PASS

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.

Score
88/250
199th of 251
Percentile
21.1%
of the rated universe
Circulating
98.2%
1.8% of value still to vest
Off all-time high
-97.8%
45.5x to recover
TezosNative L1+4 since last pass
01

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.

02

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

Cash flow variables for XTZ, scored 1 to 10 and ranked against 251 tokens
Protocol Revenue
2166th of 251
Revenue Trend
2191st of 251
P/S Multiple
3182nd of 251
Real Staking Yield
537th of 251

Supply

Supply variables for XTZ, scored 1 to 10 and ranked against 251 tokens
Supply Inflation
561st of 251
Vesting Schedule
735th of 251
Circulating / FDV Ratio
827th of 251
Buyback and Burn
1205th of 251

Ownership

Ownership variables for XTZ, scored 1 to 10 and ranked against 251 tokens
Smart Money Flows
2217th of 251
Insider Selling
4151st of 251
Holder Concentration
458th of 251

Traction

Traction variables for XTZ, scored 1 to 10 and ranked against 251 tokens
TVL Trend
2189th of 251
Active Users
2220th of 251
Developer Activity
3208th of 251
Network Growth
2215th of 251

Position

Position variables for XTZ, scored 1 to 10 and ranked against 251 tokens
Market Share
2203rd of 251
Competitive Moat
3175th of 251
Institutional Adoption
471st of 251
Exchange Depth
573rd of 251
Social Mindshare
2230th of 251

Risk

Risk variables for XTZ, scored 1 to 10 and ranked against 251 tokens
Regulatory Safety
717th of 251
Catalyst Calendar
2222nd of 251
BTC Alpha Potential
2200th of 251
Team Execution
4147th of 251
Treasury Runway
574th 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.

03

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

04

Market and supply

Price$0.2031
Market cap$221.8Mrank 147
All-time high$9.123 Oct 2021
Circulating supply1,092,664,642
Eventual supply (total supply)1,112,645,016
Dilution to full supply1.02x
Total value locked$22.0M
Listed onBinance, 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.

05

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.

06

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.
07

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.