HASH · the burn is winning, supply is shrinking.
HASH is the staking and gas token of Provenance Blockchain, a Cosmos-SDK chain for real-world-asset settlement — 100B max supply, ~54.4B circulating, with staking emission and a fee-funded burn pulling opposite ways.
Sell pressure. Staking inflation is dynamic but currently dormant — yield reads near zero and no net new supply was issued this window.
Buy pressure. A fee-funded auction burns every winning HASH bid — ~1.57B left supply over the trailing 90 days.
Net. About 2.9% of supply taken off the market — deflationary, with the burn out-running emission.
Staking emission is dynamic (documented 1% at the 60% staked target, up to 52.5% if nothing is staked), but the staking yield currently reads near 0% and no net new supply was issued over the window — the chain's lineage is a no-inflation model and the 2026 upgrade added fees, not net emission.
There is no published per-cliff vesting calendar releasing into the window. Allocations sit with Figure and the Foundation (see row 3), not on a dated public unlock schedule.
Tracked overhang: the Provenance Foundation holds ~44% of supply (Figure is transferring 40% of its genesis holdings to the Foundation per the Jan 2026 community-approved update), plus the large non-circulating remainder (~40.6B = 94.98B total minus 54.38B circulating). No dated in-window release event observed, so the value is 0 and the overhang is monitored.
No bankruptcy estate and no long-term lockup releasing in the window. A planned supply-neutral reverse-split to 1B total supply is proportional and undated — it adds no sell pressure.
There is no revenue-funded market buyback of HASH. Value returns to holders through the burn auction instead (see row 2), not through an open-market buy program.
The HASH market burn is the active deflationary engine: a decentralized auction directs 40% of network fees and 100% of settlement fees to on-chain auctions, and every winning HASH bid is permanently burned. The observed supply contracted ~1.57B over the trailing 90 days — the burn is currently outpacing emission.
The Foundation accumulates HASH through the Figure transfer (see Sell row 3), not by buying on the open market — there is no Foundation market-buy program.
No new staking cap or lockup contract moved fresh supply into 90+ day locks in the window. Staking is liquid-by-design and not a buy-side flow.
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