Mina Protocol ranks #67 of 508 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #319: 252 of the 318 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 328 non-native assets CoinSpectrum lists above it by market cap, about 52% are tokens, 41% are claims on other assets and 7% are memecoins.
| CoinSpectrum Grade | B · 64/100 · provisional |
|---|---|
| Rank among cryptocurrencies | #67 |
| Rank counting claims | #319 |
| Market capitalisation | $84M |
| Price | $0.0648 |
| Circulating supply | 1,293,631,020 MINA |
| Maximum supply | no fixed cap |
| Consensus family | Proof of Stake |
| Consensus mechanism | Ouroboros Samasika |
| 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.
B — 64 out of 100, provisional (from 15 of 17 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 57 to 69 (C 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 | 5.2 | group average, 4 of 6 measured |
| Properties (10 whitepaper checks) (Source) | 3.3 | 3 of 10 passed, 1 not yet measured source |
| Anyone can mint (permissionless) | ✓ | Ouroboros Samasika |
| Limited supply | ✗ | no fixed maximum |
| No pre-issuance or developer mint | ✗ | |
| No developer tax | ✓ | |
| No authority that can halt the chain or freeze funds | ✓ | No protocol party can freeze or claw back MINA; the 2022 pause came from a bug, fixed by a hotfix. |
| No central team | ✗ | o1Labs develops both the OCaml daemon (Apache 2.0) and the Rust node, with the Mina Foundation funding and steering the roadmap. |
| Fees under one cent | – | |
| Payments safe to accept within seconds | ✗ | Ouroboros Samasika produces a block about every 3 minutes with probabilistic finality (290-block horizon). |
| UTXO ledger | ✗ | |
| Privacy built into the protocol | ✗ | zkApps can keep computation off-chain, but MINA payments are public and there is no shielded pool. |
| Scalability (fees, throughput, block time, block space) | 3.8 | average of 2 measures source |
| Fees ($0.001 or less 10, $1 or more 0) | – | not yet measured |
| Throughput (1,000 transactions a second or more 10) | 0.5 | about 1.4 simple transactions a second |
| Block time (10 minutes 10, less either side) | 7 | a block every 1.5 minutes |
| Block space per 10 minutes (32 MB or more 10) | – | no fixed byte limit (gas, compute units or mass instead), left out |
| Security (9 checks) | 5 | 5 of 9 passed source |
| Miners paid over $1 million a day | ✗ | not mined |
| Miners paid over $100,000 a day | ✗ | |
| Its own hashrate: at least half its algorithm's largest, not merge-mined | ✗ | not mined |
| Largest pool or validator under 50% | ✓ | 31.7% |
| Largest three under 75% | ✓ | 58.6% |
| More than one maintained client | ✓ | 2 |
| Node software is open source | ✓ | o1Labs develops both the OCaml daemon (Apache 2.0) and the Rust node, with the Mina Foundation funding and steering the roadmap. |
| Real on-chain use: 1,000+ transactions a day | ✗ | about 510 a day |
| No 51% attack or deep reorganisation in five years | ✓ | |
| Decentralisation: who can mint (Source) | 8.6 | Proof of stake: 8.6 of 10 on the ladder of who produces blocks |
| Decentralisation: nodes (Source) | — | Not yet counted |
| Decentralisation: holder concentration (Source) | — | Not yet measured |
| Capabilities (protocol features) | 3.3 | 2 of 6 passed source |
| Decentralisation | ||
| Network-level privacy: the node hides where a transaction came from (Dandelion++, Tor or I2P, on by default) | ✗ | Mina daemon gossips transactions directly over libp2p. |
| Light clients verify payments from headers or proofs, without a trusted server | ✓ | Recursive zk-SNARK: a constant-size proof lets any client verify the chain without trusting a server (mainnet 2021). |
| Scalability | ||
| Pruned nodes: a full node can validate and drop old history | ✓ | Nodes validate with the succinct proof and recent state; full history is kept only by archive nodes. |
| Native payment channels or instant payments | ✗ | No payment channels. |
| Security | ||
| Hidden amounts (confidential transactions, RingCT, shielded pools, Mimblewimble) | ✗ | Payments are public; zkApps can build private logic but the protocol does not hide amounts. |
| Hidden sender and receiver (ring signatures or zero-knowledge proofs, one-time or stealth addresses) | ✗ | No sender or receiver hiding. |
| Issuance | 5.9 | group average |
| Premine (allocated at launch) | 3.8 | 62.3% of today's supply allocated at launch to founders, a company, a foundation or investors. Initial distribution of 805,385,694 MINA (core contributors 23.6%, backers 20.5%, community distribution 42.3% including a 7.5% sale, Mina Foundation 6%, o1Labs 7.5%) against a current total supply of 1,293,631,020 MINA (CoinGecko, 2026-10-23). source |
| Fundraising | 3.8 | Sold by its issuer or insiders: 62.3% of supply was theirs to sell, 25.6% sold so far. Backers took 20.5% of the 1B initial distribution (205M), the April 2021 CoinList sale sold 75M at $0.25, and the March 2022 $92M ecosystem raise (3AC, FTX Ventures, undisclosed terms) at the ~$1.80 market price then is about 51M MINA. ~331M / 1,293.6M total supply (CoinGecko, 2026-10-23) = 25.6%. Pre-mainnet fundraising by o1Labs through backer rounds (convertible to tokens). A CoinList community sale (April 2021, 7.5%, non-US only). A $92M post-mainnet token sale (February to March 2022) co-led by Three Arrows Capital and FTX Ventures. source |
| Developer share (after launch) | 10 | No developer share: every new coin goes to the miners or validators who produce blocks. No cut. New MINA is the per-block coinbase (720 MINA, 1,440 when supercharged before Berkeley) paid to the block producer and passed to delegators by pools; no share goes to o1Labs, the Mina Foundation or a treasury. source |
| Supply & Demand | 6.3 | group average |
| Supply & Demand (Source) | 6.4 | average of 6 measures |
| Exchanges (10 or more: 10) | 10 | 30 exchanges |
| Volume rank among the top 200 | 1.35 | $4,203,792 traded in 24 hours; #174 by volume on the exchanges the site reads (ranked on the median day of the last 30, $8,004,497) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 9.3 | 6.7% of its market cap a day, median of the last 30 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 9.7 | $703,669 within 2% of the price on 9 exchanges, 0.84% of its market cap, median of the last 2 days |
| Market cap ($1M 0, $10B or more 10) | 4.8 | $84M, 4.8 on a scale of 2.5 points per tenfold |
| Futures exposure (open interest ÷ market cap, less is better) | 3 | perpetual open interest 13% of its market cap |
| Supply (smaller is better) | 6.2 | no fixed maximum; 1.29 billion in circulation |
| Record | 8 | group average |
| Record (origin, claims, halts) | 9 | 2 positive, 1 negative source |
| Positive record | ||
| Launched with a stated purpose, not as a joke | ✓ | |
| No claims by its founders that contradict its own design | ✓ | |
| Negative record | ||
| Halt, freeze or reversal, 2022-10-26 | ✗ | Block production paused for 2h06m after a block-production bug made producers create invalid blocks; fixed by a 1.3.1.2 hotfix and emergency soft fork pushed to block producers. |
| Age (years since genesis) (Source) | 5 | 5 full years since 2021-06-01, the first day with a recorded price (genesis not yet researched, so the age can only be understated). |
| Development (work, improvements, unfixed issues) | 10 | 4 positive, 0 negative, 1 not yet researched source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | 6,191 commits in 12 of the last 12 months (github.com/MinaProtocol/mina); Mina Mainnet Stable Hot Fix 4.0.3 released 2026-10-23 (4.0.0 Mesa 2026-09-03). |
| Shipped a scaling upgrade in two years, +1 | ✓ | Mesa hard fork, 3 Sep 2026: slot time cut to 90 s (MIP6). |
| Shipped a new capability for users in two years, +1 | ✓ | Mesa hard fork, 3 Sep 2026: zkApp state fields 8 to 32, higher event, action and account-update limits. |
| Token issuance at protocol level, validated by its own nodes, +2 | ✓ | Custom tokens through zkApp smart contracts, open to any account since the Berkeley hard fork of June 2024. |
| Not yet researched | ||
| Shipped a security fix in two years | – | |
Seventeen criteria, weighted equally. The Cryptocurrency Standards group four parts: properties (ten checks drawn from the Bitcoin whitepaper), scalability (four measures), security (nine checks) and decentralisation (three scales). 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.
1,293,631,020 MINA are in circulation, against no fixed cap — issuance has no defined end.
| Premine (allocated at launch) | 62.3% of today's supply |
|---|---|
| Sold by the issuer or insiders | 25.6% of today's supply |
| Developer share received since launch | 0% of today's supply |
| Developer share of new coins today | 0% |
| Fundraising | Private or venture funding |
Initial distribution of 805,385,694 MINA (core contributors 23.6%, backers 20.5%, community distribution 42.3% including a 7.5% sale, Mina Foundation 6%, o1Labs 7.5%) against a current total supply of 1,293,631,020 MINA (CoinGecko, 2026-10-23).
Pre-mainnet fundraising by o1Labs through backer rounds (convertible to tokens). A CoinList community sale (April 2021, 7.5%, non-US only). A $92M post-mainnet token sale (February to March 2022) co-led by Three Arrows Capital and FTX Ventures.
Backers took 20.5% of the 1B initial distribution (205M), the April 2021 CoinList sale sold 75M at $0.25, and the March 2022 $92M ecosystem raise (3AC, FTX Ventures, undisclosed terms) at the ~$1.80 market price then is about 51M MINA. ~331M / 1,293.6M total supply (CoinGecko, 2026-10-23) = 25.6%.
No cut. New MINA is the per-block coinbase (720 MINA, 1,440 when supercharged before Berkeley) paid to the block producer and passed to delegators by pools; no share goes to o1Labs, the Mina Foundation or a treasury.
Sources: minaprotocol.com · minaprotocol.com · theblock.co · docs.minaprotocol.com · minaprotocol.com · coingecko.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.
Mina Protocol is #67 among cryptocurrencies and #319 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 252 places between Mina Protocol'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).