Hydration ranks #88 of 504 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #517: 429 of the 516 assets ahead of it are not native coins but tokens or claims. A token is issued on a host blockchain rather than running its own; a claim stands for an asset already counted. Of the 520 non-native assets CoinSpectrum lists above it by market cap, about 59% are tokens, 33% are claims on other assets and 8% are memecoins.
| CoinSpectrum Grade | D · 49/100 · provisional |
|---|---|
| Rank among cryptocurrencies | #88 |
| Rank counting claims | #517 |
| Market capitalisation | $43M |
| Price | $0.00728 |
| Circulating supply | 5,918,174,822 HDX |
| Maximum supply | 6,500,000,000 HDX |
| Consensus family | Proof of Stake |
| Consensus mechanism | NPoS (Polkadot parachain) |
| Ledger type | Multi-asset ledger |
| Launch distribution | Presale |
Market figures from the 28 October 2026 build. Open the live view for every exchange's price, and charts.
D — 49 out of 100, provisional (from 17 of 20 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 41 to 57 (D to C).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms (Source) | 9.1 | group average |
| Consensus: leader ladder | 9.1 | Proof of stake: 9.1 of 10 on the ladder of consensus families ranked by their largest chain's market cap |
| Consensus: family ladder | 9.1 | Proof of stake: 9.1 of 10 on the ladder of families ranked by the combined market cap of their chains |
| Cryptocurrency Standards (Source) | 3.6 | group average, 9 of 12 measured |
| Sound Money Properties (6 checks) (Source) | 6.6 | 3.3 of 5 points, 1 not yet measured source |
| Scarcity (Limited supply · 1 Store of value · Whitepaper §6) | 3.4 | fixed maximum supply of 6.5 billion, but an issuer or vote can mint outside the schedule: supply scale 6.7, cap 0 |
| Durability (Sustainability · 1 Store of value) | ✗ | 3 full years since its first recorded price, no halt, freeze or reversal in five years |
| Fungibility (Interchangeability · 3 Unit of account) | ✓ | every unit identical and worth any other |
| Portability (Scalability · 2 Medium of exchange) | – | |
| Divisibility (Flexibility · 3 Unit of account) | ✓ | 12 decimal places, the smallest unit worth $7.3e-15 |
| Verifiability (Authenticity check · 1 Store of value · Whitepaper §8) | ✓ | node software open source; light clients verify from headers or proofs |
| Scalability (fees, throughput, block time, block space, features) | — | too few measures yet source |
| Fees ($0.001 or less 10, $1 or more 0) | – | not yet measured |
| Throughput (2,478 a second, the busiest network's peak day, 10; 119, the median of the ten busiest, 5) | – | not yet measured |
| Block time (10 minutes 10, less either side) | 3.9 | a block every 12 seconds |
| Block space per 10 minutes (32 MB or more 10) | – | not yet measured |
| Features (3 checks) | 6.7 | 2 of 3 passed |
| Fast payments (Safe to accept within seconds · Whitepaper §11) | ✗ | Six-second parachain blocks finalised through Polkadot GRANDPA after further relay-chain blocks. |
| Pruned nodes (Old history dropped, every rule checked · Whitepaper §7) | ✓ | Polkadot SDK node CLI --state-pruning (default 256) and --blocks-pruning let nodes drop old state and blocks. |
| Light clients (Payments verified from headers · Whitepaper §8) | ✓ | Polkadot parachain: smoldot light clients verify relay-chain GRANDPA finality and parachain state with Merkle proofs. |
| Security (miner pay and 7 checks) | 5 | 5 of 9 points source |
| Miner pay (A day, $1,000 0 to $10 million 10; 2 points) | 0 | not mined |
| Own hashrate (Half its algorithm's largest, not merge-mined) | ✗ | not mined |
| Largest pool (Pool or validator under 50%) | ✓ | 6.67% |
| Largest three (Under 75% together) | ✓ | 20% |
| Clients (More than one maintained) | ✗ | 1 |
| Open source (Node software) | ✓ | The node is developed by the Galactic Council team in the galacticcouncil repository. |
| Real use (1,000+ transactions a day) | ✓ | about 2,880 a day |
| No 51% attack (Nor a deep reorganisation, five years) | ✓ | |
| Decentralisation | 3.1 | section average, 6 of 8 measured |
| Censorship resistant (Source) | 0 | An authority can halt the chain or freeze funds: The Technical Committee can pause transactions and pallets through the transaction-pause pallet by design. source |
| No central team (Source) | 0 | A central team directs it: The node is developed by the Galactic Council team in the galacticcouncil repository. source |
| Who can mint (Source) | 8.6 | Proof of stake: 8.6 of 10 on the ladder of who produces blocks |
| Nodes (Source) | — | Not yet counted |
| Holder concentration (Source) | — | Not yet measured |
| Premine (allocated at launch) | 0 | 100% of today's supply allocated at launch to founders, a company, a foundation or investors. HDX is non-inflationary and the whole supply (cap 10B, reduced by governance to 6.5B) is pre-allocated: LBP participants 30.5%, founders/team 12.5%, investors 10.6%, HDX crowdloan 7.6%, BSX crowdloan 1.9%, DAO treasury 5.5%, collators 3.9%, growth 27.6%. source |
| Fundraising | 0 | Sold by its issuer or insiders: 100% of supply was theirs to sell, 41.6% sold so far. Per the HDX docs, LBP participants hold 30.5% (~1.983B HDX; the 2021 Balancer LBP sold 87% of the xHDX offered for 22.9M DAI) and seed plus strategic investors 10.6% (690M; the company raised under $6M for a share of team tokens). Crowdloan rewards are not counted. 2.673B / ~6.42B total supply (2026 trackers) = 41.6%. Investors hold 10.6% (690M HDX) from private rounds; public distribution via a Liquidity Bootstrapping Pool (LBP, early 2021) in DAI and Polkadot crowdloans. Amounts raised not established here. source |
| Developer share (after launch) | 10 | No developer share: every new coin goes to the miners or validators who produce blocks. HDX has no ongoing minting: the supply was pre-allocated (cap cut to 6.5B by governance), and staking rewards come from treasury redistributions funded by buybacks (e.g. Referendum 125's 51.1M HDX), so there is no issuance to cut. source |
| Privacy | 2 | section average |
| Privacy (5 checks) | 2 | 1 of 5 passed source |
| Protocol level privacy (Keys not tied to an identity · Whitepaper §10) | ✓ | Any sr25519/ed25519 key can hold and send HDX; the Substrate balances pallet carries no identity check. |
| UTXO ledger (A new key for each payment · Whitepaper §2, §9) | ✗ | |
| Network privacy (Origin hidden by default) | ✗ | Substrate collator gossip with no Dandelion-style relay or built-in Tor. |
| Hidden amounts (Amounts confidential) | ✗ | All balances and Omnipool trades are public. |
| Hidden parties (Sender and receiver hidden) | ✗ | Accounts are public; no ring signatures or stealth addresses. |
| Programmability (tokens, contracts, 5 checks) | 3.3 | 3 of 9 points source |
| Token issuance | 0 | No token issuance on the chain itself |
| Smart contracts | 0 | Its EVM only runs contracts from addresses on a governance-controlled deployer whitelist (evm-accounts pallet), so no contract system is open to users; the runtime offers fixed pallet transactions. |
| Multisig and time locks (Without a third party) | ✓ | pallet_multisig for m-of-n accounts and orml_vesting for time-locked vested transfers are in the runtime. |
| Atomic swaps (With other chains) | ✗ | No hash-lock pallet and no user-deployable contracts, so an HTLC cannot be expressed by users. |
| Native exchange (Built into the protocol) | ✓ | Omnipool, Stableswap, XYK, LBP and OTC pallets are exchanges in the runtime itself. |
| Cross-chain messaging (Verified by the chain itself) | ✓ | Polkadot parachain with XCM (pallet_xcm, XcmpQueue, XTokens) in the runtime. |
| NFTs (Carried by the chain's rules) | ✗ | pallet_uniques is present but its CreateOrigin is NeverEnsureOrigin (standard collection creation disallowed); NFTs only represent protocol positions. |
| Supply & Demand | 4 | group average |
| Supply & Demand (Source) | 1.3 | average of 4 measures |
| Exchanges (10 or more: 10) | 1 | 1 exchange |
| Daily volume ($10K 0, $1B or more 10) | 0.2 | $12,059 traded in 24 hours; #2464 by volume |
| Turnover (volume ÷ market cap, 5% a day: 10) | 0 | 0.03% of its market cap a day |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | – | no order book on the nine exchanges read |
| Market cap ($1M 0, $10B or more 10) | 4.1 | $43M, 4.1 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | – | not measured |
| Supply (smaller is better) | 6.7 | fixed maximum supply of 6.5 billion |
| Record | 7.3 | group average |
| Record (origin, claims, halts) | 10 | 3 positive, 0 negative source |
| Positive record | ||
| Launched with a stated purpose, not as a joke | ✓ | |
| No claims by its founders that contradict its own design | ✓ | |
| No halt, freeze or reversal in five years | ✓ | |
| Age (years since genesis) (Source) | 3 | 3 full years since 2023-01-30, the first day with a recorded price (genesis not yet researched, so the age can only be understated). |
| Development (work, improvements, unfixed issues) | 9 | 4 positive, 0 negative source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | 2,020 commits in 12 of the last 12 months (github.com/galacticcouncil/hydration-node); hydration-node v54.0.1, released 2026-10-17. |
| Shipped a security fix in two years, +1 | ✓ | Hydration runtime v50.0.2, Aug 2026: security release fixing an XCM claim-assets weight issue; v54.0.0, Oct 2026: inbound XCM deposits counted against the global withdraw limit. |
| Shipped a scaling upgrade in two years, +1 | ✓ | Runtime v51.0.0 / node v49.2.3, Aug 2026: moved block production to 2-second blocks. |
| Shipped a new capability for users in two years, +1 | ✓ | Runtime v52.0.0, Sep 2026: ICE intent-based swaps and Uniswap v3 as a native router venue. |
Twenty criteria, weighted equally. The Cryptocurrency Standards have five sections: sound money (six qualities: scarcity, durability, fungibility, portability, divisibility, verifiability), scalability (four measures and three features), security (miner pay and seven checks), decentralisation (censorship resistance, no central team, who can mint, nodes, holders, premine, fundraising and developer share) and privacy (five checks); programmability (token issuance, smart contracts and five checks) follows them. Provisional: criteria marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
5,918,174,822 of a maximum 6,500,000,000 HDX are in circulation — 91.0% of the total that will ever exist.
| Premine (allocated at launch) | 100% of today's supply |
|---|---|
| Sold by the issuer or insiders | 41.6% of today's supply |
| Developer share received since launch | 0% of today's supply |
| Developer share of new coins today | 0% |
| Fundraising | Public sale |
HDX is non-inflationary and the whole supply (cap 10B, reduced by governance to 6.5B) is pre-allocated: LBP participants 30.5%, founders/team 12.5%, investors 10.6%, HDX crowdloan 7.6%, BSX crowdloan 1.9%, DAO treasury 5.5%, collators 3.9%, growth 27.6%.
Investors hold 10.6% (690M HDX) from private rounds; public distribution via a Liquidity Bootstrapping Pool (LBP, early 2021) in DAI and Polkadot crowdloans. Amounts raised not established here.
Per the HDX docs, LBP participants hold 30.5% (~1.983B HDX; the 2021 Balancer LBP sold 87% of the xHDX offered for 22.9M DAI) and seed plus strategic investors 10.6% (690M; the company raised under $6M for a share of team tokens). Crowdloan rewards are not counted. 2.673B / ~6.42B total supply (2026 trackers) = 41.6%.
HDX has no ongoing minting: the supply was pre-allocated (cap cut to 6.5B by governance), and staking rewards come from treasury redistributions funded by buybacks (e.g. Referendum 125's 51.1M HDX), so there is no issuance to cut.
Sources: docs.hydradx.io · hydration.substack.com · hydration.substack.com · docs.hydration.net · hydration.subsquare.io · docs.hydration.net. Researched 2026-10-24, medium confidence.
No SEC/CFTC determination — unclassified.
The regulator's position, reported as stated, not CoinSpectrum's. Assets nobody has ruled on are left unclassified rather than sorted by a guess.
Hydration is #88 among cryptocurrencies and #517 in the market ranking, which lists wrapped coins, staked derivatives, stablecoins and tokens alongside them. CoinSpectrum counts an asset once, and counts only cryptocurrencies: assets with their own blockchain and their own consensus. A wrapped coin, a staked derivative or a stablecoin is a claim on something already counted; a token, memecoin or otherwise, runs on another chain's blocks. All of them are listed, each in its own section, and none is added to the total. The 429 places between Hydration's two ranks are held by claims and tokens, not by other networks. The methodology sets out the rule and the counting rule argues for it.
The price above is the median of the exchanges the site reads live, checked every minute and cross-checked against a market snapshot (how market data is gathered). The grade is scored on published criteria, each with its source (the method). The site is independent, nothing on it is a paid placement, and its statements are signed (about CoinSpectrum, the manifesto).