BTC · Bitcoin
⚠ Bitcoin's biggest leak is its ~0.82%/yr issuance flowing to miners (who structurally sell to cover costs); every other channel — MEV, unlocks, issuer capture — is minimal.
→ The issuance flow (~450 BTC/day) is received by miners in proportion to hashrate, so a participant is on the receiving side only by mining (directly or via hosted hashrate); there is no staking yield in the protocol.
Dilution (issuance) 2026-06
~0.82%/yr issuance (3.125 BTC/block, ~450 BTC/day); falls to ~0.40%/yr at the next halving, ETA 13 Apr 2028; no burn mechanism
Live network stats: block subsidy 3.125 BTC post April-2024 halving, ~20.04M of 21M mined (95.43%), 450 BTC generated/day, stated 'Bitcoin inflation rate per annum: 0.82%' (page fetched June 2026)
Trading burden 2026-06
0.10% standard spot taker/maker fee on Binance (25% discount if paid in BNB); liquidity depth class: deep (lowest expected slippage of any crypto asset)
Binance official fee FAQ: 'Each trade carries a standard fee of 0.1% for regular users'; depth class is an analyst classification — BTC is the largest-cap, most-traded crypto asset, so large orders move price least
MEV / ordering 2026-06
No DeFi-style sandwich/front-run economy on-chain; residual ordering games limited to fee-rate auctions, miner mempool policies and out-of-band transaction routes to pools (no $ figure documented)
Bitcoin's UTXO model and non-stateful Script give no native DEX trades to sandwich; documented MEV-like dynamics are miners/pools choosing inclusion via fee signals, mempool policy (e.g. mempoolfullrbf=1 default in Core), package relay, and direct-to-pool submission
Insiders / unlocks 2026-06
Structural sell-pressure = miner issuance: ~450 BTC/day (~$27.7M/day at the source page's quoted price, June 2026); no team/VC/foundation unlock schedules exist
All new supply goes to miners, who sell some portion to cover fiat-denominated costs; bitcoinblockhalf.com documents 450 BTC/day and the USD inflation/day figure; no entity holds a vesting contract — issuance is the only scheduled new supply
Issuer capture 2026-06
No issuer: issuance is controlled by network consensus rules, not by any company or foundation
Self-custodied bearer asset; bitcoinblockhalf.com: 'The network itself controls the issuance of Bitcoins, derived by consensus through all Bitcoin participants.' (Holders who opt into ETFs/custodians pay those products' fees, but that is venue choice, not an asset-level leak)
ETH · Ethereum
⚠ Ethereum's biggest leak is MEV — a mature sandwich/arbitrage ordering economy on L1 that degrades trader execution, while dilution is nearly zero (~+0.23%/yr).
→ MEV payments and priority fees flow to validators via MEV-Boost builder bids, so ETH stakers (solo, pooled, or via staking services earning ~3.5-4.5% APY) are the documented receiving side of both issuance and MEV flows.
Dilution (issuance) 2026-04
~+0.23%/yr net supply growth (≈1,700 ETH/day issued to stakers vs low EIP-1559 burn); total supply ~121.77M ETH (June 2026); ~4.6M ETH burned cumulatively since Aug 2021
Post-Merge issuance (~90% below PoW era) minus EIP-1559 base-fee burn; burn collapsed after Dencun (Mar 2024) moved activity to L2s, turning net issuance slightly positive (~+950k ETH since the Merge); Fusaka (Dec 2025, EIP-7918) added a blob-fee burn floor; supply figure read from ultrasound.money (fetched June 2026), rate and burn totals from April 2026 supply review citing Ultrasound Money/Glassnode/ethereum.org
Trading burden 2026-06
CEX: 0.10% standard spot fee (Binance); DEX: Uniswap v3 fee tiers 0.05%/0.30%/1% (plus 0.01% tier), v2 flat 0.30%, with protocol fee (~1/6 of swap fee) active on v2 and select v3 pools since Dec 2025; depth class: deep
Binance official fee FAQ; Uniswap official developer docs including post-UNIfication LP/protocol fee split table (e.g. 0.05% tier = 0.0375% LP + 0.0125% protocol); depth class is an analyst classification — ETH is the second-deepest crypto market
MEV / ordering 2026-06
Mature MEV economy on L1: sandwich trading, DEX arbitrage and liquidations extracted via the PBS/MEV-Boost builder market; sandwiched users face 'increased slippage and worse execution' (ethereum.org); aggregate $ rate not stated on official page
ethereum.org MEV documentation (page updated Feb 2026): searchers/builders/relays auction ordering rights, validators capture most MEV via MEV-Boost bids; competitive arbitrage searchers pay up to ~90%+ of MEV revenue to validators; sandwich attacks are an explicitly documented harm to traders
Insiders / unlocks 2026-04
No vesting/unlock schedules outstanding; genesis (2014 ICO + founder) allocations fully distributed years ago; Ethereum Foundation treasury moves are small and recently net-staking (deposited 22,517 ETH ≈ $46M to the Beacon Chain on 30 Mar 2026)
No ongoing contractual unlocks exist for ETH; the only candidate entity (EF) was documented staking rather than selling in 2026; >30% of supply (~36-37M ETH) is locked in staking, reducing liquid float
Issuer capture 2026-06
No issuer: monetary policy set by open-source protocol upgrades (EIP process), supply auditable on-chain
Self-custodied L1 asset; issuance to validators and burn are protocol rules (EIP-1559, post-Merge PoS), verifiable in real time per ethereum.org
SOL · Solana
⚠ Solana's biggest leak is dual: ~4.18%/yr inflation that fully dilutes anyone not staking, plus a high-intensity sandwich-MEV economy (~$13M/month documented from a single operator) hitting active traders.
→ Both flows are capturable: staking SOL earns the inflation issuance (net of validator commission), and delegating to Jito-client validators (e.g. via JitoSOL) additionally distributes Jito MEV tips — the same tips sandwich and arbitrage bots pay — back to stakers.
Dilution (issuance) 2026-04
~4.18%/yr current staking-reward inflation (Apr 2026), on a fixed schedule: 8% initial, -15% disinflation/yr, 1.5% terminal floor; 50% of each transaction fee is burned (partial offset)
Official Solana docs define the schedule parameters (8% / -15% / 1.5%); the 4.18% current-rate figure is from an April 2026 exchange-research explainer (no official live-rate page was fetchable); SIMD-0228 (dynamic emissions) was rejected in Mar 2025 and successor proposals SIMD-0411/SIMD-0550 (double disinflation) were still under governance discussion, not enacted, as of June 2026 — the leak hits non-stakers in full, while stakers are largely compensated
Trading burden 2026-06
CEX: 0.10% standard spot fee (Binance); DEX: Raydium swap fees split 84% LP / 12% RAY buyback / 4% treasury (CLMM & CPMM; standard AMM 88/12); headline pool fee rates (commonly ~0.25% standard, 0.01-1% CLMM tiers) unverified on the official page fetched; depth class: deep on majors
Binance official fee FAQ verified; Raydium official protocol-fees doc verifies the fee split but does not list per-pool swap-fee percentages, so the widely-cited 0.25% standard rate is marked unverified; depth class is an analyst classification — SOL is a top-5 asset by volume
MEV / ordering 2025-01
Documented sandwich economy: one private-mempool operator (DeezNode) executed 1.55M sandwich transactions for 65,880 SOL profit (~$13.4M, ~2,200 SOL/day) in 30 days (Dec 2024-Jan 2025), paying 22,760 SOL in Jito tips; Jito tip volume grew through 2024 (daily bundles 2M → 24M peak)
Helius 'Solana MEV Report' (Jan 2025): no native global mempool, so MEV runs through Jito's block-engine auction (used by >90% of stake) and private mempools; Jito suspended its public mempool in Mar 2024 to curb sandwiching, but attacks continued via private infrastructure; memecoin traders with high slippage tolerance are the most exposed
Insiders / unlocks 2026-06
~61.3% of tracked supply unlocked; ~15.4M SOL (≈3.1% of FDV, ≈$1.0B) still locked, dominated by Alameda/FTX bankruptcy tranches on 72-month linear vesting into 2028 (recent tranches: ~472,602 SOL ≈ $30.5M and ~164,383 SOL ≈ $10.6M per monthly event); initial allocation was insider-heavy (Seed 13.3%, Team 12.8%, Founding round 9.8%, Foundation 8.6%)
DropsTab SOL vesting tracker (fetched June 2026; tracker itself notes data may be incomplete): team and foundation tranches fully unlocked, residual scheduled supply is the FTX/Alameda estate flow; historical VC/insider allocation percentages from the same tokenomics page
Issuer capture 2026-06
No issuer: issuance follows the protocol inflation schedule; Solana Foundation funds grants but does not control supply policy unilaterally (changes require SIMD governance votes)
Self-custodied L1 asset; inflation parameters are protocol-level (solana.com docs) and the failed SIMD-0228 vote demonstrates supply policy is gated by validator governance, not a company
BNB · BNB
⚠ BNB's biggest leak is issuer/concentration risk — value and liquidity depend on Binance as quasi-issuer and dominant holder — while supply itself is a reverse leak (deflationary, ~4%/yr burned).
→ The burn accrues pro-rata to every BNB holder automatically (no action needed), and on-chain participants can additionally receive BSC gas fees and PBS builder payments by running or delegating to BNB Chain validators via native staking.
Dilution (issuance) 2026-04
Deflationary: 35th quarterly Auto-Burn destroyed 1,569,307.34 BNB (~$1.02B) on 15 Apr 2026, leaving total supply 134,786,916.53 BNB en route to a 100M target; 2026 burns annualize to roughly -4%/yr of supply (computed: ~1.37M Q1 + ~1.57M Q2 burns ≈ ~5.9M/yr ÷ ~135M), plus BEP-95 real-time gas-fee burn
Official BNB Chain burn announcement (Auto-Burn formula based on BNB price and BSC blocks produced, 'independent of the Binance centralized exchange'); Q1 2026 burn of ~1.37M BNB (~$1.28B) reported separately; the annualized percentage is our calculation from those documented burn amounts, not a published rate
Trading burden 2026-06
0.10% standard spot fee on Binance, reduced 25% (to 0.075%) when fees are paid in BNB; depth class: deep on Binance itself, but venue-concentrated — liquidity off-Binance is materially thinner (analyst classification)
Binance official fee FAQ documents the 0.1% standard fee and the 25% BNB-payment discount; single-venue concentration of BNB volume is a structural depth caveat rather than a sourced number
MEV / ordering 2026-06
Active MEV market on BNB Smart Chain, formalized since 2024 via BEP-322 (Builder API / PBS model): searchers bundle arbitrage, liquidation and sandwich opportunities, builders bid, validators take the most profitable block; no official aggregate $ figure published
Official BNB Chain validator docs describe MEV and PBS on BSC, including searcher→builder→proposer profit flow and the goal of making profit distribution transparent; 3-second blocks and a permissioned-ish validator set reduce, but do not remove, ordering extraction
Insiders / unlocks 2025-08
No remaining team vesting (burns replaced the old profit-burn schedule), but extreme holder concentration: top ~11 wallets control >55% of supply, including one whale at ~29.9M BNB (~19.9%), the BSC Token Hub bridge (~26M), and tagged Binance wallets (e.g. Binance 7 ≈ 17.2M, 11.4%)
CCN BNB rich-list analysis (2025) of BscScan on-chain data; leak is concentration/overhang risk — a single large holder selling would be absorbed by comparatively thin non-Binance liquidity — rather than scheduled unlock events
Issuer capture 2026-04
BNB is structurally tied to Binance as quasi-issuer: created by Binance's 2017 ICO for fee discounts, Binance-controlled wallets remain among the largest holders, and regulators have raised concerns about 'centralized token control... when the issuer (Binance) holds such a dominant position'
CCN rich-list documents Binance as 'the ultimate kingmaker' of the ecosystem and the 2023-24 regulatory aftermath; mitigant: the Auto-Burn is stated by BNB Foundation to be formula-driven and 'independent of the Binance centralized exchange' — but utility, listing and much of demand still route through one company
USDT · Tether
⚠ USDT's biggest leak is issuer capture: the roughly 4%-yielding T-bill reserve stack behind ~$183B of tokens generated ~$1.04B of profit for Tether's private shareholders in Q1 2026 alone, while holders earn nothing.
→ That flow goes to Tether's shareholders (Tether International, S.A. de C.V.); a participant holding dollars can be on the receiving side of the same underlying yield by holding T-bills, money-market funds, or tokenized treasury products directly instead of a non-interest-bearing stablecoin.
Dilution (issuance) 2026-03
No price dilution (USD-pegged); supply grew to ~183B USDT outstanding as of 31 Mar 2026, with >5B USDT added in April 2026 alone
Stablecoin issuance is demand-driven minting against reserves, so supply growth does not dilute the $1 claim per token. Tether Q1 2026 BDO attestation states token-related liabilities of US$183,438,487,810 as of 31 Mar 2026; CEO statement in same release cites >5B USDT net issuance in April 2026.
Trading burden 2026-06
Binance spot fee 0.10%/0.10% maker/taker for regular users (0.075% with BNB discount; USDC pairs 0.095% taker); USDT pairs are the deepest liquidity class in crypto
Binance published spot fee schedule (fetched June 2026). USDT is the dominant quote asset on most centralized exchanges; spreads on major USDT pairs are typically at or near minimum tick. Liquidity depth class statement is structural (USDT is the default quote currency), not a single measured figure.
MEV / ordering 2026-06
Inherited exposure: Ethereum sandwich attacks caused ~$60M/yr trader losses (Nov 2024-Oct 2025, EigenPhi data; ~12% of sandwiches hit stable swaps); Tron, where most USDT moves, has no public mempool under DPoS
USDT circulates mainly on Tron and Ethereum. Ethereum figures from Cointelegraph Research/EigenPhi dataset of 95,000+ sandwich attacks (monthly extraction fell from ~$10M late 2024 to ~$2.5M by Oct 2025). On Tron, transactions go to Super Representatives rather than a public mempool, structurally limiting mempool MEV; bot activity is reported but no verified extraction figure exists. Most USDT volume is transfers/CEX flow, not DEX swaps, so per-holder exposure is low.
Insiders / unlocks 2026-05
No insider unlock schedule (no token to unlock); freeze power is the structural risk: ~$514.64M USDT frozen across 370 addresses in 30 days to 8 May 2026 (328 on Tron), cumulative freezes >$4.2B
Tether can blacklist addresses at the contract level and does so routinely with law enforcement and its T3 Financial Crime Unit; Tether press release documents a single coordinated freeze of >$344M with OFAC/US law enforcement. 30-day and cumulative figures from crypto.news/Cryptotimes reporting of on-chain blacklist data (May 2026).
Issuer capture 2026-03
Tether net profit ~$1.04B in Q1 2026 alone on ~$183B float (~2.3% annualized retained); >$10B profit reported for Q1-Q3 2025; holders receive 0% of reserve yield
Q1 2026 BDO-attested figures: $1.04B net profit, total assets $191.77B incl. ~$141B US T-bill exposure, ~$20B gold, ~$7B bitcoin, $8.23B excess reserves. The entire yield on reserves backing USDT accrues to Tether's shareholders; USDT pays no interest. 2025 profit figure from Tether's Q1-Q3 2025 attestation announcement (includes mark-to-market gains on gold/BTC).
USDC · USD Coin
⚠ USDC's biggest leak is issuer capture with a distribution twist: roughly $653M of quarterly reserve yield is generated on holders' dollars, of which ~62% ($407M in Q1 2026) is paid out as distribution costs - mostly to Coinbase - and none flows to holders by default.
→ The largest single recipient of USDC reserve yield is Coinbase, which passes part of it back as USDC rewards to balances held on its platform - so a participant who custodies USDC where rewards programs exist (rather than in a plain wallet) receives a share of the same reserve-yield flow.
Dilution (issuance) 2026-03
No price dilution (USD-pegged, fully reserved); USDC in circulation $77.0B at 31 Mar 2026, up 28% YoY
Circle Q1 2026 results press release (NYSE: CRCL). Supply expands/contracts with mint/redeem demand at $1; growth does not dilute holders.
Trading burden 2026-06
Binance USDC-pair taker fee 0.095% (standard maker; 0.07125% taker with BNB discount); deepest liquidity class alongside USDT
Binance published spot fee schedule shows a dedicated, slightly discounted USDC fee column (fetched June 2026). USDC is the second-largest stablecoin and per Visa Onchain Analytics (cited in Circle's Q1 2026 release) represented 63% of stablecoin transaction volumes in Q1 2026.
MEV / ordering 2026-06
USDC is Ethereum/DEX-centric ($21.5T onchain volume Q1 2026): Ethereum sandwich attacks caused ~$60M/yr trader losses, ~38% of attacks hit low-volatility pools and ~12% hit stable swaps where USDC is a standard leg
USDC's primary venue is Ethereum and its L2s, inheriting Ethereum's MEV profile. EigenPhi/Cointelegraph dataset (Nov 2024-Oct 2025, 95,000+ sandwiches): block builders capture most extracted value via fees; stable-pool sandwiching hits exactly the pairs USDC dominates. Onchain volume figure from Circle Q1 2026 release.
Insiders / unlocks 2026-06
No token unlock schedule; Circle retains contract-level blacklist/freeze power over USDC addresses (cumulative frozen totals: unverified)
Structural sell pressure is N/A for a fiat stablecoin. Circle can and does blacklist addresses under its terms (publicly exercised, e.g., sanctions compliance), but no current verified cumulative freeze figure was found in this research pass, so no number is asserted.
Issuer capture 2026-03
Q1 2026 reserve income $653M (~3.6% annualized on float); $407M paid out as distribution costs, primarily to Coinbase (100% of reserve income on Coinbase-platform USDC, 50% on other channels); holders receive 0% from Circle directly
Circle Q1 2026 results: reserve income $653M (+17% YoY), Total Distribution, Transaction and Other Costs $407M (+17%), net income $55M; USDC pays no interest. The Coinbase split terms are disclosed in Circle's SEC filings and summarized in Coinbase's FY2025 10-K and analyst coverage of the Circle-Coinbase agreement.
XRP · XRP
⚠ XRP's biggest leak is insider supply: Ripple still controls ~38.15B escrowed XRP (~38% of max supply) released at 1B/month, the canonical structural-sell-pressure case in crypto, now with reduced transparency since Ripple stopped quarterly disclosures in mid-2025.
→ The receiving side of that flow is Ripple itself (zero-cost-basis tokens sold into market demand, historically to institutional/ODL counterparties); there is no yield-bearing mechanism by which an ordinary XRP holder participates in escrow proceeds - the only documented holder-side flows are XRPL AMM liquidity-provision fees and the AMM arbitrage auction slot.
Dilution (issuance) 2026-06
1B XRP unlocked from Ripple escrow monthly; ~700-800M typically re-escrowed, so net potential addition ~200-300M XRP/month (~4-6%/yr of the 61.85B circulating); on-ledger fee burn is negligible (10 drops base fee)
Whale Alert-tracked June 2026 release: 1B XRP in three transactions (500M+400M+100M, ~$1.33B total); circulating supply ~61.85B of 100B max, escrow ~38.15B after the June release; re-lock pattern per Ripple CTO David Schwartz as reported. Fee burn is structurally tiny relative to supply.
Trading burden 2026-06
Binance spot 0.10%/0.10% maker/taker (regular tier); XRP closed Q1 2026 as the 4th-largest non-stablecoin asset by market cap with deep major-venue books
Binance published fee schedule (fetched June 2026); ranking and activity (avg daily XRPL transactions up 35.3% QoQ to 2.48M) from Messari State of XRP Q1 2026 as cited by Coinpaper. Liquidity is deep for a major but thinner than the stablecoin class.
MEV / ordering 2026-06
No mempool-MEV economy on XRPL: transactions are ordered canonically by validator consensus rounds, not by a fee-priority public mempool; no block-builder market exists
Verified against xrpl.org consensus documentation (XRP Ledger Consensus Protocol: validators agree on a transaction set per ledger and apply it in a well-defined canonical order; no miners/builders prioritizing transactions) and XRPL AMM design analyses noting front-running is structurally impractical. Residual note: the XRPL AMM has an auction-slot mechanism for arbitrageurs, a designed (not extractive-ordering) channel. CEX trading of XRP is unaffected by chain MEV either way.
Insiders / unlocks 2026-06
Ripple holds ~38.15B XRP in escrow (~38% of 100B max supply) after the 1 Jun 2026 release, plus on-hand holdings; last formal disclosure (Q1 2025) put total Ripple-linked holdings near 45.86B XRP; quarterly markets reports discontinued after Q2 2025
Escrow balance and release mechanics from Whale Alert-tracked June 2026 release reporting; total holdings figure from Ripple's final-format Q1 2025 XRP Markets Report as reported by U.Today; Ripple CEO Brad Garlinghouse announced the end of quarterly XRP Markets Reports, so current Ripple sales volumes are no longer formally disclosed (unverifiable going forward). US spot XRP ETFs held 775.4M XRP (~1.26% of circulating) at end-Q1 2026 per Messari.
Issuer capture 2026-06
No reserve-yield capture (XRP is not a claim on assets); the analogous flow is Ripple's programmatic XRP sales from escrow releases - current sales volumes unverified since reporting stopped after Q2 2025
XRP holders bear no issuer yield skim; the structural transfer is that Ripple, holding ~38B escrowed XRP at zero cost basis, monetizes releases over time (historical net sales documented quarterly through Q2 2025 by Ripple and tracked by The Block). Post-Q2 2025 sales figures cannot be verified because Ripple discontinued the reports.
TRX · Tron
⚠ TRX's biggest leak is concentration, not mechanics: one founder reportedly controls ~60-63% of all TRX and the validator set is 27 Super Representatives, so holders are structurally exposed to a single party's decisions even though there are no scheduled unlocks and supply mechanics are roughly balanced.
→ The recurring protocol flow (block and voting rewards, ~4-5% APY) goes to Super Representatives and the TRX holders who stake/vote for them - a participant can be on the receiving side by freezing TRX and voting for SRs, or by staking TRX for energy and selling/renting that energy to USDT-transfer users via energy markets.
Dilution (issuance) 2026-06
Hybrid burn/issuance: ~4.7B TRX/yr gross issuance (16 TRX block + 160 TRX voting rewards per ~3s block) vs fee burns; current net direction unverified - CoinGecko-sourced total supply ~94.82B TRX (Jun 2026) vs reports of 85.6B and 2.93% annual deflation (Sep 2025) conflict
Issuance mechanics and ~4.7B/yr gross figure from CryptoBeast TRX tokenomics tracker (CoinGecko-fed, fetched 10 Jun 2026, supply 94.82B, 100% circulating). Ainvest (Sep 2025) reported supply shrinking 88.89B->85.6B (deflationary); these figures are inconsistent, and Proposal #104 (Aug 2025) halved the energy unit price 210->100 sun, halving the TRX burned per USDT transfer and weakening the burn engine. Net annual issuance rate therefore marked unverified; deflation is conditional on USDT-on-Tron fee volume.
Trading burden 2026-06
Binance spot 0.10%/0.10% maker/taker (regular tier); on-chain cost context: a USDT-TRC20 transfer burns/consumes ~6.4-13.4 TRX (~$2-4) unless energy is staked or rented (2-5 TRX)
Binance published fee schedule (fetched June 2026). On-chain transfer costs post-Proposal #104 from Tronsave/TronNRG fee guides: 6.4 TRX to funded wallets, 13.4 TRX to empty wallets; staking 5,000 TRX generates enough daily energy for 1-2 free transfers. TRX liquidity is top-10-major class, below BTC/ETH/stablecoin depth.
MEV / ordering 2026-06
No public mempool under Tron DPoS: transactions go to 27 Super Representatives directly, structurally limiting mempool MEV; bot 'probabilistic attacks' reported but no verified extraction figure exists
Survey of MEV across chains (Bitget/AiCoin, citing chain architecture): Tron's DPoS has no Ethereum-style public mempool or block-builder market; Justin Sun has stated Tron has no MEV mechanism and attributes observed bot activity to probabilistic attacks. Residual risk is SR-level ordering discretion (27 block producers, several exchange/foundation-aligned), which is a trust assumption rather than a measured leak.
Insiders / unlocks 2026-06
Justin Sun reportedly controls ~60-63% of TRX supply (~60B tokens, Bloomberg analysis); genesis allocation gave 34% to Tron Foundation + 10% to a Sun-owned company; no scheduled unlocks remain (vesting ended Jan 2020)
Bloomberg-reported analysis of Sun-controlled wallets (subject of Sun's lawsuit against Bloomberg, which corroborates the disclosure's existence) as covered by Protos and CryptoSlate; 2017 distribution (40% ICO/public, 15.75B private, 34B Foundation, 10B Sun company) from Wikipedia/Protos and CryptoBeast distribution analysis; top-100 addresses hold ~55-60% of circulating TRX per CryptoBeast. Concentration, not a schedule, is the risk: there is no unlock calendar, but one person controls a supermajority of float and the 27-SR governance.
Issuer capture 2026-06
No reserve-yield capture (TRX is not a claim on assets); ongoing protocol flows go to the 27 Super Representatives as block/voting rewards (~4.7B TRX/yr gross), with staking yield ~4-5% APY passed to voters
Reward mechanics and APY from CryptoBeast tokenomics tracker; the structural analog to issuer capture is that issuance accrues to a concentrated SR set (several exchange- or foundation-aligned), while fee burns from USDT transfers accrue to all holders via supply reduction. ~50B+ TRX is frozen for resources/voting per the same source.
DOGE · Dogecoin
⚠ DOGE's biggest leak is perpetual fixed issuance: ~5.26B new DOGE per year (~3.3% of supply) paid entirely to proof-of-work miners, with no burn and no mechanism for holders to capture any of it.
→ The issuance flow is received exclusively by Litecoin-merged miners (Scrypt ASIC operators); the only way to be on the receiving side is to mine (directly or via pool), as DOGE offers no staking or holder yield.
Dilution (issuance) 2026-06
~5.256B DOGE/yr fixed issuance (10,000 DOGE per 1-min block) on ~154.9B circulating = ~3.2-3.4%/yr, perpetual, no burn (Jun 2026)
Protocol-fixed block reward of 10,000 DOGE per ~60s block with no supply cap and no burn mechanism; circulating supply ~154.9B mid-2026 per KuCoin Research; percentage computed as 5.256B/154.9B. Rate declines mechanically each year as denominator grows (disinflationary in %, constant in units).
Trading burden 2026-06
CEX spot 0.25% maker / 0.40% taker at base tier (Kraken Pro, declining to 0%/0.05% with volume); 24h volume ~$628M, top-15 market cap (rank 11) = deep liquidity (Jun 2026)
Kraken Pro published maker-taker fee schedule (DOGE listed, including margin at 0.02-0.04%); liquidity class from CoinPaprika live data 2026-06-10: $627.8M 24h volume, rank 11, $12.6B market cap. DOGE trades overwhelmingly on CEXs; no material on-chain DEX venue.
MEV / ordering 2026-06
No measurable on-chain ordering-extraction market; DOGE is a UTXO proof-of-work chain with no native smart contracts or DEXs (Jun 2026)
Dogecoin is a Litecoin-derived UTXO PoW chain (merged-mined with LTC) with no native DeFi/AMM layer where sandwich/front-running profits could be extracted; miners technically order transactions but there is no priority-fee auction economy. Trading occurs on CEXs, so execution risk is exchange-level (spread/fees), not chain-level MEV. Qualitative assessment; no extraction dataset exists for DOGE.
Insiders / unlocks 2026-06
Top single wallet ~23-27% of supply (widely attributed to exchange cold custody, e.g. Robinhood/Binance); top 10 wallets ~45% of circulating DOGE (2026)
Whale-concentration figures as published by KuCoin Research (Mar 2026), consistent with long-standing rich-list data; note these are address-level figures and the largest are believed to be omnibus exchange custody rather than single individuals. No vesting/unlock schedule exists (fair-launch PoW coin) - the leak channel is concentration, not contractual unlocks.
Issuer capture 2026-06
0 - fair launch 2013, no premine, no protocol fee or issuance share to any foundation (Jun 2026)
Dogecoin launched without ICO or pre-mined reserves (KuCoin Research); the Dogecoin Foundation is a non-profit advocacy body ('Do Only Good Everyday') with no protocol-level token allocation or fee capture; 100% of issuance goes to miners.
TON · Toncoin
⚠ TON's biggest leak is its origin concentration - at least 85.8% of supply was mined in summer 2020 by interconnected Foundation-affiliated groups whose holdings still overhang a thin market - compounded in 2026 by a temporary inflation jump from ~0.6% to ~3.6% after Catchain 2.0.
→ The elevated post-Catchain-2.0 issuance flows to validators and their nominators; any holder can be on the receiving side by staking TON to validators or nominator pools (official staking page: ton.org/en/stake), with rewards expected to settle at a new equilibrium per TON Foundation.
Dilution (issuance) 2026-06
~0.6%/yr pre-April 2026; projected ~3.6%/yr after Catchain 2.0 (live 2026-04-10) made blocks 6x faster at unchanged 1.7 TON masterchain reward; validator vote concluding June 2026 proposes cutting rewards to 0.35/0.2 TON to restore ~prior level; 50% of tx fees burned
Official TON Foundation announcement states inflation expected to rise from ~0.6% to ~3.6% because faster blocks pay more total validator rewards; FixedFloat weekly (Apr 2026) documents the pending reward-reduction vote (masterchain 1.7 to 0.35 TON, basechain 1 to 0.2 TON, concluding June) and the standing 50%-of-fees burn. Net rate at as_of date is transitional pending the vote outcome.
Trading burden 2026-06
CEX spot 0.25%/0.40% maker/taker base tier (Kraken Pro, TON listed); leading TON DEX STON.fi default 0.3% swap fee (0.2% LP + 0.1% protocol, pool-configurable 0-1%); 24h volume ~$134M = moderate depth (Jun 2026)
Kraken Pro published fee schedule; STON.fi official docs fee page; liquidity from CoinPaprika 2026-06-10 ($133.6M 24h volume, rank 27, $4.5B market cap) - materially thinner books than DOGE/ADA/LINK, so effective cost includes higher slippage. Historical note: Whiterabbit (2023) documented CEX depth of only $200-400k at +/-2%.
MEV / ordering 2026-06
Front-running structurally constrained: transaction order is deterministic once in pool and fees are fixed (no priority-fee auction), per official TON docs (Jun 2026)
TON documentation FAQ (MEV section): 'Once transactions enter the pool, their order is predetermined and cannot be altered by any participant... Commissions are fixed and do not fluctuate based on transaction priority.' Asynchronous message routing further removes atomic sandwich patterns; STON.fi docs likewise state the async/sharded architecture prevents front-running. Residual risk: off-chain/colluding-validator strategies are not formally impossible, hence 'low' not 'none'.
Insiders / unlocks 2026-06
At least 85.8% of initial supply mined Jul-Aug 2020 by interconnected groups affiliated with TON Foundation; 96% went to 248 addresses; ~20% of supply frozen for 4 years by Feb 2023 vote (unfreezing ~2027); only ~2.68B of 5.12B total TON circulating (~52%) as of Jun 2026
Whiterabbit on-chain study (Mar 2023, data shared publicly; acknowledged by TON Foundation in the same post): 4.8B of 5B 'mined' supply distributed via Large Givers in 51 days to coordinated miner groups; ~66.9% of then-active validators funded from these groups; TON Foundation addresses held ~570M TON. Circulating share computed from CoinPaprika 2026-06-10 (market cap $4.505B / price $1.683 = ~2.68B circulating vs 5.125B total).
Issuer capture 2026-06
No protocol fee accrues to TON Foundation (50% of tx fees burned, remainder to validators); Foundation treasury ~570M TON documented in 2023; Foundation funded the ecosystem rather than charging it (Jun 2026)
Fee split per FixedFloat report of network rules (50% burn retained post-Catchain 2.0); TON Foundation holdings of ~570M TON across two addresses documented by Whiterabbit (2023) - capture risk is the Foundation's large discretionary treasury, not an ongoing protocol take. The whiterabbit study links exchange-listing liquidity provision to Foundation-affiliated wallets.
ADA · Cardano
⚠ ADA's biggest leak is reserve emission - roughly 762M ADA per year (~2% of supply) drawn from the declining reserve, of which ~20% accrues to the on-chain treasury - so the cost falls entirely on holders who do not stake.
→ About 80% of each epoch's emission pot is paid to stake pools and their delegators; any ADA holder can capture this flow by delegating to a stake pool (non-custodial, no lockup), while treasury disbursements are allocated through on-chain governance voting.
Dilution (issuance) 2026-06
~10.43M ADA drawn from reserves in epoch 636 (~762M ADA/yr at 73 epochs) = ~2.0%/yr of 38.68B total supply; reserves remaining 6.32B ADA; mechanically declining (Jun 2026)
Protocol monetary expansion rho=0.3% of remaining reserves per 5-day epoch with tau=20% of the pot to treasury (official Cardano docs); actual per-epoch reserve drawdown computed from Koios on-chain totals API (epoch 635 reserves 6,327,972,211 ADA minus epoch 636 reserves 6,317,537,685 ADA = 10.43M ADA), annualized x73 epochs. Emission declines exponentially (reserve half-life ~4-5 years per docs).
Trading burden 2026-06
CEX spot 0.25%/0.40% maker/taker base tier (Kraken Pro); on-chain tx fee deterministic, min_fee = a*size(tx)+b with no fee auction; 24h volume ~$396M = deep liquidity (Jun 2026)
Kraken Pro published fee schedule (ADA listed incl. margin 0.02-0.04%); Cardano fee formula from official docs (fees pooled and distributed to block-producing pools, not bid up); liquidity from CoinPaprika 2026-06-10 ($396M 24h volume, rank 19, $6.27B market cap, ~38.7B circulating).
MEV / ordering 2026-06
Classic mempool front-running largely infeasible under eUTxO (transactions validate deterministically against named UTxOs and cannot be re-executed on a changed state); residual exposure via trusted DEX batchers (Jun 2026)
IOHK (official) describes eUTxO determinism and explicit anti-front-running design patterns (NFT-guaranteed order uniqueness, e.g. in the Djed design); no priority-fee auction exists (deterministic a*size+b fees per official fee docs). Residual leak: AMM DEXs (Minswap, SundaeSwap etc.) rely on off-chain batchers that sequence orders within a batch - a trust point, though batcher fees are flat and reordering profit is limited. No public dataset quantifies extracted value on Cardano.
Insiders / unlocks 2026-06
Genesis: 25.93B ADA (83.3% of launch supply) sold publicly in audited 2015-2017 sale; 5.185B ADA (16.7% of launch supply; 11.5% of 45B max) to IOHK (2.463B), EMURGO (2.074B), Cardano Foundation (0.648B); no ongoing vesting/unlock schedule (Jun 2026)
Official cardano.org Genesis page (audited distribution figures); founding-entity allocations were liquid from genesis (2017) and have been largely deployed over 8+ years; supply concentration today is broad with no contractual unlock cliffs. The leak channel is residual founding-entity treasuries, materially smaller than at genesis.
Issuer capture 2026-06
Protocol treasury takes tau=20% of each epoch's reward pot (~3.80M ADA added in epoch 636, ~278M ADA/yr); treasury balance 1.516B ADA at epoch 636; controlled by on-chain governance (Voltaire), not a company (Jun 2026)
tau=20% fixed parameter per official Cardano monetary policy docs; treasury balance and per-epoch inflow computed from Koios on-chain totals (epoch 635 treasury 1,512.0M ADA -> epoch 636 1,515.8M ADA). This is protocol-level capture governed by ADA holders/DReps rather than issuer-company capture; IOHK/EMURGO/CF hold no ongoing protocol fee share.
LINK · Chainlink
⚠ LINK's biggest leak is issuer treasury releases: 27.3% of total supply (272.9M LINK) still sits in 33 disclosed non-circulating company wallets under an official release schedule of up to 7% of total supply per year - sell-side flow no holder can capture.
→ The offsetting inbound flow - oracle service fees and enterprise revenue - is received by node operators, LINK stakers (via user-fee staking rewards under Economics 2.0), and the timelocked Chainlink Reserve; participants can be on the receiving side by running/serving a Chainlink node or staking LINK when staking pool capacity opens (chain.link/economics/staking).
Dilution (issuance) 2026-06
0 protocol issuance (non-mineable ERC-20, 1B hard cap); effective float growth comes from treasury wallet releases on an official schedule of 'currently 7% of total supply per year' (max ~70M LINK/yr = ~9.6% of 727M circulating), partially offset since Aug 2025 by Chainlink Reserve buy-side accumulation (2.17M LINK by Feb 2026)
Official chain.link circulating-supply page states the 7%/yr release schedule and 1B cap; circulating supply 727,099,970 LINK from official supply API (supply.chain.link, live Jun 2026); Reserve accumulation (revenue converted to LINK and timelocked, no withdrawals expected for years) per official Chainlink blog and bsc.news/cryptonews tracking (2,172,262 LINK / ~$18.8M as of 2026-02-19, inflows ~125-137k LINK/week).
Trading burden 2026-06
CEX spot 0.25%/0.40% maker/taker base tier (Kraken Pro; LINK also on Binance/Coinbase); DEX leg Uniswap v3 fee tiers 0.05%/0.30%/1% plus Ethereum gas; 24h volume ~$390M = deep liquidity (Jun 2026)
Kraken Pro published fee schedule (LINK listed incl. margin 0.02-0.04%); Uniswap official docs for v3 fee tiers (Chainlink's own Payment Abstraction routes through Uniswap v3 for its liquidity profile); volume from CoinPaprika ($389.5M 24h).
MEV / ordering 2026-06
Inherits Ethereum MEV in full for on-chain trades (sandwich/front-running on Uniswap et al.); Chainlink itself documents and monetizes the adjacent liquidation-MEV market via SVR (35% of recaptured liquidation MEV on Aave SVR markets goes to Chainlink) (Jun 2026)
LINK is an ERC-20 traded on Ethereum DEXs, where validator/builder transaction ordering enables sandwich extraction against swaps - the standard Ethereum MEV exposure; severity for typical holders is bounded because most LINK volume is on CEXs. Chainlink's official blog documents the MEV economy and its Smart Value Recapture (SVR) product, confirming the materiality of ordering extraction in LINK's home environment.
Insiders / unlocks 2026-06
272,900,030 LINK (27.3% of the 1B total) sits in 33 company-disclosed non-circulating wallets, releasable at 'currently 7% of total supply per year' per official policy; circulating 727,099,970 LINK (Jun 2026) - the canonical treasury-release case
Computed from the official supply API (totalSupply 1,000,000,000 minus circulatingSupply 727,099,970) at supply.chain.link, cross-checked against the official non-circulating wallet list on chain.link/circulating-supply (largest single wallets hold 30M LINK each, all Etherscan-linked). Original allocation: 35% public sale, 35% node-operator incentives, 30% company. Releases fund node-operator incentives and company operations; since Aug 2025 the direction is partly reversed by the Reserve (2.17M LINK reacquired by Feb 2026).
Issuer capture 2026-06
Oracle service payments accrue to node operators and Chainlink: 'hundreds of millions of dollars' of cumulative enterprise revenue (official, Aug 2025); documented fee shares include GMX paying 1.2% of protocol fees for Data Streams and Aave SVR sending 35% of recaptured liquidation MEV to Chainlink; revenue is converted to LINK into the timelocked Reserve (2.17M LINK by Feb 2026)
Official Chainlink blog (Aug 2025): Payment Abstraction converts offchain enterprise revenue and onchain service fees to LINK for the Chainlink Reserve; revenue-share figures (GMX 1.2%, Aave SVR 35%) stated in the same official post; Reserve totals tracked at reserve.chain.link and reported by bsc.news (Feb 2026). Holders do not automatically receive this flow - it accrues to node operators, stakers (user-fee staking rewards), and the Chainlink-controlled Reserve.