Railgun is a token. It has no blockchain of its own and no consensus of its own — it rents both from the chain it is issued on, which is why it is listed separately from the cryptocurrencies.
| CoinSpectrum Grade | D · 42/100 · provisional |
|---|---|
| Type | Token |
| Class | Other |
| Backing | Non-backed |
| Market capitalisation | $137M |
| Price | $2.28 |
| Circulating supply | 60,000,000 RAIL |
| Issued on | 1 chain |
Market data rebuilt every six hours; this build 28 October 2026. Live prices on the ranking.
D — 42 out of 100, provisional (from 8 of 10 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 34 to 54 (E to C).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms | 4.9 | group average |
| Host chain | 7.9 | Issued on Ethereum (A, 79/100) |
| Asset class (below every coin family) | 1.8 | Tokens: below every native coin family on the consensus ladders, 0.9 of 10 by largest asset and 2.7 by combined market cap |
| Network security | 0 | No network of its own: secured by its host chain, scored above |
| Decentralisation | 3.9 | group average, 3 of 4 measured |
| Minting and supply (who can mint more) | 5.4 | RAIL's owner is the DAO Delegator, controlled by the staker Voting contract; minting up to the 100M cap happens only through proposals, with a 7-day execution delay.; no fixed maximum supply source |
| Premine (pre-issued at launch) | 1.7 | 83.3% of supply pre-issued at launch. 50M of the 60M (airdrop 25M + Foundation 25M) was issued at the Jul 2021 launch; the other 10M came from later DAO mints (7.5M sold, 2.5M staker rewards). source |
| Fundraising | 4.6 | Sold to the public or to investors: 54.17% of supply was the insiders' to sell, 12.5% sold. Jan 2022 strategic deal with DCG (and LD Capital, per Blockworks) worth USD 10M+: USD 7.2M went to the DAO treasury and USD 3M+ bought newly minted RAIL. DefiLlama also lists a USD 7M private token sale on Jul 26 2021, terms unknown. source |
| Holder concentration | — | Not yet measured |
| Supply & Demand | 6.3 | group average |
| Supply & Demand | 3.4 | average of 5 measures |
| Exchanges (10 or more: 10) | – | exchanges not yet counted |
| Daily volume ($10K 0, $1B or more 10) | 1.5 | $58,874 traded in 24 hours; #1852 by volume on the exchanges the site reads (scored on the median day of the last 2, $59,337) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 0 | 0.05% of its market cap a day, median of the last 3 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 0 | $402 within 2% of the price on 1 exchange, 0.00% of its market cap, median of the last 2 days |
| Market cap ($1M 0, $10B or more 10) | 5.3 | $137M, 5.3 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) | 9.1 | fixed maximum supply of 100 million |
| Record (origin, claims, halts) | — | Not yet reviewed |
Ten criteria, weighted equally — for a token, the host chain replaces the developer share, the asset class stands in for the consensus ladders, and who can mint more for the Cryptocurrency Standards. 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.
| Pre-issued at launch | 83.3% of supply |
|---|---|
| To team, investors and treasury | 54.17% of supply |
| Sold to the public or to investors | 12.5% of supply |
| Who can mint more | New tokens only through token-holder governance |
| Fundraising | Private or venture funding |
50M of the 60M (airdrop 25M + Foundation 25M) was issued at the Jul 2021 launch; the other 10M came from later DAO mints (7.5M sold, 2.5M staker rewards).
Jan 2022 strategic deal with DCG (and LD Capital, per Blockworks) worth USD 10M+: USD 7.2M went to the DAO treasury and USD 3M+ bought newly minted RAIL. DefiLlama also lists a USD 7M private token sale on Jul 26 2021, terms unknown.
RAIL's owner is the DAO Delegator, controlled by the staker Voting contract; minting up to the 100M cap happens only through proposals, with a 7-day execution delay.
The denominator is the current 60M supply; against the 100M cap, insiders = 32.5%. The 7.5M strategic figure has one source (Blockworks). The 2021 USD 7M private sale is not reconciled; if it sold foundation tokens, soldPct rises.
Sources: l2beat.com · coinmarketcap.com · chainwire.org · defillama.com. Researched 2026-10-23, medium confidence.
It is issued on one chain. Linked names are chains that are themselves cryptocurrencies with a page here.
CoinSpectrum counts an asset once. A token has neither its own blockchain nor its own consensus mechanism, so it fails both of the site's two conditions — it is a thing issued on a chain, and the chain is what is counted. The methodology states the rule, and the argument for it is set out in full.
Listed, not hidden. The point is that it is measured as what it is.