# IMD / FP ownership, float, clusters, and the rhynotic sell wall

## Plain-language conclusion

**VERIFIED:** the large sell wall is real, but it is not in POOL4. On 25 September 2026 the wallet `0x773d…a585` supplied almost exactly **90,000 IMD** to six one-sided positions in the unhooked native-ETH/IMD Uniswap v4 pool. The ranges were roughly **$10.08–$58.60 per IMD** using the on-chain ETH/USD oracle at the snapshot. Through Ethereum block **26,053,182**, the positions still had their original liquidity and the pool's observed ticks had not entered the ranges, so **zero wall principal was observed filled**.

**INFERRED:** `0xfc3c…1774`, `0x773d…a585`, and `0xde62…1a4e` form one operational cluster because the first wallet directly split its early FP between the other two. This is strong coordination evidence, not cryptographic proof of common ownership. At the snapshot the cluster had **70,806.132795425793279680 IMD-equivalent** in direct tokens and sIMD claims plus the 90,000 IMD wall principal. That principal is already inside PoolManager custody and must not be added to supply.

**UNRESOLVED:** there is no defensible exact “real float” or insider-adjusted market cap in the collected evidence. The Base holder pagination was incomplete, Robinhood archival replay failed, HyperEVM state failed, LP beneficial ownership is incomplete, and “insider” cannot be inferred merely from transfers or timing. Consequently the Step 1 real-float, concentration, threshold-holder, weekly float and float-market-cap figures are **dropped**, not guessed. This is the central correction of this independent check.

## Evidence boundary and snapshots

All facts below are chain reads, logs, or receipt-derived arithmetic. Explorer indexes were used only to discover candidates; balances were re-read with `eth_call`. Snapshot heads were Base block **51,767,233**, hash `0x1b8684e4227d2f11722a202d894bf50d8dcb02d9ced52b02783408e5f41fa1d9`, and Ethereum block **26,053,182**, hash `0x4e082fe2ff6c94c3b049ecbd7ba75cb37cd1bfa463a59f3e2293f4d23ddbe8ba`. “VERIFIED” means observed in these reads/receipts; it does not prove an off-chain identity. “INFERRED” labels interpretation.

`holders.csv` is the reconstructed positive-balance ledger for successfully enumerated candidates. It is **not a completeness-certified global holder list**. In particular, the PoolManager row is mixed LP custody, and sIMD rows are converted underlying claims rather than extra supply.

## Supply and real-float accounting

**VERIFIED snapshot reads:** Base FP total supply was **7,097,702.584587738423399915** and the Base adapter held **3,878,933.389475 FP**. Ethereum IMD total supply was **3,848,766.992172 IMD**; Robinhood reported **30,042.434233 IMD**; Arbitrum reported **9 IMD**. HyperEVM could not be re-read successfully.

The correct non-double-counting identity is:

```text
issued economic claims = Base FP outside adapter + remote-chain IMD supplies
real float = issued claims
             - demonstrably irreversible/nontradable balances
             - proven team/insider beneficial holdings
             - proven protocol-owned non-sellable inventory
```

Burns already reflected in `totalSupply` are not subtracted again. Adapter collateral and its remote IMD claims are one economic balance, not two. Staking custody must be replaced by sIMD holders' underlying claims. Shared PoolManager custody must be assigned to LP owners before classifying it.

**UNRESOLVED:** those required beneficial-owner and sellability classifications are incomplete, so no numeric real float is reported. “Pool/hook contract” does not automatically mean “cannot sell”; POOL4 is explicitly an open trading inventory. Current and weekly market caps based on real float are therefore also unresolved. Weekly Ethereum historical reads failed and are not silently replaced with website data.

## Holders, concentration, and NFTs

**VERIFIED but partial:** successfully queried candidates accounted for **6,983,376.201703226421884352 FP** on Base and the full **3,848,766.992172 IMD** Ethereum supply. The Base sum does not equal Base total supply, so top-10/50/100 shares, Gini, and counts above $1k/$10k/$100k would be biased. They are dropped. The NFT balance scan summed to the full **2,000 seats**, but only 2,518 of 3,560 discovered candidate addresses returned usable pinned balances; therefore overlap and “largest seat holder” rankings are not certified here.

The largest rows in `holders.csv` include contracts and cross-chain duplicate economic custody. They must not be read as a whale ranking without the classifications in the evidence column.

## Cluster findings

Only R1 is supported as a behavioral cluster. Its direct transfers establish coordinated movement; no same-minute-buy, common native-funder, shared ENS-controller, or NFT-behavior edge was independently strong enough to add another wallet. `save-as.eth` is retained as an associate, not merged. T1 contains only the verified deployer/owner address. T2 preserves the supplied team attribution as unverified rather than treating it as an on-chain fact.

No direct FP/IMD transfer between the three R1 wallets and either supplied team address was found in the collected Base/Ethereum token histories. **This narrow negative result does not rule out indirect funding, shared control, exchange funding, or off-chain links.**

## Rhynotic claim-by-claim check

- **VERIFIED:** seven successful Base market buys from blocks **6,468,046–6,598,483** delivered **168,065.083430643246036768 FP net** to `0xfc3c…1774` for transaction value totaling **2.6 ETH**. The pair was `0x29b3…a66` (WETH/FP). “BaseSwap” remains an off-chain venue label. The exact native entry was **0.000015470199604226 ETH per net FP**. The approximate $0.03 claim depends on historical ETH/USD oracle conversion and is not the fiat amount paid.
- **VERIFIED:** on 3 March 2024 the main wallet sent **10,000 + 50,000 FP** to `0xde62…1a4e`, txs `0x8fb03e…b151` and `0x078383…f36`.
- **VERIFIED:** on 27 March 2024 it sent **100 + 107,964.083430643246036768 FP** to `0x773d…a585`, txs `0x6f2526…8710` and `0xb771a5…672c`.
- **VERIFIED:** the vault sent **5,000 FP** to the address identified as `save-as.eth` on 25 April 2024, Base block **13,645,020**, tx `0xff1dca…c63`.
- **VERIFIED:** on 17 August 2026 the vault lost **10,000 FP**: **9,600** entered the pair and **400** entered token fee custody, Base block **50,105,176**, tx `0x61f587…3de`. The pair emitted **4.642211693895658603 WETH** gross output; that is not a net-wallet proceeds claim.
- **VERIFIED:** two Base locks and two Ethereum mints on 21 September totaled **93,064.08343 FP/IMD**. Base txs: `0xc1b67c…1d65`, `0xdf788d…4d69`; Ethereum txs: `0xd0223c…946d`, `0x02d877…fb0b`.
- **VERIFIED snapshot holdings:** main: **30.860261265050121394 FP**; vault: **0.000000643246036768 FP + 3,064.083429999999999997 direct IMD + 90,000 IMD LP principal**; third: **20.498201618481683692 FP + 67,690.690901899015437829 IMD underlying in sIMD**. Named-wallet calls were zero on the other successfully checked deployments. Unknown LP or other assets are excluded.

## Exact sell wall

**VERIFIED creation:** Ethereum tx `0x611e530aad59235389f2922144d878b8f476494463ade9b8ac228f7a3202b42c`, block **26,050,808**, timestamp **2026-09-25 00:12:23 UTC**. Pool ID `0xb07d640fd9e2eb9dc81b953c8e4fd006bdfeaf276010fb5418eb763ca15abfb3`; PoolManager `0x000000000004444c5dc75cb358380d2e3de08a90`; zero hook; 1% fee; tick spacing 200.

| NFT | tick lower / upper | exact liquidity | initial IMD | oracle-dollar range at snapshot |
| --- | --- | ---: | ---: | ---: |
| 416133 | 51800 / 55800 | 3050120304067353900948 | 9,000 | $10.08–$15.04 |
| 416134 | 46600 / 51800 | 5899122406926508909036 | 18,000 | $15.04–$25.30 |
| 416135 | 44800 / 46600 | 20351287208342810679094 | 18,000 | $25.30–$30.29 |
| 416136 | 43400 / 44800 | 14174445304903836166490 | 9,000 | $30.29–$34.84 |
| 416137 | 42000 / 43400 | 30404310700319716788338 | 18,000 | $34.84–$40.07 |
| 416138 | 38200 / 42000 | 12740038114288471484492 | 18,000 | $40.07–$58.60 |

The exact position definition is ticks plus liquidity. Dollar bounds are derived from the contemporaneous on-chain ETH/USD oracle and move with ETH/USD. All six NFTs remained owned by the vault with unchanged liquidity at Ethereum block 26,053,182. Observed post-creation pool ticks remained above the highest wall tick, hence **0 IMD wall principal observed filled**. Fees, if any, were not reconstructed and are not called fills.

**INFERRED market meaning:** this is conditional sell liquidity. It may slow an upward move through this pool, but it is neither a guaranteed ceiling nor a market order; the owner can withdraw it and arbitrage links other pools.

## Corrected and dropped Step 1 items

- **Corrected:** the wall is in the unhooked v4 pool, not POOL4.
- **Corrected:** R1's 90,000 IMD LP principal is reassigned from shared PoolManager custody; it is not added to token supply or to direct balances.
- **Corrected:** R1 membership is **INFERRED common operation**, not verified common identity. `save-as.eth` is not merged.
- **Corrected:** the early acquisition was seven buys totaling 168,065.083430643246036768 net FP and 2.6 ETH; “BaseSwap” and fiat entry are labels/derivations, not direct chain facts.
- **Dropped:** exact real float, circulating/float market caps, weekly float series, concentration ratios, Gini, and dollar-threshold holder counts. Reason: incomplete Base/remote holder reconciliation and incomplete beneficial-owner classification.
- **Dropped:** complete top-100 classification and full “all-chain” holder completeness. Reason: Base pagination stopped incomplete; Robinhood archival replay and HyperEVM reads failed; shared LP custody was not fully attributed.
- **Dropped:** claims that frenpet.eth owns the main LP and that all supplied “team wallets” form one entity. Reason: not independently proven in this re-check.
- **Dropped:** broad claims of a cabal, common funding, coordinated buys, or NFT coordination beyond R1's direct transfers. Reason: evidence did not meet the stated on-chain standard.
- **Kept with uncertainty:** absence of direct team-token transfers is a limited search result, not proof of no relationship.

## Unanswered questions

An exact float requires a complete canonical Base Transfer replay reconciled to total supply, successful archival reads for every OFT deployment, LayerZero GUID reconciliation, ownership of every material LP NFT/position, and evidence-based team/insider definitions. Historical weekly price/float work additionally requires archive-capable Ethereum and Base endpoints. Public endpoints rate-limited or refused those requests during this re-check; no missing value is treated as zero.