Polymesh (POLYX)
Polymesh ranks #86 of 484 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #500: 414 of the 499 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 510 non-native assets CoinSpectrum lists above it by market cap, about 48% are tokens, 44% are claims on other assets, 7% are memecoins and 1% are NFT collections.
| CoinSpectrum Grade | B · 62/100 · provisional, B to A |
|---|---|
| Rank among cryptocurrencies | #86 |
| Rank counting claims | #500 |
| Market capitalisation | $40M |
| Price | $0.0302 |
| Circulating supply | 1,338,044,398 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 10 November 2026 build. Open the live view for every exchange's price, and charts.
CoinSpectrum Grade (Source)
B — 62 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 57 to 66 (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; 1.34 billion in circulation |
| Distribution | 6.1 | average of 3 parts |
| Holder concentration (Source) | – | Not yet measured |
| Active addresses | – | Not yet measured |
| 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 (share sold) (Source) | 8.3 | Sold by its issuer or insiders: 17.4% of supply sold. 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 |
| Decentralisation | 1.5 | average of 4 parts |
| Governance (Source) | 0 | An authority 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. source |
| No central team (Source) | 0 | A central team directs it: The Polymesh node is developed by the Polymesh Association (originally Polymath) in the PolymeshAssociation repository. source |
| Who can mint (Source) | 2 | Gated by registration: producers admitted by name, licence or company registration: an allow list, federation, council or proof of authority |
| Nodes (Source) | 3.8 | 14 reachable nodes (source: Polymesh) |
| Security | 8 | 4.8 of 6 points, 2 not yet measured source |
| Pool diversity (Largest pool 50% 0 to 20% 10, largest three 90% 0 to 50% 10; 2 points) | 10 | largest 1.2%, largest three 3.61% |
| Network activity (Transactions a day, 250 0, 500,000 or more 10; 2 points) | – | |
| 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 | one client, latest version Sep 2026 |
| Open source (Node software) | ✓ | |
| No 51% attack (Nor a deep reorganisation, five years) | ✓ | |
| Scalability | 6 | average of 3 parts source |
| Fees ($0.001 or less 10, $1 or more 0) | 8.4 | typical fee $0.0031 |
| Throughput (2,478 a second, the busiest network's peak day, 10; 121, the median of the ten busiest, 5) | – | not yet measured |
| Block time (10 minutes 10, less either side) | 2.8 | a block every 6 seconds |
| Block space per 10 minutes (24 MB or more 10: the ten busiest networks' median demand, 16.4 MB, and half again for growth) | – | not yet measured |
| Features (3 checks) | 6.7 | 2 of 3 passed |
| Fast payments (Safe to accept within seconds · Whitepaper abstract, §1, §2 and §11) | ✗ | Six-second BABE blocks finalised by GRANDPA after further blocks; nothing protects zero-confirmation payments. |
| Pruned nodes (Old history dropped, every rule checked · Whitepaper §7) | ✓ | Polkadot SDK node CLI: --state-pruning (default keeps 256 recent states) and --blocks-pruning discard old state and block bodies. |
| Light clients (Payments verified from headers · Whitepaper §8) | ✓ | Substrate chain with GRANDPA finality and warp sync, verifiable by smoldot-based light clients using Merkle proofs (Polkadot SDK light-client support). |
| 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 | Since Polymesh v7.3 (July 2025) the chain no longer enforces a DID or CDD claim for POLYX transfers and staking; CDD still applies to asset tokens. |
| 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 | Confidential Assets (DART) ship in Polymesh v8.0 (May 2026) but remain disabled on mainnet; transfers are public. |
| Hidden parties (Sender and receiver hidden) | 0 | Identities are public on chain; no stealth addresses or sender-hiding proofs are live on mainnet. |
| Network privacy (Origin hidden by default) | 0 | Substrate libp2p transaction gossip with no Dandelion-style relay or built-in Tor. |
| Programmability | 5.6 | 5 of 9 points source |
| Token issuance | 0 | No token issuance on the chain itself |
| Smart contracts (General-purpose) | 2 | Solidity contracts on pallet-revive (EVM bytecode and PolkaVM) since the v8.0 release in 2025, replacing the ink! contracts pallet that ran from v5.0; accounts need a CDD-verified identity. |
| Multisig and time locks (Without a third party) | ✓ | Native MultiSig pallet for m-of-n signer accounts; time-locked spending is expressible in Revive contracts. |
| Atomic swaps (With other chains) | ✓ | Hash- and time-locked contracts can be written in Solidity on pallet-revive; no live Polymesh swap implementation was found. |
| 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 cross-chain messaging in the runtime; the old bridge pallet's storage was removed in v7.3.0. |
| NFTs (Carried by the chain's rules) | ✓ | Native NFT pallet since the 5.3 release, with an ERC-721 precompile added in v8.1.1. |
| Demand | 6.3 | average of 7 measures |
| Exchanges (10 or more: 10) | 10 | 17 exchanges |
| Daily volume ($10K 0, $1B or more 10) | 4 | $553,377 traded in 24 hours; #650 by volume on the exchanges the site reads (scored on the median day of the last 14, $965,839) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 8.3 | 2.4% of its market cap a day, median of the last 15 days |
| Order-book depth (±2% of the price ÷ market cap, 1%: 10) | 9.4 | $263,935 within 2% of the price on 5 exchanges, 0.65% of its market cap, median of the last 15 days |
| Market cap ($1M 0, $10B or more 10) | 4 | $40M, 4 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 7.6 | futures, options and margin positions 5.9% 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 | 8.7 | average of 3 criteria |
| 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, fixes, vulnerabilities) | 8 | 3 positive, 0 negative source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | 295 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). |
| Conduct (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 | ✓ | |
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+
Nano XNOA
Ontology ONTA
Concordium CCDB
Hydration HDXBAll 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
1,338,044,398 POLYX are in circulation, against no fixed cap — issuance has no defined end.
Launch and allocation
| 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.
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 Polymesh
Polymesh is #86 among cryptocurrencies and #500 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 414 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).