Been sitting with @OpenLedger for a bit. The pitch is clean — Proof of Attribution, data contributors get paid when their work actually influences model output. Verifiable AI economy, on-chain provenance, all of it. Fine. But here's what I keep coming back to.
Circulating supply has quietly expanded from 215.5M at TGE to roughly 290.7M $OPEN now. Community and ecosystem tokens have been dripping out since month one — that part's by design. The thing is, the token is sitting around $0.19, which is about 90% down from the September launch peak. So the supply side has been doing its job. The demand side… hmm.
What the protocol actually needs is inference. Real model calls, enterprise queries pulling from Datanets, attribution trails that fire and settle rewards at the contract level. In openledger right now most of the visible on-chain activity is community participation, uploads, social-layer tasks. Contributors feeding a system that doesn't yet have the buyers on the other end to make the payout math meaningful.
And here's the part I can't stop thinking about — the team and investor cliff doesn't hit until September 2026. After that, 36 months of monthly linear vesting begins. So the question isn't really whether the attribution model is elegant. It clearly is. The question is whether enterprise demand shows up before the supply schedule forces the conversation.