GNO · no coin can be minted, so the float only moves when someone decides to move it.

No GNO is created anywhere. The Ethereum contract holds no function that can make a coin, and the count of GNO in existence read exactly 10,000,000 at both ends of the window. What validators earn is paid out of a reserve the DAO fills in advance, so the coins already existed — they simply become spendable. Sized off the published reward curve at the average amount staked over the window, about 292.0K GNO, that comes to roughly 7.0K GNO across 90 days. Gnosis itself calls this a dilution offset rather than yield.

Nothing vested. The two long-dated release contracts were read at both ends of the window and neither moved by a single coin: one held 3,852,258.9085 GNO on both dates, the other 360,411.0000 on both dates. There is no cliff calendar for GNO and no unlock tracker carries one, because the remaining lock is a single 8-year straight-line contract that has made no outward transfer since January 2025.

The DAO moved house rather than sold. On Jul 21 2026 its historical Ethereum safe emptied 414.9K GNO and a successor safe received 414.5K on the same day, which is a custody migration, not market supply. The 464 GNO that did not arrive is booked here because it left DAO hands on a dated event. Watched as overhang: 414.5K GNO in the Ethereum safe, 824.3K in the Gnosis Chain safe, 52.1K in a lock proxy and 360.4K in the second release contract — none on a published release schedule.

There is no bankruptcy estate, no trustee and no court-ordered distribution attached to GNO. The token contract itself carries no mint, no burn and no owner, so nothing can be added to this row by anyone.

This is the real supply story of the quarter. Gnosis Chain validators are leaving in numbers, and each one takes its stake back out of the staking contract into the open float. Across 90 days that contract paid out 97.8K GNO on 818 transfers; take away the reward share above and 90.8K of it is returned stake. The staking contract's own balance moved from 271.5K to 312.5K, and every coin in and out of it was traced — the two figures reconcile exactly, to the ninth decimal.

A buyback exists and it is switched off. The DAO's treasury manager bought 12,597 GNO in the first quarter of 2026 at an average of $125.75, then a further $1.46M between Apr 16 and May 8 2026, and paused when the redemption proposals reached a vote — stating buying would stay paused while redemption was live. Redemption closed Jul 17 2026 and no quarterly update has been published since. No buys fell inside this window. No public evidence of activity in window — monitored.

There is no GNO burn, by design. Gnosis Chain charges gas in a stablecoin, not in GNO, so the fee that gets destroyed on every block destroys that stablecoin instead. Both destruction surfaces were read at both ends of the window and both were flat: the two unspendable addresses held 3,147,806.3457 and 0.0732 GNO on both dates, and the count of GNO in existence was identical on both dates. The only coins the protocol can destroy are a slice of a punished validator's stake, which is negligible.

One vote, one fortnight, and the float shrank. A June 2026 decision let holders hand GNO back for a pro-rata slice of the treasury, valued at $127.71 a coin. Between Jul 3 and Jul 17 2026, 97 addresses deposited 111,074.29 GNO into the intake contract, which swept the whole amount to the DAO in a single transaction on Jul 17 2026. The intake contract read zero at both ends of the window — only the transfer log shows it. Those coins are held by the DAO, not destroyed, and are tracked as overhang.

New validators are still arriving, just fewer than are leaving. Deposits into the staking contract came to 138.9K GNO over 90 days, of which 65.0K was the DAO refilling the reward reserve out of its own treasury — that is one pocket to another and is excluded here. The genuine new lock from the open float is 73.9K GNO, and it is a real lock: a coin staked to secure the chain cannot trade until the validator exits.