of 251 and Social Mindshare 2/10, 230th of 251. These are the variables that would have to move for the verdict to change.
100% of eventual supply is already circulating, so vesting is not a live risk for FLOW. Price has to be justified by demand rather than absorbed against a cliff.
FLOW trades 99.936% below its all-time high of $42.40. Recovering that level is a 1,563x move, not a 99.936% one, which is the arithmetic most drawdown charts hide.
$28.0M sits in the protocol. Each dollar of value locked carries 1.63 dollars of token market cap.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 2 | 166th of 251 | |
| Revenue Trend | 2 | 191st of 251 | |
| P/S Multiple | 3 | 182nd of 251 | |
| Real Staking Yield | 5 | 37th of 251 |
Supply
| Supply Inflation | 4 | 146th of 251 | |
| Vesting Schedule | 5 | 100th of 251 | |
| Circulating / FDV Ratio | 7 | 46th of 251 | |
| Buyback and Burn | 1 | 205th of 251 |
Ownership
| Smart Money Flows | 2 | 217th of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 2 | 189th of 251 | |
| Active Users | 1 | 243rd of 251 | |
| Developer Activity | 3 | 208th of 251 | |
| Network Growth | 2 | 215th of 251 |
Position
| Market Share | 2 | 203rd of 251 | |
| Competitive Moat | 1 | 242nd of 251 | |
| Institutional Adoption | 4 | 71st of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 2 | 230th of 251 |
Risk
| Regulatory Safety | 7 | 17th of 251 | |
| Catalyst Calendar | 3 | 158th of 251 | |
| BTC Alpha Potential | 1 | 240th of 251 | |
| Team Execution | 3 | 208th of 251 | |
| Treasury Runway | 4 | 181st of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Flow EVM compatibility could attract new DeFi developers; Dapper Labs has institutional relationships
Principal risk
Core NFT use case (TopShot) declined 95%+ in volume; Dapper Labs laid off 20%+ staff; limited DeFi TVL
Market and supply
| Price | $0.0271 |
| Market cap | $45.5Mrank 450 |
| All-time high | $42.405 Apr 2021 |
| Circulating supply | 1,680,701,533 |
| Eventual supply (total supply) | 1,680,701,533 |
| Dilution to full supply | 1x |
| Total value locked | $28.0M |
| Listed on | Binance, Kraken, Coinbase |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to FLOW measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [CoinGecko] Flow ATH $42.40 in Apr 2021; now 99.9% below ATH with NBA TopShot volume collapsed
- [The Block] Dapper Labs laid off 22% of staff in 2023 as NFT revenues collapsed
- [Flow Docs] Flow EVM mainnet launched in 2024 attempting to attract Solidity developers
Common questions
- What is the Early Thunder score for Flow (FLOW)?
- FLOW scores 78 out of 250 on the 25-variable framework, ranking 221st of 251 rated tokens (bottom quartile). The framework verdict is PASS.
- What are FLOW's strongest fundamentals?
- FLOW ranks highest on Regulatory Safety 7/10, 17th of 251, Real Staking Yield 5/10, 37th of 251, Circulating / FDV Ratio 7/10, 46th of 251 and Holder Concentration 4/10, 58th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the FLOW thesis?
- FLOW scores in the bottom third of the universe on Active Users 1/10, 243rd of 251, Competitive Moat 1/10, 242nd of 251, BTC Alpha Potential 1/10, 240th of 251 and Social Mindshare 2/10, 230th of 251. The single risk carried on the scorecard is: Core NFT use case (TopShot) declined 95%+ in volume; Dapper Labs laid off 20%+ staff; limited DeFi TVL
- How much FLOW supply is still to enter circulation?
- 100% of eventual FLOW supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
- How far is FLOW from its all-time high?
- FLOW trades 99.936% below its all-time high of $42.40. Returning to that high requires a 1,563x move from the level used in this scoring pass.
- Which tokens have a similar profile to FLOW?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to FLOW are XTZ (88), ZIL (63), BAND (73) and ONE (48). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for FLOW?
- Flow EVM compatibility could attract new DeFi developers; Dapper Labs has institutional relationships
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.