CKB
Nervos Network · RISC-V L1 (CKB-VM since 2019)
Capped at T5: fading security. CKB 30-day hashrate is 88 TH/s, 80% under its Jan 2025 peak of 445 TH/s and 65% below a year ago, falling almost every month since early 2025: a textbook sustained decline.
Key facts
- Circulating 49.76B, 98%
- Locked or unvested 859.4M, 2%
- No cap: supply can keep growing, see Supply discipline
Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.
Assessment
Nervos has no material value engine: CKB pays its own network's fees, and NervosDAO deposits (~16.5% of supply) work like staking, sheltering lockers from secondary issuance rather than serving as money. Total issuance runs ~5.2% a year in 2026 (3.18% base plus 2.03% secondary) with no cap, since secondary issuance never ends. Float is 98%, and insiders got 53% of the 2019 genesis, ~29% of all CKB ever issued, beside an open 21.5% CoinList sale. Eaglesong hashrate rents for ~$374 an hour and F2Pool mines ~38%, so halting the chain for six hours costs far under $10M.
How value reaches holders
Sophisticated but demand-starved: base issuance halves ~every 4 years (next ~2027) + fixed 1.344B CKB/yr secondary issuance funding state rent. ~72% of the treasury share of secondary issuance is burned today; total issuance ~5.2%/yr in 2026 (3.18% base + 2.03% secondary; supply 50.21B to 50.59B Aug-Oct), of which NervosDAO shelters lockers from the secondary part only. DAO 1.1 treasury governance live Feb 2026
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?
Approved or designed but inert, indirect sinks only, or flows into a treasury or endowment
Under $0.5M/yr, or emissions-subsidized only
Pays CKB fees; NervosDAO deposits (~16.5% of supply) shelter holders from secondary issuance, a staking-like role (panel 1).
Pays its own network's fees (gas never counts higher, whatever the size of the economy)high confidenceHow this is scored
RGB++ and Fiber failed to gain adoption and activity fell ~70% YoY: negligible use
Marginal or fading: negligible use for its size, usage down 60%+ year on year, or a lost forkmedium confidenceHow this is scored
Two routes, the stronger counts
Soundness
15 / 40Can a long-term holder trust the rules: supply, float, distribution and control?
~5.2%/yr total issuance in 2026 (3.18% base + 2.03% secondary) with no cap: secondary issuance never ends.
3-7%/yr net growth without a hard caphigh confidenceHow this is scored
Float 98% (49.75B of 50.61B); genesis vesting completed years ago.
Fully vested, no scheduled unlockshigh confidenceHow this is scored
Team, private sale, ecosystem fund, partners and the Foundation got 53% of the 2019 genesis, ~29% of all CKB ever issued (incl. genesis and treasury burns); the 21.5% CoinList sale was open
Insiders received 25-50%, or one organization directs 10-30%high confidenceHow this is scored
~103 PH/s of Eaglesong rents for ~$374 an hour (crypto51) and F2Pool mines ~38%, so a 6-hour attack costs far below $10M
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
6 / 15Is it big, proven and reachable by institutions?
$75.0M market cap (band 2), $3.4M/day median volume (band 2), no flags.
Small: $50-250M market cap and $1M/day+How this is scored
Mainnet Nov 16, 2019 (6.9 years) and fell over 95% from its 2021 high (panel 3).
5-8 years and survived an 80%+ drawdownhigh confidenceHow this is scored
Spot on Binance and Upbit; no ETP, trust or US filing; DAXA caution in Korea (panel 1).
Top-tier exchanges only, or delisting pressurehigh confidenceHow this is scored
What would move it up
Capped at T5: fading security. CKB 30-day hashrate is 88 TH/s, 80% under its Jan 2025 peak of 445 TH/s and 65% below a year ago, falling almost every month since early 2025: a textbook sustained decline. The cap lifts only if the condition reverses; the gates below apply after that.
To reach T4 Speculative, every gate is met.
- Supply 2gate 1(met)
Tier outlook
Stable
- Engine needs measurable monetary use: third-party collateral, or payments through Fiber Network or RGB++
- Supply stays at 2 after the ~2027 base-issuance halving (base ~3.18% to ~1.6%, secondary 2.03% unchanged)
- Security rises if Eaglesong hashrate grows enough to lift a 6-hour attack cost past $10M
- Access: the Korean DAXA caution notice and the Upbit CKB/KRW market
- Materiality: a market cap under $50M (~$75M at review) moves it to the emerging list
Compare with
How the ranking works and how CKB compares: see the full ranking. This entry as JSON:
GET https://tokens.10102.io/api/v1/tokenomics?symbol=CKB