WATCH

Kusama (KSM)

Polkadot canary network. Parachain auctions. Fast iteration testnet.

Ranked 124th of 251 rated tokens. Scoring pass 11 Jun 2026.

Score
103/250
124th of 251
Percentile
51%
of the rated universe
Circulating
100%
0% of value still to vest
Off all-time high
-99.5%
200x to recover
KusamaNative L1+103 since last pass
01

What the numbers say

KSM scores 103 of 250 across the 25-variable framework, which places it 124th of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.

The score rests on Real Staking Yield 5/10, 37th of 251, Insider Selling 5/10, 42nd of 251, BTC Alpha Potential 4/10, 45th of 251 and Circulating / FDV Ratio 7/10, 46th of 251.

100% of eventual supply is already circulating, so vesting is not a live risk for KSM. Price has to be justified by demand rather than absorbed against a cliff.

KSM trades 99.5% below its all-time high of $621.71. Recovering that level is a 200x move, not a 99.5% one, which is the arithmetic most drawdown charts hide.

The framework score gained 103 points against the previous pass (0 to 103). 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 KSM, scored 1 to 10 and ranked against 251 tokens
Protocol Revenue
2166th of 251
Revenue Trend
3117th of 251
P/S Multiple
4104th of 251
Real Staking Yield
537th of 251

Supply

Supply variables for KSM, scored 1 to 10 and ranked against 251 tokens
Supply Inflation
561st of 251
Vesting Schedule
659th of 251
Circulating / FDV Ratio
746th of 251
Buyback and Burn
2114th of 251

Ownership

Ownership variables for KSM, scored 1 to 10 and ranked against 251 tokens
Smart Money Flows
493rd of 251
Insider Selling
542nd of 251
Holder Concentration
458th of 251

Traction

Traction variables for KSM, scored 1 to 10 and ranked against 251 tokens
TVL Trend
3111th of 251
Active Users
3149th of 251
Developer Activity
583rd of 251
Network Growth
4100th of 251

Position

Position variables for KSM, scored 1 to 10 and ranked against 251 tokens
Market Share
3131st of 251
Competitive Moat
4114th of 251
Institutional Adoption
3115th of 251
Exchange Depth
573rd of 251
Social Mindshare
486th of 251

Risk

Risk variables for KSM, scored 1 to 10 and ranked against 251 tokens
Regulatory Safety
5102nd of 251
Catalyst Calendar
3158th of 251
BTC Alpha Potential
445th of 251
Team Execution
574th of 251
Treasury Runway
574th 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

Polkadot parachain auctions and cross-chain interoperability; Kusama as experimental sandbox for new dApps.

Principal risk

High inflation from parachain rewards; limited DeFi TVL and developer activity vs. Ethereum network.

04

Market and supply

Price$3.13
Market cap$58.3Mrank 375
All-time high$621.7118 May 2021
Circulating supply18,627,577
Eventual supply (total supply)18,627,704
Dilution to full supply1x
Listed onBinance, Kraken, 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.

05

Tokens with a similar profile

These are the closest matches to KSM 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.

07

Common questions

What is the Early Thunder score for Kusama (KSM)?
KSM scores 103 out of 250 on the 25-variable framework, ranking 124th of 251 rated tokens (upper half). The framework verdict is WATCH.
What are KSM's strongest fundamentals?
KSM ranks highest on Real Staking Yield 5/10, 37th of 251, Insider Selling 5/10, 42nd of 251, BTC Alpha Potential 4/10, 45th of 251 and Circulating / FDV Ratio 7/10, 46th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
How much KSM supply is still to enter circulation?
100% of eventual KSM 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 KSM from its all-time high?
KSM trades 99.5% below its all-time high of $621.71. Returning to that high requires a 200x move from the level used in this scoring pass.
Which tokens have a similar profile to KSM?
Measured on the shape of all 25 scored variables rather than on price, the closest matches to KSM are FTM (111), GLMR (94), IOTX (98) and DASH (101). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
What is the next catalyst for KSM?
Polkadot parachain auctions and cross-chain interoperability; Kusama as experimental sandbox for new dApps.

Keep reading

Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.