👀 The Neo Tokyo holder base tells one of the most bullish stories in all of NFTs I rebuilt the onchain holder map for both current @NeoTokyoCode Citizen collections, assigning 3,105 staked Citizens back to their beneficiary wallets This completes the entire true holder base picture of non-staked + staked wallets Here are my findings: ▷ S1: 2,040 Citizens in 1,699 wallets ▷ S2: 3,581 Citizens in 2,789 wallets ▷ 91.3% of S1 wallets hold just 1 ▷ 87.0% of S2 wallets hold just 1 ▷ Top 25 wallets hold only 10.1% of S1 & 10.0% of S2 Now look at the visible sell-side: ▷ Just 21 S1 OpenSea listings ▷ Just 54 S2 listings Five years in, this isn’t a project propped up by a handful of giant wallets It’s a broadly distributed holder base with thousands of separate wallets carrying the culture That’s the kind of foundation that gives a project rocket fuel to run when attention returns Take the deep dive with my Neo Tokyo “Citizen Interlink” community tools: gridphantoms.app/citizen 🗼Grand Rising

CREDITS DAILY • Oct 23 A 0.395Ξ sale of a top-200 CREDIT provided a bright spot as the market settled into a difficult post $BALANCE launch reset CREDIT #56612, CR 797.34 & rank #153, sold for 0.395Ξ (~$950), about 2 hours after changing hands through an accepted 0.223 WETH offer That’s a 0.172Ξ spread, a 77% move between sales & the largest CREDITS sale of the day at ~42× floor Around the Market: • 931 CREDITS sales moved 10.65Ξ (~$25.6K) over 24HR • Floor fell 17% to 0.00932Ξ between my daily snapshots while listed supply contracted by 280, falling below 5K for the first time in my daily reports • $BALANCE fell 31% over the same period to ~$0.0399 (~$22.36), with liquidity near $103K & daily volume down 93% from my previous 24HR snapshot • 5 new Statements absorbed another 400 CREDITS, bringing active Statements to 531 • Over 45,000 CREDITS have now been burned, (36.9%), leaving ~77K loose CREDITS • Live NFT source routes remain priced above BALANCE, with the best single CREDIT carrying a 28% CR premium, the idealized 80-piece basket 64% & the best listed Statement 86% The lower-premium listings and few discounts I’ve watched through my Value Finder have moved quickly, leaving only higher-premium routes To me, that suggests collectors are stocking up on high-CR CREDITS for some mix of belief in a future $BALANCE repricing, source-asset optionality & the rare art itself Jack also consolidated CREDITS, Statements & $BALANCE into his new Exchange dashboard, giving collectors a clearer view of the full system even as the public Statement conversion interface remains pending The token launch hasn’t produced the immediate ecosystem-wide repricing many collectors hoped for, and the broader tape remains tough But a top-200 CREDIT finding a ~$950 buyer, listed supply falling below 5K & continued Statement creation are credible signs of collector activity beneath the reset ▷ MY CREDITS TOOLS Market Intelligence, Value Finder & Appraiser: gridphantoms.app/credits Never financial advice, just sharing what I’m seeing & how I’m thinking about it Snapshot Oct 23, 13:24 UTC

Took me a couple days to let this sink in, but on Tuesday I sold Statement #91 for a price that was bigger than anything I could have imagined I’d get for it when I assembled it Psychologically, I had to go back to that moment (when I assembled it) vs Tuesday’s euphoric sentiment and think what I would have been thrilled to get for it So I listed it for 4.20 ETH ($10.2k) and then sat there in shock as I saw the notification that it had sold moments later The entire process, from minting my first Credits, to my OCD assembly quest, including my obsession with particular colors and finding undervalued rares, culminated in the largest single sale in my 5.5 year NFT journey Finally, a fun big payoff Would say it feels lucky, but in this case, may sound weird, but I felt insanely in tune with the whole project, sentiment AND my own typical trading psychology that I was determined to finally counter-trade lol At long last, I got one right (for me)- others might have held, and I would understand and respect that too And to be clear- I think this project still has longterm big legs to run on, and I’ll definitely be accumulating more undervalued Credits 😂 Forever addicted to this brilliantly complex-yet-also-sublimely-minimalist project The Quest continues… Thank you, Mr. Butcher 🤝

Just updated the Value Finder tool to grade CREDITS vs $BALANCE Discounts have sold, so only premiums remain at the moment If you’re building a CR-heavy Statement, slight-premium high-CR listings may be worth a look + Keep an eye out for discounts gridphantoms.app/credits/val…

Updated my CREDITS tools with live $BALANCE metrics Tracking $BALANCE vs CR costs, where NFT premiums may reflect art + collectibility value Intrigued to watch all 3 markets find “balance” gridphantoms.app/credits

$BALANCE auction update: ~$0.535 implied price ~$28.8M implied FDV Ends ~10:27am ET, trading should follow moments after 31.8% of CREDITS burned, only 83,274 remain I’m updating my community tools for the live $BALANCE era, stay tuned

25% of CREDITS supply has now been burned & 125 Statements created in just 24 hours Meanwhile the $BALANCE auction: ~$0.395 implied token price ~$21.2M FDV Thus bidders are valuing Credit Rating points at ~$0.395 per point While smart buyers are capturing relative discount at ~$0.214 per CR point via best-value Statement listings

🔥 $BALANCE AUCTION OFF TO STRONG START 30.5Ξ bid volume in first minutes Current implied price: ~$0.281 ~11.4x the auction’s minimum price ~$15.1M FDV Only .60% sold, 23+ hrs left 100% of proceeds for liquidity The CCA clearing price can only remain flat or rise during the auction Next ~23 hours should be interesting

CREDITS DAILY • Oct 20 4,597 completed sales moved 114.64Ξ while 101 new Statements burned another 8,160 CREDITS ahead of today’s initial BALANCE auction Uniswap CCA for $BALANCE goes live at 10:20 EST ▷ ESTIMATED BALANCE FDV ~$7.95M based on the lowest verified listed CR route ~$0.148 per potential BALANCE across 53.77M maximum potential supply ▷ CREDIT RATING (CR) VALUE Best listed CR route: Statement #74 Listing: 1.95Ξ (~$4,664) Included CR: 27,113 Cost per 1K CR: 0.07192Ξ (~$172) Idealized Top 80 loose-CREDIT moving basket: 3.089Ξ total (~$7.4k) for 49,947 CR Cost per 1K CR: 0.06184Ξ (~$148) The idealized Top 80 loose route is 16.3% more efficient per 1K CR right now The loose route is an idealized non-atomic basket of 80 separate live listings, listings can change before execution ▷ TODAY’S FLOW New Statements past 24HR: 101 CREDITS burned past 24HR: 8,160 Active Statements: 337 Total CREDITS burned: 28,400 (23.25% of original supply) CR inside active Statements: 13,309,902 (24.75% of maximum potential BALANCE supply) ▷ BALANCE WATCH At this snapshot, the initial BALANCE auction was scheduled to begin today at 10:20 EST through Uniswap’s Continuous Clearing Auction (CCA), with proceeds intended for liquidity The announced 1 CR → 1 BALANCE conversion isn’t live yet ▷ CREDITS MARKET CONTEXT 24HR sales: 4,597 ETH volume: 114.64Ξ (~$274,223) CREDITS floor: 0.0200Ξ (~$48) Listed: 5,545 (5.9%) Within 10% of floor: 140 Vs. yesterday’s report: floor +28.7%, listings -274 ▷ MY LIVE TOOLS CREDITS Market Intelligence: gridphantoms.app/credits CREDITS Value Finder: gridphantoms.app/credits/val… CREDITS Appraiser: gridphantoms.app/credits/app… Snapshot Oct 20, 13:23 UTC ETH/USD Reference: (~$2,392)

STATEMENT SEALING HEADS UP A few eager pioneers are already sealing Statements directly via contract When sealed: ▷ The Statement moves into the BALANCE contract ▷ It stays visible on OpenSea with Format: Balance ▷ Its CR is released as BALANCE ▷ The wallet receives or updates its non-transferable Balance NFT But this doesn’t mean those tokens are tradable yet Ordinary ERC-20 transfers stay locked until the Uniswap CCA ends The CCA is set for 7,200 blocks, roughly 24 hours I’d expect Jack to open a simple website sealing flow after the CCA, much like he did for Statement creation Once that arrives, most people won’t need to touch the contract directly For now this is just a few eager pioneers going early Example: Statement #128

🚨 $BALANCE 101 Seeing a lot of confusion in the comments, so here’s the very simple version: ▷ CREDITS Individual NFTs Every CREDIT has a Credit Rating we call ‘CR’ Look up the official CR of your CREDITS here (it’s not on OpenSea): jack.art/credits/rating CREDITS can remain loose & trade individually Burn 80 CREDITS to create 1 Statement This is permanent ▷ STATEMENTS A base Statement is one NFT composed from 80 CREDITS Its CR is the combined CR of the CREDITS inside it (that number IS on OpenSea) Until locked, a Statement remains a tradable NFT Once conversion is live, its owner can permanently lock it to release $BALANCE 1 CR point = 1 BALANCE token Example: A Statement containing 50,000 CR can release 50,000 BALANCE if locked Locking is permanent & one-way ▷ BALANCE A liquid ERC-20 token you can send or trade Any wallet holding a nonzero amount of BALANCE can participate in the art Even 0.000000000000000001 BALANCE qualifies Each participating wallet has its own non-transferable artwork that changes as BALANCE & inherited colors move ▷ DO CREDIT HOLDERS AUTOMATICALLY GET $BALANCE? No Holding loose CREDITS does not let you claim BALANCE The path from a CREDIT to BALANCE must go through a Statement But loose CREDIT holders are not being left out Think of the CR inside each CREDIT as potential BALANCE carried by that CREDIT Statement assemblers need 80 CREDITS, and every CR point inside those CREDITS can eventually become 1 BALANCE once the completed Statement is locked So in theory, assemblers can value a CREDIT partly by the potential BALANCE its CR could eventually become It’s all about Credit Rating ▷ HOW CAN I GET $BALANCE? You can: ▷ Lock a Statement once conversion is live ▷ Bid in the Oct 20 Uniswap Continuous Clearing Auction (CCA) ▷ Buy BALANCE from the open market once trading is live You do not need CREDITS or a Statement to join the auction or buy BALANCE As Jack explained: Statements are where the supply of BALANCE comes from They are not required to participate in the market ▷ THE AUCTION The Uniswap CCA sells the initial 1% of the maximum potential BALANCE supply Beyond that initial 1%, potential BALANCE enters circulation only as Statement owners choose to lock Jack hasn’t announced when Statement conversion will go live My guess is that Statement conversion to BALANCE won’t go live until at least 24 hours after the Uniswap auction begins That is only my guess, not a confirmed timeline That’s the whole loop: CREDITS → STATEMENTS → $BALANCE Loose CREDITS carry the CR Statements package the CR BALANCE makes the CR liquid Burning & locking are permanent Every step is a choice ▷ NEED MORE HELP? Visit my CREDITS tools: gridphantoms.app/credits

🚨 LESS THAN 100K CREDITS REMAIN 27 Statements composed in past 24 hours, burning 2,160 CREDITS 22,160 burned 99,994 remain loose 👀 The race for Credit Rating is accelerating ahead of $BALANCE launch Check my CREDITS tools: gridphantoms.app/credits

🔥 A BRILLIANT FLOWCHART $BALANCE won’t just add a liquid market to the CREDITS ecosystem It gives the system three doors at three different scales: ▷ BALANCE Divisible, fungible entry at the most granular level ▷ CREDITS Individual artworks with their own ratings, traits & collector markets ▷ STATEMENTS Composed blocks carrying large amounts of accumulated CR Three markets, one underlying value language: Credit Rating (CR) Capital entering through any door can send a price signal through the other two ▷ A BALANCE price gives CR an explicit market reference ▷ CREDIT prices define the cost of assembling a Statement ▷ Statement prices define the cost of acquiring large blocks of CR with the option to convert to BALANCE when it goes live The path only moves forward: ▷ CREDITS burn into Statements ▷ Statements lock into BALANCE So this isn’t a clean two-way peg or guaranteed arbitrage 🔌 But it is a connected market with three access points for different budgets, liquidity needs & collecting preferences ▷ MAYBE THE CLUE IS IN THE NAME BALANCE is what each wallet displays But it may also describe what the fungible layer brings to the whole system: A balance between: ▷ Individual art & composition ▷ Permanence & movement ▷ Collecting & liquidity Would Jack build permanent wallet art, inherited color & metadata recording behavior “forever” just for one quick liquidity event? Liquidity is the ignition, not the destination I don’t think BALANCE ends the CREDITS experiment It completes the market around it And perhaps brings the entire system into balance All while creating a living, ever-evolving blockchain artwork across every wallet it touches 👀

CREDITS DAILY • Oct 19 Less than 24 hours until the initial $BALANCE auction begins through Uniswap’s Continuous Clearing Auction (CCA) & market price discovery starts Meanwhile, 1,136 completed sales moved 24.80Ξ while 4 new Statements burned another 320 CREDITS ▷ ESTIMATED BALANCE FDV ~$6.62M based on the lowest verified listed CR route ~$0.123 per potential BALANCE across 53.77M maximum potential supply ▷ CREDIT RATING (CR) VALUE Best listed CR route: Statement #49 Listing: 1.5Ξ (~$3,632) Included CR: 28,002 Cost per 1K CR: 0.05357Ξ (~$130) Idealized Top 80 loose-CREDIT moving basket: 2.764Ξ total (~$6.7k) for 54,356 CR Cost per 1K CR: 0.05085Ξ (~$123) The idealized Top 80 loose route is 5.4% more efficient per 1K CR right now The loose route is an idealized non-atomic basket of 80 separate live listings, listings can change before execution ▷ TODAY’S FLOW New Statements past 24HR: 4 CREDITS burned past 24HR: 320 Active Statements: 239 Total CREDITS burned: 20,320 (16.63% of original supply) CR inside active Statements: 9,270,446 (17.24% of maximum potential BALANCE supply) ▷ BALANCE WATCH The initial BALANCE auction is scheduled for Oct 20 at 10:20 ET through a Uniswap CCA, with proceeds intended for artwork liquidity The announced 1 CR → 1 BALANCE conversion isn’t live yet ▷ CREDITS MARKET CONTEXT 24HR sales: 1,136 ETH volume: 24.80Ξ (~$60,052) CREDITS floor: 0.0155Ξ (~$38) Listed: 5,819 (5.7%) Within 10% of floor: 72 Vs. yesterday’s report: floor -4.6%, listings -54 ▷ MY LIVE TOOLS CREDITS Market Intelligence: gridphantoms.app/credits CREDITS Value Finder: gridphantoms.app/credits/val… CREDITS Appraiser: gridphantoms.app/credits/app… Snapshot Oct 19, 13:22 UTC ETH/USD Reference: (~$2,421)

Your favorite, yes, Ktrap iPhone chart drawings are back Try it, getting off the big screens where you’re analyzing the details of 4 hour candle patterns can cause you to miss the bigger picture Sometimes it really is this simple Don’t overthink it during a 90 day +25% bitcoin:native uptrend Market seems about ready to pump again, I feel it in my jellies October BTC charts never go up in a straight line This may be the last little bit of fear & doubt… “what happened to uptober?!” Chill, still 13 days to go Please don’t take this as financial advice, I’m drawing lines on a screenshot, lol, but also don’t be surprised if I’m right Because, look at the chart 😂🤝

👀 MY $BALANCE THEORY: MARKETS LOVE NOVELTY Crypto doesn’t only chase value It chases new games ▷ PAST EXAMPLES 1️⃣ $COMP liquidity mining turned borrowing & lending into a token-distribution game, helping ignite DeFi Summer 2️⃣ Loot’s free text-only inventory for a game that didn’t exist spawned $AGLD & a ~$375M FDV in under 48 hours 3️⃣ BRC-20 tokens like $ORDI turned JSON text inscriptions into a speculative minting frenzy that pushed average Bitcoin fees per block above the 6.25 BTC subsidy 4️⃣ ERC-404 fused fungible tokens with NFTs & pushed $PANDORA above a $200M market cap within eight days The first wave of attention around these metas wasn’t driven by people calmly modeling future cash flow People saw a strange new primitive, realized there was a game to play & rushed to understand it before everyone else That’s why I think BALANCE is being underestimated ▷ WHAT MAKES BALANCE NOVEL Several novel mechanics stack together: 1️⃣ Each CREDIT began as a unique artwork generated from a private $8 X Money transaction 👇 2️⃣ 80 CREDITS can be burned into a Statement 👇 3️⃣ The initial 1% of maximum potential supply will be sold through Uniswap’s new Continuous Clearing Auction (CCA) mechanism Instead of one fixed sale price, the market discovers it block by block & the proceeds seed liquidity for the artwork 👇 4️⃣ Once conversion goes live, a Statement can be permanently surrendered, locking it in place to release its accumulated Credit Rating (CR) 1:1 as transferable BALANCE 👇 5️⃣ Perhaps the most novel part: Each receiving wallet gets its own permanent, non-transferable BALANCE artwork The tokens move, inherited colors mix & the sender’s and receiver’s artworks update The speculation doesn’t sit beside the art It becomes the paintbrush ▷ WE’VE BEEN IN THE SLOW PHASE Someone replied to my 20,000 CREDITS burned milestone that the pace is slow & the project needs more attention While I understand the impatient sentiment, I see the opposite setup 20,000 CREDITS have already crossed into Statements before the fungible layer even gives degens something liquid to chase We’re still in the slow phase: composition ▷ THE FAST PHASE IS NEXT My prediction is that the fast phase begins once BALANCE is liquid & the market can actually trade it Especially while Bitcoin chops sideways & attention is searching for somewhere new to express itself Novelty alone doesn’t guarantee staying power But crypto has repeatedly shown that a weird new primitive can pull attention in violently before the broader market fully understands it BALANCE isn’t just another token It’s a liquid artwork where trading changes the picture ▷ BOTTOM LINE My hypothesis is simple: Markets love novelty And this may be novel enough to become the next big thing At the very least, BALANCE feels worth a whole lot more than its current lowest verified CR-derived FDV estimate of ~$5.6M At ~$5.6M, BALANCE would sit around #1,185 by today’s CMC rankings I think its concept & potential alone belong at least in top 500 territory, currently ~$32M+ Even top 250 territory, currently ~$100M+, wouldn’t surprise me Never financial advice Make your own decisions I provide data & background to help you make them