up v3 $UP

Revenue basis

DefiLlama revenue line for up v3. Our audit valued CollectFees at $967k against the $1.30M line over the same window, with 44 minor fee tokens unvalued and accrued-but-uncollected gauge fees excluded, so the line is in the right range. All of it goes to veUP voters.

Locked supply is the whole story: 88.8% in permanent veUP locks. Unlocked holders get no fees.

Launch screen CLEAN

No coordination signal: 0 buys in the first 50 blocks after pool creation; the first swap came 157 blocks later (one 0.1 ETH buy). A 24 KB contract received 88.8% of supply at mint; its role was not decoded.

Method: replay from mint, decode every swap in the first 50 blocks after the first pool, group same-block buys by gas price and amount, trace first token funding. Timing and gas never prove common ownership on their own.

Token audit (ours) GO-WITH-CONDITIONS

A $5,000 sell computes to about 1.06% below spot and a 293,000 UP sell (1.6% of the 18.0M non-treasury float) to 6.9% below, with 100 executed sells in the last 200k blocks and no owner, pause, blacklist, tax or upgrade path on the token. 88.8% of supply sits in veUP as permanent locks: 200M under 0xdead that cannot be recovered and 200M locked by the project Safe for at least four years after an unlock call, which is why market cap is 3 to 4% of FDV. Conditions: one 2-of-4 Safe with no timelock holds every admin role and 44.7% of voting power, weekly emissions dilute unlocked holders who have no fee claim, and whether the Minter can reassign mint rights is unverified.

• A-1: UP runtime has minter-gated mint and burnFrom only; no owner, pause, blacklist, fee, proxy slot, CALL or DELEGATECALL
• A-3: The 2-of-4 Safe 0x0eEA holds every protocol admin role (factory owner, fee managers, Voter governor, emergency council, VE team, Minter team) with no timelock
• A-4: The token exposes setMinter and the current minter is the Minter contract; whether the Minter can forward that call is unverified
• B-1: Canonical liquidity is unlocked CL positions in the WETH/UP 1% pool, 98.8% staked in the gauge; position ownership not replayed
• C-1: 100 of 196 swaps in a 200k-block window were UP sells; the largest, 32,200 UP for 7.9 WETH, executed 1.7% below spot
• C-2: From pinned pool state, 8,000 UP degrades 1.06%, 293,000 UP 6.9%, 1M UP 30.8%
• D-1: The VotingEscrow 0x5d32 holds 448.7M of 505.1M UP; 446.5M of escrow supply is permanent
• D-2: Lock 1 (200M) is owned by 0xdead; locks 2 and 3 (100M each) are owned by the Safe; a permanent lock needs four years after unlockPermanent before withdrawal
• D-3: Non-treasury float is 18.0M UP, about $11.3M, matching the DexScreener market cap band against a $315.7M FDV
• G-1: Epochs mint 10.5M to 11.5M UP each (rising 3% per epoch, 5% to the Minter team); the Voter burns about 9M unvoted emissions per epoch; the Safe itself burned 20M UP

Pinned 2026-09-07. Surfaces: A controls, B liquidity custody, C sellability, D concentration, E launch, F fees, G rights, H dependencies. A critical on any surface caps the verdict.

Professional audit audited: Shieldify

Contracts

Data sources