FORM · a token that barely moves, wearing a half-finished swap and a very large unmoved shelf.
FORM is the token of Four, the memecoin launchpad on BNB Chain that used to trade as BinaryX. It is capped at 580M and the cap is compiled into the contract, 381.87M is circulating, and the old token has still not finished migrating — 280.42M of it is sitting on the old contract waiting.
Sell pressure. 30.33K FORM in 90 days — 9.78K of new issuance and 20.55K from one multisig that pays out 6,849 a month like clockwork. That is a rounding error on a 381.87M float.
Buy pressure. Zero. The launchpad's famous buy-and-burn is aimed at the coins launched on it, not at FORM — 0.00 FORM sits at every burn address, and the contract has no way to destroy a token at all.
Net. About +0.01% to market over 90 days and the same ahead — as close to flat as a live token gets. The risk is not issuance, it is the 277.90M of identified group-held supply that has not moved.
New FORM is not issued on a schedule — it appears only when the older token contract mints, and that contract added 9,783 units across the whole quarter, from 576,977,814 to 576,987,597. One firing is pinned to Jul 31 2026, when 5.44 units were created and migrated to FORM in the same transaction. On a base of 381.87M this is close to nothing.
Secondary write-ups describe a linear release running through 2026, but every wallet that would have to pay it is readable on chain, and seven of the eight held exactly the same balance on May 26 2026 and Aug 24 2026. What is scheduled on paper and what actually reached the market are different numbers here, and only the second one is booked.
One multisig released 6,849 units three times this quarter — an identical amount each time, roughly monthly — taking it from 75,940,431 to 75,919,884. Tracked alongside it and unmoved all window: wallets holding 63.06M, 61.61M, 25.16M, 24.74M, 16.44M, 9.60M and 1.36M, for 277.90M of identified group-held supply in total, none of it on a published release calendar. If any of those balances falls between refreshes, the outflow lands in this row.
There is no bankruptcy estate, no trustee and no court-ordered distribution attached to FORM.
FORM is still being created, and quite a lot of it: 78,740 units were minted this quarter. Every one was matched by the same quantity of the older token being destroyed, one for one, to eight decimal places. It swaps the label on supply that already existed, so it adds nothing. Just over half the old token has crossed so far, and 280.42M has not.
The launchpad does run buy-and-burn, but it is pointed at the memecoins launched on it — post-graduation fees above 1% buy back that token, not FORM. Measured against the only thing that would prove otherwise: FORM held at every burn address reads 0.00 at both ends of the window. Not one FORM has ever been sent to one.
The FORM contract has 42 functions and none of them can destroy a token — there is no burn and no burnFrom. Supply can only fall if someone sends tokens to a dead address, and none ever has. Total supply on this contract has only ever gone up.
No public evidence of release in window — monitored. No open-market purchase by the project has been disclosed or observed. One unlabelled wallet did accumulate 2,126,829 FORM from a standing start this quarter, but nothing ties it to the project, so it is watched rather than counted.
No lock contract, staking escrow or term lock was deployed or announced this quarter. The migration sink is not a lock either — every unit deposited comes straight back out as freely transferable FORM in the same transaction, and a receipt you can sell is not a locked position.
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