Analytics

Every figure the protocol publishes, as it is returned. Nothing here is adjusted, smoothed or annualised except where the column says so.

As at Oct 21, 2026, 12:25 PM UTC · illustrative, modules not yet deployed

Lower wall · the standing bid

$12.76

-17.91% from market

Market

$15.55

Backing $13.01 per share

Treasury market value

$12.7M

$9.54M liquid

Supply

976,263

87.3% staked

Range Bound Stability

The bands

Wall spread 18.00%

Range bands, with prices and distance from the moving average
				What happens there
Upper wall	$18.36	18.00%	18.13%	Treasury sells shares instantly, until the ask capacity is spent
Upper cushion	$16.73	7.50%	7.62%	Computed and published, and nothing else. No bond market opens here
Moving average, 30 day	$15.56	0.00%	0.11%	The reference level. The range is centred here and travels with it
Lower cushion	$14.40	-7.50%	-7.40%	Computed and published, and nothing else. No bond market opens here
Lower wall — the standing bid	$12.76	-18.00%	-17.91%	Treasury buys shares instantly, until the bid capacity is spent

The market price is $15.55. The bands are computed from the 30-day moving average and from nothing else — not from backing, not from reserves, and not from any fixed level. When the average falls, every row in this table falls with it. Only the two wall rows transact: the cushions are published prices with no facility behind them.

Instant swaps

Wall capacity

Bid factor 15% of reserves

Wall capacity allocated, remaining and spent, on both sides

Lower wall · bidReserve assets spent buying shares	$12.76	$1.43M	$798.41K	$633.26K	55.8%	Up	15 of 2118 required
Upper wall · askNewly issued shares sold for reserves	$18.36	106,027 BID	86,598 BID	19,428 BID	81.7%	Up	15 of 2118 required

A side that has spent its allocation is down: it stops quoting entirely rather than partially filling, and it returns only once the price has been observed on the favourable side of the moving average for the required count and a minimum period has elapsed. Allocated is the bid factor applied to liquid reserves; the contract measures it against the reserve token balance alone, so the two agree only while the reserve token is the whole of liquid backing.

Regeneration

Getting a wall back

18 of 21 required

Lower wall15 of 21 epochs · 18 required

Upper wall15 of 21 epochs · 18 required

One cell per epoch in the observation window, lit for each epoch the price was observed on the favourable side of the moving average. A spent wall returns only once the required count is met and a minimum period has elapsed; in a sustained decline the first condition may not be met for a long time, and the lower wall stays down throughout.

Cushions

Not implemented

Cushion factor 30% recorded, unused

Cushion bands, their recorded parameters, and the fact that neither transacts
						Would quote
Lower cushionWould buy shares above the lower wall	No market	$14.40	$12.76	0 BID	33,656 BID	USDT0
Upper cushionWould sell shares below the upper wall	No market	$16.73	$18.36	0 BID	31,808 BID	USDT0

Neither cushion exists. RANGE keeps a market slot for each side and the Operator carries the cushion parameters, but nothing ever opens one: range.market() returns NO_MARKET on both sides, because a cushion is a bond market and no bond auctioneer has been written. The range is walls-only. The band prices are computed and published every epoch and are real; the capacity column states what the recorded parameters would allow if the missing contract existed, and is transactable by nobody.

Holdings

Treasury

5 holdings · $12.7M

USDT0Liquid
$5.23M41.20%
BID-USDT0Protocol-owned
$3.16M24.86%
HYPELiquid
$2.38M18.75%
USDeLiquid
$1.25M9.82%
feUSDLiquid
$682.11K5.37%

Liquid backing

$9.54M

$9.78 per share

Protocol-owned liquidity

$3.16M

24.9% of value

Other illiquid

Excluded from the wall

Bid capacity

$798.41K

of $1.43M allocated

Treasury holdings, asset by asset
					Contract
USDT0Tether USD, omnichain	5,233,318.41	$5,233,318.41	41.20%	Liquid	0xB8CE…5ebb
BID-USDT0Protocol-owned liquidity	3,157,774.17	$3,157,774.17	24.86%	Owned liquidity	0x0000…0000
HYPEHyperliquid, native	57,695.44	$2,381,667.97	18.75%	Liquid	Native asset
USDeEthena synthetic dollar	1,247,358.90	$1,247,358.90	9.82%	Liquid	0x5d3a…ef34
feUSDFelix collateralised dollar	682,109.71	$682,109.71	5.37%	Liquid	0x02c6…6c70
Treasury market value	—	$12,702,229.16	100.00%	$9.54M liquid	—

Liquid backing counts only the assets that could actually be sold to fund the lower wall. Bid capacity is a fixed fraction of it, which is why it matters more than treasury market value.

Protocol-owned liquidity is excluded from liquid backing. It is paired against the share itself, so in a decline it converts into more of the share and less of the reserve asset. It cannot be relied on to defend the share, and this page does not count it as though it could.

Wall above liquid backing

The wall presently quotes $12.76 against $9.78 of liquid backing per share. While that holds, every share the treasury buys at the wall costs more than the liquid assets standing behind it, and liquid backing per share falls for everyone who stays. The mechanism permits this; it is not a fault, and it reverses when the moving average falls far enough.

Supply

976,263 BID in issue

Supply, split between staked and unstaked

Total supplyBID in issue	976,263.3626 BID	100.00%	$15,176,152.24
StakedHeld as sBID or gBID, receiving the distribution	852,668.4209 BID	87.34%	$13,254,851.36
UnstakedDiluted by every distribution, compensated by none	123,594.9417 BID	12.66%	$1,921,300.87

There is no supply cap. Shares are created by the epoch distribution and by the upper wall, and destroyed when the treasury buys them at the lower wall. The upper cushion would be a third path, and is not implemented. Supply is a consequence of activity rather than a schedule.

Epoch and parameters

Everything else

Immutable unless stated

Epoch state, index, rates and the range parameters
		What it means
Epoch number	880	Advanced by the heartbeat, callable by anyone
Epoch length	8 hours	3 distributions a day
Epoch ends	Oct 21, 2026, 4:00 PM UTC	When the next rebase becomes callable
Last heartbeat	Oct 21, 2026, 8:00 AM UTC	Last advance of the moving average
Index	13.335419	sBID per gBID. Rises once per epoch, forever
Reward rate	0.2948%	Per epoch, immutable
Annualised	2,411%	The reward rate compounded. Share count, not value
Runway	70.3 days	Liquid backing against the current rate
Warm-up	3 epochs	Before a new stake is counted
Wall spread	18.00%	Distance from the average to either wall
Cushion spread	7.50%	Distance from the average to either cushion
Bid factor	15.00%	Share of reserves that funds the lower wall
Cushion factor	30.00%	Share of a wall a cushion may consume
Moving average	30 days	Observation window
Backing per share	$13.01	Treasury market value over supply
Liquid backing per share	$9.78	Excludes protocol-owned liquidity

Every parameter in the lower half of this table was fixed at deployment and has no setter. That removes the risk they are changed against holders and installs the risk that they are simply wrong and permanent.