Spacemesh (SMH): tokenomics, risks and score
A proof of space chain designed so that ordinary home computers remain competitive, with no pre-mine and no investor allocation at launch.
What Spacemesh is, and what it does
This is a base blockchain. It runs and secures its own network, and its token is what you pay to use that network and what secures it.
What the SMH token itself does: It captures no protocol revenue. Any value rests on governance rights, on speculation, or on a change that has not happened yet.
Where it runs: Spacemesh. Mechanism: Proof of space and time with a mesh structure. It has been running since 2023, so roughly 3 years.
The facts
- TICKER
- SMH
- SECTOR
- Layer 1
- CHAIN
- Spacemesh
- LAUNCHED
- 2023, so around 3 years of operating history
- MECHANISM
- Proof of space and time with a mesh structure
- MAXIMUM SUPPLY
- 2.4 billion
- VALUE CAPTURE
- None
- UPGRADE CONTROL
- Immutable
- VESTING
- In progress
- LIQUIDITY BAND
- Micro cap. Thin, often a single venue or pool. Treat the quoted price as indicative only.
How the score breaks down
Each dimension is explained on the directory page, and the reasoning behind it is taught in the Academy research process.
Supply and value capture
A hard maximum supply that cannot be raised without the agreement of essentially every participant. The token captures no protocol revenue. Any value rests on governance rights, speculation, or future changes that have not happened yet.
Contracts are immutable and there is no admin key. Nobody can change the rules after the fact. Supply is spread widely across many holders.
Where it is strong and where it is not
- Supply is capped, so holders are not diluted indefinitely
- Immutable contracts with no admin key to abuse
- Audited, with published reports
- Fully open source, so the code can be independently reviewed
- The token captures no protocol revenue, so its value rests on sentiment
- Thin liquidity. Check order book depth before assuming you can exit
Incident history
No major exploit, collapse or regulatory action on record against this asset.
Our read
The main risk
No smart contract ecosystem and minimal adoption despite a principled launch and design.
Before you buy anything
Check the contract address against the project's own documentation rather than a search result or a screener link, since impersonation tokens with identical names and logos are listed constantly. Check the order book depth before assuming you can exit at the quoted price. And write down what would make you wrong before you buy, not after. The Academy thesis module covers why that single habit protects more capital than any indicator.