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S_circ = minted − burned
Burns by path
Burned, deposited, and retired (separate figures)
Held by S-Bills
The one-time STANDARD bonus the incentives vault funded for charters on 2026-10-11.
455 claims so far across the two contracts. The deadline is fixed in the contracts. After it, anyone can sweep what is left back to the incentives vault.
| Time | Circulating |
|---|---|
| 2026-11-12 23:20:30.260856+00 | 79,536,875.323405 |
| 2026-11-12 23:01:58+00 | 79,536,875.323405 |
| 2026-11-12 22:20:26.53781+00 | 79,543,391.083405 |
| 2026-11-12 21:19:35.192138+00 | 79,543,391.083405 |
| 2026-11-12 20:45:22+00 | 79,543,391.083405 |
| 2026-11-12 20:18:41.052292+00 | 79,550,101.083405 |
| 2026-11-12 19:18:26.745713+00 | 79,550,101.083405 |
| 2026-11-12 18:17:41.717518+00 | 79,550,101.083405 |
| 2026-11-12 17:17:34.622167+00 | 79,550,101.083405 |
| 2026-11-12 16:16:43.206596+00 | 79,550,101.083405 |
| 2026-11-12 15:16:30.479661+00 | 79,550,101.083405 |
| 2026-11-12 14:16:29.09555+00 | 79,550,101.083405 |
| 2026-11-12 13:29:24+00 | 79,550,101.083405 |
| 2026-11-12 13:29:24+00 | 79,550,101.083405 |
| 2026-11-12 13:28:37+00 | 79,550,101.083405 |
| 2026-11-12 13:28:30+00 | 79,550,101.083405 |
| 2026-11-12 13:28:27+00 | 79,550,101.083405 |
| 2026-11-12 13:28:06+00 | 79,550,101.083405 |
| 2026-11-12 13:26:38+00 | 79,550,101.083405 |
| 2026-11-12 13:25:59+00 | 79,550,101.083405 |
| 2026-11-12 13:24:05+00 | 79,550,101.083405 |
| 2026-11-12 13:22:57+00 | 79,550,101.083405 |
| 2026-11-12 13:15:35.159576+00 | 79,550,101.083405 |
| 2026-11-12 13:07:36+00 | 79,550,101.083405 |
| 2026-11-12 12:15:26.872315+00 | 79,550,101.083405 |
Vault ETH and reserve assets per circulating STANDARD. Protocol-owned liquidity (POL) is paired liquidity, not a free reserve claim, so the ETH-only figures leave it out.
Part of the vault’s ETH was swapped into USDG and put into Uniswap v4 liquidity for the Reserve’s stock tokens. That is why the ETH-only figures dropped: the value moved into USDG and pool positions instead of disappearing. USDG paid to a stock-token counterparty: the vault received SPCX, BABA and SKHY in return, and those tokens are counted in the table below, at current pool prices.
| Part of the reserve | Basis | ETH value |
|---|---|---|
| Vault ETH | measured balance | 125.47 |
| Vault liquidity positions | pool price | 1,270.00 |
| USDG held | $1 via Chainlink ETH/USD | 358.34 |
| Stock tokens held | pool price | 93.17 |
| Total, counted in the reserve-inclusive ratio | all reserve assets at current pool prices | 1,847.00 |
| Pool | Position | Price in range | ETH value |
|---|---|---|---|
| SPCX / USDG | #3789178 | yes | 24.88 |
| SPCX / USDG | #3789179 | no | 93.96 |
| SPCX / USDG | #3789180 | no | 188.60 |
| SPCX / USDG | #3789181 | no | 36.60 |
| SPCX / USDG | #3789182 | no | 18.30 |
| USDG / SKHY | #3789183 | yes | 14.92 |
| USDG / SKHY | #3789184 | no | 56.50 |
| USDG / SKHY | #3789185 | no | 228.81 |
| USDG / SKHY | #3789186 | no | 114.40 |
| USDG / SKHY | #3789187 | no | 34.32 |
| ETH / USDG | #3789193 | yes | 458.67 |
ETH-only backing ratio (excl. POL), trailing 7 days
Backing ratio incl. reserve assets, since it was first recorded
None of the figures above counts ETH sitting in the tax hook or fee splitter. That’s tax revenue awaiting a forwardTaxes() call, not vault-held backing. See Hold or act.
| Time | ETH only (excl. POL) | Incl. reserve assets |
|---|---|---|
| 2026-11-12 23:20:30.260856+00 | 0.00000157 | 0.00002322 |
| 2026-11-12 22:20:26.53781+00 | 0.00000157 | 0.00002307 |
| 2026-11-12 21:19:35.192138+00 | 0.00000157 | 0.00002307 |
| 2026-11-12 20:18:41.052292+00 | 0.00000157 | 0.00002312 |
| 2026-11-12 19:18:26.745713+00 | 0.00000157 | 0.00002310 |
| 2026-11-12 18:17:41.717518+00 | 0.00000157 | 0.00002319 |
| 2026-11-12 17:17:34.622167+00 | 0.00000157 | 0.00002330 |
| 2026-11-12 16:16:43.206596+00 | 0.00000157 | 0.00002330 |
| 2026-11-12 15:16:30.479661+00 | 0.00000157 | 0.00002335 |
| 2026-11-12 14:16:29.09555+00 | 0.00000157 | 0.00002295 |
| 2026-11-12 13:15:35.159576+00 | 0.00000157 | 0.00002302 |
| 2026-11-12 12:15:26.872315+00 | 0.00000157 | 0.00002286 |
| 2026-11-12 11:14:42.357805+00 | 0.00000157 | 0.00002274 |
| 2026-11-12 10:14:39.568344+00 | 0.00000157 | 0.00002284 |
| 2026-11-12 09:14:16.926609+00 | 0.00000157 | 0.00002272 |
| 2026-11-12 08:13:36.156863+00 | 0.00000157 | 0.00002272 |
| 2026-11-12 07:13:32.491273+00 | 0.00000157 | 0.00002281 |
| 2026-11-12 06:12:48.007537+00 | 0.00000157 | 0.00002277 |
| 2026-11-12 05:11:46.904335+00 | 0.00000157 | 0.00002275 |
| 2026-11-12 04:10:14.220216+00 | 0.00000157 | 0.00002281 |
| 2026-11-12 03:09:39.182096+00 | 0.00000157 | 0.00002281 |
| 2026-11-12 02:08:44.651104+00 | 0.00000157 | 0.00002285 |
| 2026-11-12 01:08:08.896372+00 | 0.00000157 | 0.00002267 |
| 2026-11-12 00:07:29.032269+00 | 0.00000157 | 0.00002266 |
| 2026-11-11 23:07:23.828012+00 | 0.00000157 | 0.00002270 |
70 / 15 / 15 split
| Time | Expansion | Contraction | POL (WETH) | POL (STANDARD) | Incentives vault (STANDARD) |
|---|---|---|---|---|---|
| 2026-11-12 23:20:30.260856+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 22:20:26.53781+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 21:19:35.192138+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 20:18:41.052292+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 19:18:26.745713+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 18:17:41.717518+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 17:17:34.622167+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 16:16:43.206596+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 15:16:30.479661+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 14:16:29.09555+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 13:15:35.159576+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 12:15:26.872315+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 11:14:42.357805+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 10:14:39.568344+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 09:14:16.926609+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 08:13:36.156863+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 07:13:32.491273+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 06:12:48.007537+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 05:11:46.904335+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 04:10:14.220216+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 03:09:39.182096+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 02:08:44.651104+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 01:08:08.896372+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-12 00:07:29.032269+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
| 2026-11-11 23:07:23.828012+00 | 100.279006 | 25.200187 | 0.000000 | 0.000000 | 2,474,581.716759 |
Total ETH spent buying back and burning STANDARD. See Hold or act for whether a buyback tick is ready to fire right now.
See Hold or act for whether the contraction vault can execute a buyback tick right now, and the recent-ticks table.