Mina Protocol (MINA)
Mina Protocol ranks #67 of 484 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #356: 289 of the 355 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 370 non-native assets CoinSpectrum lists above it by market cap, about 50% are claims on other assets, 44% are tokens, 6% are memecoins and 1% are NFT collections.
| CoinSpectrum Grade | A · 65/100 · provisional, B to A |
|---|---|
| Rank among cryptocurrencies | #67 |
| Rank counting claims | #356 |
| Market capitalisation | $66M |
| Price | $0.0510 |
| 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 10 November 2026 build. Open the live view for every exchange's price, and charts.
CoinSpectrum Grade (Source)
A — 65 out of 100, provisional (from 10 of 10 sections, 10 November 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 59 to 68 (B to A).
| Section and criteria | Score | Basis |
|---|---|---|
| Consensus | 9.1 | average of 2 criteria |
| By leader (its largest chain's market cap) (Source) | 9.1 | Proof of stake: 9.1 of 10 on the ladder of consensus families ranked by their largest chain's market cap |
| By family (all its chains' market cap) (Source) | 9.1 | Proof of stake: 9.1 of 10 on the ladder of families ranked by the combined market cap of their chains |
| Supply | 7.4 | the supply scale times 0.9, and a point for a fixed cap that holds |
| Supply (21 million scores 10) | 8.2 | no fixed maximum; 1.29 billion in circulation |
| Distribution | 7.1 | average of 3 parts |
| Holder concentration (Source) | – | Not yet measured |
| Active addresses | – | Not yet measured |
| 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 (share sold) (Source) | 7.4 | Sold by its issuer or insiders: 25.6% of supply sold. 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 |
| Decentralisation | 5.7 | average of 3 parts |
| Governance (Source) | 10 | No authority 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. source |
| No central team (Source) | 0 | A central team directs it: o1Labs develops both the OCaml daemon (Apache 2.0) and the Rust node, with the Mina Foundation funding and steering the roadmap. source |
| Who can mint (Source) | 7 | Gated by stake: any holder with enough stake can validate: access bought with coins |
| Nodes (Source) | – | Not yet counted |
| Security | 5.5 | 4.4 of 8 points source |
| Pool diversity (Largest pool 50% 0 to 20% 10, largest three 90% 0 to 50% 10; 2 points) | 7 | largest 31.7%, largest three 58.6% |
| Network activity (Transactions a day, 250 0, 500,000 or more 10; 2 points) | 0.9 | about 510 transactions a day |
| Hashrate (Own work 5, its power 1 kW 0 to 10 GW 5; 1 point) | 1 | not mined: another consensus, 1 |
| Clients (Separate code and teams 10, separate code or teams 9, a fork by the same team or a stale second 8; one client: a new version within 12 months 7, 24 months 6, none in 24 months 5, none in 48 months 3; a second in development +0.5, a second seen running +1, 8 at most with one client; chain ended 0; 1 point) | 7.5 | the OCaml daemon (o1Labs, 4.0.4, Oct 2026); the Rust node (mina-rust, o1Labs) is in public beta, v0.19.0, Jan 2026: one client 7, a second in development 0.5 |
| Open source (Node software) | ✓ | |
| No 51% attack (Nor a deep reorganisation, five years) | ✓ | |
| Scalability | 4.6 | average of 3 parts 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; 121, the median of the ten busiest, 5) | 0 | 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 (24 MB or more 10: the ten busiest networks' median demand, 16.4 MB, and half again for growth) | – | no fixed byte limit (gas, compute units or mass instead), left out |
| Features (3 checks) | 6.7 | 2 of 3 passed |
| Fast payments (Safe to accept within seconds · Whitepaper abstract, §1, §2 and §11) | ✗ | Ouroboros Samasika produces a block about every 3 minutes with probabilistic finality (290-block horizon). |
| Pruned nodes (Old history dropped, every rule checked · Whitepaper §7) | ✓ | Nodes validate with the succinct proof and recent state; full history is kept only by archive nodes. |
| Light clients (Payments verified from headers · Whitepaper §8) | ✓ | Recursive zk-SNARK: a constant-size proof lets any client verify the chain without trusting a server (mainnet 2021). |
| Privacy | 3.5 | 3.5 of 10: whitepaper privacy 3.5 of 7, extra features 0 of 3, 1 not yet researched source |
| Protocol level privacy (Keys not tied to an identity · Whitepaper §10) | 10 | Anyone can create keys and receive and send coins; the protocol carries no identity check. |
| UTXO ledger (Separate outputs, change to a new address · Whitepaper §2, §9) | 0 | An account ledger: one running balance for each address, so the remainder stays at the sending address and its payments share one public history. |
| HD addresses (A new address for each payment, unlinked · Whitepaper §10) | – | |
| Hidden amounts (Amounts confidential) | 0 | Payments are public; zkApps can build private logic but the protocol does not hide amounts. |
| Hidden parties (Sender and receiver hidden) | 0 | No sender or receiver hiding. |
| Network privacy (Origin hidden by default) | 0 | Mina daemon gossips transactions directly over libp2p. |
| Programmability | 7.8 | 7 of 9 points source |
| Token issuance (At protocol level) | 2 | Custom tokens through zkApp smart contracts, open to any account since the Berkeley hard fork of June 2024. |
| Smart contracts (General-purpose) | 2 | zkApp smart contracts (o1js) since the Berkeley hard fork of June 2024; Solis is live on mainnet as the first DEX built with the Lumina framework. |
| Multisig and time locks (Without a third party) | ✓ | Native timed (vesting) accounts with cliff and slot-based unlocks, plus zkApp proofs that can require several signatures. |
| Atomic swaps (With other chains) | ✓ | zkApps can require a hash preimage and a slot condition, expressing HTLCs. |
| Native DEX (Trades the coin itself, not a claim) | ✗ | No DEX found trading the coin itself: none on its own chain (DefiLlama), and not on THORChain, Maya, Chainflip, Komodo DeFi, BasicSwap, Bisq or Haveno (checked 2026-11-04). |
| Cross-chain messaging (Verified by the chain itself) | ✗ | No protocol messaging to other chains. |
| NFTs (Carried by the chain's rules) | ✓ | NFT zkApp contracts (MinaNFT V2 on mainnet, with many NFTs minted and traded; collection/NFT/admin standard audited in 2025). |
| Demand | 6.7 | average of 7 measures |
| Exchanges (10 or more: 10) | 10 | 30 exchanges |
| Daily volume ($10K 0, $1B or more 10) | 5.4 | $2,344,426 traded in 24 hours; #210 by volume on the exchanges the site reads (scored on the median day of the last 30, $5,014,342) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 9.6 | 6.0% of its market cap a day, median of the last 30 days |
| Order-book depth (±2% of the price ÷ market cap, 1%: 10) | 9.8 | $568,192 within 2% of the price on 9 exchanges, 0.86% of its market cap, median of the last 15 days |
| Market cap ($1M 0, $10B or more 10) | 4.5 | $66M, 4.5 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 6.6 | futures, options and margin positions 12% of its market cap |
| Wallet support (wallets that hold it, 10 or more: 10) | 1 | its own node and wallet, counted as 1: no wallet in the site's directory lists it yet |
| Record | 7.3 | average of 3 criteria |
| 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, fixes, vulnerabilities) | 8 | 3 positive, 0 negative, 1 not yet researched source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | 6,694 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. |
| Not yet researched | ||
| Shipped a security fix in two years | – | |
| Conduct (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. minaprotocol.com |
Ten sections, weighted equally, each 0 to 10: consensus (the two ladders), supply (the supply scale and a fixed cap that holds), distribution (premine, fundraising, developer share, holders), decentralisation (governance, no central team, who can mint, nodes), security, scalability, privacy, programmability (what the scripting layer can do beyond the whitepaper's payment system), demand, and record (age, development, conduct). They are built from the criteria in the second table: privacy, scalability, security and decentralisation are the Cryptocurrency Standards among them, as follows: privacy (the whitepaper's three checks a base of 7 of 10, three extra features up to 3 more), scalability (four measures and three features), security (pool diversity, network activity, hashrate, clients and two checks) and decentralisation (governance, no central team, who can mint, nodes, holders, premine, fundraising and developer share); programmability (token issuance, smart contracts and five checks) follows them, and supply and demand are two: the supply, scored against 21 million, and demand, the average of seven measures of the market and the wallets. Provisional: parts 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.
Proof of Stake coins
Ethereum ETHA+
BNB BNBA
Solana SOLA+
Pharos PROSA
peaq PEAQA
WEMIX WEMIXA
ZetaChain ZETAAAll Proof of Stake chains →Proof of Work coins
Bitcoin BTCA+
Zcash ZECA+
Dogecoin DOGEA+
Monero XMRA+
Bitcoin Cash BCHA++
Litecoin LTCA+
Ethereum Classic ETCAAll Proof of Work chains →Supply
1,293,631,020 MINA are in circulation, against no fixed cap — issuance has no defined end.
Launch and allocation
| 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.
What a regulator has said
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.
How CoinSpectrum ranks Mina Protocol
Mina Protocol is #67 among cryptocurrencies and #356 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 289 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).