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ETH

Ethereum · L1

87 /100
T1Store-of-value grade · #2 of 77
Cash flow + moneyCould move down ↓low likelihoodReviewed Oct 23, 2026
DemandSoundnessDurability
39 of 4533 of 4015 of 15

Key facts

SupplyFloat 100% of issued supply
FDV / market cap
1.0x
$290.1B / $290.1B
Market cap
$290.1B
Price $2,375, 7d −1.8%

Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.

Assessment

Ethereum carries value on both routes: $23.0B of ETH and liquid staking tokens is posted at third-party lenders, the base collateral of the largest on-chain economy, and the base-fee burn takes ~27% of fees. Net issuance runs ~0.85%/yr with no cap, set only by hard fork. The 2014 sale was open at the insiders' price, early contributors and the EF got ~9.5% of all ETH issued, and supply is fully liquid. Over 30M ETH staked puts a finality halt above $25B, with five clients per layer and no halt in 11 years. The thin margin is supply: a smaller burn or more staking would push net issuance past 1%/yr.

How value reaches holders

EIP-1559 burns the base fee: ~27% of fees over the trailing year ($49M of $179M), ~12-14 ETH/day recently, offsetting ~2% of issuance. Priority fees and MEV (~73% of fees) go to the block proposer, and staking yield is mostly issuance. Protocol-level and credibly neutral

Score anatomy

Demand

39 / 45: the stronger of two routes, plus adoption

Why would anyone hold it: does value reach the token, and is the network or product used today?

Holder routing engine input
3

The burn is ~27% of fees (trailing year); priority fees and MEV go to the block proposer, so they count zero

Policy-set material share (25%+), or plumbing at 25-50%How this is scored

Revenue reality engine input
4
Monetary usage engine input
4

$23.0B of ETH and ETH LSTs posted at third-party lenders (Aave v3 $12.5B, Spark $5.1B, Morpho $1.2B), DefiLlama Oct 23, 2026: base collateral of the largest on-chain economy.

Base collateral of the largest on-chain economies ($10B+ posted at venues the issuer does not control), or over 30% of supply in monetary usehigh confidenceHow this is scored

Adoption ×3
5

Ethereum holds $144B of stablecoins (48% of all) and $49.6B DeFi TVL, ~8x the next chain; stablecoins -11% and TVL -40% in dollars YoY, still the default by a wide margin

Reference: the category's default by a wide margin, the venue, network or asset others are measured againsthigh confidenceHow this is scored

Two routes, the stronger counts

01234534cash flowmoney
Revenue 4, minus 1 for routing 3 = cash flow 3. Money use 4. The engine is the stronger route: 4.

Soundness

33 / 40

Can a long-term holder trust the rules: supply, float, distribution and control?

Supply discipline ×3
4

Net issuance ~0.85%/yr after base-fee burns (Oct 2026) with no cap; the issuance curve changes only by a hard fork adopted by node operators.

Under 1%/yr net without a hard cap, a hard cap with halvings issuing 1-3%/yr, or zero issuance where binding on-chain token governance could vote to mint morehigh confidenceHow this is scored

Float and unlocks ×1
5

Fully liquid: no vesting, and the Foundation holds under 0.2% of the 122.2M supply.

Fully vested, no scheduled unlockshigh confidenceHow this is scored

Distribution ×2
3

No VC; the 2014 sale (60M, 83% of genesis) was open to anyone at the insiders' price. 12M went to early contributors and the EF, ~9.5% of the ~127M ETH ever issued (burns included); the EF holds ~0.2%

Insiders received 2-10%, no organization directing over 3%high confidenceHow this is scored

Decentralization and security ×2
5

Over 30M ETH staked (>$70B), so a finality halt needs >$25B; five consensus and five execution clients in production (Lighthouse ~52% is the concentration risk); no chain halt in 11 years

Attack cost over $10B, 5+ years without a halt, and 2+ independent production clients or a single client with 10+ years without a consensus failurehigh confidenceHow this is scored

Durability

15 / 15

Is it big, proven and reachable by institutions?

Scale ×1
5

$293.2B market cap (band 5), $12.5B/day median volume (band 5), no flags.

Systemic: over $10B market cap and $500M/day+How this is scored

Track record ×1
5

11 years; the 2016 DAO fork is now more than 10 years old

10+ years with no rollback or coordinated halt in the last 10 yearshigh confidenceHow this is scored

Institutional access ×1
5

US ETFs ~$15B, including staking funds

US spot ETFs over $10B with staking or in-kindhigh confidenceHow this is scored

What keeps it at the top

Every T1 gate is met. The margins:

  • Score 87gate 80(met)
  • Value engine 4gate 4(met)
  • Adoption 5gate 4(met)
  • Supply 4gate 4(met)
  • Security 5gate 4(met)
  • Distribution 3gate 3(met)
  • Float and unlocks 5gate 3(met)
  • Track record 5gate 4(met)
  • Scale 5gate 4(met)

Tier outlook

Could move down ↓low likelihood

  • Supply falls to 3 if net issuance rises above 1%/yr as staking grows or base-fee burns shrink (~0.85% in Oct 2026)
  • Usage holds at 4 while ETH and LSTs posted at third-party lenders stay above $10B ($23.0B on Oct 23, 2026)
  • Security tested by client concentration: Lighthouse runs ~52% of consensus validators
  • Holder routing rises to 4 only if the burned share of fees passes 50% (~27% over the trailing year)

Compare with

How the ranking works and how ETH compares: see the full ranking. This entry as JSON:

GET https://tokens.10102.io/api/v1/tokenomics?symbol=ETH