MCDEX (MCB)
Decentralized perp exchange using AMM. MCDEX V3 on Arbitrum.
Ranked 225th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
MCB scores 76 of 250 across the 25-variable framework, which places it 225th 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, MCB 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.
Only 79.2% of MCB's maximum supply is in circulation, so 1.26x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 20.8% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
MCB trades 96.9% below its all-time high of $68.36. Recovering that level is a 32.3x move, not a 96.9% one, which is the arithmetic most drawdown charts hide.
The framework score gained 76 points against the previous pass (0 to 76). 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 | 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 | 2 | 200th 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
MUX Protocol's leveraged trading aggregator with cross-chain perpetuals.
Principal risk
Smart contract risk and competition from GMX and other perp DEXs.
Market and supply
| Price | $2.12 |
| Market cap | $8.1Mrank 1269 |
| All-time high | $68.3617 Oct 2021 |
| Circulating supply | 3,803,143 |
| Eventual supply (max supply) | 4,803,144 |
| Dilution to full supply | 1.26x |
| Listed on | Gate.io, MEXC, Uniswap |
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 MCB 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.
Common questions
- What is the Early Thunder score for MCDEX (MCB)?
- MCB scores 76 out of 250 on the 25-variable framework, ranking 225th of 251 rated tokens (bottom quartile). The framework verdict is PASS.
- What are MCB's strongest fundamentals?
- MCB 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 MCB thesis?
- MCB 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: Smart contract risk and competition from GMX and other perp DEXs.
- How much MCB supply is still to enter circulation?
- 79.2% of eventual MCB supply is circulating today, leaving 1.26x the current float still to arrive. At a flat price per token that is 20.8% of fully diluted value ahead of current holders.
- How far is MCB from its all-time high?
- MCB trades 96.9% below its all-time high of $68.36. Returning to that high requires a 32.3x move from the level used in this scoring pass.
- Which tokens have a similar profile to MCB?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to MCB are IDEX (77), BOND (82), FORTH (84) and FARM (93). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for MCB?
- MUX Protocol's leveraged trading aggregator with cross-chain perpetuals.
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.