D. Together

Combined supply

What the two activation trees hold between them, the least and the most of the supply connected to them, and their share of the market's trading.

Published: October 2, 2026
Ledger index: 107030551

What the two activation trees hold
How much CULT the token flow connects to them
How much of the market's trading they were

What the two activation trees hold between them, how that grew, the least and the most of the supply the record connects to them, and how much of the market's trading they were.

What the two activation trees hold

Table 1. Each token held by each activation tree and by both, directly and through LP tokens.

token	group	held directly	share of all of it	its LP tokens can take out	together	together, share of all of it	accounts holding it
CULT	Pheanor's activation tree	2,054.247521	29.48%	34.237879	2,088.485400	29.97%	20
CULT	Hodler's activation tree	553.479992	7.94%	0.559813	554.039805	7.95%	5
CULT	both activation trees	2,607.727513	37.42%	34.797692	2,642.525205	37.92%	25
OBEY	Pheanor's activation tree	0.963941	12.39%	0.038001	1.001941	12.88%	14
OBEY	Hodler's activation tree	0.000000472636	0.00%	0.028711	0.028712	0.37%	1
OBEY	both activation trees	0.963941	12.39%	0.066712	1.030653	13.25%	15

every row: download both-trees-holdings.csv.

Table 2. How many of the largest CULT holders are activation tree accounts. Every holder, ranked, is in the data.

holders	Pheanor's activation tree	Hodler's activation tree	neither	share of their CULT held by activation tree accounts
the 10 largest	3	2	5	56.95%
the 25 largest	6	2	17	44.32%
the 50 largest	14	3	33	43.94%
the 100 largest	18	3	79	40.99%

every row: download top-holders-by-tree.csv.

The CULT held directly by the accounts of each activation tree, and by both together, at the end of each day it changed.

The OBEY held directly by the accounts of each activation tree, and by both together, at the end of each day it changed.

How much CULT the token flow connects to them

The activation trees themselves hold 37.4% of all CULT, 37.9% with their LP tokens. Following the CULT and OBEY payments from them, LP tokens included, the token flow connects 64 accounts holding 56.0% with their LP tokens at 50 CULT, up to 74 accounts holding 57.4% with their LP tokens at 30 CULT, up to 123 accounts holding 78.4% with their LP tokens at 10 CULT — the strictest flow threshold first, the widest last. The token-flow article sets out every account and link, and the connection profiles weigh each account by how many independent kinds of record connect it.

How much of the market's trading they were

Table 3. Each activation tree's share of each market's daily trading, over the days it traded there.

group	traded	where	days	trades	average share of the day's volume	highest day
Pheanor's activation tree	CULT against XRP	`rwyUJtAL1pAUhSnoNhuWm4edjTanGUyvFH` (CULT/XRP pool)	480	2,347	7.97%	96.76%
Pheanor's activation tree	CULT against XRP	the order book	192	567	7.22%	65.47%
Pheanor's activation tree	OBEY against XRP	`rp3KykYebksKDX1GPdMWTBwjiGjLmTgWxq` (OBEY/XRP pool)	215	449	42.34%	100.00%
Pheanor's activation tree	OBEY against XRP	the order book	61	80	15.59%	100.00%
Pheanor's activation tree	CULT against OBEY	`rJLttJDHzEa1gZBvVFBAy5vaZcmTLK4FkM` (CULT/OBEY pool)	3	4	39.86%	66.66%
Pheanor's activation tree	CULT against PONGO	`rhWXsBvkB2yBVVjYZNteHy6fNjwatEZUGV` (CULT/PONGO pool)	1	2	6.30%	6.30%
Hodler's activation tree	CULT against XRP	`rwyUJtAL1pAUhSnoNhuWm4edjTanGUyvFH` (CULT/XRP pool)	259	1,016	3.22%	36.15%
Hodler's activation tree	CULT against XRP	the order book	90	221	1.96%	42.28%
Hodler's activation tree	OBEY against XRP	`rp3KykYebksKDX1GPdMWTBwjiGjLmTgWxq` (OBEY/XRP pool)	86	163	33.34%	100.00%
Hodler's activation tree	OBEY against XRP	the order book	20	32	6.98%	25.17%
Hodler's activation tree	CULT against UGA	`rwpYMhXeCdbzDdrGE7R5vZLJzqTcuAVgCe` (UGA/CULT pool)	1	1	6.31%	6.31%
both activation trees	CULT against XRP	`rwyUJtAL1pAUhSnoNhuWm4edjTanGUyvFH` (CULT/XRP pool)	564	3,363	8.26%	96.95%
both activation trees	CULT against XRP	the order book	238	785	6.54%	65.47%
both activation trees	OBEY against XRP	`rp3KykYebksKDX1GPdMWTBwjiGjLmTgWxq` (OBEY/XRP pool)	277	612	43.22%	100.00%
both activation trees	OBEY against XRP	the order book	80	112	13.63%	100.00%
both activation trees	CULT against OBEY	`rJLttJDHzEa1gZBvVFBAy5vaZcmTLK4FkM` (CULT/OBEY pool)	3	4	39.86%	66.66%
both activation trees	CULT against PONGO	`rhWXsBvkB2yBVVjYZNteHy6fNjwatEZUGV` (CULT/PONGO pool)	1	2	6.30%	6.30%
both activation trees	CULT against UGA	`rwpYMhXeCdbzDdrGE7R5vZLJzqTcuAVgCe` (UGA/CULT pool)	1	1	6.31%	6.31%

every row: download market-share.csv.

A share of a day's volume says how much of that day's trading these accounts were. It measures size, not intent.

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