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Q2 2021 Token Transparency Report: What changes have been made to team holdings?

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As of the second quarter of 2021, the crypto asset market saw an additional net appreciation of $10 billion. The increase was in line with the previous quarter, but it was double the fourth quarter of 2020 and more than five times the third quarter of 202

原文标题：《 COIN METRICS SUPPLY TRANSPARENCY REPORT – Q2 2021 》

原文来源： Coinmetrics

By Ben Celermajer

MOON, CryptoFlow of deep tides

· The value of most crypto assets rose. Bitcoin, for example, is up nearly two-and-a-half times since the same time last year, just as other assets have experienced significant price gains in the past year, such as Ethereum, which is up more than 600%.

· Some foundations, teams and long-term holders wish to obtain liquidity at attractive prices, resulting in an increase in assets in circulation.

The increase in free-float market value in the second quarter of 2021 was due to price increases and new free float on the market, The biggest contributors are Ethereum ($4.3 billion), XRP ($2.3 billion), Dogecoin ($1.3 billion), and Stellar Lumens ($640 million).

Last year, the crypto assets with the highest annual inflation rates in free currency were Compound (625%), FTX Coin (36%), MakerDAO (27%), Zcash (26%), and XRP (24%). Crypto.com Coin (-21%), Huobi Token (-18%) and Bitcoin (1.8%) had the lowest annual inflation over the same period.

Note: In February and April 2021, Crypto.com conducted two one-time destruction of CRO of 59.6 billion and 59 billion CRO at the foundation's control address. The Compound had a small initial circulation when it was launched in March 2020, and liquid mining contributed to its early high inflation.

Foundation control address

During the second quarter of 2021, the net value of crypto assets transferred out of identified foundation and corporate control addresses was $3.5 billion, down from $17.1 billion in the previous quarter. However, if you strip out the $13.3 billion destroyed by Crypto.com in the first quarter, the supply bulge caused by foundation control addresses remained relatively flat (down 5% in the quarter). The two main reasons for the change in the number of tokens held by foundations this quarter are as follows:

· The Crypto.com Coin Foundation conducted a second destruction, destroying $1.2 billion worth of tokens from The foundation's control address.

· The Ripple Foundation transferred $850 million from a Foundation controlled address.

Note: Corporate/foundation asset sales may occur for a number of reasons, including but not limited to operating expenses, team member/advisor affiliations, strategic long-term partnerships or BDS, planned and unplanned token destruction, strategic investments and financial management. Companies or foundations may also behave differently, either choosing not to issue a large number of products as often as possible, or issuing as needed. In addition, the transfer of assets from a foundation/corporation-controlled address does not necessarily mean that the assets have been sold (e.g. distribution to team members, destruction, strategic placement, community incentive programs, etc.).

Note: In February 2021, the Crypto.com Foundation destroyed $13.3 billion worth of CROs.

Note: In April 2021, the Crypto.com Foundation destroyed $1.2 billion worth of CROs.

Team control address

In the second quarter of 2021, the net value of crypto assets transferred outside of the company's team-controlled addresses increased significantly, pepping at $3 billion. During the second quarter of 2021, the assets under team control addresses increased the most in free circulation supply as follows:

· XRP: 1.2 billion XRP added to the more liquid market, valued at $1.4 billion.

· Chainlink: 19.5 million additional links entered more liquid markets, valued at $624 million.

· Crypto.com: 2.3 billion CRO ($480 million) left the team's control address, most of which ended up in the destructible wallet, thus having no impact on the freely circulating supply of Crypto.com.

Note: Moving out of the team control address does not necessarily mean that the asset has been sold, but may be a sign of activity (such as moving to a passive income tool such as Compound).

Details of changes in free circulation & NBSP;

0X (ZRX)

In the second quarter of 2021, a total of 34 million ZRX were removed from foundation control addresses, an increase of 24 million from the previous quarter.

However, 21 million of those ZRX were deposited in the ZRX Vault. Because tokens in the ZRX Vault earn interest, perform governance functions, and are indistinguishable from other tokens, they are considered active and more liquid than passively held assets. The team control address transferred 16.8 million ZRX in the second quarter, a significant increase from the 4.5 million ZRX transferred in the first three quarters. Most of those tokens, however, were deposited at Compound and Makerto, either as collateral for loans or to earn income (or both). The net impact of the foundation and Team ZRX transactions was to increase the free circulation supply by 41.5 million ZRX.

AAVE (AAVE)

Since Aave was only launched in the fourth quarter of last year, its history of free circulation is limited. At the end of q4, Aave-controlled addresses still managed more than 3 million AAves, of which more than 500,000 remained under Migration contracts and unclaimed by LEND holders. AAVE also launched their liquid mining in the second quarter, leading to an increase in inflation at AAVE DAO, which now holds 2.6 million AAVE.

AAVE added 365,000 free circulations in the second quarter.

BALANCER (BAL)

Balancer released 1.885 million BAL into circulation through their liquid mining program, which is the same number as in Q4 2020.

During the second quarter, the Balancer Foundation released fewer BAL to more liquid markets, with only 725,000 BAL transferred from foundation control addresses, down from 1.7 million BAL in the first quarter. Combined with a small net accumulation of 117,000 BAL at the team's control site, Balancer's net change in free circulation for the quarter was 2.5 million.

BASIC ATTENTION TOKEN (BAT)

During the second quarter of 2021, Basic Attention tokens recorded the lowest quarterly growth in the past year. Only 11.2 million new BATS entered circulation in the second quarter, down from 47.1 million in the previous quarter. Much of the decline was due to reduced activity in the wallets controlled by the foundation. The foundation controls the wallet of the most active "BAT: UPG Reserve ", also had a net outflow of only 6 million BAT, significantly lower than the volume recorded in the previous three quarters -- 26.5 million (1Q21), 28.8 million (4Q20) and 24.7 million (3Q20) respectively. At the same time, the identified team control addresses compensated for the remaining increase in free circulation, with 4.4 million BATS entering more liquid markets in the quarter, down from the 20 million BAT outflows in q1 2021.

BITCOIN (BTC)

In the second quarter of 2021 the new COINS issued by mining activities for 75200, slightly less than in previous quarters and distribute expectations of the target, the main reason for the decline is Chinese miners new regulations and to comply with local law enforcement and logoff mill, hash rates have fallen sharply, cause blocks are made less and reduce the inflation rate in the quarter.

However, there were 73,000 bitcoins in the quarter that had not been active for more than five years. According to the free circulation calculation, these tokens are classified as long-term holders who may be strategic or lost and therefore have no impact on the liquid market (and free circulation).

This led to a net increase of just 2,000 BTC in bitcoin's free circulation during the quarter.

BITCOIN CASH (BCH)

Bitcoin Cash's free circulation is down about 100,000 from the previous two quarters. While emissions from mining in the second quarter were consistent with the previous two quarters, only 50,000 BCH entered the free-circulation supply from activated coins for the first time since Bitcoin Cash was separated from Bitcoin, down from 160,000 BCH in previous quarters. This led to a net increase of 132,000 BCH in Bitcoin Cash's free circulation during the quarter.

BITCOIN GOLD (BTG)

Bitcoin Gold's free circulation increased by 157,000 BTG in the second quarter of 2021, consistent with first-quarter levels, but more than 100,000 lower than q3 and Q4 growth in 2020. Of this, 81,000 BTG came from mining activities, and another 76,000 BTG came from the free circulation of Bitcoin Gold that was first activated after BTG forked. The above resulted in a net increase of 157,000 BTG in Bitcoin Gold's free circulation during the quarter.

BITCOIN SV (BSV)

In the second quarter of 2021, Bitcoin SV's free circulation supply increased by 181,000 BSV, a significant decrease from the 498,000 new free circulation in the first quarter of 2021. While new Bitcoin SV releases related to mining are in line with previous quarters, only 100,000 BSV have been activated since BSV fork, which is the lowest quarterly increase in active supply since q3 2020. The above results in a net increase of 182,000 BSV in free circulation for the quarter.

CARDANO (ADA)

Cardano's free circulation increased by 247 million ADA in the second quarter of 2021, a significant drop from the record first quarter of the year when Cardano added 1.5 billion ADA to its free circulation supply in a single quarter. Most of the quarter's increase was the result of PO, which added 178 million ADA to Cardano's supply chain.

CHAINLINK (LINK)

Chainlink's free circulation supply has increased for the third consecutive quarter, experiencing the highest quarterly increase since q3 2019. Added 19.5 million links in q2 2021, up from 17.5 million in Q1. The increase in its free circulation supply is due to the forwarding transaction from the team confirmed address.

COMPOUND (COMP)

During the second quarter, 665,000 comps entered the free circulation supply, a 26% decrease compared to the first quarter (898,000 comps). The number of COMP tokens released from foundation controlled addresses decreased by 56% during the quarter, with only 244,000 COMP tokens released into more liquid markets, mainly through liquid mining. However, distribution of team control addresses increased, with 420,000 comps leaving closely held team control addresses, an increase from 388,000 in q1 and 87,000 in Q4 2020. This could be a result of the team ascribe token distribution, as the protocol has been out for more than a year.

CRYPTO.COM COIN (CRO)

During the second quarter of 2021, the Crypto.com Foundation again destroyed units held by the CRO Foundation, sending 5 billion CROs to the destruction address on April 1. Since the units destroyed are from the foundation's control address, the destruction does not affect the free flow of CRO, but reflects a change in the maximum supply of CRO in the future. During the quarter, 2.3 billion CRO from the team's control address was sent to the destruction address for destruction. In addition, 2.1 billion CROs were destroyed during the quarter, some of which came directly from the free circulation of the Bittrex trading platform. The net effect of these changes was a $2.2 billion reduction in the supply of CRO in free circulation, which has declined for two consecutive quarters.

CURVE (CRV)

In the second quarter of 2021, the free-flow supply of Curve increased by 173 million CRV, slightly higher than the previous two quarters of 130 million CRV (Q1 2021) and 137 million CRV (Q4 2020). Curve, a relatively new protocol launched in August 2020, has a scheduled rate of coin offerings that will continue at a similar rate over the next few quarters. Most of the increase in free flow supply comes from increased circulation as a result of shifting from fund control addresses to liquid mining, as well as CRV released from team control addresses.

DASH (DASH)

DASH issuance of 154,000 mining-related activities in the second quarter was similar to previous quarters (i.e., quarters adjusted for the 6.0% inflation rate that occurred in the second quarter of 2020). During the quarter, 23,000 DASH tokens were considered inactive for more than 5 years, belonging to long-term strategic investors or missing supply. The net result of these two factors was a 131,000 increase in DASH free circulation for the quarter.

DECRED (DCR)

The free circulation supply increased by 289,000 DCR tokens during the second quarter of 2021, up from the record low of 40,000 in the first quarter. Most of the increase in free circulation supply came from an increase of 323,000 DCR from mining activity during the quarter, with another 28,000 DCR removed from supply due to aging (inactive for more than 5 years) and 11,000 DCR tokens removed from supply due to foundation accumulation.

DIGIBYTE (DGB)

Digibyte's free-circulation supply increased 252 million DGB in the second quarter, down 14% from the first quarter. Inflation related to Digibyte mining continued to decline each quarter, with an increase of 27 million this quarter, down again from 279 million in the first quarter. Another 21 million DGB were removed from free circulation during the quarter because they had been inactive for more than five years. Under the free circulation method, these tokens would be classified as long-term holders who may be strategic or lost, and thus have no impact on the liquid market (and free circulation).

DOGECOIN (DOGE)

The second quarter of 2021 saw another relatively large increase in Dogecoin's free circulation. The increase was due to a sudden transaction of some 2.6 billion DOGE tokens held after more than five years of non-activity, as well as a new on-chain supply of 1.2 billion DOGE tokens from mining activities. Dogecoin's free circulation increased by a net $3.8 billion in the quarter.

ETHEREUM (ETH)

Ethereum's free flow added 1.2 million ETH in q2 2021, with the vast majority of the new supply coming from miners' block subsidies (1.2 million) and another 31,000 ETH moving from foundation control addresses to more liquid markets (Deep Wave note: The Ethereum Foundation, which cashes in more than 30,000 ethereums in May, is offset by 38,000 ETH that have been removed from the free float supply due to aging (i.e., not traded for more than five years, identified as a long-term, strategic holder, or lost asset).

FTX TOKEN (FTT)

During the fourth quarter, the free-floating supply of FTX tokens declined for the second consecutive quarter. This is the result of 1.6 million FTT tokens being sent to the destruction address and destroyed. Volume destruction in the second quarter was 24% lower than 2.1 million FTT in the first quarter. Transactions that did not send team or foundation control addresses to more liquid addresses during the second quarter of 2021 resulted in a 1.6 million reduction in FTT's free flow supply for the quarter.

HUOBI TOKEN (HT)

Huobi tokens remain one of the most stable deflationary assets in the cryptocurrency market, with each quarter of 2020 seeing a decrease in free circulation supply. This situation did not change in the second quarter as the free flow supply of HT decreased by 1.21 million. These include: & NBSP;

· Huobi continues the on-chain destruction of HT, sending HT to the destruction address (which received a total of 16.2 million HT during the quarter).

· The Huobi Foundation transferred 4 million HT from the foundation control address to the more liquid market.

LITECOIN (LTC)

During the second quarter, free circulation supply of Litecoin increased by 587,000 LTC, which is roughly in line with previous quarterly growth. While new supply from mining-related activities remained relatively stable, increasing by 644,000 LTC during the second quarter, a net increase of 57,000 LTC from dormant sites over five years removed some liquidity from the market. The net result for the quarter was an increase of 587,000 LTC in the free circulation supply of Litecoin.

MAKERDAO (MKR)

MakerDAO's free flow supply returned to net growth in the second quarter of 2021 with 75,000 MKR added to free flow. The main reason for this increase is that 55,000 MKR were removed from the MakerDAO governance contract. In addition to this, MakerDAO experienced a reduction in supply on the chain, with 3,900MKR repurchased and destroyed from expenses incurred by DAI during the quarter.

NEO (NEO)

In the second quarter of 2021, NEO's free circulation increased by 21,800. The increase comes from a shift during the quarter from a foundation control address to a more liquid address.

STELLAR LUMENS (XLM)

In the second quarter of 2021, the free circulation supply of Stellar Lumen increased by 532 million XLM, a 29% decrease from the previous quarter. The increase in free circulation came from the transfer of XLM from foundation control addresses to more liquid addresses during the quarter.

UNISWAP (UNI)

Uniswap's free circulation supply increased by 1 million UNI in the second quarter of 2021. The increase in free circulation supply is due to first-time users still requesting their airdrops from UNI assigned addresses.

XRP (XRP)

In the second quarter of 2021, XRP's free-float supply increased by 2 billion, which is roughly in line with their performance in the previous two quarters. The largest contributor to the additional liquidity in the market this quarter was the Ripple Team-controlled address, which provided a net outflow of 1.2 billion XRP, a fourfold increase since the second quarter of 2020. Meanwhile, the Ripple Team controlled addresses also provided a net outflow of 800 million XRP.

YEARN (YFI)

In the second quarter of 2021, the free flow supply was reduced by 770YFI. Much of this was due to the increase in YFI from the identified team control addresses, and much of this increase came from deployed Treasury assets in the yearvaults.

ZCASH (ZEC)

In the second quarter of 2021, Zcash's free circulation supply increased by 326,000 ZEC, very similar to the increase in the previous quarter, which saw the smallest quarterly free circulation increase in history. This quarter's low level of growth is the result of the recent halving of the ZCash block, which occurred in November 2020. There are no other known changes to the free-circulating supply of Zcash. Note that if the foundation and team adopt a privacy transaction, it is not known whether they control the assets (privacy still works).