{"query":{"project":"vellum","mode":"browse","limit":50},"items":[{"id":"signal:6e1f61c9-bbea-4d4b-87ff-80f028932699","revision":1,"op":"upsert","type":"market.distribution_changed","domain":"market","origin":"live","project":{"slug":"vellum","name":"Vellum","url":"https://heyresearch.xyz/project/vellum"},"occurredAt":"2026-11-01T01:12:27.260Z","precision":"WINDOW","detectedAt":"2026-11-01T01:12:31.002Z","recordedAt":"2026-11-01T01:15:02.437Z","summary":"Outside pools, lockers and burns, 2 addresses now hold half of the remaining supply","before":23,"after":2,"evidence":[{"id":"signal:6e1f61c9-bbea-4d4b-87ff-80f028932699","label":"HEY Signal"},{"id":"signal:6e1f61c9-bbea-4d4b-87ff-80f028932699","url":"https://heyresearch.xyz/project/vellum","label":"Distribution"}],"source":"hey_signal","facts":{"kind":"concentration_rose","unit":"addresses","detail":"Down from 23. The count and the supply it is measured against both exclude pools, lockers and burn addresses."},"links":{"project":"https://heyresearch.xyz/project/vellum","evidence":"https://heyresearch.xyz/api/evidence/signal%3A6e1f61c9-bbea-4d4b-87ff-80f028932699","timeline":"https://heyresearch.xyz/api/projects/vellum/timeline"}},{"id":"state:0afaea12-859c-4a62-99ac-66f881651d73:catalog_status:39825","revision":1,"op":"upsert","type":"research.published","domain":"research","origin":"live","project":{"slug":"vellum","name":"Vellum","url":"https://heyresearch.xyz/project/vellum"},"occurredAt":null,"precision":"OBSERVED","detectedAt":"2026-10-28T22:10:50.228Z","recordedAt":"2026-10-28T22:15:00.289Z","summary":"Project page published","before":null,"after":"QUALIFIED","evidence":[{"id":"state:0afaea12-859c-4a62-99ac-66f881651d73:catalog_status:39825","label":"HEY state record"}],"source":"hey_state","facts":{"key":"catalog_status"},"links":{"project":"https://heyresearch.xyz/project/vellum","evidence":"https://heyresearch.xyz/api/evidence/state%3A0afaea12-859c-4a62-99ac-66f881651d73%3Acatalog_status%3A39825","timeline":"https://heyresearch.xyz/api/projects/vellum/timeline"}},{"id":"narrative:0afaea12-859c-4a62-99ac-66f881651d73:meme","revision":1,"op":"upsert","type":"research.narrative_assigned","domain":"research","origin":"live","project":{"slug":"vellum","name":"Vellum","url":"https://heyresearch.xyz/project/vellum"},"occurredAt":null,"precision":"OBSERVED","detectedAt":"2026-10-28T22:09:47.509Z","recordedAt":"2026-10-28T22:10:23.783Z","summary":"Primary narrative: Meme","evidence":[{"id":"narrative:0afaea12-859c-4a62-99ac-66f881651d73:meme","url":"https://heyresearch.xyz/narrative/meme","label":"Narrative"}],"source":"hey_rules","facts":{"primary":true,"narrative":"meme"},"links":{"project":"https://heyresearch.xyz/project/vellum","evidence":"https://heyresearch.xyz/api/evidence/narrative%3A0afaea12-859c-4a62-99ac-66f881651d73%3Ameme","timeline":"https://heyresearch.xyz/api/projects/vellum/timeline"}}],"nextCursor":null,"hasMore":false,"ledger":{"collectionStart":"2026-09-26T11:35:57.227Z","transitionsFrom":"2026-09-26T11:32:48.791Z","newestRecordedAt":"2026-11-01T02:25:03.089Z","projectorRanAt":"2026-11-01T02:25:03.089Z"},"disclaimer":"Public, source-backed activity HEY recorded. Still Building means counted ships during a market drawdown HEY itself tracked — 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."}