WATCH

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.

Score
108/250
100th of 251
Percentile
60.6%
of the rated universe
Circulating
47.3%
52.7% of value still to vest
Off all-time high
-98.1%
52.6x to recover
EthereumERC-20+18 since last pass
01

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.

02

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

Cash flow variables for IO, scored 1 to 10 and ranked against 251 tokens
Protocol Revenue
460th of 251
Revenue Trend
532nd of 251
P/S Multiple
623rd of 251
Real Staking Yield
482nd of 251

Supply

Supply variables for IO, scored 1 to 10 and ranked against 251 tokens
Supply Inflation
2228th of 251
Vesting Schedule
2223rd of 251
Circulating / FDV Ratio
2241st of 251
Buyback and Burn
363rd of 251

Ownership

Ownership variables for IO, scored 1 to 10 and ranked against 251 tokens
Smart Money Flows
548th of 251
Insider Selling
3201st of 251
Holder Concentration
3197th of 251

Traction

Traction variables for IO, scored 1 to 10 and ranked against 251 tokens
TVL Trend
465th of 251
Active Users
491st of 251
Developer Activity
633rd of 251
Network Growth
552nd of 251

Position

Position variables for IO, scored 1 to 10 and ranked against 251 tokens
Market Share
487th of 251
Competitive Moat
557th of 251
Institutional Adoption
536th of 251
Exchange Depth
573rd of 251
Social Mindshare
486th of 251

Risk

Risk variables for IO, scored 1 to 10 and ranked against 251 tokens
Regulatory Safety
652nd of 251
Catalyst Calendar
550th of 251
BTC Alpha Potential
445th of 251
Team Execution
630th of 251
Treasury Runway
633rd 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.

03

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

04

Market and supply

Price$0.1228
Market cap$46.5Mrank 444
All-time high$6.4312 Jun 2024
Circulating supply378,411,633
Eventual supply (max supply)800,000,000
Dilution to full supply2.11x
Listed onBybit, 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.

05

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.

06

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
07

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.