io.net (IO)
Decentralized GPU compute marketplace down 98.3% from ATH; real compute demand but token economics designed for insiders
Ranked 100th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
IO scores 108 of 250 across the 25-variable framework, which places it 100th of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
The score rests on P/S Multiple 6/10, 23rd of 251, Team Execution 6/10, 30th of 251, Revenue Trend 5/10, 32nd of 251 and Developer Activity 6/10, 33rd of 251.
Against the same universe, IO sits in the bottom third on Circulating / FDV Ratio 2/10, 241st of 251, Supply Inflation 2/10, 228th of 251, Vesting Schedule 2/10, 223rd of 251 and Insider Selling 3/10, 201st of 251. These are the variables that would have to move for the verdict to change.
Only 47.3% of IO's maximum supply is in circulation, so 2.11x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 52.7% of the fully diluted value sitting ahead of today's holders. That is a heavy overhang: most of the eventual supply has not reached the market yet.
IO trades 98.1% below its all-time high of $6.43. Recovering that level is a 52.6x move, not a 98.1% one, which is the arithmetic most drawdown charts hide.
The framework score gained 18 points against the previous pass (90 to 108). Revisions of this size follow a change in the underlying variables, not a change in price.
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 | 5 | 32nd of 251 | |
| P/S Multiple | 6 | 23rd of 251 | |
| Real Staking Yield | 4 | 82nd of 251 |
Supply
| Supply Inflation | 2 | 228th of 251 | |
| Vesting Schedule | 2 | 223rd of 251 | |
| Circulating / FDV Ratio | 2 | 241st of 251 | |
| Buyback and Burn | 3 | 63rd of 251 |
Ownership
| Smart Money Flows | 5 | 48th of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 3 | 197th of 251 |
Traction
| TVL Trend | 4 | 65th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 5 | 52nd of 251 |
Position
| Market Share | 4 | 87th of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 5 | 36th of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 5 | 50th of 251 | |
| BTC Alpha Potential | 4 | 45th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 6 | 33rd 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
AI compute demand boom driving GPU marketplace utilization; IO Cloud enterprise partnerships expanding real revenue
Principal risk
Only 18% circulating; 82% supply open over 3 years creates structural sell pressure; competing with Akash, Render, and centralized clouds
Market and supply
| Price | $0.1228 |
| Market cap | $46.5Mrank 444 |
| All-time high | $6.4312 Jun 2024 |
| Circulating supply | 378,411,633 |
| Eventual supply (max supply) | 800,000,000 |
| Dilution to full supply | 2.11x |
| Listed on | Bybit, Binance, OKX |
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 IO 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
- [io.net Website] io.net aggregates 40,000+ GPUs into a decentralized compute network; primarily Solana-based with enterprise clients
- [CoinGecko] IO token launched at $8.88 ATH in May 2024; only 18% circulating with Multicoin/Hack VC allocations opening through 2027
- [Messari] Decentralized GPU compute sector growing with AI demand but io.net competes with Akash, Render, and AWS/Azure
Common questions
- What is the Early Thunder score for io.net (IO)?
- IO scores 108 out of 250 on the 25-variable framework, ranking 100th of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are IO's strongest fundamentals?
- IO ranks highest on P/S Multiple 6/10, 23rd of 251, Team Execution 6/10, 30th of 251, Revenue Trend 5/10, 32nd of 251 and Developer Activity 6/10, 33rd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the IO thesis?
- IO scores in the bottom third of the universe on Circulating / FDV Ratio 2/10, 241st of 251, Supply Inflation 2/10, 228th of 251, Vesting Schedule 2/10, 223rd of 251 and Insider Selling 3/10, 201st of 251. The single risk carried on the scorecard is: Only 18% circulating; 82% supply open over 3 years creates structural sell pressure; competing with Akash, Render, and centralized clouds
- How much IO supply is still to enter circulation?
- 47.3% of eventual IO supply is circulating today, leaving 2.11x the current float still to arrive. At a flat price per token that is 52.7% of fully diluted value ahead of current holders.
- How far is IO from its all-time high?
- IO trades 98.1% below its all-time high of $6.43. Returning to that high requires a 52.6x move from the level used in this scoring pass.
- Which tokens have a similar profile to IO?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to IO are SCROLL (102), STRK (93), ZK (95) and APT (116). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for IO?
- AI compute demand boom driving GPU marketplace utilization; IO Cloud enterprise partnerships expanding real revenue
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.