SSV Network (SSV)
DVT infrastructure for ETH staking with $3.2B validators secured; heavy vesting pressure and weak token accrual are red flags.
Ranked 110th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
SSV scores 106 of 250 across the 25-variable framework, which places it 110th of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
The score rests on Regulatory Safety 7/10, 17th of 251, TVL Trend 6/10, 19th of 251, Competitive Moat 6/10, 29th of 251 and Developer Activity 6/10, 33rd of 251.
Against the same universe, SSV sits in the bottom third on Supply Inflation 2/10, 228th of 251, Circulating / FDV Ratio 3/10, 225th of 251, Vesting Schedule 2/10, 223rd of 251 and P/S Multiple 3/10, 182nd 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 SSV. Price has to be justified by demand rather than absorbed against a cliff.
SSV trades 96.9% below its all-time high of $65.82. 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 12 points against the previous pass (94 to 106). Revisions of this size follow a change in the underlying variables, not a change in price.
$3.20B sits in the protocol. The token is capitalised below the value locked in the protocol.
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 | 3 | 98th of 251 | |
| Revenue Trend | 4 | 71st of 251 | |
| P/S Multiple | 3 | 182nd of 251 | |
| Real Staking Yield | 5 | 37th of 251 |
Supply
| Supply Inflation | 2 | 228th of 251 | |
| Vesting Schedule | 2 | 223rd of 251 | |
| Circulating / FDV Ratio | 3 | 225th of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 4 | 151st of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 6 | 19th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 5 | 52nd of 251 |
Position
| Market Share | 6 | 36th of 251 | |
| Competitive Moat | 6 | 29th of 251 | |
| Institutional Adoption | 5 | 36th of 251 | |
| Exchange Depth | 4 | 157th of 251 | |
| Social Mindshare | 3 | 157th of 251 |
Risk
| Regulatory Safety | 7 | 17th of 251 | |
| Catalyst Calendar | 5 | 50th of 251 | |
| BTC Alpha Potential | 3 | 114th 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
Next catalyst
Ethereum mainnet DVT adoption acceleration; SSV becoming required middleware for institutional stakers
Principal risk
Only 45% of supply circulating with multi-year vesting; SSV fee revenue extremely thin relative to token market cap
Market and supply
| Price | $2.03 |
| Market cap | $29.9Mrank 635 |
| All-time high | $65.8225 Mar 2024 |
| Circulating supply | 14,699,173 |
| Eventual supply (total supply) | 14,699,173 |
| Dilution to full supply | 1x |
| Total value locked | $3.20B |
| Listed on | Binance, OKX, Gate.io, 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 SSV 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
- [SSV Network Dashboard] SSV Network secures $3.2B in ETH validators using distributed validator technology
- [CoinGecko] SSV has only 45% of total supply in circulation with significant team/network vesting remaining
- [CoinMarketCap] SSV ATH $82.36 reached January 2024 during ETF euphoria
Common questions
- What is the Early Thunder score for SSV Network (SSV)?
- SSV scores 106 out of 250 on the 25-variable framework, ranking 110th of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are SSV's strongest fundamentals?
- SSV ranks highest on Regulatory Safety 7/10, 17th of 251, TVL Trend 6/10, 19th 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 SSV thesis?
- SSV scores in the bottom third of the universe on Supply Inflation 2/10, 228th of 251, Circulating / FDV Ratio 3/10, 225th of 251, Vesting Schedule 2/10, 223rd of 251 and P/S Multiple 3/10, 182nd of 251. The single risk carried on the scorecard is: Only 45% of supply circulating with multi-year vesting; SSV fee revenue extremely thin relative to token market cap
- How much SSV supply is still to enter circulation?
- 100% of eventual SSV 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 SSV from its all-time high?
- SSV trades 96.9% below its all-time high of $65.82. Returning to that high requires a 32.3x move from the level used in this scoring pass.
- Which tokens have a similar profile to SSV?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to SSV are PYTH (107), SAFE (132), FIL (101) and W (92). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for SSV?
- Ethereum mainnet DVT adoption acceleration; SSV becoming required middleware for institutional stakers
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.