IDEX (IDEX)
Hybrid DEX combining orderbook and AMM models.
Ranked 224th of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
IDEX scores 77 of 250 across the 25-variable framework, which places it 224th of 251 rated tokens and inside the bottom quartile of the set. The framework verdict is PASS.
The score rests on Insider Selling 5/10, 42nd of 251, Holder Concentration 4/10, 58th of 251, Vesting Schedule 6/10, 59th of 251 and Supply Inflation 5/10, 61st of 251.
Against the same universe, IDEX sits in the bottom third on Exchange Depth 2/10, 247th of 251, Social Mindshare 2/10, 230th of 251, Catalyst Calendar 2/10, 222nd of 251 and Active Users 2/10, 220th 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 IDEX. Price has to be justified by demand rather than absorbed against a cliff.
IDEX trades 99.911% below its all-time high of $0.9378. Recovering that level is a 1,124x move, not a 99.911% one, which is the arithmetic most drawdown charts hide.
The framework score gained 77 points against the previous pass (0 to 77). Revisions of this size follow a change in the underlying variables, not a change in price.
IDEX clears 7 of 10 on none of the 25 variables. Its best three are Vesting Schedule at 6, Circulating / FDV Ratio at 6, Insider Selling at 5. The market prices none of those, so there is nothing here it is failing to notice either. This is a low score on things nobody is bidding for. It is weak on Active Users, Market Share, Institutional Adoption, Exchange Depth and 2 more, which the market does price, so that damage is already done and visible in the valuation.
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 | 4 | 104th of 251 | |
| Real Staking Yield | 3 | 143rd of 251 |
Supply
| Supply Inflation | 5 | 61st of 251 | |
| Vesting Schedule | 6 | 59th of 251 | |
| Circulating / FDV Ratio | 6 | 88th of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 2 | 217th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 2 | 189th of 251 | |
| Active Users | 2 | 220th of 251 | |
| Developer Activity | 3 | 208th of 251 | |
| Network Growth | 2 | 215th of 251 |
Position
| Market Share | 2 | 203rd of 251 | |
| Competitive Moat | 3 | 175th of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 2 | 247th of 251 | |
| Social Mindshare | 2 | 230th of 251 |
Risk
| Regulatory Safety | 4 | 213th of 251 | |
| Catalyst Calendar | 2 | 222nd of 251 | |
| BTC Alpha Potential | 3 | 114th 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
Hybrid DEX with order book and AMM, offering low-slippage trading.
Principal risk
Intense competition from larger DEXs and CEXs with deeper liquidity.
Market and supply
| Price | $0.000838 |
| Market cap | $838.1Krank 3194 |
| All-time high | $0.93788 Sept 2021 |
| Circulating supply | 1,000,000,000 |
| Eventual supply (max supply) | 1,000,000,000 |
| Dilution to full supply | 1x |
| Listed on | Gate.io, MEXC, IDEX |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to IDEX 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.
IDEX compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
Common questions
- What is the Early Thunder score for IDEX (IDEX)?
- IDEX scores 77 out of 250 on the 25-variable framework, ranking 224th of 251 rated tokens (bottom quartile). The framework verdict is PASS.
- What are IDEX's strongest fundamentals?
- IDEX ranks highest on Insider Selling 5/10, 42nd of 251, Holder Concentration 4/10, 58th of 251, Vesting Schedule 6/10, 59th of 251 and Supply Inflation 5/10, 61st of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the IDEX thesis?
- IDEX scores in the bottom third of the universe on Exchange Depth 2/10, 247th of 251, Social Mindshare 2/10, 230th of 251, Catalyst Calendar 2/10, 222nd of 251 and Active Users 2/10, 220th of 251. The single risk carried on the scorecard is: Intense competition from larger DEXs and CEXs with deeper liquidity.
- How much IDEX supply is still to enter circulation?
- 100% of eventual IDEX 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 IDEX from its all-time high?
- IDEX trades 99.911% below its all-time high of $0.9378. Returning to that high requires a 1,124x move from the level used in this scoring pass.
- Which tokens have a similar profile to IDEX?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to IDEX are MCB (76), BOND (82), FORTH (84) and BADGER (100). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for IDEX?
- Hybrid DEX with order book and AMM, offering low-slippage trading.
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.