Gains Network (GNS)
1.16x P/S but losing DEX war. 14-15M tokens burned (38%+ of initial). 97% circ/total. $113K volume.
Ranked 81st of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
GNS scores 116 of 250 across the 25-variable framework, which places it 81st of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
GNS is a top-10 name in the set on 3 variables. The score rests on P/S Multiple 8/10, 2nd of 251, Buyback and Burn 8/10, 7th of 251, Insider Selling 7/10, 8th of 251 and Vesting Schedule 8/10, 21st of 251.
Against the same universe, GNS sits in the bottom third on Regulatory Safety 3/10, 237th of 251, Circulating / FDV Ratio 3/10, 225th of 251, Exchange Depth 3/10, 220th of 251 and Market Share 2/10, 203rd 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 GNS. Price has to be justified by demand rather than absorbed against a cliff.
GNS trades 96% below its all-time high of $12.48. Recovering that level is a 25x move, not a 96% one, which is the arithmetic most drawdown charts hide.
The framework score gained 116 points against the previous pass (0 to 116). Revisions of this size follow a change in the underlying variables, not a change in price.
$50.0M sits in the protocol. The token is capitalised below the value locked in the protocol.
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 | 4 | 60th of 251 | |
| Revenue Trend | 3 | 117th of 251 | |
| P/S Multiple | 8 | 2nd of 251 | |
| Real Staking Yield | 4 | 82nd of 251 |
Supply
| Supply Inflation | 7 | 26th of 251 | |
| Vesting Schedule | 8 | 21st of 251 | |
| Circulating / FDV Ratio | 3 | 225th of 251 | |
| Buyback and Burn | 8 | 7th of 251 |
Ownership
| Smart Money Flows | 5 | 48th of 251 | |
| Insider Selling | 7 | 8th of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 4 | 65th of 251 | |
| Active Users | 3 | 149th of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 5 | 52nd of 251 |
Position
| Market Share | 2 | 203rd of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 3 | 115th of 251 | |
| Exchange Depth | 3 | 220th of 251 | |
| Social Mindshare | 3 | 157th of 251 |
Risk
| Regulatory Safety | 3 | 237th of 251 | |
| Catalyst Calendar | 5 | 50th of 251 | |
| BTC Alpha Potential | 2 | 200th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 5 | 74th 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
gTrade v10, RWA/forex expansion (270+ markets), DEGEN markets, staking v2
Principal risk
Hyperliquid 73% share vs GNS declining, Bitget delisted, $113K daily volume = liquidity risk
Market and supply
| Price | $0.4992 |
| Market cap | $11.9Mrank 1056 |
| All-time high | $12.4817 Feb 2023 |
| Circulating supply | 23,839,587 |
| Eventual supply (total supply) | 23,839,587 |
| Dilution to full supply | 1x |
| Total value locked | $50.0M |
| Listed on | Binance, Gate.io, KuCoin |
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 GNS 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
- [GNS 2026 Roadmap/Medium] P/S 1.16x on $10.8M annual revenue, $12.5M market cap
- [Gains Network Docs] 10M+ GNS burned (38% of initial supply), 55% of fees to buyback-burn
- [Bitget Support] Bitget delisted GNS/USDT April 17, 2026 citing poor volume/liquidity
- [Atomic Wallet Academy] Hyperliquid 73% perp DEX share vs GNS declining below top-5link dead, claim unverified
One source link above no longer resolves, so we stripped the hyperlink rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 6 Aug 2026.
Common questions
- What is the Early Thunder score for Gains Network (GNS)?
- GNS scores 116 out of 250 on the 25-variable framework, ranking 81st of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are GNS's strongest fundamentals?
- GNS ranks highest on P/S Multiple 8/10, 2nd of 251, Buyback and Burn 8/10, 7th of 251, Insider Selling 7/10, 8th of 251 and Vesting Schedule 8/10, 21st of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the GNS thesis?
- GNS scores in the bottom third of the universe on Regulatory Safety 3/10, 237th of 251, Circulating / FDV Ratio 3/10, 225th of 251, Exchange Depth 3/10, 220th of 251 and Market Share 2/10, 203rd of 251. The single risk carried on the scorecard is: Hyperliquid 73% share vs GNS declining, Bitget delisted, $113K daily volume = liquidity risk
- How much GNS supply is still to enter circulation?
- 100% of eventual GNS 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 GNS from its all-time high?
- GNS trades 96% below its all-time high of $12.48. Returning to that high requires a 25x move from the level used in this scoring pass.
- Which tokens have a similar profile to GNS?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to GNS are SNX (130), COW (167), RAY (129) and GMX (143). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for GNS?
- gTrade v10, RWA/forex expansion (270+ markets), DEGEN markets, staking v2
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.