CRYPTO MARKET INTELLIGENCE / ASSET DOSSIER

Haystack.

hay · coingecko:haystack

EVIDENCE · NOT A RECOMMENDATION
This dossier explains why the asset surfaced, what the stored evidence says, what changed, and which limitations remain. Deterministic signals are research questions, not investment conclusions.
Price$0.009196
Market cap$251,806.00
Active signals4
Total / circulating3.65×
Longest active streak6
Snapshots compared6

Why it surfaced

revenue growth declining multiple

Revenue growth and a declining revenue multiple create a research question

Current streak: 1 snapshot · triggered 1/6 observed snapshots

improving tokenholder value capture

The holders-revenue share improved beyond the configured threshold

Current streak: 2 snapshots · triggered 2/6 observed snapshots

peer valuation difference

The valuation multiple differs materially from the eligible peer median

Current streak: 2 snapshots · triggered 3/6 observed snapshots

high dilution

Total supply is high relative to circulating supply

Current streak: 6 snapshots · triggered 6/6 observed snapshots

What changed

revenue growth declining multiple
new · streak 1 · 1/6 snapshots
improving tokenholder value capture
continuing · streak 2 · 2/6 snapshots
peer valuation difference
continuing · streak 2 · 3/6 snapshots
fundamental deterioration
resolved · streak 0 · 1/6 snapshots
high dilution
continuing · streak 6 · 6/6 snapshots

Latest fundamental observations

MetricPeriodValueObserved
fees24h$225.002026-10-18T04:35:58.074Z
fees30d$3,042.002026-10-18T04:35:58.074Z
fees7d$1,412.002026-10-18T04:35:58.074Z
feesdaily$38.002026-10-11T00:00:00.000Z
holders revenue24h$164.002026-10-18T04:36:12.168Z
holders revenue30d$2,255.512026-10-18T04:36:12.168Z
holders revenue7d$1,025.562026-10-18T04:36:12.168Z
holders revenuedaily$32.002026-10-11T00:00:00.000Z
revenue24h$225.002026-10-18T04:36:00.033Z
revenue30d$3,042.002026-10-18T04:36:00.033Z
revenue7d$1,412.002026-10-18T04:36:00.033Z
revenuedaily$38.002026-10-11T00:00:00.000Z
tvlpoint in time$0.002026-10-18T04:35:46.584Z

Historical changes

MetricWindowChangeBoundary
fees usd:24h7d492.11%2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
fees usd:30d7d56.16%2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
fees usd:7d7d566.04%2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
fees usd:daily7d90.00%2026-10-04T00:00:00.000Z → 2026-10-11T00:00:00.000Z
holders revenue usd:24h7d412.50%2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z
holders revenue usd:30d7d54.49%2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z
holders revenue usd:7d7d517.81%2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z
holders revenue usd:daily7d88.24%2026-10-04T00:00:00.000Z → 2026-10-11T00:00:00.000Z
market cap usd:point in time7d23.37%2026-10-11T03:56:48.000Z → 2026-10-18T03:51:57.000Z
revenue usd:24h7d492.11%2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
revenue usd:30d7d56.16%2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
revenue usd:7d7d566.04%2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
revenue usd:daily7d90.00%2026-10-04T00:00:00.000Z → 2026-10-11T00:00:00.000Z
fees usd:daily30d-54.76%2026-09-11T00:00:00.000Z → 2026-10-11T00:00:00.000Z
holders revenue usd:daily30d-49.21%2026-09-11T00:00:00.000Z → 2026-10-11T00:00:00.000Z
market cap usd:point in time30d52.25%2026-09-18T00:00:00.000Z → 2026-10-18T03:51:57.000Z
revenue usd:daily30d-54.76%2026-09-11T00:00:00.000Z → 2026-10-11T00:00:00.000Z
fees usd:daily90d216.67%2026-07-13T00:00:00.000Z → 2026-10-11T00:00:00.000Z
holders revenue usd:daily90d368.52%2026-07-13T00:00:00.000Z → 2026-10-11T00:00:00.000Z
market cap usd:point in time90d-18.74%2026-07-20T00:00:00.000Z → 2026-10-18T03:51:57.000Z
revenue usd:daily90d216.67%2026-07-13T00:00:00.000Z → 2026-10-11T00:00:00.000Z
fees usd:daily180d-41.54%2026-04-14T00:00:00.000Z → 2026-10-11T00:00:00.000Z
holders revenue usd:daily180d-37.25%2026-04-14T00:00:00.000Z → 2026-10-11T00:00:00.000Z
market cap usd:point in time180d-59.59%2026-04-21T00:00:00.000Z → 2026-10-18T03:51:57.000Z
revenue usd:daily180d-41.54%2026-04-14T00:00:00.000Z → 2026-10-11T00:00:00.000Z

Market snapshot

Circulating supply
27.38M
Total supply
100M
Max supply
100M
Provider updated
2026-10-18T03:51:57.000Z

Evidence coverage

Verified/provider links
1
Stored fundamental observations
1,582
Calculated history rows
25
Signal comparison
prior snapshot

Evidence synthesis

Generate or open a cached AI research brief constrained to this dossier's stored evidence, calculations, and limitations.

Open AI research brief

Rule evaluations

revenue growth declining multiple · included · signal

Revenue growth and a declining revenue multiple create a research question

Limits: Revenue multiple uses 24-hour revenue annualized consistently at both endpoints

Inputs and calculation
{
  "inputs": {
    "revenue": {
      "status": "calculated",
      "windowDays": 30,
      "start": {
        "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:revenue:1789689600",
        "at": "2026-09-18T00:00:00.000Z",
        "value": 61
      },
      "end": {
        "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:18275",
        "at": "2026-10-18T04:36:00.033Z",
        "value": 225
      },
      "percent": 268.8524590163934,
      "definition": "(end - start) / abs(start) * 100 over 30 days"
    },
    "marketCap": {
      "status": "calculated",
      "windowDays": 30,
      "start": {
        "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:coingecko:haystack:1789689600000",
        "at": "2026-09-18T00:00:00.000Z",
        "value": 165385.9946463731
      },
      "end": {
        "id": "ccd4247e-2e4f-4bb6-9d14-0cf345583e2b",
        "at": "2026-10-18T03:51:57.000Z",
        "value": 251806
      },
      "percent": 52.25352094559725,
      "definition": "(end - start) / abs(start) * 100 over 30 days"
    }
  },
  "calculation": {
    "startMultiple": 2711.2458138749685,
    "endMultiple": 1119.1377777777777,
    "multipleChange": -58.72237876586029
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

activity growth stagnant market cap · included · no signal

Eligible, but configured thresholds were not jointly met

Inputs and calculation
{
  "inputs": {
    "activity": {
      "metric": "fees_usd",
      "result": {
        "status": "calculated",
        "windowDays": 30,
        "start": {
          "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:fees:1789689600",
          "at": "2026-09-18T00:00:00.000Z",
          "value": 61
        },
        "end": {
          "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:10751",
          "at": "2026-10-18T04:35:58.074Z",
          "value": 225
        },
        "percent": 268.8524590163934,
        "definition": "(end - start) / abs(start) * 100 over 30 days"
      }
    },
    "marketCap": {
      "status": "calculated",
      "windowDays": 30,
      "start": {
        "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:coingecko:haystack:1789689600000",
        "at": "2026-09-18T00:00:00.000Z",
        "value": 165385.9946463731
      },
      "end": {
        "id": "ccd4247e-2e4f-4bb6-9d14-0cf345583e2b",
        "at": "2026-10-18T03:51:57.000Z",
        "value": 251806
      },
      "percent": 52.25352094559725,
      "definition": "(end - start) / abs(start) * 100 over 30 days"
    }
  },
  "calculation": {
    "activityChangePercent": 268.8524590163934,
    "marketCapChangePercent": 52.25352094559725
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

improving tokenholder value capture · included · signal

The holders-revenue share improved beyond the configured threshold

Limits: Provider methodology determines what qualifies as holders revenue

Inputs and calculation
{
  "inputs": {
    "capture": {
      "status": "calculated",
      "windowDays": 30,
      "start": {
        "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:holders_revenue:1789084800:ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:fees:1789084800",
        "at": "2026-09-11T00:00:00.000Z",
        "value": 0.75
      },
      "end": {
        "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:holders_revenue:1791676800:ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:fees:1791676800",
        "at": "2026-10-11T00:00:00.000Z",
        "value": 0.8421052631578947
      },
      "percent": 12.280701754385959,
      "definition": "(end - start) / abs(start) * 100 over 30 days"
    }
  },
  "calculation": {
    "holderRevenueToFeesChangePercent": 12.280701754385959
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

peer valuation difference · included · signal

The valuation multiple differs materially from the eligible peer median

Limits: A difference is not evidence of mispricing; protocol economics may not be comparable

Inputs and calculation
{
  "inputs": {
    "currentCap": 251806,
    "latestRevenue": 225,
    "peerMedian": 39.57062354650812
  },
  "calculation": {
    "annualizedRevenueMultiple": 3.066130898021309,
    "peerMultipleRatio": 0.07748502862022444
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

fundamental deterioration · included · no signal

Eligible, but deterioration threshold was not met

Inputs and calculation
{
  "inputs": {
    "fees": {
      "status": "calculated",
      "windowDays": 30,
      "start": {
        "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:fees:1789689600",
        "at": "2026-09-18T00:00:00.000Z",
        "value": 61
      },
      "end": {
        "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:10751",
        "at": "2026-10-18T04:35:58.074Z",
        "value": 225
      },
      "percent": 268.8524590163934,
      "definition": "(end - start) / abs(start) * 100 over 30 days"
    },
    "revenue": {
      "status": "calculated",
      "windowDays": 30,
      "start": {
        "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:revenue:1789689600",
        "at": "2026-09-18T00:00:00.000Z",
        "value": 61
      },
      "end": {
        "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:18275",
        "at": "2026-10-18T04:36:00.033Z",
        "value": 225
      },
      "percent": 268.8524590163934,
      "definition": "(end - start) / abs(start) * 100 over 30 days"
    },
    "tvl": {
      "status": "insufficient_history",
      "windowDays": 30,
      "reason": "Starting value is zero; percentage change is undefined"
    }
  },
  "calculation": {
    "worstChangePercent": 268.8524590163934
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

high dilution · included · signal

Total supply is high relative to circulating supply

Limits: Supply fields are provider-reported and do not describe unlock timing

Inputs and calculation
{
  "inputs": {
    "circulatingSupply": 27380000,
    "totalSupply": 100000000
  },
  "calculation": {
    "totalToCirculatingRatio": 3.652300949598247
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

data quality investigation · included · no signal

No provider identity conflict detected

Inputs and calculation
{
  "inputs": {
    "identityConflict": false
  },
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

Provenance and raw evidence

Classification evidence
[
  {
    "assetId": "coingecko:haystack",
    "kind": "sector",
    "value": "other",
    "status": "classified",
    "reason": "Canonical mapping from DeFiLlama category Trading App",
    "sourceProvider": "defillama",
    "sourceRecord": "7088",
    "observedAt": "2026-10-18T04:35:46.584Z"
  },
  {
    "assetId": "coingecko:haystack",
    "kind": "asset_type",
    "value": "protocol_token",
    "status": "classified",
    "reason": "Canonical type mapping from DeFiLlama category Trading App",
    "sourceProvider": "defillama",
    "sourceRecord": "7088",
    "observedAt": "2026-10-18T04:35:46.584Z"
  }
]
Identity relationships
[
  {
    "assetId": "coingecko:haystack",
    "protocolId": "7088",
    "protocolSlug": "haystack",
    "method": "gecko_id_and_chain_contract",
    "evidence": "DeFiLlama gecko_id=haystack; DeFiLlama address=algorand:3160000000; CoinGecko platforms.algorand=3160000000",
    "status": "verified_provider_relationship"
  }
]
Research statuses
[
  {
    "assetId": "coingecko:haystack",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "analyzable",
    "method": "global",
    "reason": "At least one deterministic screening method is eligible"
  },
  {
    "assetId": "coingecko:haystack",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "requires_manual_investigation",
    "method": "global",
    "reason": "At least one deterministic research signal triggered"
  }
]
Human review decisions
[]
Full fundamental evidence
[
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:7006",
    "protocolId": "7088",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-22T21:51:30.762Z",
    "value": 0,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:11367",
    "protocolId": "7088",
    "metric": "fees_usd",
    "period": "24h",
    "observedAt": "2026-09-22T21:51:32.324Z",
    "value": 29,
    "unit": "USD",
    "definition": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
      "Revenue": "Trading fees and Asset boosts are considered platform revenue.",
      "ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
      "HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:11368",
    "protocolId": "7088",
    "metric": "fees_usd",
    "period": "7d",
    "observedAt": "2026-09-22T21:51:32.324Z",
    "value": 564,
    "unit": "USD",
    "definition": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
      "Revenue": "Trading fees and Asset boosts are considered platform revenue.",
      "ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
      "HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:11369",
    "protocolId": "7088",
    "metric": "fees_usd",
    "period": "30d",
    "observedAt": "2026-09-22T21:51:32.324Z",
    "value": 1162.3000000000002,
    "unit": "USD",
    "definition": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
      "Revenue": "Trading fees and Asset boosts are considered platform revenue.",
      "ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
      "HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:18081",
    "protocolId": "7088",
    "metric": "revenue_usd",
    "period": "24h",
    "observedAt": "2026-09-22T21:51:34.223Z",
    "value": 29,
    "unit": "USD",
    "definition": "Trading fees and Asset boosts are considered platform revenue.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
      "Revenue": "Trading fees and Asset boosts are considered platform revenue.",
      "ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
      "HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:18082",
    "protocolId": "7088",
    "metric": "revenue_usd",
    "period": "7d",
    "observedAt": "2026-09-22T21:51:34.223Z",
    "value": 564,
    "unit": "USD",
    "definition": "Trading fees and Asset boosts are considered platform revenue.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
      "Revenue": "Trading fees and Asset boosts are considered platform revenue.",
      "ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
      "HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:18083",
    "protocolId": "7088",
    "metric": "revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-22T21:51:34.223Z",
    "value": 1162.3000000000002,
    "unit": "USD",
    "definition": "Trading fees and Asset boosts are considered platform revenue.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
      "Revenue": "Trading fees and Asset boosts are considered platform revenue.",
      "ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
      "HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:22505",
    "protocolId": "7088",
    "metric": "holders_revenue_usd",
    "period": "24h",
    "observedAt": "2026-09-22T21:51:36.166Z",
    "value": 22,
    "unit": "USD",
    "definition": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
      "Revenue": "Trading fees and Asset boosts are considered platform revenue.",
      "ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
      "HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:22506",
    "protocolId": "7088",
    "metric": "holders_revenue_usd",
    "period": "7d",
    "observedAt": "2026-09-22T21:51:36.166Z",
    "value": 422,
    "unit": "USD",
    "definition": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
      "Revenue": "Trading fees and Asset boosts are considered platform revenue.",
      "ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
      "HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:22507",
    "protocolId": "7088",
    "metric": "holders_revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-22T21:51:36.166Z",
    "value": 858.76,
    "unit": "USD",
    "definition": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
      "Revenue": "Trading fees and Asset boosts are considered platform revenue.",
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