{"query":{"project":"net-asset-value","mode":"browse","limit":50},"items":[{"id":"narrative:3e5a7b31-9b9d-4684-924d-ce39334e643b:perps","revision":1,"op":"upsert","type":"research.narrative_assigned","domain":"research","origin":"live","project":{"slug":"net-asset-value","name":"Net Asset Value","url":"https://heyresearch.xyz/project/net-asset-value"},"occurredAt":null,"precision":"OBSERVED","detectedAt":"2026-10-11T19:01:12.066Z","recordedAt":"2026-10-11T19:05:02.384Z","summary":"Narrative: Perps","evidence":[{"id":"narrative:3e5a7b31-9b9d-4684-924d-ce39334e643b:perps","url":"https://heyresearch.xyz/narrative/perps","label":"Narrative"}],"source":"hey_rules","facts":{"primary":false,"narrative":"perps"},"links":{"project":"https://heyresearch.xyz/project/net-asset-value","evidence":"https://heyresearch.xyz/api/evidence/narrative%3A3e5a7b31-9b9d-4684-924d-ce39334e643b%3Aperps","timeline":"https://heyresearch.xyz/api/projects/net-asset-value/timeline"}},{"id":"narrative:3e5a7b31-9b9d-4684-924d-ce39334e643b:lending","revision":1,"op":"upsert","type":"research.narrative_assigned","domain":"research","origin":"live","project":{"slug":"net-asset-value","name":"Net Asset Value","url":"https://heyresearch.xyz/project/net-asset-value"},"occurredAt":null,"precision":"OBSERVED","detectedAt":"2026-10-11T19:01:12.066Z","recordedAt":"2026-10-11T19:05:02.384Z","summary":"Primary narrative: Lending","evidence":[{"id":"narrative:3e5a7b31-9b9d-4684-924d-ce39334e643b:lending","url":"https://heyresearch.xyz/narrative/lending","label":"Narrative"}],"source":"hey_rules","facts":{"primary":true,"narrative":"lending"},"links":{"project":"https://heyresearch.xyz/project/net-asset-value","evidence":"https://heyresearch.xyz/api/evidence/narrative%3A3e5a7b31-9b9d-4684-924d-ce39334e643b%3Alending","timeline":"https://heyresearch.xyz/api/projects/net-asset-value/timeline"}},{"id":"state:3e5a7b31-9b9d-4684-924d-ce39334e643b:catalog_status:28834","revision":1,"op":"upsert","type":"research.builder_verified","domain":"research","origin":"live","project":{"slug":"net-asset-value","name":"Net Asset Value","url":"https://heyresearch.xyz/project/net-asset-value"},"occurredAt":null,"precision":"OBSERVED","detectedAt":"2026-10-11T14:05:58.439Z","recordedAt":"2026-10-11T14:10:03.672Z","summary":"Research standing moved from Published to Verified builder","before":"QUALIFIED","after":"VERIFIED_BUILDER","evidence":[{"id":"state:3e5a7b31-9b9d-4684-924d-ce39334e643b:catalog_status:28834","label":"HEY state record"}],"source":"hey_state","annotations":{"signalIds":["signal:e55084d5-f0c7-4a90-b19e-755f768bf934"]},"facts":{"key":"catalog_status","scoringVersion":"hbm-v26"},"links":{"project":"https://heyresearch.xyz/project/net-asset-value","evidence":"https://heyresearch.xyz/api/evidence/state%3A3e5a7b31-9b9d-4684-924d-ce39334e643b%3Acatalog_status%3A28834","timeline":"https://heyresearch.xyz/api/projects/net-asset-value/timeline"}},{"id":"signal:9931d379-fd4f-4544-9158-0d70e8a86f29","revision":1,"op":"upsert","type":"market.distribution_changed","domain":"market","origin":"live","project":{"slug":"net-asset-value","name":"Net Asset Value","url":"https://heyresearch.xyz/project/net-asset-value"},"occurredAt":"2026-10-06T01:16:57.495Z","precision":"WINDOW","detectedAt":"2026-10-06T01:17:04.727Z","recordedAt":"2026-10-06T01:16:57.544Z","summary":"Outside pools, lockers and burns, 43 addresses now hold half of the remaining supply","before":98,"after":43,"evidence":[{"id":"signal:9931d379-fd4f-4544-9158-0d70e8a86f29","label":"HEY Signal"},{"id":"signal:9931d379-fd4f-4544-9158-0d70e8a86f29","url":"https://heyresearch.xyz/project/net-asset-value","label":"Distribution"}],"source":"hey_signal","facts":{"kind":"concentration_rose","unit":"addresses","detail":"Down from 98. The count and the supply it is measured against both exclude pools, lockers and burn addresses."},"links":{"project":"https://heyresearch.xyz/project/net-asset-value","evidence":"https://heyresearch.xyz/api/evidence/signal%3A9931d379-fd4f-4544-9158-0d70e8a86f29","timeline":"https://heyresearch.xyz/api/projects/net-asset-value/timeline"}},{"id":"integrity:bf39a7a8-7aac-4679-8f57-ff5e27378b1d:activity:2026-09-02","revision":3,"op":"upsert","type":"market_integrity.event","domain":"market_integrity","origin":"live","project":{"slug":"net-asset-value","name":"Net Asset Value","url":"https://heyresearch.xyz/project/net-asset-value"},"token":{"chainId":4663,"address":"0x3e7f2c3a81a1c8302eace254928e0fba5a3bc447"},"occurredAt":null,"precision":"OBSERVED","detectedAt":"2026-09-28T00:24:29.423Z","recordedAt":"2026-10-16T11:25:06.079Z","summary":"Trading fell from 4,203 trades a day (the seven days to 2026-09-02) to 410 a day in the seven days to 2026-09-28, in HEY's decoded on-chain trades.","evidence":[{"id":"integrity:bf39a7a8-7aac-4679-8f57-ff5e27378b1d:activity:2026-09-02","label":"HEY market index"}],"source":"hey_market_index","facts":{"kind":"MARKET_ACTIVITY_COLLAPSE","changePct":-90.24,"confidence":"medium","peakWeekEnd":"2026-09-02","recentWeekEnd":"2026-09-28","peakTradesPerDay":4203,"recentTradesPerDay":410.3},"links":{"project":"https://heyresearch.xyz/project/net-asset-value","evidence":"https://heyresearch.xyz/api/evidence/integrity%3Abf39a7a8-7aac-4679-8f57-ff5e27378b1d%3Aactivity%3A2026-09-02","timeline":"https://heyresearch.xyz/api/projects/net-asset-value/timeline"}},{"id":"method:5a8e3a42-72e0-47b3-a3f8-67c0344d16d1","revision":1,"op":"upsert","type":"contract.method_first_observed","domain":"contract","origin":"backfill","project":{"slug":"net-asset-value","name":"Net Asset Value","url":"https://heyresearch.xyz/project/net-asset-value"},"contract":{"chainId":4663,"address":"0x3e7f2c3a81a1c8302eace254928e0fba5a3bc447"},"occurredAt":"2026-08-31T00:00:00.000Z","precision":"DATE","detectedAt":"2026-09-26T18:51:26.266Z","recordedAt":"2026-09-26T18:55:04.204Z","summary":"Contract 0x3e7f…c447: 1 function called for the first time","evidence":[{"id":"method:5a8e3a42-72e0-47b3-a3f8-67c0344d16d1","url":"https://robinhoodchain.blockscout.com/address/0x3e7f2c3a81a1c8302eace254928e0fba5a3bc447","label":"Explorer"}],"source":"decoded_calls","facts":{"day":"2026-08-31","functions":1},"links":{"project":"https://heyresearch.xyz/project/net-asset-value","evidence":"https://heyresearch.xyz/api/evidence/method%3A5a8e3a42-72e0-47b3-a3f8-67c0344d16d1","timeline":"https://heyresearch.xyz/api/projects/net-asset-value/timeline"}},{"id":"signal:1cfaa7fc-4912-4f1e-9c03-7167539548ab","revision":1,"op":"upsert","type":"contract.usage_changed","domain":"contract","origin":"bootstrap","project":{"slug":"net-asset-value","name":"Net Asset Value","url":"https://heyresearch.xyz/project/net-asset-value"},"occurredAt":"2026-09-18T00:23:35.973Z","precision":"WINDOW","detectedAt":"2026-09-18T00:23:38.833Z","recordedAt":"2026-09-26T11:36:09.260Z","summary":"2,431 address-days of contract calls this week","before":156,"after":2431,"evidence":[{"id":"signal:1cfaa7fc-4912-4f1e-9c03-7167539548ab","label":"HEY Signal"},{"id":"signal:1cfaa7fc-4912-4f1e-9c03-7167539548ab","url":"https://heyresearch.xyz/project/net-asset-value","label":"Contract usage"}],"source":"hey_signal","facts":{"kind":"usage_broadened","unit":"address-days","detail":"Up from 156 the week before.","changePct":1458.3},"links":{"project":"https://heyresearch.xyz/project/net-asset-value","evidence":"https://heyresearch.xyz/api/evidence/signal%3A1cfaa7fc-4912-4f1e-9c03-7167539548ab","timeline":"https://heyresearch.xyz/api/projects/net-asset-value/timeline"},"summaryCurrent":"2,431 address-days of contract calls in the 7 days to 18 Sep"},{"id":"ship:141ab47f-9f90-4a21-9c7a-57a8e7bdc19b","revision":7,"op":"upsert","type":"build.code_activity","domain":"build","origin":"backfill","project":{"slug":"net-asset-value","name":"Net Asset Value","url":"https://heyresearch.xyz/project/net-asset-value"},"occurredAt":"2026-09-03T23:59:00.000Z","precision":"WEEK","detectedAt":"2026-09-15T12:37:15.809Z","recordedAt":"2026-10-11T13:55:03.337Z","summary":"Code changes, week of 2026-08-31 – 2026-09-06","evidence":[{"id":"ship:141ab47f-9f90-4a21-9c7a-57a8e7bdc19b","url":"https://github.com/navdotfun/NAV","label":"GitHub"}],"source":"github","countsAsBuilding":true,"facts":{"eventType":"CODE_ACTIVITY","commitsRead":1,"verification":"SOURCE_LINKED","codeSubstance":"SUBSTANTIVE","commitsListed":4,"commitsNotRead":3,"commitsChangedCode":1,"codeSubstanceVersion":"commit-substance-v3","commitsSubstanceUnknown":0,"commitsDocumentationOrMaintenance":0},"links":{"project":"https://heyresearch.xyz/project/net-asset-value","evidence":"https://heyresearch.xyz/api/evidence/ship%3A141ab47f-9f90-4a21-9c7a-57a8e7bdc19b","timeline":"https://heyresearch.xyz/api/projects/net-asset-value/timeline"}},{"id":"signal:d0c85e21-a401-46a6-8f77-3efd90ba9ce9","revision":1,"op":"upsert","type":"market.liquidity_moved","domain":"market","origin":"bootstrap","project":{"slug":"net-asset-value","name":"Net Asset 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A fact HEY measured, not a verdict on why.","changePct":-45.9},"links":{"project":"https://heyresearch.xyz/project/net-asset-value","evidence":"https://heyresearch.xyz/api/evidence/signal%3Ad0c85e21-a401-46a6-8f77-3efd90ba9ce9","timeline":"https://heyresearch.xyz/api/projects/net-asset-value/timeline"}},{"id":"ship:469a59b4-046c-40d4-808d-dd66be8ce37a","revision":1,"op":"upsert","type":"contract.deployed","domain":"contract","origin":"bootstrap","project":{"slug":"net-asset-value","name":"Net Asset Value","url":"https://heyresearch.xyz/project/net-asset-value"},"contract":{"chainId":4663,"address":"0x3e7f2c3a81a1c8302eace254928e0fba5a3bc447"},"occurredAt":"2026-08-30T11:59:41.403Z","precision":"EXACT","detectedAt":"2026-09-07T17:12:43.663Z","recordedAt":"2026-09-26T11:36:09.260Z","summary":"Verified contract source published: NAVToken","evidence":[{"id":"ship:469a59b4-046c-40d4-808d-dd66be8ce37a","url":"https://robinhoodchain.blockscout.com/address/0x3e7f2c3a81a1c8302eace254928e0fba5a3bc447?tab=contract","label":"Explorer"}],"source":"explorer","facts":{"eventType":"CONTRACT_DEPLOY","verification":"PUBLICLY_VERIFIED"},"links":{"project":"https://heyresearch.xyz/project/net-asset-value","evidence":"https://heyresearch.xyz/api/evidence/ship%3A469a59b4-046c-40d4-808d-dd66be8ce37a","timeline":"https://heyresearch.xyz/api/projects/net-asset-value/timeline"}},{"id":"narrative:3e5a7b31-9b9d-4684-924d-ce39334e643b:stockfi","revision":3,"op":"upsert","type":"research.narrative_assigned","domain":"research","origin":"bootstrap","project":{"slug":"net-asset-value","name":"Net Asset Value","url":"https://heyresearch.xyz/project/net-asset-value"},"occurredAt":null,"precision":"OBSERVED","detectedAt":"2026-09-03T10:57:24.481Z","recordedAt":"2026-10-11T19:05:02.384Z","summary":"Narrative: StockFi","evidence":[{"id":"narrative:3e5a7b31-9b9d-4684-924d-ce39334e643b:stockfi","url":"https://heyresearch.xyz/narrative/stockfi","label":"Narrative"}],"source":"hey_rules","facts":{"primary":false,"narrative":"stockfi"},"links":{"project":"https://heyresearch.xyz/project/net-asset-value","evidence":"https://heyresearch.xyz/api/evidence/narrative%3A3e5a7b31-9b9d-4684-924d-ce39334e643b%3Astockfi","timeline":"https://heyresearch.xyz/api/projects/net-asset-value/timeline"}},{"id":"source:d1b8719e-cd73-46cb-8e89-d54cf64c1e0a:added","revision":1,"op":"upsert","type":"research.source_added","domain":"research","origin":"backfill","project":{"slug":"net-asset-value","name":"Net Asset Value","url":"https://heyresearch.xyz/project/net-asset-value"},"occurredAt":null,"precision":"OBSERVED","detectedAt":"2026-09-02T15:35:52.233Z","recordedAt":"2026-10-11T13:55:03.337Z","summary":"Official source added: GitHub repo","evidence":[{"id":"source:d1b8719e-cd73-46cb-8e89-d54cf64c1e0a","url":"https://github.com/navdotfun/NAV","label":"GitHub repo"}],"source":"github-search","facts":{"sourceType":"GITHUB_REPO"},"links":{"project":"https://heyresearch.xyz/project/net-asset-value","evidence":"https://heyresearch.xyz/api/evidence/source%3Ad1b8719e-cd73-46cb-8e89-d54cf64c1e0a","timeline":"https://heyresearch.xyz/api/projects/net-asset-value/timeline"}}],"nextCursor":null,"hasMore":false,"ledger":{"collectionStart":"2026-09-26T11:35:57.227Z","transitionsFrom":"2026-09-26T11:32:48.791Z","newestRecordedAt":"2026-10-16T23:10:03.441Z","projectorRanAt":"2026-10-16T23:10:03.441Z"},"disclaimer":"Public, source-backed activity HEY recorded. Still Building means verified activity through a tracked market drawdown — it is not a prediction, not a ranking by price, and not investment advice. Few projects meet Still Building or Under the Radar at any time; both are strict by design, and list responses carry the counts."}