Been sitting with @OpenLedger tech vision for a bit and the thing that actually stayed with me isn't the Proof of Attribution pitch. It's the silence around it.
The circulating supply has sat at 215.5M tokens since TGE in September 2025. Hasn't moved. Community and ecosystem pools unlock linearly over 48 months
sure, but the team and investor allocations 33% of total supply combined are behind a 12 month cliff that breaks open around September 2026. That's roughly 90 days from now.
The docs frame it as alignment. Maybe, but cliffs create optionality, and optionality in a bearish price environment OPEN is down over 91% from ATH tends to get used.
I keep turning over the Proof of Attribution system is genuinely clever on paper. Every dataset, every training step, every inference call traceable, rewarded automatically.
The June 2025 PoA whitepaper even distinguishes between influence function approximations for small models and suffix array token attribution for LLMs. Real technical depth. But the active datanet usage is still thin publicly, and the OpenFin DeFAI teaser from March 2026 came with no specs, no timeline. That's a pattern I recognize pivot the narrative right before an unlock event.
Maybe September proves me wrong. Maybe real developer adoption absorbs the supply overhang cleanly. But I find myself wondering: when the cliff breaks, what does the chain actually show attribution rewards flowing or just vesting wallets waking up?