Constellation ranks #125 of 504 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #899: 774 of the 898 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 910 non-native assets CoinSpectrum lists above it by market cap, about 65% are tokens, 26% are claims on other assets and 9% are memecoins.
| CoinSpectrum Grade | C · 59/100 · provisional |
|---|---|
| Rank among cryptocurrencies | #125 |
| Rank counting claims | #899 |
| Market capitalisation | $19M |
| Price | $0.00484 |
| Circulating supply | 3,944,200,507 DAG |
| Maximum supply | no fixed cap |
| Consensus family | Proof of Stake |
| Consensus mechanism | Proof of Reputable Observation (Hypergraph) |
| 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.
C — 59 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 49 to 67 (D to B).
| 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) | 4.6 | group average, 10 of 13 measured |
| Sound Money Qualities (6 checks) | 8.5 | 3.4 of 4 points, 2 not yet measured source |
| Scarcity: a fixed cap that holds, and a supply near 21 million | 3.5 | no fixed maximum; 3.94 billion in circulation: supply scale 7, cap 0 |
| Durability: five years or more with no halt, freeze or reversal | ✓ | 8 full years since its first recorded price, no halt, freeze or reversal in five years |
| Fungibility: every unit interchangeable, none the protocol can freeze or set apart | ✓ | no authority can freeze, blacklist or set apart a coin |
| Divisibility: the smallest unit worth a cent or less | ✓ | 8 decimal places, the smallest unit worth $4.8e-11 |
| Portability: fees of a cent or less and capacity for real demand | – | typical fee $0 |
| Verifiability: open-source nodes and checking without a trusted server | – | node software open source |
| Privacy (5 checks) | 2 | 1 of 5 passed source |
| Whitepaper privacy: keys are not tied to an identity | ✓ | Anyone can create keys and receive and send coins; the protocol carries no identity check. |
| UTXO ledger: a new key for each payment, no account linking every coin | ✗ | |
| Network-level privacy: the node hides where a transaction came from (Dandelion++, Tor or I2P, on by default) | ✗ | Tessellation nodes gossip transactions directly; no Dandelion or built-in Tor. |
| Hidden amounts (confidential transactions, RingCT, shielded pools, Mimblewimble) | ✗ | Transfers are public. |
| Hidden sender and receiver (ring signatures or zero-knowledge proofs, one-time or stealth addresses) | ✗ | Addresses are public. |
| Scalability (fees, throughput, block time, block space, features) | 4.6 | average of 3 parts source |
| Fees ($0.001 or less 10, $1 or more 0) | 10 | typical fee $0 |
| 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) | 3.7 | a block every 10.5 seconds |
| Block space per 10 minutes (32 MB or more 10) | – | not yet measured |
| Features (3 checks) | 0 | 0 of 1 passed, 2 not yet researched |
| Payments safe to accept within seconds | ✗ | Global L0 snapshots that finalise transactions arrive about every 11 s (100,000 ordinals in 12.9 days). |
| Pruned nodes: a full node can validate and drop old history | – | Not established. |
| Light clients verify payments from headers or proofs, without a trusted server | – | Not established. |
| Security (miner pay and 7 checks) | 2.6 | 2 of 7 points, 2 not yet measured source |
| Miners paid a day ($1,000 0, $10 million or more 10), 2 points | 0 | not mined |
| Its own hashrate: at least half its algorithm's largest, not merge-mined | ✗ | not mined |
| Largest pool or validator under 50% | – | |
| Largest three under 75% | – | |
| More than one maintained client | ✗ | 1 |
| Node software is open source | ✓ | Constellation Network, Inc. maintains the only node software, Constellation-Labs/tessellation (Apache-2.0). |
| Real on-chain use: 1,000+ transactions a day | ✗ | about 185 a day |
| No 51% attack or deep reorganisation in five years | ✓ | |
| Programmability (tokens, contracts, 5 checks) | 0 | 0 of 9 points source |
| Token issuance | 0 | No token issuance on the chain itself |
| Smart contracts | 0 | The Global L0 and DAG L1 carry fixed transaction types (transfers, AllowSpend and SpendTransaction, TokenLock); programmable logic runs on metagraphs, which are separate networks. |
| Multisig and time locks | ✗ | TokenLock locks funds for a duration, but no native multisig exists; multisig wallets are a metagraph-managed use case. |
| Atomic swaps with other chains | ✗ | No hash lock on L0; token swaps through AllowSpend rely on a metagraph as delegate. |
| An exchange built into the protocol | ✗ | No exchange on the Global L0. |
| Cross-chain messaging the chain verifies itself | ✗ | Metagraphs anchor snapshots to the Hypergraph, but no messaging to external chains. |
| Non-fungible tokens | ✗ | NFTs are issued on metagraphs, not by the Global L0. |
| Decentralisation | 5.6 | section average, 5 of 8 measured |
| Censorship resistant (Source) | 10 | No authority can halt the chain or freeze funds: The Metanomics and network docs describe no freeze or blacklist power over DAG balances. source |
| No central team (Source) | 0 | A central team directs it: Constellation Network, Inc. maintains the only node software, Constellation-Labs/tessellation (Apache-2.0). 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) | 4.6 | 53.6% of today's supply allocated at launch to founders, a company, a foundation or investors. Original 4B ERC-20 allocation: partners and advisors 537.065M, private sale 730.125M, community (including the 30M airdrop) 80M, foundation 764.81M, founders 288M (burned July 2019); validator rewards pool 40% (1.6B). Insider total after the founder burn is 2,112.0M, against current supply of 3,941.1M (CoinGecko, 2026-10-23). source |
| Fundraising | 4.6 | Sold by its issuer or insiders: 53.6% of supply was theirs to sell, 18.5% sold so far. 2018 private round: 730.12M DAG at about $0.046 for about $33.7M (DropsTab; investors include MW Partners, Connect Capital, TLDR Capital, ChainRock). CoinCodex lists a $0.034 price and a hard cap of about $33.7M. source |
| Developer share (after launch) | — | Developer share: 55% of each new block reward goes to them today. Since 16 Oct 2026 (tessellation v3.6.0, epoch 2,913,350) the fixed 2%/yr emission is split Protocol wallet 30%, Stardust Treasury 10% and AI Inference 15% (both to the Stardust Collective's primary wallet), validators 10% and delegators 35%, so 55% is a cut. Under the earlier Metanomics model (from Q1 2025) the split was Protocol 30% (ramping up 6%/quarter with the Foundation taking the rest during the ramp) and Stardust Collective 5% (a 35% cut), plus a flat 3% inflation to delegators; before that, a 'Stardust tax' of 10% (7% from Aug 2024) went to the Stardust Collective out of validator rewards. The cumulative share is not established; the Metanomics period alone gives roughly 35% of ~200M variable emission = ~70M, ~1.8% of 3,941M supply, as a floor. source |
| Supply & Demand | 6.2 | group average |
| Supply & Demand (Source) | 5.4 | average of 6 measures |
| Exchanges (10 or more: 10) | 4 | 4 exchanges |
| Daily volume ($10K 0, $1B or more 10) | 2.7 | $154,368 traded in 24 hours; #1188 by volume on the exchanges the site reads (scored on the median day of the last 30, $211,557) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 5.9 | 0.84% of its market cap a day, median of the last 30 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 6.3 | $15,282 within 2% of the price on 3 exchanges, 0.08% of its market cap, median of the last 2 days |
| Market cap ($1M 0, $10B or more 10) | 3.2 | $19M, 3.2 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 10 | no futures, options or margin on the exchanges read |
| Supply (smaller is better) | 7 | no fixed maximum; 3.94 billion in circulation |
| Record | 8.3 | 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) | 8 | 8 full years since 2018-06-20, the first day with a recorded price (genesis not yet researched, so the age can only be understated). |
| Development (work, improvements, unfixed issues) | 7 | 2 positive, 0 negative source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | 728 commits in 12 of the last 12 months (github.com/Constellation-Labs/tessellation); Constellation-Labs/tessellation 3.6.1, 2026-10-20; 62 stable releases in 24 months. |
| Shipped a new capability for users in two years, +1 | ✓ | Tessellation 3.x on mainnet (2025–2026): allow-spends with global settlement (fixed in 3.5.29, Aug 2026) and metagraph tokens such as USDC.dag. |
Twenty criteria, weighted equally. The Cryptocurrency Standards have six sections: sound money qualities (six checks: scarcity, durability, fungibility, divisibility, portability, verifiability), privacy (five checks), scalability (four measures and three features), security (miner pay and seven checks), programmability (token issuance, smart contracts and five checks) and decentralisation (censorship resistance, no central team, who can mint, nodes, holders, premine, fundraising and developer share). 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.
3,944,200,507 DAG are in circulation, against no fixed cap — issuance has no defined end.
| Premine (allocated at launch) | 53.6% of today's supply |
|---|---|
| Sold by the issuer or insiders | 18.5% of today's supply |
| Developer share of new coins today | 55% |
| Fundraising | Private or venture funding |
Original 4B ERC-20 allocation: partners and advisors 537.065M, private sale 730.125M, community (including the 30M airdrop) 80M, foundation 764.81M, founders 288M (burned July 2019); validator rewards pool 40% (1.6B). Insider total after the founder burn is 2,112.0M, against current supply of 3,941.1M (CoinGecko, 2026-10-23).
2018 private round: 730.12M DAG at about $0.046 for about $33.7M (DropsTab; investors include MW Partners, Connect Capital, TLDR Capital, ChainRock). CoinCodex lists a $0.034 price and a hard cap of about $33.7M.
Since 16 Oct 2026 (tessellation v3.6.0, epoch 2,913,350) the fixed 2%/yr emission is split Protocol wallet 30%, Stardust Treasury 10% and AI Inference 15% (both to the Stardust Collective's primary wallet), validators 10% and delegators 35%, so 55% is a cut. Under the earlier Metanomics model (from Q1 2025) the split was Protocol 30% (ramping up 6%/quarter with the Foundation taking the rest during the ramp) and Stardust Collective 5% (a 35% cut), plus a flat 3% inflation to delegators; before that, a 'Stardust tax' of 10% (7% from Aug 2024) went to the Stardust Collective out of validator rewards. The cumulative share is not established; the Metanomics period alone gives roughly 35% of ~200M variable emission = ~70M, ~1.8% of 3,941M supply, as a floor.
Aggregators disagree on the supply base (3B, 3.71B or 3.89B) and on the private-sale price. Current supply (3.94B) is above the 3.712B post-burn total, so issuance has grown beyond the original model, and that new issuance is treated here as open validator rewards. soldPct = 730.12M / 3,941.1M.
Sources: github.com · github.com · docs.constellationnetwork.io · constellationnetwork.io · dropstab.com · coincodex.com. 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.
Constellation is #125 among cryptocurrencies and #899 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 774 places between Constellation'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).
See the 1 wrapped and staked claim on Constellation →