Polymesh ranks #87 of 508 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #505: 418 of the 504 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 509 non-native assets CoinSpectrum lists above it by market cap, about 58% are tokens, 34% are claims on other assets and 8% are memecoins.
| CoinSpectrum Grade | C · 58/100 · provisional |
|---|---|
| Rank among cryptocurrencies | #87 |
| Rank counting claims | #505 |
| Market capitalisation | $45M |
| Price | $0.0336 |
| Circulating supply | 1,333,263,411 POLYX |
| Maximum supply | no fixed cap |
| Consensus family | Proof of Stake |
| Consensus mechanism | NPoS (BABE + GRANDPA) |
| 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 — 58 out of 100, provisional (from 16 of 17 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 54 to 61 (C 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 | 4.7 | group average, 5 of 6 measured |
| Properties (10 whitepaper checks) (Source) | 2 | 2 of 10 passed source |
| Anyone can mint (permissionless) | ✗ | NPoS (BABE + GRANDPA) |
| Limited supply | ✗ | an issuer or vote can mint outside the schedule |
| No pre-issuance or developer mint | ✗ | |
| No developer tax | ✓ | |
| No authority that can halt the chain or freeze funds | ✗ | Every account must be tied to an identity verified by a customer-due-diligence provider, and the governance council and CDD providers can revoke or freeze identities by design. |
| No central team | ✗ | The Polymesh node is developed by the Polymesh Association (originally Polymath) in the PolymeshAssociation repository. |
| Fees under one cent | ✓ | typical fee $0.0031 |
| Payments safe to accept within seconds | ✗ | Six-second BABE blocks finalised by GRANDPA after further blocks; nothing protects zero-confirmation payments. |
| UTXO ledger | ✗ | |
| Privacy built into the protocol | ✗ | |
| Scalability (fees, throughput, block time, block space) | 5.6 | average of 2 measures source |
| Fees ($0.001 or less 10, $1 or more 0) | 8.4 | typical fee $0.0031 |
| Throughput (1,000 transactions a second or more 10) | – | not yet measured |
| Block time (10 minutes 10, less either side) | 2.8 | a block every 6 seconds |
| Block space per 10 minutes (32 MB or more 10) | – | not yet measured |
| Security (9 checks) | 4.5 | 4 of 9 passed, 1 not yet measured 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% | ✓ | 1.2% |
| Largest three under 75% | ✓ | 3.61% |
| More than one maintained client | ✗ | 1 |
| Node software is open source | ✓ | The Polymesh node is developed by the Polymesh Association (originally Polymath) in the PolymeshAssociation repository. |
| Real on-chain use: 1,000+ transactions a day | – | |
| No 51% attack or deep reorganisation in five years | ✓ | |
| Decentralisation: who can mint (Source) | 7.6 | Proof of stake: 8.6 of 10 on the ladder of who produces blocks, less 1 point: block producers are admitted from a permissioned list (allow list, federation or council) |
| Decentralisation: nodes (Source) | 3.8 | 14 reachable nodes (source: Polymesh) |
| 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) | ✗ | Substrate libp2p transaction gossip with no Dandelion-style relay or built-in Tor. |
| Light clients verify payments from headers or proofs, without a trusted server | ✓ | Substrate chain with GRANDPA finality and warp sync, verifiable by smoldot-based light clients using Merkle proofs (Polkadot SDK light-client support). |
| Scalability | ||
| Pruned nodes: a full node can validate and drop old history | ✓ | Polkadot SDK node CLI: --state-pruning (default keeps 256 recent states) and --blocks-pruning discard old state and block bodies. |
| Native payment channels or instant payments | ✗ | No payment channels or protocol instant payments. |
| Security | ||
| Hidden amounts (confidential transactions, RingCT, shielded pools, Mimblewimble) | ✗ | Confidential Assets (DART) ship in Polymesh v8.0 (May 2026) but remain disabled on mainnet; transfers are public. |
| Hidden sender and receiver (ring signatures or zero-knowledge proofs, one-time or stealth addresses) | ✗ | Identities are public on chain; no stealth addresses or sender-hiding proofs are live on mainnet. |
| Issuance | 3.3 | group average |
| Premine (allocated at launch) | 0 | 100% of today's supply allocated at launch to founders, a company, a foundation or investors. POLYX was issued 1:1 for Polymath's POLY (a 1B fixed supply created and allocated by Polymath in 2018), and all later issuance goes to permissioned operators and their nominators, so there is no open minting. On a genesis-only basis it would be 1B of about 1.33B current supply, about 75%. source |
| Fundraising | 0 | Sold by its issuer or insiders: 100% of supply was theirs to sell, 17.4% sold so far. Polymath's Jan 2018 private presale sold 23% of the 1B POLY (~230M) for 120,000 ETH. POLY migrates 1:1 into POLYX, so the sale is counted. 230M / 1,321,732,665 POLYX total supply (Finary, 24 Sep 2026) = 17.4%. The 1% public airdrop and the 2% adviser grants are excluded. Polymath's Jan 2018 private presale sold about 23% of POLY for 120,000 ETH (about $58.7M at the time). The Polymesh Association was also endowed with $8M and 250M POLYX for grants. source |
| Developer share (after launch) | 10 | No developer share: every new coin goes to the miners or validators who produce blocks. No cut. Polymesh mints staking rewards to permissioned operators and their nominators on a reward curve (min 2.5%, max 14%, fixed yearly reward 140M POLYX after 1B issuance), and the runtime sets RewardRemainder = (), so unpaid remainder is not minted to the treasury; the treasury is funded from fees. source |
| Supply & Demand | 6.1 | group average |
| Supply & Demand (Source) | 6 | average of 6 measures |
| Exchanges (10 or more: 10) | 10 | 16 exchanges |
| Volume rank among the top 200 | 0 | $2,189,486 traded in 24 hours; #315 by volume on the exchanges the site reads |
| Turnover (volume ÷ market cap, 5% a day: 10) | 7.5 | 15% of its market cap a day, median of the last 2 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 9.5 | $323,998 within 2% of the price on 5 exchanges, 0.72% of its market cap, median of the last 2 days |
| Market cap ($1M 0, $10B or more 10) | 4.1 | $45M, 4.1 on a scale of 2.5 points per tenfold |
| Futures exposure (open interest ÷ market cap, less is better) | 5 | perpetual open interest 7.4% of its market cap |
| Supply (smaller is better) | 6.1 | no fixed maximum; 1.33 billion in circulation |
| Record | 8.7 | 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 2018-04-10, the first day with a recorded price (genesis not yet researched, so the age can only be understated). |
| Development (work, improvements, unfixed issues) | 8 | 3 positive, 0 negative source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | 228 commits in 12 of the last 12 months (github.com/PolymeshAssociation/Polymesh); Polymesh v8.1.2, released 2026-09-23. |
| Shipped a security fix in two years, +1 | ✓ | Polymesh v8.1.1 and v8.1.2, Sep 2026: EVM calls permission-checked against the dispatched extrinsic, precompiles reject delegatecall, portfolio/multisig permission checks hardened and freeze gaps closed. |
| Shipped a new capability for users in two years, +1 | ✓ | Polymesh v7.0, Nov 2024: asset IDs and settlement without venues; v8 mainnet, 22 Jul 2026: EVM smart contracts via the Revive pallet, ERC-20 precompile (v8.1, Aug 2026). |
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.
1,333,263,411 POLYX are in circulation, against no fixed cap — issuance has no defined end.
| Premine (allocated at launch) | 100% of today's supply |
|---|---|
| Sold by the issuer or insiders | 17.4% of today's supply |
| Developer share received since launch | 0% of today's supply |
| Developer share of new coins today | 0% |
| Nodes or validators | 14 |
| Fundraising | Private or venture funding |
POLYX was issued 1:1 for Polymath's POLY (a 1B fixed supply created and allocated by Polymath in 2018), and all later issuance goes to permissioned operators and their nominators, so there is no open minting. On a genesis-only basis it would be 1B of about 1.33B current supply, about 75%.
Polymath's Jan 2018 private presale sold about 23% of POLY for 120,000 ETH (about $58.7M at the time). The Polymesh Association was also endowed with $8M and 250M POLYX for grants.
Polymath's Jan 2018 private presale sold 23% of the 1B POLY (~230M) for 120,000 ETH. POLY migrates 1:1 into POLYX, so the sale is counted. 230M / 1,321,732,665 POLYX total supply (Finary, 24 Sep 2026) = 17.4%. The 1% public airdrop and the 2% adviser grants are excluded.
No cut. Polymesh mints staking rewards to permissioned operators and their nominators on a reward curve (min 2.5%, max 14%, fixed yearly reward 140M POLYX after 1B issuance), and the runtime sets RewardRemainder = (), so unpaid remainder is not minted to the treasury; the treasury is funded from fees.
Sources: coindesk.com · finary.com · github.com · github.com · polymesh.network · polymesh.network. 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.
Polymesh is #87 among cryptocurrencies and #505 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 418 places between Polymesh'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).