FET · a hard cap on one chain, and a live printer on the other.
FET is the token of the Artificial Superintelligence Alliance, the merged Fetch.ai, SingularityNET and Ocean Protocol. It lives in two places at once: an Ethereum token capped at 2.71B that minted nothing this quarter, and the Fetch chain, which has no cap and pays stakers 3% a year in brand-new FET. About 2.23B is counted as loose in the market. Read only the Ethereum side and FET looks frozen; read both and it is quietly growing.
Sell pressure. 14.37M FET over 90 days — 10.65M freshly minted as Fetch chain staking rewards, 3.35M paid out of the SingularityNET treasury in one move, and 0.37M finally claimed out of the merger conversion contracts.
Buy pressure. Zero. The announced Earn and Burn programme did not fire in these 90 days — the Ethereum token supply reads the same at both ends of the window, to the last decimal, and both burn addresses are empty.
Net. +0.64% of supply reached the market over 90 days, easing to about +0.49% once the one-off treasury payment drops out. Mild, but it is growth, not a frozen cap.
- Merger migration releasecalendar onlyAug 28 2026 · claims run far behind the calendar
The Fetch chain still prints. It pays stakers a fixed 3% a year in brand-new FET, measured on chain at 7.89 FET a block across the 1,350,220 blocks in this window. The Ethereum token is capped and minted nothing, so every new FET in existence came from this side.
Two merger conversion contracts still hold 14.51M FET for AGIX and OCEAN holders who never swapped. Only 0.37M was actually drawn out over 90 days — the paper unlock calendar runs far ahead of what claimants take, and the next calendar release is Aug 28 2026.
One firing: the SingularityNET treasury sent out 3.35M FET between May 20 2026 and Jun 19 2026 and has sat at 7.60M since. Everything else on this side stood still — the Fetch.ai Foundation safe at 26.69M, the largest project safe at 277.55M, two more group safes at 81.21M and 32.20M, and the 14.51M still parked in the merger conversion contracts.
No estate, no trustee, no long-term lock unwinding. Nothing reaches the market from this direction.
An Earn and Burn programme is announced, funded from a slice of ecosystem revenue. It did not fire in these 90 days: the Ethereum token supply is identical at both ends of the window and both burn addresses hold nothing.
Using either chain destroys nothing. Fetch chain fees are paid to validators and stakers, not burned, and the Ethereum token has no fee mechanism at all.
No treasury purchase has been disclosed or seen on chain. The identified safes only ever pay out.
Staked FET is not locked away — it unbonds and returns to the float, and the market counts it as circulating the whole time. No new lock contract was funded in the window.
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