# AIP-20 - Weekly Report 4 02-09NOV26

**URL:** <https://forum.assangedao.org/t/aip-20-weekly-report-4-02-09nov26/1118>\
**Category:** General\
**Created:** [November 10, 2026, 1:16am UTC](https://forum.assangedao.org/t/aip-20-weekly-report-4-02-09nov26/1118 "2026-11-10T01:16:50Z")\
**Posts on this page:** 2\
**Page:** 1

<div class="post-metadata">

**Author:** ![Gabriel](https://forum.assangedao.org/letter_avatar_proxy/v4/letter/g/9de0a6/32.png) [@Gabriel](https://forum.assangedao.org/u/Gabriel)\
**Post date:** [November 10, 2026, 1:16am UTC](https://forum.assangedao.org/t/aip-20-weekly-report-4-02-09nov26/1118/1 "2026-11-10T01:16:50Z")

</div>

Weekly report 4: liquidity stage 1

This covers 2 November at 05:40 UTC to 9 November at 05:40 UTC. It’s measured against the baseline in post 14, using the same method as report 3. The treasury’s own trades are left out throughout, except where I say so.

The short version

• The position is still lowering trading costs. A 1 ETH buy costs 5.0% with it and would cost 5.6% without it. A 1 ETH sell costs 5.7%, or 6.6% without it.  
• Trading costs fell sharply from last week, and our share of active liquidity fell from 26.8% to 12.8%. The closing price rose from 0.0238 to 0.0254 ETH per million JUSTICE, still below 5 October’s 0.0304.  
• Trading was thinner again: 0.4 ETH in 20 trades, against 3.7 ETH in 49 trades last week. Other buyers put 0.1 ETH through the pool and sellers took out 0.3 ETH. One seller accounted for 69% of all selling.  
• Our seven purchases put 0.70 ETH through the pool, alongside 0.10 ETH from other buyers. All 28 daily parts of the buy order have now filled.  
• After 0.047 ETH of fees, the position is 0.14 ETH behind simply holding the same tokens, against 0.19 ETH last week.

Price  
0.0254 ETH per million JUSTICE, against 0.0238 at the end of week 3, 0.0412 when the position went in and 0.0304 on 5 October.

Cost to trade (price 0.0254, including the 1% pool fee)  
Buy with 0.5 / 1 / 2 ETH: 3.0% / 5.0% / 9.1%. Without our position: 3.3% / 5.6% / 10.2%.  
Sell for 0.5 / 1 / 2 ETH: 3.3% / 5.7% / 10.7%. Without our position: 3.7% / 6.6% / 12.6%.  
Week 3 (price 0.0238): buy 5.2% / 8.6% / 15.1%, sell 5.5% / 10.0% / 19.1%.  
5 October baseline (price 0.0304): buy 4.8% / 8.5% / 16.0%, sell 4.7% / 8.5% / 17.8%.  
Our position is 12.8% of the pool’s active liquidity, against 26.8% in week 3 and 19.1% in week 1.

Volume and traders  
Median daily volume: 0.04 ETH, against 0.02 ETH in week 3, 0.38 ETH in week 2, 1.52 ETH in week 1, 1.39 ETH in the 30 days before 5 October and 0.018 ETH in the 90 days.  
Daily volume over the seven days: 0.24, 0.00, 0.05, 0.04, 0.00, 0.00 and 0.05 ETH.  
Total: 0.4 ETH in 20 trades. Buys 0.096 ETH, sells 0.275 ETH.  
Trading addresses: 18 this week (12 sold, 7 bought, 1 did both), against 38 in week 3, 45 in week 2, 100 in week 1 and a median of 101 a week in the 30-day baseline. As in post 14, this counts the address that sent each trade.  
Counting wallets that actually held JUSTICE, 8 sold and 2 bought, against 10 and 8 in week 3. Some trades move tokens for more than one wallet; for those I count the wallet that sent or received the most JUSTICE, excluding pools and bots that pass the tokens straight back into a pool. Nine trades worth 0.053 ETH only moved JUSTICE between pools or back into ours as liquidity, so there’s no wallet to count for them; they’re included in volume. The largest seller sold 0.19 ETH, 69% of all sells, and the four largest 93%. None of the Safe’s nine signer addresses traded in the pool, on either count.  
The treasury’s seven purchases put 0.70 ETH through the pool this week, against 0.10 ETH from all other buyers. No other trades happened in the same blocks as our purchases. With so little outside trading, I wouldn’t read a trend into the higher weekly close.

Purchases (CoW TWAP)  
All 28 daily parts have filled: 116.42 million JUSTICE for 2.968 WETH, an average of 0.0255 ETH per million against the cap of 0.0417. This week’s seven parts bought 29.91 million for 0.742 WETH, an average of 0.0248.

The position (#1382472)  
In: 97.87 million JUSTICE and 4.029 ETH, worth 8.06 ETH at the time.  
Now: 124.60 million JUSTICE and 3.165 WETH, worth 6.33 ETH.  
Uncollected fees: 1.01 million JUSTICE and 0.021 WETH, about 0.047 ETH.  
Simply holding the same tokens would be worth 6.52 ETH. The difference after fees is -0.14 ETH.

The 10 ETH  
Unchanged: 4.029 ETH went into the position and 2.968 ETH into purchases, 6.997 ETH in all. Buying has ended, so up to 3.003 ETH can now go in to match the purchased JUSTICE, as AIP-20 sets out.

Everything else

The 59.65 ETH stake is now worth 59.78 ETH, so about 0.127 ETH of rewards so far. They stay in the Perpetual Fund until holders decide how returns are spent.  
The 132.19 ETH in the Safe hasn’t moved.  
The Safe made no transactions this week. The fallback handler is still Safe’s ExtensibleFallbackHandler. Now that buying has ended, it’s due to go back to CompatibilityFallbackHandler (0x3EfC…77f4).

The method is the same as in post 14 and report 3. The scripts are available on request, and anyone can rerun them. Thanks to innocent for checking report 3 against the chain. I’d still welcome a check from someone who voted against AIP-20.

Cheers,  
Gabriel

───  
中文

每周报告 4：第一阶段流动性

覆盖时间：11 月 2 日 UTC 05:40 至 11 月 9 日 UTC 05:40。对照 14 楼的基准，方法与报告 3 相同。除特别说明外，所有数据均不计入国库自身的交易。

简要结论  
• 仓位仍在降低交易成本。买入 1 ETH 的成本是 5.0%，没有我们的仓位则是 5.6%。卖出换取 1 ETH 的成本是 5.7%，没有仓位则是 6.6%。  
• 交易成本较上周明显下降，我们占活跃流动性的比例从 26.8% 降至 12.8%。收盘价格从每百万 JUSTICE 0.0238 ETH 升至 0.0254 ETH，仍低于 10 月 5 日的 0.0304。  
• 交易更清淡：本周 20 笔交易、0.4 ETH，上周为 49 笔、3.7 ETH。其他买家通过池子买入 0.1 ETH，卖家卖出换取 0.3 ETH。一个卖家占全部卖出的 69%。  
• 国库的七次买入通过池子成交 0.70 ETH，其他买家合计 0.10 ETH。买单的 28 份现已全部成交。  
• 计入 0.047 ETH 手续费后，仓位比单纯持有相同代币少 0.14 ETH，上周为 0.19 ETH。

价格  
每百万 JUSTICE 0.0254 ETH。第 3 周结束时为 0.0238，仓位建立时为 0.0412，10 月 5 日为 0.0304。

交易成本（价格 0.0254，含 1% 池子手续费）  
用 0.5 / 1 / 2 ETH 买入：3.0% / 5.0% / 9.1%。去掉我们的仓位：3.3% / 5.6% / 10.2%。  
卖出换取 0.5 / 1 / 2 ETH：3.3% / 5.7% / 10.7%。去掉我们的仓位：3.7% / 6.6% / 12.6%。  
第 3 周（价格 0.0238）：买入 5.2% / 8.6% / 15.1%，卖出 5.5% / 10.0% / 19.1%。  
10 月 5 日基准（价格 0.0304）：买入 4.8% / 8.5% / 16.0%，卖出 4.7% / 8.5% / 17.8%。  
我们的仓位占池子活跃流动性的 12.8%，第 3 周为 26.8%，第 1 周为 19.1%。

交易量与交易地址  
日交易量中位数：0.04 ETH；第 3 周为 0.02 ETH，第 2 周为 0.38 ETH，第 1 周为 1.52 ETH，10 月 5 日前 30 天为 1.39 ETH，90 天为 0.018 ETH。  
七天每日交易量：0.24、0.00、0.05、0.04、0.00、0.00、0.05 ETH。  
合计：20 笔交易，0.4 ETH。买入 0.096 ETH，卖出 0.275 ETH。  
交易地址：本周 18 个（12 个卖出，7 个买入，其中 1 个两者都有）；第 3 周为 38 个，第 2 周为 45 个，第 1 周为 100 个，30 天基准为每周中位数 101 个。与 14 楼一样，按发起交易的地址统计。  
按实际持有 JUSTICE 的钱包统计，8 个卖出、2 个买入；第 3 周为 10 个和 8 个。部分交易同时为多个钱包转移代币，对这类交易，我只计入发送或收到 JUSTICE 最多的那个钱包，不把池子和立即将代币存回池子的机器人算作钱包。另有 9 笔交易、合计 0.053 ETH，只在池子之间转移 JUSTICE，或将其作为流动性存回我们的池子，因此没有钱包可计入；这些交易仍计入交易量。最大卖家卖出 0.19 ETH，占全部卖出的 69%，前四大卖家合计占 93%。无论按哪种方法统计，Safe 的九个签名地址都没有在池子里交易。  
本周国库的七次买单在池子里成交 0.70 ETH，其他所有买家合计 0.10 ETH。与我们的买单处于同一区块的，没有其他交易。外部交易太少，不能从本周较高的收盘价判断趋势。

买入（CoW TWAP）  
28 份已全部成交：用 2.968 WETH 买入 1.1642 亿 JUSTICE，平均每百万 0.0255 ETH，上限为 0.0417。本周七份用 0.742 WETH 买入 2,991 万，平均每百万 0.0248。

仓位（#1382472）  
投入：9,787 万 JUSTICE 和 4.029 ETH，当时价值 8.06 ETH。  
现在：1.2460 亿 JUSTICE 和 3.165 WETH，价值 6.33 ETH。  
未领取的手续费：101 万 JUSTICE 和 0.021 WETH，约 0.047 ETH。  
如果只是持有相同的代币：6.52 ETH。计入手续费后的差额：-0.14 ETH。

10 ETH 的用途  
没有变化：仓位 4.029 ETH，买入 2.968 ETH，合计 6.997 ETH。买入已经结束，按 AIP-20，现在最多可以注入 3.003 ETH，与买到的 JUSTICE 配对。

其他  
质押的 59.65 ETH 现价值 59.78 ETH，目前收益约 0.127 ETH。收益留在永续基金中，直到持有人决定如何使用。  
Safe 中的 132.19 ETH 没有变动。  
本周 Safe 没有任何交易。回退处理合约目前仍是 Safe 的 ExtensibleFallbackHandler。买入已经结束，接下来应恢复为 CompatibilityFallbackHandler（0x3EfC…77f4）。

方法与 14 楼和报告 3 相同。脚本可应要求提供，任何人都可以重新运行核对。感谢 innocent 从链上核对报告 3。我仍然希望由一位对 AIP-20 投反对票的成员来核对这些报告。

祝好，  
Gabriel

---

<div class="post-metadata">

**Author:** ![innocent](https://forum.assangedao.org/user_avatar/forum.assangedao.org/innocent/32/247_2.png) [@innocent](https://forum.assangedao.org/u/innocent)\
**Post date:** [November 10, 2026, 4:39am UTC](https://forum.assangedao.org/t/aip-20-weekly-report-4-02-09nov26/1118/2 "2026-11-10T04:39:56Z")

</div>

I reran report 4 from the chain, and everything I checked matches.

- Price 0.0254 and our 12.8% share of active liquidity.
- The position: 124.60M JUSTICE and 3.165 WETH, worth 6.33 ETH. Fees are about 0.047 ETH, and the difference against holding is −0.14 ETH.
- The costs to trade with our position, buy 3.0 / 5.0 / 9.1% and sell 3.3 / 5.7 / 10.7%. I didn’t recheck the figures without it.
- Volume: 20 trades from 18 addresses, 0.096 ETH of buys and 0.275 ETH of sells, and the seven daily figures.
- Wallets: 8 sellers and 2 buyers, with 9 trades worth 0.053 ETH that have no wallet to count. The largest seller is 69% and the top four 93%. No signer traded.
- Purchases: all 28 parts filled, 116.42M JUSTICE for 2.968 WETH, 29.91M of it this week for 0.742 WETH. Our seven fills put 0.70 ETH through the pool, with no other trades in the same blocks.
- The stake is worth 59.78 ETH, about 0.127 ETH of rewards. The Safe’s 132.19 ETH is unchanged, there were no Safe transactions, and the fallback handler is still the ExtensibleFallbackHandler.

───  
中文

我从链上重算了报告 4，核对过的数据全部一致。

- 价格 0.0254，我们占活跃流动性的 12.8%。
- 仓位：1.2460 亿 JUSTICE 和 3.165 WETH，价值 6.33 ETH。手续费约 0.047 ETH，相对单纯持有为 −0.14 ETH。
- 有我们仓位时的交易成本：买入 3.0 / 5.0 / 9.1%，卖出 3.3 / 5.7 / 10.7%。去掉仓位后的数据我没有重新核算。
- 交易量：18 个地址发起的 20 笔交易，买入 0.096 ETH、卖出 0.275 ETH，以及七天的每日数据。
- 钱包：8 个卖家、2 个买家，另有 9 笔、合计 0.053 ETH 的交易没有可计入的钱包。最大卖家占 69%，前四大占 93%。签名人均未交易。
- 买入：28 份全部成交，用 2.968 WETH 买入 1.1642 亿 JUSTICE，其中本周用 0.742 WETH 买入 2,991 万。我们的七笔成交经池子成交 0.70 ETH，同一区块内没有其他交易。
- 质押现值 59.78 ETH，收益约 0.127 ETH。Safe 的 132.19 ETH 没有变动，本周无 Safe 交易，回退处理合约仍是 ExtensibleFallbackHandler。