Tezos (XTZ)
Self-amending smart contract chain that pioneered on-chain governance; overtaken by faster-moving L1 and L2 alternatives
Ranked 199th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
XTZ scores 88 of 250 across the 25-variable framework, which places it 199th of 251 rated tokens and inside the bottom quartile of the set. The framework verdict is PASS.
The score rests on Regulatory Safety 7/10, 17th of 251, Circulating / FDV Ratio 8/10, 27th of 251, Vesting Schedule 7/10, 35th of 251 and Real Staking Yield 5/10, 37th of 251.
Against the same universe, XTZ sits in the bottom third on Social Mindshare 2/10, 230th of 251, Catalyst Calendar 2/10, 222nd of 251, Active Users 2/10, 220th of 251 and Smart Money Flows 2/10, 217th of 251. These are the variables that would have to move for the verdict to change.
98.2% of eventual supply is already circulating, so vesting is not a live risk for XTZ. Price has to be justified by demand rather than absorbed against a cliff.
XTZ trades 97.8% below its all-time high of $9.12. Recovering that level is a 45.5x move, not a 97.8% one, which is the arithmetic most drawdown charts hide.
$22.0M sits in the protocol. Each dollar of value locked carries 10.08 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 | 3 | 182nd of 251 | |
| Real Staking Yield | 5 | 37th of 251 |
Supply
| Supply Inflation | 5 | 61st of 251 | |
| Vesting Schedule | 7 | 35th of 251 | |
| Circulating / FDV Ratio | 8 | 27th of 251 | |
| Buyback and Burn | 1 | 205th of 251 |
Ownership
| Smart Money Flows | 2 | 217th of 251 | |
| Insider Selling | 4 | 151st 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 | 4 | 71st of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 2 | 230th of 251 |
Risk
| Regulatory Safety | 7 | 17th of 251 | |
| Catalyst Calendar | 2 | 222nd of 251 | |
| BTC Alpha Potential | 2 | 200th of 251 | |
| Team Execution | 4 | 147th 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
Tezos institutional tokenization and RWA focus may sustain niche enterprise use
Principal risk
No meaningful DeFi network, developer exodus, volume near all-time-lows, token has no value accrual mechanism
Market and supply
| Price | $0.2031 |
| Market cap | $221.8Mrank 147 |
| All-time high | $9.123 Oct 2021 |
| Circulating supply | 1,092,664,642 |
| Eventual supply (total supply) | 1,112,645,016 |
| Dilution to full supply | 1.02x |
| Total value locked | $22.0M |
| Listed on | Binance, Kraken, Coinbase |
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 XTZ 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
- [CoinGecko] Tezos ATH $9.18 in Oct 2021; now 96% below ATH with declining network
- [DeFiLlama] Tezos TVL ~$22M, DeFi activity minimal vs. competing L1s
- [World Bank] bond-i, the first blockchain bond, was issued by the World Bank and arranged by Commonwealth Bank of Australia on a private Ethereum chain in August 2018, raising A$110M. It was not a Tezos or Societe Generale issuance.
Common questions
- What is the Early Thunder score for Tezos (XTZ)?
- XTZ scores 88 out of 250 on the 25-variable framework, ranking 199th of 251 rated tokens (bottom quartile). The framework verdict is PASS.
- What are XTZ's strongest fundamentals?
- XTZ ranks highest on Regulatory Safety 7/10, 17th of 251, Circulating / FDV Ratio 8/10, 27th of 251, Vesting Schedule 7/10, 35th of 251 and Real Staking Yield 5/10, 37th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the XTZ thesis?
- XTZ scores in the bottom third of the universe on Social Mindshare 2/10, 230th of 251, Catalyst Calendar 2/10, 222nd of 251, Active Users 2/10, 220th of 251 and Smart Money Flows 2/10, 217th of 251. The single risk carried on the scorecard is: No meaningful DeFi network, developer exodus, volume near all-time-lows, token has no value accrual mechanism
- How much XTZ supply is still to enter circulation?
- 98.2% of eventual XTZ supply is circulating today, leaving 1.02x the current float still to arrive. At a flat price per token that is 1.8% of fully diluted value ahead of current holders.
- How far is XTZ from its all-time high?
- XTZ trades 97.8% below its all-time high of $9.12. Returning to that high requires a 45.5x move from the level used in this scoring pass.
- Which tokens have a similar profile to XTZ?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to XTZ are EGLD (85), BAND (73), FLOW (78) and QTUM (61). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for XTZ?
- Tezos institutional tokenization and RWA focus may sustain niche enterprise use
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.