Liquity (LQTY)
V2 is RE-deployment after Jan 2025 bug (same auditors didn't catch it). 99% circ. BOLD $30M (<0.01%).
Ranked 19th of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
LQTY scores 151 of 250 across the 25-variable framework, which places it 19th of 251 rated tokens and inside the top 10% of the set. The framework verdict is HOLD.
LQTY is a top-10 name in the set on 4 variables. The score rests on Circulating / FDV Ratio 10/10, 1st of 251, P/S Multiple 8/10, 2nd of 251, Supply Inflation 9/10, 3rd of 251 and BTC Alpha Potential 7/10, 3rd of 251.
98.8% of eventual supply is already circulating, so vesting is not a live risk for LQTY. Price has to be justified by demand rather than absorbed against a cliff.
LQTY trades 99.84% below its all-time high of $146.94. Recovering that level is a 625x move, not a 99.84% one, which is the arithmetic most drawdown charts hide.
The framework score gained 96 points against the previous pass (55 to 151). Revisions of this size follow a change in the underlying variables, not a change in price.
$88.3M sits in the protocol. The token is capitalised below the value locked in the protocol.
LQTY's strengths split in two. Catalyst Calendar are variables the market already pays up for, so that part of the score is priced. P/S Multiple, Supply Inflation, Vesting Schedule and Insider Selling are variables it does not price at all, and that is where holding this token is a disagreement with the market rather than an agreement with it. It is weak on Institutional Adoption, 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 | 4 | 60th of 251 | |
| Revenue Trend | 6 | 15th of 251 | |
| P/S Multiple | 8 | 2nd of 251 | |
| Real Staking Yield | 4 | 82nd of 251 |
Supply
| Supply Inflation | 9 | 3rd of 251 | |
| Vesting Schedule | 9 | 8th of 251 | |
| Circulating / FDV Ratio | 10 | 1st of 251 | |
| Buyback and Burn | 4 | 40th of 251 |
Ownership
| Smart Money Flows | 5 | 48th of 251 | |
| Insider Selling | 7 | 8th of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 5 | 30th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 7 | 9th of 251 | |
| Network Growth | 8 | 4th of 251 |
Position
| Market Share | 4 | 87th of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 3 | 115th of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 5 | 41st of 251 |
Risk
| Regulatory Safety | 8 | 6th of 251 | |
| Catalyst Calendar | 7 | 15th of 251 | |
| BTC Alpha Potential | 7 | 3rd of 251 | |
| Team Execution | 5 | 74th 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
Catalyst on the scorecard
V2 mainnet relaunch May 19 (remedial, not new), bribe market flywheel
The May 19 item has already passed. This was written as forward-looking at the 18 Sept 2026 scoring pass, so read those parts as history. Anything else listed may still be ahead.
Principal risk
V2 is relaunch after failure, BOLD <0.01% stablecoin share, no LQTY buyback/burn, FIRM unverified
Market and supply
| Price | $0.2360 |
| Market cap | $23.3Mrank 796 |
| All-time high | $146.945 Apr 2021 |
| Circulating supply | 98,839,169 |
| Eventual supply (max supply) | 100,000,000 |
| Dilution to full supply | 1.01x |
| Total value locked | $88.3M |
| Listed on | Binance, Coinbase, Kraken |
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 LQTY 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.
LQTY 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.
Sources
- [Bitget News] V2 RE-deploys May 19 2026 after Jan 2025 bug (same 800+ auditors didn't catch original bug)
- [Liquity Blog] 15+ signed V2 fork licenses (Felix $190M TVL, Nerite confirmed; FIRM unverified)
- [DeFiLlama] 99% circ supply, no cliff releases, $27M mcap on $2.55M annualized V2 fees
- [Liquity Blog] Bribe market: 53%+ LQTY staked governing PIL allocation, Curve-like flywheel
Common questions
- What is the Early Thunder score for Liquity (LQTY)?
- LQTY scores 151 out of 250 on the 25-variable framework, ranking 19th of 251 rated tokens (top 10%). The framework verdict is HOLD.
- What are LQTY's strongest fundamentals?
- LQTY ranks highest on Circulating / FDV Ratio 10/10, 1st of 251, P/S Multiple 8/10, 2nd of 251, Supply Inflation 9/10, 3rd of 251 and BTC Alpha Potential 7/10, 3rd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- How much LQTY supply is still to enter circulation?
- 98.8% of eventual LQTY supply is circulating today, leaving 1.01x the current float still to arrive. At a flat price per token that is 1.2% of fully diluted value ahead of current holders.
- How far is LQTY from its all-time high?
- LQTY trades 99.84% below its all-time high of $146.94. Returning to that high requires a 625x move from the level used in this scoring pass.
- Which tokens have a similar profile to LQTY?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to LQTY are AGLD (86), NANO (90), TRB (90) and ALPHA (91). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What catalyst was LQTY scored against?
- V2 mainnet relaunch May 19 (remedial, not new), bribe market flywheel This was written as forward-looking when the scoring pass ran. The May 19 item has since passed, so read that part as history. Anything else listed may still be ahead.
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.