Mina Protocol (MINA)
22KB constant-size blockchain using ZK proofs; elegant tech with minimal network adoption and severe inflation from staking rewards.
Ranked 150th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
MINA scores 98 of 250 across the 25-variable framework, which places it 150th of 251 rated tokens and inside the lower half of the set. The framework verdict is PASS.
The score rests on Regulatory Safety 7/10, 17th of 251, Real Staking Yield 6/10, 17th of 251, Competitive Moat 6/10, 29th of 251 and Developer Activity 6/10, 33rd of 251.
Against the same universe, MINA sits in the bottom third on Supply Inflation 2/10, 228th of 251, Buyback and Burn 1/10, 205th of 251, Vesting Schedule 3/10, 204th of 251 and Insider Selling 3/10, 201st of 251. These are the variables that would have to move for the verdict to change.
100% of eventual supply is already circulating, so vesting is not a live risk for MINA. Price has to be justified by demand rather than absorbed against a cliff.
MINA trades 99.55% below its all-time high of $9.09. Recovering that level is a 222.2x move, not a 99.55% one, which is the arithmetic most drawdown charts hide.
The framework score gained 13 points against the previous pass (85 to 98). Revisions of this size follow a change in the underlying variables, not a change in price.
$12.0M sits in the protocol. Each dollar of value locked carries 4.41 dollars of token market cap.
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 | 6 | 17th of 251 |
Supply
| Supply Inflation | 2 | 228th of 251 | |
| Vesting Schedule | 3 | 204th of 251 | |
| Circulating / FDV Ratio | 5 | 135th of 251 | |
| Buyback and Burn | 1 | 205th of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 3 | 111th of 251 | |
| Active Users | 3 | 149th of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 4 | 100th of 251 |
Position
| Market Share | 3 | 131st of 251 | |
| Competitive Moat | 6 | 29th of 251 | |
| Institutional Adoption | 3 | 115th of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 7 | 17th of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 5 | 74th 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
Mina zkApps enabling privacy-preserving dApps; ZK proof technology is hot sector tailwind
Principal risk
~10% annual inflation from staking; 99% below ATH; TVL near zero; ZK developer tooling complex limiting adoption
Market and supply
| Price | $0.0409 |
| Market cap | $52.9Mrank 404 |
| All-time high | $9.091 Jun 2021 |
| Circulating supply | 1,293,631,020 |
| Eventual supply (total supply) | 1,293,631,020 |
| Dilution to full supply | 1x |
| Total value locked | $12.0M |
| Listed on | Binance, Coinbase, OKX, Kraken |
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 MINA 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
- [Mina Protocol Docs] Mina Protocol maintains a constant 22KB blockchain size using recursive ZK-SNARKs regardless of transaction history
- [Staking Rewards] MINA staking yields ~10% APY from block rewards but total supply grows accordingly creating inflation
- [CoinGecko] MINA ATH $9.18 reached June 2021; has not recovered to even 2% of that level since
Common questions
- What is the Early Thunder score for Mina Protocol (MINA)?
- MINA scores 98 out of 250 on the 25-variable framework, ranking 150th of 251 rated tokens (lower half). The framework verdict is PASS.
- What are MINA's strongest fundamentals?
- MINA ranks highest on Regulatory Safety 7/10, 17th of 251, Real Staking Yield 6/10, 17th of 251, Competitive Moat 6/10, 29th 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 MINA thesis?
- MINA scores in the bottom third of the universe on Supply Inflation 2/10, 228th of 251, Buyback and Burn 1/10, 205th of 251, Vesting Schedule 3/10, 204th of 251 and Insider Selling 3/10, 201st of 251. The single risk carried on the scorecard is: ~10% annual inflation from staking; 99% below ATH; TVL near zero; ZK developer tooling complex limiting adoption
- How much MINA supply is still to enter circulation?
- 100% of eventual MINA 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 MINA from its all-time high?
- MINA trades 99.55% below its all-time high of $9.09. Returning to that high requires a 222.2x move from the level used in this scoring pass.
- Which tokens have a similar profile to MINA?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to MINA are ROSE (84), CFX (98), FLR (99) and ICP (102). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for MINA?
- Mina zkApps enabling privacy-preserving dApps; ZK proof technology is hot sector tailwind
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.