{
  "release": "coin-fundamental-evidence-20260927-2.0",
  "cutoff_utc": "2026-09-26",
  "interpretation_rule": "Issuer rules, project activity, token locking and passive-tokenholder cash flow are separate evidence classes. Null means not independently verified, not zero.",
  "symbol": "AERO",
  "status": "onchain_supply_and_escrow_verified_fee_payout_unverified",
  "documented_mechanism": "Official Aerodrome rules route eligible exchange revenue to veAERO voters; ordinary unlocked AERO does not automatically receive it.",
  "operating_observation": {
    "metric": "AERO ERC-20 totalSupply on Base",
    "latest": {
      "target_utc": "2026-09-26T00:00:00.000Z",
      "observed_utc": "2026-09-25T23:59:59.000Z",
      "block_number": 51795726,
      "block_hash": "0x6c444995731479fe784d23d875f4b6689a04e8d17238b77d5a4d873fcbc20b83",
      "token_contract": "0x940181a94A35A4569E4529A3CDfB74e38FD98631",
      "token_decimals": 18,
      "total_supply_raw": "1988034890229641792427930557",
      "total_supply": 1988034890.229642,
      "escrow_contract": "0xeBf418Fe2512e7E6bd9b87a8F0f294aCDC67e6B4",
      "escrow_balance_raw": "991561258084219907893955469",
      "escrow_balance": 991561258.0842199
    },
    "four_weeks_prior": {
      "target_utc": "2026-08-29T00:00:00.000Z",
      "observed_utc": "2026-08-28T23:59:59.000Z",
      "block_number": 50586126,
      "block_hash": "0xa77c43bab19db1660387ab28dcca102a23186ed79d9d77bf976f159cd0915238",
      "token_contract": "0x940181a94A35A4569E4529A3CDfB74e38FD98631",
      "token_decimals": 18,
      "total_supply_raw": "1968917232874523587364314282",
      "total_supply": 1968917232.8745236,
      "escrow_contract": "0xeBf418Fe2512e7E6bd9b87a8F0f294aCDC67e6B4",
      "escrow_balance_raw": "986171909455792611167386566",
      "escrow_balance": 986171909.4557925
    },
    "thirteen_weeks_prior": {
      "target_utc": "2026-06-27T00:00:00.000Z",
      "observed_utc": "2026-06-26T23:59:59.000Z",
      "block_number": 47864526,
      "block_hash": "0x2cc3ed18097b56d5362b7449847d9ee06e14e6591e04d518dfb406758ea87800",
      "token_contract": "0x940181a94A35A4569E4529A3CDfB74e38FD98631",
      "token_decimals": 18,
      "total_supply_raw": "1926377369594196792911588644",
      "total_supply": 1926377369.5941968,
      "escrow_contract": "0xeBf418Fe2512e7E6bd9b87a8F0f294aCDC67e6B4",
      "escrow_balance_raw": "968404169515345798428666563",
      "escrow_balance": 968404169.5153457
    }
  },
  "token_capture_observation": {
    "metric": "AERO balance held at official VotingEscrow contract, not realized voter income",
    "latest": 991561258.0842199,
    "four_weeks_prior": 986171909.4557925,
    "thirteen_weeks_prior": 968404169.5153457
  },
  "missing_series": [
    "Same-week swap fees and actual veAERO payouts reconstructed from contracts",
    "Incentive composition and individual vote/lock positions",
    "Net yield after dilution, lock risk and execution costs"
  ],
  "sources": [
    {
      "url": "https://github.com/aerodrome-finance/contracts",
      "type": "official_contract_addresses"
    },
    {
      "url": "https://aerodrome.finance/docs",
      "type": "issuer_economics_rules"
    },
    {
      "url": "https://base-mainnet.public.blastapi.io",
      "type": "base_chain_rpc"
    }
  ]
}