Which crypto tokens score highest on treasury runway?

Hyperliquid (HYPE) at 9, Bitcoin (BTC) at 9, Maker / Sky (MKR) at 9, Ethereum (ETH) at 8, Wrapped Lido Staked ETH (WSTETH) at 8 lead the 251 rated tokens on Treasury Runway, each scored 1 to 10 against the same definition.

What is a good treasury runway score?

The median across the universe is 5 of 10 and the mean is 5.01, so anything at 7 or above sits well inside the top of the distribution. Only 3 of 251 tokens reach 9 or 10.

Does treasury runway affect a token's market cap?

Rank correlation between Treasury Runway and market capitalisation is 0.44 across 236 tokens with live market data. That is a weak relationship, so the market prices it only partly.

Risk

Treasury Runway, ranked

How long the treasury funds operations at the current burn, and how exposed it is to its own token.

One of the 25 variables in the framework. 251 tokens rated. Scoring pass 18 Sept 2026.

Median

5/10

mean 5.01

Scoring 9 or 10

of 251 rated

Composite link

0.79

correlation with total score

Market link

0.44

rank correlation with market cap, n=236

What this variable measures

How long the treasury funds operations at the current burn, and how exposed it is to its own token.

A 10 means years of runway held in assets that are not the project's own token. A 1 means months, in the token itself.

A treasury denominated in its own token is a seller in the exact drawdown where selling hurts most.

What the universe says

Across 251 rated tokens the median score on Treasury Runway is 5 of 10 and the mean is 5.01. 3 tokens score 9 or 10, and 12 score 2 or below. Hyperliquid leads at 9 of 10.

Treasury Runway correlates 0.79 with the composite score across the universe, which makes it strongly tied to overall standing. Tokens that win here tend to win everywhere, so a high score is confirmation rather than an edge.

Against live market capitalisation for the 236 tokens with a matched market row, Treasury Runway carries a rank correlation of 0.44. The market leans this way but does not price it consistently, so the ranking below still contains disagreement worth using.

Treasury Runway and Team Execution correlate 0.82, so reading both is close to reading one twice. Treat them as a single position on the same question rather than two independent confirmations.

CoW Protocol (COW) scores 8 of 10 on Treasury Runway, 4th of 251, on a market capitalisation under $500M. That gap between rank on this variable and rank by size is the whole reason to read the table rather than the top ten.

Distribution across the universe

107

Tokens at each score from 1 to 10. The shape matters: a variable where almost everything clusters at 3 is telling you the whole category fails it, not that one token is unusual.

All 251 tokens ranked

Sorted by score on this variable alone, so a token can lead here and rank poorly overall. That disagreement is the useful part: it is where a single-variable screen finds something the composite averages away.

251 crypto tokens ranked by Treasury Runway, scored 1 to 10
#	Token	Treasury Runway	Composite	Market cap	Verdict
1	HYPEHyperliquid3 ETFs live (THYP, BHYP, HYPG, about $253M combined AUM). About $600M annualised revenue after four straight quarterly declines, with builder fees now taking 18% of gross before buybacks. about 32% to 37% DEX perps share, down from roughly 70% in 2025. But closed-source, FCA warning, 22% circ.	9/10	193	$19.71B	HOLD CORE
2	BTCBitcoinDigital gold with a large spot ETF complex and 94.5% supply mined. Store-of-value thesis intact, though ETF assets fell through 2026.	9/10	183	$1.67T	HOLD CORE
3	MKRMaker / Sky$124M Q1 revenue. 2.7x gross P/S (~6.7x net). Buyback allocation cut from 75% to 7.5% of surplus in Mar 2026 to fund a $150M Solvency Reserve. Sky rebrand: about 81% of MKR already upgraded to SKY.	9/10	177	not published	HOLD CORE
4	ETHEthereumInstitutional settlement layer. Commodity classification. Burn collapsed but moat intact.	8/10	187	$313.17B	HOLD CORE
5	WSTETHWrapped Lido Staked ETHLido's wrapped staked ETH, the DeFi collateral standard with about $17.7B TVL and native yield; dominant LST by every metric	8/10	185	$11.76B	HOLD CORE
6	COWCoW ProtocolIntent-based batch auction DEX. $87B vol 2025. P/S 3.1x. Net deflationary. Vesting complete.	8/10	167	$82.3M	HOLD
7	CBETHCoinbase Wrapped Staked ETHCoinbase's centralized ETH liquid staking token; simplest onramp but carries custodial risk and Coinbase counterparty exposure	8/10	158	$484.5M	HOLD
8	MORPHOMorphoInfrastructure lending protocol with $6.4B TVL and $203M annualized fees but zero revenue to token holders, fee switch off, founder opposes activation	8/10	157	$1.75B	HOLD
9	PAXGPAX Gold1:1 gold-backed token. Each PAXG = 1 troy oz London Good Delivery gold.	8/10	141	$1.79B	HOLD
10	SKYSky (formerly Maker)Validated: DeFi revenue leader ($246M net, P/S 5.4x) but headline '$435M' is gross before $165M SSR payouts. Buybacks slashed 87% until ~Nov 2026. Net inflationary 4.4%/yr. TVL declining $7.5B→$6.0B. S&P B-. #3 stablecoin ($12.9B). Revenue real but token value accrual IMPAIRED.	8/10	141	$1.86B	CAUTIOUS HOLD
11	SOLSolana	7/10	170	$68.57B	HOLD
12	GEODGEODNET	7/10	169	$137.0M	HOLD
13	SYRUPMaple Finance	7/10	168	$268.1M	HOLD
14	UNIUniswap	7/10	167	$4.91B	HOLD
15	LINKChainlink	7/10	165	$10.01B	HOLD
16	ETHFIEther.fi	7/10	162	$680.1M	HOLD
17	PENDLEPendle Finance	7/10	160	$391.5M	HOLD
18	RETHRocket Pool ETH	7/10	159	$946.8M	HOLD
19	SUISui	7/10	146	$4.63B	HOLD
20	LDOLido DAO	7/10	146	$353.8M	HOLD
21	BNBBNB	7/10	144	$102.38B	HOLD
22	GMXGMX	7/10	143	$84.3M	HOLD
23	ARArweave	7/10	140	$274.9M	HOLD
24	AVAXAvalanche	7/10	138	$4.93B	CAUTIOUS HOLD
25	ENSEthereum Name Service	7/10	137	$269.1M	CAUTIOUS HOLD
26	GNOGnosis	7/10	128	$316.6M	CAUTIOUS HOLD
27	LEOUNUS SED LEO	7/10	126	$8.19B	CAUTIOUS HOLD
28	LITLighter	7/10	125	$876.5M	WATCH
29	XRPXRP	7/10	121	$90.31B	CAUTIOUS HOLD
30	TIACelestia	7/10	120	$432.0M	CAUTIOUS HOLD
31	EIGENEigenLayer	7/10	107	$226.1M	WATCH
32	WLDWorldcoin	7/10	89	$1.96B	PASS
33	AEROAerodrome Finance	6/10	157	$794.7M	HOLD
34	AAVEAave	6/10	156	$2.65B	HOLD
35	JUPJupiter	6/10	151	$1.04B	HOLD
36	CETUSCetus Protocol	6/10	147	$25.0M	HOLD
37	OKBOKB	6/10	145	$2.75B	HOLD
38	DRIFTDrift Protocol	6/10	142	$14.3M	HOLD
39	CRVCurve Finance	6/10	140	$552.7M	HOLD
40	INJInjective	6/10	139	$727.9M	CAUTIOUS HOLD
41	KMNOKamino Finance	6/10	138	$214.9M	CAUTIOUS HOLD
42	ACXAcross Protocol	6/10	137	$30.5M	CAUTIOUS HOLD
43	NEARNEAR Protocol	6/10	135	$6.64B	CAUTIOUS HOLD
44	BGBBitget Token	6/10	135	$1.37B	CAUTIOUS HOLD
45	ARBArbitrum	6/10	134	$1.25B	CAUTIOUS HOLD
46	JTOJito	6/10	134	$263.0M	CAUTIOUS HOLD
47	SAFESafe (formerly Gnosis Safe)	6/10	132	$84.0M	CAUTIOUS HOLD
48	OLASOlas (Autonolas)	6/10	129	$13.4M	CAUTIOUS HOLD
49	AKTAkash Network	6/10	129	$210.6M	CAUTIOUS HOLD
50	RENDERRender Network	6/10	127	$1.05B	CAUTIOUS HOLD
51	BERABerachain	6/10	127	$76.8M	CAUTIOUS HOLD
52	OPOptimism	6/10	123	$273.9M	CAUTIOUS HOLD
53	POLPolygon system Token	6/10	123	$1.08B	CAUTIOUS HOLD
54	GTGateToken	6/10	123	not published	CAUTIOUS HOLD
55	GRTThe Graph	6/10	121	$297.6M	CAUTIOUS HOLD
56	COMPCompound	6/10	119	$234.1M	WATCH
57	IMXImmutable X	6/10	117	$156.3M	WATCH
58	APTAptos	6/10	116	$652.3M	WATCH
59	QNTQuant	6/10	116	$3.53B	WATCH
60	ADACardano	6/10	113	$9.57B	WATCH
61	IOio.net	6/10	108	$63.1M	WATCH
62	XLMStellar	6/10	108	$7.01B	WATCH
63	PYTHPyth Network	6/10	107	$557.2M	WATCH
64	ZROLayerZero	6/10	106	$850.4M	WATCH
65	DOTPolkadot	6/10	103	$1.88B	WATCH
66	SCROLLScroll	6/10	102	$4.7M	WATCH
67	ICPInternet Computer	6/10	102	$1.75B	WATCH
68	SEISei	6/10	100	$457.3M	WATCH
69	MINAMina Protocol	6/10	98	$121.4M	PASS
70	ZKZKsync	6/10	95	$129.1M	PASS
71	STRKStarknet	6/10	93	$366.4M	PASS
72	WWormhole	6/10	92	$93.6M	PASS
73	SNTStatus	6/10	92	$38.1M	PASS
74	VIRTUALVirtuals Protocol	5/10	151	$502.6M	CAUTIOUS HOLD
75	LQTYLiquity	5/10	151	$23.3M	HOLD
76	FLUIDFluid (Instadapp)	5/10	145	$158.2M	CAUTIOUS HOLD
77	BANANABanana Gun	5/10	135	$15.5M	CAUTIOUS HOLD
78	RAYRaydium	5/10	129	$670.5M	CAUTIOUS HOLD
79	TAOBittensor	5/10	128	$3.29B	CAUTIOUS HOLD
80	TRXTRON	5/10	125	$31.81B	CAUTIOUS HOLD
81	CAKEPancakeSwap	5/10	123	$698.0M	CAUTIOUS HOLD
82	LPTLivepeer	5/10	123	$82.2M	CAUTIOUS HOLD
83	ORCAOrca	5/10	123	$167.2M	CAUTIOUS HOLD
84	HNTHelium	5/10	122	$97.6M	CAUTIOUS HOLD
85	VELOVelodrome Finance	5/10	121	$46.1M	CAUTIOUS HOLD
86	MAVMaverick Protocol	5/10	121	$13.1M	CAUTIOUS HOLD
87	VRTXVertex Protocol	5/10	121	not published	CAUTIOUS HOLD
88	ENAEthena	5/10	120	$3.06B	CAUTIOUS HOLD
89	CHZChiliz	5/10	120	$165.6M	CAUTIOUS HOLD
90	PRIMEEchelon Prime	5/10	119	$14.8M	WATCH
91	MNDEMarinade	5/10	119	$15.6M	WATCH
92	KCSKuCoin Token	5/10	119	not published	WATCH
93	STXStacks	5/10	118	$697.8M	WATCH
94	WOOWOO Network	5/10	118	$23.6M	WATCH
95	XMRMonero	5/10	117	$10.41B	WATCH
96	STGStargate Finance	5/10	117	$20.1M	WATCH
97	JOETrader Joe	5/10	117	$17.4M	WATCH
98	GNSGains Network	5/10	116	$9.5M	WATCH
99	SSonic (prev. Fantom)	5/10	115	$154.2M	WATCH
100	ONDOOndo Finance	5/10	115	$2.27B	WATCH
101	CFGCentrifuge	5/10	115	not published	WATCH
102	HBARHedera	5/10	112	$4.09B	WATCH
103	TNSRTensor	5/10	112	$27.8M	WATCH
104	GRASSGrass	5/10	111	$457.9M	WATCH
105	FTMFantom	5/10	111	not published	WATCH
106	TONToncoin	5/10	110	$4.02B	WATCH
107	MATICPolygon (Legacy)	5/10	110	$1.08B	WATCH
108	KNCKyber Network	5/10	110	$28.1M	WATCH
109	FETFetch.ai (ASI Alliance)	5/10	109	$522.8M	WATCH
110	DYDXdYdX	5/10	109	$113.2M	WATCH
111	BICOBiconomy	5/10	109	$20.1M	WATCH
112	PERPPerpetual Protocol	5/10	108	$2.8M	WATCH
113	STORJStorj	5/10	108	$12.3M	WATCH
114	ALCXAlchemix	5/10	108	$6.6M	WATCH
115	OMMANTRA	5/10	108	$29.1M	WATCH
116	VELAVela Exchange	5/10	107	not published	WATCH
117	GELGelato	5/10	107	$498.0K	WATCH
118	SSVSSV Network	5/10	106	$42.1M	WATCH
119	SLNDSolend	5/10	106	not published	WATCH
120	GTCGitcoin	5/10	106	$15.9M	WATCH
121	THETATheta Network	5/10	105	$214.2M	WATCH
122	FXSFrax Share	5/10	105	$28.3M	WATCH
123	QUICKQuickSwap	5/10	105	$7.0M	WATCH
124	RPLRocket Pool	5/10	104	$40.8M	WATCH
125	RONRonin	5/10	104	$49.1M	WATCH
126	MLNEnzyme (Melon)	5/10	104	not published	WATCH
127	RSRReserve Rights	5/10	104	$100.3M	WATCH
128	CVXConvex Finance	5/10	103	$193.9M	WATCH
129	KLAYKlaytn	5/10	103	not published	WATCH
130	KSMKusama	5/10	103	$90.6M	WATCH
131	SHDWShadow Token	5/10	103	$5.3M	WATCH
132	LTCLitecoin	5/10	102	$5.15B	WATCH
133	CROCronos	5/10	102	$3.12B	WATCH
134	TRUTrueFi	5/10	102	$1.1M	WATCH
135	APEApeCoin	5/10	102	$146.9M	WATCH
136	FILFilecoin	5/10	101	$867.2M	WATCH
137	ZECZcash	5/10	101	$22.59B	WATCH
138	VETVeChain	5/10	101	$692.4M	WATCH
139	ILVIlluvium	5/10	101	$31.5M	WATCH
140	MCMerit Circle (Beam)	5/10	101	not published	WATCH
141	DASHDash	5/10	101	$683.9M	WATCH
142	GMTSTEPN	5/10	101	$25.0M	WATCH
143	AUDIOAudius	5/10	101	$22.7M	WATCH
144	CORECore	5/10	100	$29.2M	WATCH
145	BADGERBadgerDAO	5/10	100	$6.4M	WATCH
146	USUALUsual Protocol	5/10	99	$23.6M	PASS
147	API3API3	5/10	99	$45.0M	PASS
148	FLRFlare	5/10	99	$609.8M	PASS
149	CFXConflux	5/10	98	$265.8M	PASS
150	NMRNumeraire	5/10	98	$105.4M	PASS
151	HTHuobi Token	5/10	98	$16.3M	PASS
152	IOTXIoTeX	5/10	98	$34.2M	PASS
153	ALGOAlgorand	5/10	97	$1.05B	PASS
154	COTICOTI	5/10	97	$39.1M	PASS
155	SKLSKALE	5/10	97	$26.6M	PASS
156	ACHAlchemy Pay	5/10	97	not published	PASS
157	REQRequest	5/10	97	$42.8M	PASS
158	RADRadicle	5/10	97	$19.5M	PASS
159	POOLPoolTogether	5/10	96	$176.3K	PASS
160	FLUXFlux	5/10	96	$191.3K	PASS
161	CTSICartesi	5/10	96	$27.7M	PASS
162	YGGYield Guild Games	5/10	95	$22.5M	PASS
163	POLYXPolymesh	5/10	95	$52.9M	PASS
164	CELOCelo	5/10	94	$57.3M	PASS
165	GLMRMoonbeam	5/10	94	$13.9M	PASS
166	RLCiExec	5/10	94	$61.1M	PASS
167	MXMEXC Token	5/10	94	not published	PASS
168	CKBNervos Network	5/10	93	$61.4M	PASS
169	PROPPropy	5/10	93	$35.2M	PASS
170	HOPRHOPR	5/10	92	$8.7M	PASS
171	PONDMarlin	5/10	91	$14.2M	PASS
172	ALICEMy Neighbor Alice	5/10	89	$16.9M	PASS
173	XTZTezos	5/10	88	$336.3M	PASS
174	BLASTBlast	5/10	87	$4.9M	PASS
175	GOGGuild of Guardians	5/10	86	$960.1K	PASS
176	EGLDMultiversX (prev. Elrond)	5/10	85	$123.2M	PASS
177	ROSEOasis Network	5/10	84	$62.0M	PASS
178	BLURBlur	5/10	84	$55.8M	PASS
179	KAVAKava	5/10	80	$71.7M	PASS
180	NEONeo	5/10	68	$166.5M	PASS
181	SNXSynthetix	4/10	130	$137.5M	CAUTIOUS HOLD
182	KASKaspa	4/10	114	$1.11B	WATCH
183	YFIYearn Finance	4/10	111	$86.4M	WATCH
184	RUNETHORChain	4/10	106	$234.5M	PASS
185	RDNTRadiant Capital	4/10	104	$1.0M	WATCH
186	ATHAethir	4/10	101	$132.9M	WATCH
187	ANKRAnkr Network	4/10	96	$46.1M	PASS
188	ATOMCosmos	4/10	96	$899.5M	PASS
189	BALBalancer	4/10	95	$9.1M	PASS
190	ALPACAAlpaca Finance	4/10	95	$138.7K	PASS
191	INVInverse Finance	4/10	95	$6.9M	PASS
192	1INCH1inch Network	4/10	93	$138.1M	PASS
193	OSMOOsmosis	4/10	93	$26.6M	PASS
194	FARMHarvest Finance	4/10	93	$5.1M	PASS
195	MOBILEHelium Mobile	4/10	92	$6.0M	PASS
196	MBOXMOBOX	4/10	92	$298.5K	PASS
197	ALPHAAlpha Venture DAO	4/10	91	$483.2K	PASS
198	TRBTellor	4/10	90	$56.4M	PASS
199	CELRCeler Network	4/10	90	$22.9M	PASS
200	ETCEthereum Classic	4/10	90	$1.32B	PASS
201	PEAQpeaq	4/10	88	$102.2M	PASS
202	HIGHHighstreet	4/10	88	not published	PASS
203	SXPSolar	4/10	88	$2.5M	PASS
204	DENTDent	4/10	88	$6.2M	PASS
205	LEVERLeverFi	4/10	87	not published	PASS
206	NOSNosana	4/10	86	$52.5M	PASS
207	AGLDAdventure Gold	4/10	86	$18.0M	PASS
208	CANTOCanto	4/10	86	$2.0M	PASS
209	FORTHAmpleforth Governance	4/10	84	$3.0M	PASS
210	MASKMask Network	4/10	82	$45.8M	PASS
211	BONDBarnBridge	4/10	82	$93.5K	PASS
212	WAXPWAX	4/10	81	$26.9M	PASS
213	PRCLParcl	4/10	80	$5.5M	PASS
214	FLOWFlow	4/10	78	$53.4M	PASS
215	LRCLoopring	4/10	78	$13.2M	PASS
216	IOTAIOTA	4/10	78	$248.2M	PASS
217	IDEXIDEX	4/10	77	$838.1K	PASS
218	MANTAManta Network	4/10	76	$31.1M	PASS
219	AXSAxie Infinity	4/10	76	$207.3M	PASS
220	BTTBitTorrent	4/10	76	$357.4M	PASS
221	MCBMCDEX	4/10	76	$8.9M	PASS
222	BANDBand Protocol	4/10	73	$40.8M	PASS
223	MODEMode Network	4/10	72	$666.9K	PASS
224	MOVEMovement	4/10	67	$40.6M	PASS
225	MANADecentraland	4/10	66	$197.1M	PASS
226	PENGUPudgy Penguins	3/10	104	$535.4M	WATCH
227	NANONano	3/10	90	$46.6M	PASS
228	FLOKIFLOKI	3/10	88	$257.5M	PASS
229	SUSHISushiSwap	3/10	74	$66.7M	PASS
230	RVNRavencoin	3/10	74	$36.1M	PASS
231	RBNRibbon Finance	3/10	68	$1.7M	PASS
232	SUPERSuperVerse	3/10	67	$144.5M	PASS
233	JASMYJasmyCoin	3/10	67	$243.3M	PASS
234	ZILZilliqa	3/10	63	$64.9M	PASS
235	SPELLSpell Token	3/10	63	$16.0M	PASS
236	QTUMQtum	3/10	61	$97.7M	PASS
237	SANDThe Sandbox	3/10	58	$219.2M	PASS
238	GALAGala Games	3/10	53	$114.2M	PASS
239	KDAKadena	3/10	50	$3.0M	PASS
240	BONKBonk	2/10	93	$300.8M	PASS
241	DOGEDogecoin	2/10	89	$13.83B	PASS
242	NOTNotcoin	2/10	73	$45.0M	PASS
243	SHIBShiba Inu	2/10	71	$3.17B	PASS
244	ONEHarmony	2/10	48	$32.9M	PASS
245	ORDIORDI	1/10	96	$88.5M	PASS
246	PEPEPepe	1/10	92	$1.70B	PASS
247	WIFdogwifhat	1/10	88	$227.9M	PASS
248	POPCATPopcat	1/10	73	$46.9M	PASS
249	DOGSDOGS	1/10	62	$22.6M	PASS
250	MEMEMemecoin	1/10	57	$36.6M	PASS
251	NEIRONEIRO	1/10	56	$35.3M	PASS

Scores come from the research pass dated 18 Sept 2026 and do not move with price. Market capitalisation is from the live snapshot fetched 7 Oct 2026, so the two columns are stamped at different times on purpose.

Variables that move with this one

Correlations across all 251 rated tokens. A number near 1 means the two variables are close to the same measurement, which is worth knowing before treating a second high score as independent confirmation of the first.

Institutional Adoption

Common questions

Which crypto tokens score highest on treasury runway?: Hyperliquid (HYPE) at 9, Bitcoin (BTC) at 9, Maker / Sky (MKR) at 9, Ethereum (ETH) at 8, Wrapped Lido Staked ETH (WSTETH) at 8 lead the 251 rated tokens on Treasury Runway, each scored 1 to 10 against the same definition.
What is a good treasury runway score?: The median across the universe is 5 of 10 and the mean is 5.01, so anything at 7 or above sits well inside the top of the distribution. Only 3 of 251 tokens reach 9 or 10.
Does treasury runway affect a token's market cap?: Rank correlation between Treasury Runway and market capitalisation is 0.44 across 236 tokens with live market data. That is a weak relationship, so the market prices it only partly.

Keep reading

All 25 variablesEvery variable ranked by how much the market actually pays for it.Hyperliquid full scorecardThe leader on this variable, scored across all 25 and ranked 1st of 251 here.All 251 rated tokensThe full ranking table and the method behind the 25 variables.

Research and analysis, not investment advice. Correlations describe the rated universe at one point in time and are not predictions.