ATOM
Cosmos Hub · Cosmos Hub L1
Key facts
- Circulating 537.8M, 100%
- No cap: supply can keep growing, see Supply discipline
Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.
Assessment
The Cosmos Hub has no value engine: fees reach stakers after a 2% community tax but total about $35K a year, the Hub has no DeFi, and Interchain Security was deprecated in Mar 2026. Inflation sits at the 10% ceiling of the 7-10% dynamic band, ~54M ATOM a year with no cap, so staking yield is dilution rather than income. The 2017 public fundraiser took 75% of genesis, and all 537.5M ATOM circulates. Validators halted the Hub for ~24 hours in Sep 2026 and restarted it with a state change moving 1,227,121 ATOM out of an attacker-linked address, which marks both security and track record.
How value reaches holders
Staking APR (mid-teens nominal) is pure inflation at the 10% ceiling: self-dilution, not capture; Hub fees are de minimis and a 2% community tax (since Prop 996, May 2025) skims even those. The one concrete external-revenue mechanism died: Interchain Security was deprecated (Gaia v27, Mar 2026), Stride migrated off (Aug 2026), and residual ICS rewards route to the community pool, not stakers
Score anatomy
Demand
9 / 45: the stronger of two routes, plus adoptionWhy would anyone hold it: does value reach the token, and is the network or product used today?
Fees reach stakers after a 2% community tax, but at ~$35K/yr they are de minimis
Approved or designed but inert, indirect sinks only, or flows into a treasury or endowmentHow this is scored
Under $0.5M/yr, or emissions-subsidized only
Gas on the Cosmos Hub, which has no DeFi; ~$0.1M of ATOM posted at third-party lenders.
Pays its own network's fees (gas never counts higher, whatever the size of the economy)medium confidenceHow this is scored
Cosmos Hub fees $0.03M TTM vs $1.13M (-97%) and no DeFi on the Hub: negligible and fading
Marginal or fading: negligible use for its size, usage down 60%+ year on year, or a lost forkhigh confidenceHow this is scored
Two routes, the stronger counts
Soundness
14 / 40Can a long-term holder trust the rules: supply, float, distribution and control?
Inflation at the 10% ceiling of the 7-10% dynamic band (~54M ATOM/yr), no cap; changes need a stake-weighted on-chain vote.
7-15%/yr, or the issuance schedule was raised in the last 24 monthshigh confidenceHow this is scored
All 537.5M ATOM circulates with no vesting schedule.
Fully vested, no scheduled unlockshigh confidenceHow this is scored
2017 public fundraiser 75%; ICF 10%, All in Bits 10%, seed 5%: 25% of the 236M genesis, ~11% of today's 537M after inflation to stakers; the community pool moves by on-chain vote
Insiders received 10-25%, or one organization directs 3-10%medium confidenceHow this is scored
Validators halted the Hub ~24 hours in Sep 2026 and restarted on Gaia v28.3.0 with a one-time state change moving 1,227,121 ATOM from an attacker-linked address to a 4-of-6 multisig
A halt, rollback or exploited consensus bug in the last 24 months, attack cost under $10M, or a foundation-selected validator set or small multisig can halt or upgrade with no meaningful exit windowhigh confidenceHow this is scored
Durability
7 / 15Is it big, proven and reachable by institutions?
$953.6M market cap (band 3), $55.8M/day median volume (band 4), no flags.
Mid-cap: $250M-1B market cap and $10M/day+How this is scored
Hub mainnet since Mar 2019 (7.6 years), but validators restarted the chain in Sep 2026 after a ~24-hour coordinated halt, with a state change moving 1,227,121 ATOM out of an attacker address.
3-5 years, or a rollback, coordinated chain-wide halt or restart, or a $50M+ exploit in the last 5 yearsmedium confidenceHow this is scored
Valour Cosmos ETP in Europe; no US spot filing found.
OTC trust, non-US product, or a pending US filinghigh confidenceHow this is scored
What would move it up
To reach T3 Mixed, 3 gates are still open:
- Score 30needs 40(open)
- Value engine 1needs 2(open)
- Adoption 1needs 2(open)
- Supply 1gate 1(met)
Tier outlook
Stable
- Supply rises to 2 if the 4-8% dynamic-inflation proposal passes and issuance falls under 7%/yr
- Engine needs a fee-bearing Hub service from the Gauntlet Phase 2 work (H2 2026) that routes revenue to stakers
- Security and track record carry the Sep 2026 coordinated halt and state change until it ages out
- Bonded ratio versus the 67% target, which keeps inflation pinned at the 10% ceiling
Compare with
How the ranking works and how ATOM compares: see the full ranking. This entry as JSON:
GET https://tokens.10102.io/api/v1/tokenomics?symbol=ATOM