{
  "modelVersion": "1.0.0",
  "snapshotVersion": "near-2026-10-28-v1",
  "operatingWindow": {
    "start": "2026-09-23",
    "end": "2026-10-22",
    "days": 30
  },
  "market": {
    "priceUsd": 4.44,
    "timestamp": "2026-10-25T06:19:54+00:00",
    "status": "historical cached; not current market price"
  },
  "monthly": [
    {
      "month": "2026-04",
      "volume": 1895540502,
      "grossFees": 3207256,
      "walletReceipts": 258740.05
    },
    {
      "month": "2026-05",
      "volume": 1995687999,
      "grossFees": 3002309,
      "walletReceipts": 619614
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    {
      "month": "2026-06",
      "volume": 2354692014,
      "grossFees": 3111812,
      "walletReceipts": 619475
    },
    {
      "month": "2026-07",
      "volume": 2205579711,
      "grossFees": 3271913,
      "walletReceipts": 504864
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    {
      "month": "2026-08",
      "volume": 2777327253,
      "grossFees": 3836975,
      "walletReceipts": 723262
    },
    {
      "month": "2026-09",
      "volume": 4803094377,
      "grossFees": 7325792,
      "walletReceipts": 1839513
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  ],
  "growth": {
    "volumePct": 56.67828813220175,
    "feesPct": 54.85566134703059,
    "receiptsPct": 104.80568193012414
  },
  "channels": [
    {
      "name": "swapkit",
      "fees_usd": 3706085.999382995,
      "share_pct": 56.81900450643439,
      "first_date": "2026-09-27 00:00:00",
      "last_date": "2026-10-26 00:00:00",
      "retrieved_utc": "2026-10-27 06:29:34"
    },
    {
      "name": "confidential intents",
      "fees_usd": 1487696.0424870495,
      "share_pct": 22.808269467127605,
      "first_date": "2026-09-27 00:00:00",
      "last_date": "2026-10-26 00:00:00",
      "retrieved_utc": "2026-10-27 06:29:34"
    },
    {
      "name": "zodl",
      "fees_usd": 562646.0937139024,
      "share_pct": 8.626079087096267,
      "first_date": "2026-09-27 00:00:00",
      "last_date": "2026-10-26 00:00:00",
      "retrieved_utc": "2026-10-27 06:29:34"
    },
    {
      "name": "Unlabelled",
      "fees_usd": 238963.00095951548,
      "share_pct": 3.6636062494637898,
      "first_date": "2026-09-27 00:00:00",
      "last_date": "2026-10-26 00:00:00",
      "retrieved_utc": "2026-10-27 06:29:34"
    },
    {
      "name": "Other",
      "fees_usd": 178422.70015301605,
      "share_pct": 2.7354465616103334,
      "first_date": "2026-09-27 00:00:00",
      "last_date": "2026-10-26 00:00:00",
      "retrieved_utc": "2026-10-27 06:29:34"
    },
    {
      "name": "vizor",
      "fees_usd": 107168.72029033037,
      "share_pct": 1.643032569168348,
      "first_date": "2026-09-27 00:00:00",
      "last_date": "2026-10-26 00:00:00",
      "retrieved_utc": "2026-10-27 06:29:34"
    },
    {
      "name": "rango",
      "fees_usd": 90676.82240217477,
      "share_pct": 1.3901908324728767,
      "first_date": "2026-09-27 00:00:00",
      "last_date": "2026-10-26 00:00:00",
      "retrieved_utc": "2026-10-27 06:29:34"
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    {
      "name": "e1a72603-64b3-4be1-8265-8bae5970d396",
      "fees_usd": 64084.33659530012,
      "share_pct": 0.9824942568538397,
      "first_date": "2026-09-27 00:00:00",
      "last_date": "2026-10-26 00:00:00",
      "retrieved_utc": "2026-10-27 06:29:34"
    },
    {
      "name": "trustwallet",
      "fees_usd": 34684.843777326205,
      "share_pct": 0.531762699305135,
      "first_date": "2026-10-23 00:00:00",
      "last_date": "2026-10-26 00:00:00",
      "retrieved_utc": "2026-10-27 06:29:34"
    },
    {
      "name": "leodex",
      "fees_usd": 29580.860145711205,
      "share_pct": 0.45351214899038755,
      "first_date": "2026-09-27 00:00:00",
      "last_date": "2026-10-26 00:00:00",
      "retrieved_utc": "2026-10-27 06:29:34"
    },
    {
      "name": "near-mobile",
      "fees_usd": 22607.49599324651,
      "share_pct": 0.3466016214770315,
      "first_date": "2026-09-27 00:00:00",
      "last_date": "2026-10-26 00:00:00",
      "retrieved_utc": "2026-10-27 06:29:34"
    }
  ],
  "baseline": {
    "modelVersion": "1.0.0",
    "snapshotVersion": "near-2026-10-28-v1",
    "inputs": {
      "volumeGrowthPct": 0,
      "grossFeeBps": 15.920109215831173,
      "receiptSharePct": 32.80748534576389,
      "costSharePct": 0,
      "purchaseSharePct": 0,
      "retentionSharePct": 100,
      "issuancePct": 2.5,
      "priceUsd": 4.44,
      "hurdlePct": 2,
      "horizonYears": 1
    },
    "volume": 51830240535,
    "grossFees": 82514309,
    "walletReceipts": 27070869.83333333,
    "purchaseBudget": 0,
    "retainedPurchases": 0,
    "issuanceNear": 32747471.4059427,
    "referenceValue": 5815950921.695424,
    "absorptionPctOfValue": 0,
    "issuanceValueAtReferencePrice": 145398773.0423856,
    "fundingOffsetPct": 0,
    "netBps": 0,
    "requiredVolume": null,
    "purchaseShareStatus": "hypothetical, not observed",
    "gasBurnNear": null,
    "netSupplyGrowthNear": null
  },
  "illustrative": {
    "modelVersion": "1.0.0",
    "snapshotVersion": "near-2026-10-28-v1",
    "inputs": {
      "volumeGrowthPct": 0,
      "grossFeeBps": 15.920109215831173,
      "receiptSharePct": 32.80748534576389,
      "costSharePct": 0,
      "purchaseSharePct": 100,
      "retentionSharePct": 100,
      "issuancePct": 2.5,
      "priceUsd": 4.44,
      "hurdlePct": 2,
      "horizonYears": 1
    },
    "volume": 51830240535,
    "grossFees": 82514309,
    "walletReceipts": 27070869.83333333,
    "purchaseBudget": 27070869.83333333,
    "retainedPurchases": 27070869.83333333,
    "issuanceNear": 32747471.4059427,
    "referenceValue": 5815950921.695424,
    "absorptionPctOfValue": 0.46545904870603383,
    "issuanceValueAtReferencePrice": 145398773.0423856,
    "fundingOffsetPct": 18.61836194824135,
    "netBps": 5.222987498013419,
    "requiredVolume": 222705910129.30972,
    "purchaseShareStatus": "hypothetical, not observed",
    "gasBurnNear": null,
    "netSupplyGrowthNear": null
  },
  "scenarios": [
    {
      "name": "No unverified purchases credited",
      "modelVersion": "1.0.0",
      "snapshotVersion": "near-2026-10-28-v1",
      "inputs": {
        "volumeGrowthPct": 0,
        "grossFeeBps": 15.920109215831173,
        "receiptSharePct": 32.80748534576389,
        "costSharePct": 0,
        "purchaseSharePct": 0,
        "retentionSharePct": 100,
        "issuancePct": 2.5,
        "priceUsd": 4.44,
        "hurdlePct": 2,
        "horizonYears": 1
      },
      "volume": 51830240535,
      "grossFees": 82514309,
      "walletReceipts": 27070869.83333333,
      "purchaseBudget": 0,
      "retainedPurchases": 0,
      "issuanceNear": 32747471.4059427,
      "referenceValue": 5815950921.695424,
      "absorptionPctOfValue": 0,
      "issuanceValueAtReferencePrice": 145398773.0423856,
      "fundingOffsetPct": 0,
      "netBps": 0,
      "requiredVolume": null,
      "purchaseShareStatus": "hypothetical, not observed",
      "gasBurnNear": null,
      "netSupplyGrowthNear": null
    },
    {
      "name": "100% of tracked receipts purchased and retained",
      "modelVersion": "1.0.0",
      "snapshotVersion": "near-2026-10-28-v1",
      "inputs": {
        "volumeGrowthPct": 0,
        "grossFeeBps": 15.920109215831173,
        "receiptSharePct": 32.80748534576389,
        "costSharePct": 0,
        "purchaseSharePct": 100,
        "retentionSharePct": 100,
        "issuancePct": 2.5,
        "priceUsd": 4.44,
        "hurdlePct": 2,
        "horizonYears": 1
      },
      "volume": 51830240535,
      "grossFees": 82514309,
      "walletReceipts": 27070869.83333333,
      "purchaseBudget": 27070869.83333333,
      "retainedPurchases": 27070869.83333333,
      "issuanceNear": 32747471.4059427,
      "referenceValue": 5815950921.695424,
      "absorptionPctOfValue": 0.46545904870603383,
      "issuanceValueAtReferencePrice": 145398773.0423856,
      "fundingOffsetPct": 18.61836194824135,
      "netBps": 5.222987498013419,
      "requiredVolume": 222705910129.30972,
      "purchaseShareStatus": "hypothetical, not observed",
      "gasBurnNear": null,
      "netSupplyGrowthNear": null
    },
    {
      "name": "Half purchased, half retained",
      "modelVersion": "1.0.0",
      "snapshotVersion": "near-2026-10-28-v1",
      "inputs": {
        "volumeGrowthPct": 0,
        "grossFeeBps": 15.920109215831173,
        "receiptSharePct": 32.80748534576389,
        "costSharePct": 0,
        "purchaseSharePct": 50,
        "retentionSharePct": 50,
        "issuancePct": 2.5,
        "priceUsd": 4.44,
        "hurdlePct": 2,
        "horizonYears": 1
      },
      "volume": 51830240535,
      "grossFees": 82514309,
      "walletReceipts": 27070869.83333333,
      "purchaseBudget": 13535434.916666664,
      "retainedPurchases": 6767717.458333332,
      "issuanceNear": 32747471.4059427,
      "referenceValue": 5815950921.695424,
      "absorptionPctOfValue": 0.11636476217650846,
      "issuanceValueAtReferencePrice": 145398773.0423856,
      "fundingOffsetPct": 4.654590487060338,
      "netBps": 1.3057468745033547,
      "requiredVolume": 890823640517.2389,
      "purchaseShareStatus": "hypothetical, not observed",
      "gasBurnNear": null,
      "netSupplyGrowthNear": null
    },
    {
      "name": "Growth with thin fees",
      "modelVersion": "1.0.0",
      "snapshotVersion": "near-2026-10-28-v1",
      "inputs": {
        "volumeGrowthPct": 50,
        "grossFeeBps": 8,
        "receiptSharePct": 32.80748534576389,
        "costSharePct": 0,
        "purchaseSharePct": 100,
        "retentionSharePct": 100,
        "issuancePct": 2.5,
        "priceUsd": 4.44,
        "hurdlePct": 2,
        "horizonYears": 1
      },
      "volume": 77745360802.5,
      "grossFees": 62196288.642,
      "walletReceipts": 20405038.281833157,
      "purchaseBudget": 20405038.281833157,
      "retainedPurchases": 20405038.281833157,
      "issuanceNear": 32747471.4059427,
      "referenceValue": 5815950921.695424,
      "absorptionPctOfValue": 0.35084612226894146,
      "issuanceValueAtReferencePrice": 145398773.0423856,
      "fundingOffsetPct": 14.03384489075766,
      "netBps": 2.624598827661111,
      "requiredVolume": 443187801533.7116,
      "purchaseShareStatus": "hypothetical, not observed",
      "gasBurnNear": null,
      "netSupplyGrowthNear": null
    },
    {
      "name": "Higher retained share",
      "modelVersion": "1.0.0",
      "snapshotVersion": "near-2026-10-28-v1",
      "inputs": {
        "volumeGrowthPct": 25,
        "grossFeeBps": 15.920109215831173,
        "receiptSharePct": 60,
        "costSharePct": 10,
        "purchaseSharePct": 100,
        "retentionSharePct": 90,
        "issuancePct": 2.5,
        "priceUsd": 4.44,
        "hurdlePct": 2,
        "horizonYears": 1
      },
      "volume": 64787800668.75,
      "grossFees": 103142886.24999999,
      "walletReceipts": 61885731.74999999,
      "purchaseBudget": 55697158.575,
      "retainedPurchases": 50127442.7175,
      "issuanceNear": 32747471.4059427,
      "referenceValue": 5815950921.695424,
      "absorptionPctOfValue": 0.861895903050145,
      "issuanceValueAtReferencePrice": 145398773.0423856,
      "fundingOffsetPct": 34.475836122005795,
      "netBps": 7.737173078893952,
      "requiredVolume": 150337878250.66537,
      "purchaseShareStatus": "hypothetical, not observed",
      "gasBurnNear": null,
      "netSupplyGrowthNear": null
    }
  ],
  "formulas": {
    "volume": "snapshot volume × 365 / 30 × (1 + growth / 100)^years",
    "grossFees": "annual volume × gross fee bps / 10,000",
    "walletReceipts": "gross fees × receipt share / 100",
    "retainedPurchases": "wallet receipts × (1 − additional cost share / 100) × purchase share / 100 × retention share / 100",
    "issuance": "snapshot supply × issuance rate / 100 (annual ceiling)",
    "absorption": "hypothetical retained purchases / (snapshot supply × reference price)",
    "requiredVolume": "reference total value × selected absorption hurdle / retained purchases per dollar of notional"
  },
  "limits": [
    "30-day annualization is a scale comparison, not forecast.",
    "Wallet receipts are not net income, independently reconciled purchases or permanent retirement.",
    "Price and supply dates differ from operating window.",
    "Supply issuance is a maximum annualized ceiling; no assumption all new tokens are sold."
  ]
}