# Earlier trading supplies most CRV sold on-chain

Earlier DEX purchases supply 69.8% of resolved first-sale CRV under FIFO and 75.2% under proportional accounting.

Source tracing follows token balances through transfers. It records where CRV came from before its first measured sale or another use closes the tracked balance.

For example, CRV bought on a DEX and later sold carries an earlier-purchase tag. CRV arriving from an exchange starts an exchange-withdrawal episode.

## Earlier trading supplies most CRV sold on DEXs

FIFO, full-history opening composition. Shares of principal-resolved first sales by CRV units. Latest-channel source tags reset at defined channel outflows. The FIFO and proportional books also use different principal-resolution conventions; their difference is not an allocation-only uncertainty interval. Reward-distributor transfers can include returned staking principal.

[Figure](../charts/sources_fifo.svg) · [Data](../data/sources_fifo.csv)

| Observation | FIFO (% of first-sale CRV) |
| --- | --- |
| Earlier DEX purchase | 69.8033 |
| Exchange withdrawal | 12.0861 |
| Reward distributor | 4.7826 |
| LP withdrawal | 4.3841 |
| Lending | 2.9761 |
| Treasury / vesting | 2.3817 |
| Unlock | 1.041 |
| Direct emission claim | 0.9083 |
| Bribe claim | 0.0653 |
| Untracked ancestry | 1.0659 |
| Genesis | 0.2751 |
| Bridge | 0.2305 |
| Other mint | 0 |

## Earlier trading supplies most CRV sold on DEXs

Proportional, full-history opening composition. Shares of principal-resolved first sales by CRV units. Latest-channel source tags reset at defined channel outflows. The FIFO and proportional books also use different principal-resolution conventions; their difference is not an allocation-only uncertainty interval. Reward-distributor transfers can include returned staking principal.

[Figure](../charts/sources_proportional.svg) · [Data](../data/sources_proportional.csv)

| Observation | Proportional (% of first-sale CRV) |
| --- | --- |
| Earlier DEX purchase | 75.1889 |
| Exchange withdrawal | 11.4255 |
| Reward distributor | 3.2818 |
| LP withdrawal | 3.7753 |
| Lending | 2.4945 |
| Treasury / vesting | 1.7319 |
| Unlock | 0.5203 |
| Direct emission claim | 0.5631 |
| Bribe claim | 0.0416 |
| Untracked ancestry | 0.7308 |
| Genesis | 0.0769 |
| Bridge | 0.1695 |
| Other mint | 0 |

## Measurement

FIFO spends older inventory first. Proportional accounting spends each source in proportion to its share of the current balance. The released books also differ in how they resolve principals. Source categories describe the latest defined channel, rather than the original creation of every physical token.