VVV · Venice keeps cutting the mint, and the float keeps growing anyway.

New VVV is minted and paid to stakers, and Venice keeps cutting how much. The mint went 6M a year in May 2026, then 5M, then 4M, then 3M from Jul 1 2026, with 2.5M live since Sep 1 2026 and 2M announced for Oct 1 2026. This row counts the mints themselves rather than the published rate: 241,299 separate mint events across the window, creating 785,411 VVV, and the count of VVV in existence rose from 114.03M to 114.81M by exactly that amount. 94.7% of it lands in the staking contract, which is inside the tradable float, so that is the part booked here.

The bigger half of the story, and not new coins at all. Two on-chain lock contracts held 3.36M VVV when the window opened and 2.10M when it closed, so 1,266,348 VVV stopped being locked and became tradable — about 14,070 a day, in a straight line with no cliff. Monthly draws on the larger contract read 400,583, 395,200 and 398,363. At the pace measured here the remaining 2.10M runs out around Jan 2027, so the release does not pause or end inside the next 90 days.

Every Venice-side wallet grew across the window instead of selling. Watched as overhang: a treasury holding 20.76M VVV, a second holding 8.64M, a third holding 1.57M, and the 2.10M still sitting in the release contracts — 33.07M VVV in total, which is the entire gap between the 80.97M classified supply and the 47.90M this page divides by. Those three wallets absorbed a net 554,179 VVV out of the float over the window instead of releasing any, which is carried on the buy side as a tracked removal. No public evidence of release in window — monitored.

There is no bankruptcy estate, no trustee and no court-ordered distribution attached to VVV. Nothing sits in this row and nothing is expected to.

Venice spends part of its revenue buying VVV on the open market and sends what it buys to a dead wallet. That wallet took in 120,982 VVV over the window — 54,078 in 217,242 tiny transfers routed straight out of a trading pool, plus 66,904 in three large lots from an executor that bought every one of its 73,810 VVV through an on-chain settlement contract. The pace is climbing hard: 204 VVV a day in the first month, 1,430 in the second, 1,929 in the third and 3,535 in the last week, after a new burn on credit purchases started Jul 17 2026 on top of the per-subscription burns running since Apr 26 2026. Cumulative destruction now stands at 33.87M VVV.

There is no separate fee burn, and the token cannot destroy itself: the contract has one supply function, mint, and no burn function at all, so the count of VVV in existence only rises — 114.03M to 114.81M across the window. Both surfaces were read at both ends because neither is sufficient alone, and they disagree in sign: the count rose while the dead wallet also rose, 33.75M to 33.87M. Reading the count alone would have booked the buy side at zero. Everything destroyed runs through the buy-and-burn above and is counted once, there.

Venice's own wallets did take in 554,179 VVV over the window, but those arrived as round transfers from named holders — 200,000 and 75,000 into one, 264,804 into another — rather than as market fills, so none of it is demand and none of it sits here. It is carried in the tracked row below instead. The one wallet that demonstrably buys on the open market is the buy-and-burn pipeline already counted above.

Staking removes nothing from this reading. 35.32M VVV sits in the staking contract, up from 33.53M, but staked VVV is already inside the 47.90M float this page divides by — the five wallets that make up the non-circulating side add to 33.07M and the staking contract is not one of them, which closes to 572 VVV. Locking staked VVV to mint compute credits does not change it either, because the locked balance never leaves that same contract.

Venice's own wallets pulled 554,179 VVV out of the tradable float over the window and sold none of it back. Most arrived as round transfers from named holders — 264,804 into one wallet, 200,000 and 75,000 into another — and the rest as pool fee income and 40,493 bought through a settlement contract. This is not demand and it is not counted as a purchase, but the coins did leave the float this page divides by, so the row carries them and the ledger closes to within 0.005 VVV of the chain. Only the fee legs, 53,494 over 90 days, are carried forward; the round transfers have no schedule behind them.