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  "claims": {
    "turnover": {
      "value": 1.7389595728116742,
      "text": "1.74",
      "source": "a2_turnover/headline_full_window_v2_s2_event_gaps.csv",
      "calculation": "CRV L1 USD / mean daily circulating cap, 730 days"
    },
    "rank": {
      "value": 6.0,
      "text": "6",
      "source": "a2_turnover/headline_full_window_v2_s2_event_gaps.csv",
      "calculation": "rank_usd_circulating"
    },
    "provider_rank": {
      "value": 2.0,
      "text": "2",
      "source": "a2_turnover/headline_full_window_v2_s2_event_gaps.csv",
      "calculation": "rank_usd_provider"
    },
    "float_rank": {
      "value": 5.0,
      "text": "5",
      "source": "a2_turnover/headline_full_window_v2_s2_event_gaps.csv",
      "calculation": "rank_usd_liquid_float"
    },
    "volume": {
      "value": 1918692679.8916001,
      "text": "$1.92 billion",
      "source": "a2_turnover/headline_full_window_v2_s2_event_gaps.csv",
      "calculation": "CRV L1 volume_usd"
    },
    "misclassified": {
      "value": 98.20320053918387,
      "text": "98.2%",
      "source": "a1_defillama/decomposition/decomposition.csv",
      "calculation": "CEX spot inside fallback DEX / reconstructed fallback DEX"
    },
    "curve_share": {
      "value": 67.55036472540519,
      "text": "68%",
      "source": "a2_turnover/v2_s2_event_gaps/full_window_venue.csv",
      "calculation": "sum of Curve-family CRV USD legs / all CRV USD legs"
    },
    "weekend_crv": {
      "value": 24.087934536623997,
      "text": "24.1%",
      "source": "patterns_A/time_profiles.csv",
      "calculation": "average weekly CRV Saturday\u2013Sunday volume share across 104 complete weeks"
    },
    "circulating_growth": {
      "value": 245504097.18848753,
      "text": "246 million",
      "source": "supply/daily_supply_roles_corrected.parquet",
      "calculation": "daily endpoint difference in circulating_growth"
    },
    "locked_drop": {
      "value": 94537607.38263798,
      "text": "95 million",
      "source": "supply/daily_supply_roles_corrected.parquet",
      "calculation": "daily endpoint difference in locked_drop"
    },
    "float_growth": {
      "value": 340041704.57112557,
      "text": "340 million",
      "source": "cex_feeder/crv_float_change.csv",
      "calculation": "closing_float_raw minus opening_float_raw, / 10^18"
    },
    "custody_growth": {
      "value": 15611896.245569631,
      "text": "15.6 million",
      "source": "cex_feeder/crv_float_change.csv",
      "calculation": "expanded_net_custody_tokens"
    },
    "custody_float": {
      "value": 4.591171034523542,
      "text": "4.6%",
      "source": "cex_feeder/crv_float_change.csv",
      "calculation": "expanded custody gain / float growth"
    },
    "fit": {
      "value": 88.0369802217966,
      "text": "88%",
      "source": "factors_spikes/factor_scores.csv",
      "calculation": "in-sample R\u00b2 of daily log USD volume"
    },
    "residual": {
      "value": 11.9630197782034,
      "text": "12%",
      "source": "factors_spikes/factor_scores.csv",
      "calculation": "1 minus full-model R\u00b2"
    },
    "fit_tokens": {
      "value": 68.57314346089566,
      "text": "69%",
      "source": "factors_spikes/factor_scores.csv",
      "calculation": "in-sample R\u00b2 of daily log native-token volume"
    },
    "claim_observed": {
      "value": 4.699984971089877,
      "text": "4.7%",
      "source": "flow_anatomy/h2_readout.csv",
      "calculation": "Matched observed 24h %; matched-claim numerator / all token trade-linked sell USD"
    },
    "claim_placebo": {
      "value": 1.2625161449309799,
      "text": "1.3%",
      "source": "flow_anatomy/h2_readout.csv",
      "calculation": "Placebo 24h %; matched-claim numerator / all token trade-linked sell USD"
    },
    "median_old": {
      "value": 62.918951620480875,
      "text": "$63",
      "source": "trade_linked/median_comparison.csv",
      "calculation": "CRV old median positive address net"
    },
    "median_trade": {
      "value": 874.321251736009,
      "text": "$874",
      "source": "trade_linked/median_comparison.csv",
      "calculation": "CRV pro-rata traced buy median"
    },
    "purchase_fifo": {
      "value": 69.80326613214189,
      "text": "69.8%",
      "source": "a4_provenance/first_sales.csv",
      "calculation": "fifo earlier-purchase share of principal-resolved first-sale CRV"
    },
    "engine_fifo": {
      "value": 5.756264142842221,
      "text": "5.8%",
      "source": "a4_provenance/first_sales.csv",
      "calculation": "sum of three engine tags / FIFO principal-resolved first-sale CRV"
    },
    "purchase_proportional": {
      "value": 75.1888601838774,
      "text": "75.2%",
      "source": "a4_provenance/first_sales.csv",
      "calculation": "proportional earlier-purchase share of principal-resolved first-sale CRV"
    },
    "engine_proportional": {
      "value": 3.886573319306757,
      "text": "3.9%",
      "source": "a4_provenance/first_sales.csv",
      "calculation": "sum of three engine tags / Proportional principal-resolved first-sale CRV"
    },
    "all_engine_fifo": {
      "value": 5.552446346953044,
      "text": "5.55%",
      "source": "a4_provenance/all_kind_sales_by_tag.csv",
      "calculation": "three engine tags / all first-sale paths, including unresolved principals; fifo"
    },
    "all_engine_proportional": {
      "value": 5.534539606833977,
      "text": "5.53%",
      "source": "a4_provenance/all_kind_sales_by_tag.csv",
      "calculation": "three engine tags / all first-sale paths, including unresolved principals; proportional"
    },
    "all_engine_rounded": {
      "value": 5.543492976893511,
      "text": "5.5%",
      "source": "a4_provenance/all_kind_sales_by_tag.csv",
      "calculation": "approximate summary of the two full-population shares; their mean rounded to one decimal"
    },
    "carrier_fifo": {
      "value": 21.822120971133955,
      "text": "21.8%",
      "source": "cex_feeder/cross_token_ranking.csv",
      "calculation": "CRV 30-day purchase-to-CEX share, complete-follow-up cohorts, fifo"
    },
    "carrier_pro_rata": {
      "value": 22.46394712311737,
      "text": "22.5%",
      "source": "cex_feeder/cross_token_ranking.csv",
      "calculation": "CRV 30-day purchase-to-CEX share, complete-follow-up cohorts, pro_rata"
    },
    "withdraw_cex": {
      "value": 58.915574641560156,
      "text": "59%",
      "source": "cex_feeder/purchase_fates.csv",
      "calculation": "all observed withdrawal-cohort exchange arrivals, proportional expanded custody"
    },
    "return_dex": {
      "value": 64.87519265478319,
      "text": "65%",
      "source": "cex_feeder/purchase_fates.csv",
      "calculation": "FIFO gross-purchase units returning to DEX custody over all follow-up"
    },
    "withdraw_72h": {
      "value": 37.39035976991743,
      "text": "37.4%",
      "source": "next_hypotheses/withdrawal_destination_curves.csv",
      "calculation": "labelled exchange arrival at 72 hours, complete-follow-up withdrawal cohorts"
    },
    "withdraw_1h": {
      "value": 23.93803589328005,
      "text": "23.9%",
      "source": "next_hypotheses/withdrawal_destination_curves.csv",
      "calculation": "labelled exchange arrival at 1 hours, complete-follow-up cohorts"
    },
    "withdraw_24h": {
      "value": 33.63434191097803,
      "text": "33.6%",
      "source": "next_hypotheses/withdrawal_destination_curves.csv",
      "calculation": "labelled exchange arrival at 24 hours, complete-follow-up cohorts"
    },
    "thursday": {
      "value": 56.06583455838431,
      "text": "56%",
      "source": "next_hypotheses/withdrawal_hour_of_week.csv",
      "calculation": "sum of Thursday hours\u2019 withdrawn-token shares"
    },
    "desk_carrier": {
      "value": 70.79946649496726,
      "text": "70.80%",
      "source": "cex_feeder/purchase_fates.csv",
      "calculation": "0xeff6cb8b FIFO expanded custody exchange share of gross CRV purchases"
    },
    "desk_carrier_short": {
      "value": 70.79946649496726,
      "text": "71%",
      "source": "cex_feeder/purchase_fates.csv",
      "calculation": "0xeff6cb8b same share, shortened for the finding"
    },
    "desk_recycler": {
      "value": 0.2794013020662152,
      "text": "0.28%",
      "source": "cex_feeder/purchase_fates.csv",
      "calculation": "0xd4bc5343 FIFO expanded custody exchange share of gross CRV purchases"
    },
    "desk_recycler_short": {
      "value": 0.2794013020662152,
      "text": "0.3%",
      "source": "cex_feeder/purchase_fates.csv",
      "calculation": "0xd4bc5343 same share, shortened for the finding"
    },
    "net_mev": {
      "value": 63721302.22403543,
      "text": "64 million",
      "source": "next_hypotheses/absorption_classes_principals.csv",
      "calculation": "CRV net_buy_tokens, MEV_executor"
    },
    "net_mm": {
      "value": 21187721.010248035,
      "text": "21 million",
      "source": "next_hypotheses/absorption_classes_principals.csv",
      "calculation": "CRV net_buy_tokens, market_maker"
    },
    "net_protocol": {
      "value": -19651700.03404684,
      "text": "20 million",
      "source": "next_hypotheses/absorption_classes_principals.csv",
      "calculation": "CRV net_buy_tokens, protocol"
    },
    "net_unlabelled": {
      "value": -149541527.47700775,
      "text": "150 million",
      "source": "next_hypotheses/absorption_classes_principals.csv",
      "calculation": "CRV net_buy_tokens, unlabelled"
    },
    "pressure_train": {
      "value": -0.8273222768284978,
      "text": "-0.83",
      "source": "next_hypotheses/inventory_regressions_principals.csv",
      "calculation": "CRV next-day conditional return effect per one pressure SD; train"
    },
    "pressure_train_se": {
      "value": 28.66831783087141,
      "text": "29",
      "source": "next_hypotheses/inventory_regressions_principals.csv",
      "calculation": "coefficient SE \u00d7 within-period pressure SD \u00d7 10000, basis points"
    },
    "pressure_holdout": {
      "value": 3.664041188851422,
      "text": "+3.66",
      "source": "next_hypotheses/inventory_regressions_principals.csv",
      "calculation": "CRV next-day conditional return effect per one pressure SD; holdout"
    },
    "pressure_holdout_se": {
      "value": 34.03796834457859,
      "text": "34",
      "source": "next_hypotheses/inventory_regressions_principals.csv",
      "calculation": "coefficient SE \u00d7 within-period pressure SD \u00d7 10000, basis points"
    },
    "sdcrv_open": {
      "value": 0.9736313922144236,
      "text": "0.97",
      "source": "flow_anatomy/h3_quote_volume_daily.csv",
      "calculation": "sdCRV pool quote in CRV at 2024-10-27"
    },
    "sdcrv_close": {
      "value": 0.542362316648346,
      "text": "0.54",
      "source": "flow_anatomy/h3_quote_volume_daily.csv",
      "calculation": "sdCRV pool quote in CRV at 2026-10-26"
    },
    "ycrv_open": {
      "value": 0.9414119968604902,
      "text": "0.94",
      "source": "flow_anatomy/h3_quote_volume_daily.csv",
      "calculation": "yCRV pool quote in CRV at 2024-10-27"
    },
    "ycrv_close": {
      "value": 0.5399593748863611,
      "text": "0.54",
      "source": "flow_anatomy/h3_quote_volume_daily.csv",
      "calculation": "yCRV pool quote in CRV at 2026-10-26"
    },
    "wrapper_open": {
      "value": 0.9578937673186362,
      "text": "0.96",
      "source": "flow_anatomy/h3_quote_volume_daily.csv",
      "calculation": "one-wrapper daily pool quote in CRV, 2024-10-27"
    },
    "wrapper_close": {
      "value": 0.39148814473492427,
      "text": "0.39",
      "source": "flow_anatomy/h3_quote_volume_daily.csv",
      "calculation": "one-wrapper daily pool quote in CRV, 2026-10-26"
    },
    "staked_profit": {
      "value": -156.69074478654613,
      "text": "$157",
      "source": "eco_stageB/holder_cohorts_monthly.csv",
      "calculation": "sum of cohort monthly observed_gross_profit_usd"
    },
    "staked_income": {
      "value": 296.4137491648504,
      "text": "$296",
      "source": "eco_stageB/holder_cohorts_monthly.csv",
      "calculation": "sum of cohort monthly identified_income_usd"
    },
    "lock_profit": {
      "value": 543.7604337486393,
      "text": "$544",
      "source": "eco_stageB/holder_cohorts_monthly.csv",
      "calculation": "sum of cohort monthly observed_gross_profit_usd"
    },
    "hold_profit": {
      "value": 425.7178526841449,
      "text": "$426",
      "source": "eco_stageB/holder_cohorts_monthly.csv",
      "calculation": "sum of cohort monthly observed_gross_profit_usd"
    },
    "funding": {
      "value": 59769000.4654841,
      "text": "$59.8 million",
      "source": "eco_stageB/funding_v2/headline_monthly.csv",
      "calculation": "sum across all observed calendar months, including partial boundary months"
    },
    "minted": {
      "value": 124092020.5677814,
      "text": "$124.1 million",
      "source": "eco_stageB/funding_v2/headline_monthly.csv",
      "calculation": "sum across all observed calendar months, including partial boundary months"
    },
    "fees": {
      "value": 22947437.50419453,
      "text": "$22.9 million",
      "source": "eco_stageB/funding_v2/headline_monthly.csv",
      "calculation": "sum across all observed calendar months, including partial boundary months"
    },
    "funding_nov": {
      "value": 2704137.3845252027,
      "text": "$2.70 million",
      "source": "eco_stageB/funding_v2/headline_monthly.csv",
      "calculation": "2025-11 corrected observed funding"
    },
    "funding_mar": {
      "value": 2233432.713141187,
      "text": "$2.23 million",
      "source": "eco_stageB/funding_v2/headline_monthly.csv",
      "calculation": "2026-03 corrected observed funding"
    },
    "funding_sep": {
      "value": 1171349.5504223346,
      "text": "$1.17 million",
      "source": "eco_stageB/funding_v2/headline_monthly.csv",
      "calculation": "2026-09 corrected observed funding"
    },
    "funding_fall": {
      "value": 17.40683273260033,
      "text": "17.4%",
      "source": "eco_stageB/funding_v2/headline_monthly.csv",
      "calculation": "1 minus March 2026 / November 2025 corrected funding"
    },
    "funding_fall_sep": {
      "value": 56.68306066379826,
      "text": "57%",
      "source": "eco_stageB/funding_v2/headline_monthly.csv",
      "calculation": "1 minus September 2026 / November 2025 corrected funding"
    },
    "funding_change": {
      "value": 0.02428006775832863,
      "text": "0.02",
      "source": "engine_vs_volume/funding_v2/rank_correlations.csv",
      "calculation": "Spearman rank association of adjacent monthly changes in token volume and corrected USD funding"
    },
    "usd_level": {
      "value": 0.7658102766798419,
      "text": "0.77",
      "source": "engine_vs_volume/funding_v2/rank_correlations.csv",
      "calculation": "l1_usd, level, Spearman against corrected USD funding"
    },
    "token_level": {
      "value": 0.43083003952569177,
      "text": "0.43",
      "source": "engine_vs_volume/funding_v2/rank_correlations.csv",
      "calculation": "l1_tokens, level, Spearman against corrected USD funding"
    },
    "usd_change": {
      "value": 0.3788819875776398,
      "text": "0.38",
      "source": "engine_vs_volume/funding_v2/rank_correlations.csv",
      "calculation": "l1_usd, first_difference, Spearman against corrected USD funding"
    }
  }
}