Post

FRIDAY BME WATCH Canton / $CC — 30D On-Chain Snapshot Data first. Narrative second. 30D REWARDS & BURNS Mint: 644.66M CC Burn: 437.28M CC BME: 67.83% Net Pressure: +207.38M CC VS LAST FRIDAY 🔴 Mint: 639.46M → 644.66M (+5.20M) 🟢 Burn: 415.26M → 437.28M (+22.02M) 🟢 BME: 64.94% → 67.83% (+2.89 pts) 🟢 Net Pressure: +224.20M → +207.38M (−16.82M) Mint is still rising, but burn grew over four times faster. BME reached 67.83% and net pressure continued to fall. The direction is positive. But the system still created 207.38M net new CC over the last 30 days. 30D NETWORK ACTIVITY Total: 49.1M Public: 10.0M Private: 39.1M Private Share: 79.6% VS LAST FRIDAY 🔴 Total: 53.1M → 49.1M 🟢 Public: 9.9M → 10.0M 🔴 Private: 43.2M → 39.1M 🟢 Private Share: 81.4% → 79.6% Total activity declined again, mainly due to lower private activity. Public activity remains resilient and continues gaining relative weight. 24H DATA Mint: 21.77M Burn: 15.60M BME: 71.63% Net Pressure: +6.17M Active Addresses: 131,317 Burn Volume: $1.801M Private Updates: 1,046,638 Transfers: 421,380 Price: $0.1190 Supply: 39.220B CC Daily BME is back above 70%. Burn improved. Net pressure declined. Supply increased again. SCOREBOARD 🟢 Burn 🟢 BME 🟢 Net Pressure 🟢 Public Activity 🔴 Total Activity 🔴 Price 🔴 Mint 🔴 Supply 🟡 Structural Change MY VIEW Infrastructure: 9.8/10 Token: 6.9/10 The infrastructure keeps improving. The token metrics are also improving. But the divergence remains. BME is improving. Burn is increasing. Net pressure is falling. Yet the price has not recovered. $CC is still around $0.119 while circulating supply has reached 39.22B. For now, rewards recipients remain the main economic beneficiaries. Holders still face expanding supply and positive net issuance. I don’t question Canton. I question whether enough value is reaching $CC holders. My thesis hasn’t changed. Better on-chain metrics must eventually translate into stronger demand, lower liquid supply and price appreciation. Next week I’ll watch: