Vana

What it does

Vana is a purpose-built L1L1Layer 1. A base blockchain that runs its own consensus mechanism, executes transactions, and settles its own state. Bitcoin, Ethereum, NEAR, and Solana are all L1s. Anything built on top of an L1 is technically a Layer 2 or higher.Like the foundation of a building. Nothing else can exist on top until the foundation is solid. Different L1s make different tradeoffs for what kind of building they can support.Read more → blockchain for user-owned data. You export your personal data from platforms like Reddit, Twitter, ChatGPT, LinkedIn, and Amazon using the Data Connect desktop app, contribute it to a DataDAO (a decentralised pool of similar data), and earn proportional rewards when AI companies use that data for trainingTrainingThe one-time process of teaching a neural network to perform a task by showing it massive amounts of example data and adjusting its internal weights until the outputs are good. Training builds the model; inference uses it.Like the years an apprentice spends learning a trade. You don't see any of the actual work, just thousands of repeated mistakes gradually becoming competence. By the end, the apprentice can do the job. The training was invisible, but the skill is now permanent.Read more →. The core idea: your data has value, you should own it, and you should get paid when it trains AI models.

The architecture has two layers. The Data LiquidityLiquidityHow easily a token can be bought or sold without moving the price. High liquidity means you can enter or exit large positions quickly at the quoted price. Low liquidity means even small trades can swing the market.Like the difference between selling a house and selling a share of Apple stock. The house might be worth more on paper, but finding a buyer at that price takes weeks. The Apple share converts to cash in one click.Read more → Layer handles data validation, tokenisation, and trading through DataDAOs. Each DataDAO implements its own Proof-of-Contribution function, tailored to its data type, that validates authenticity, ownership, quality, and uniqueness. These validations run inside Trusted Execution Environments (Intel TDX hardware) on the Satya network, so even the validators processing your data cannot see the plaintext. The Data Portability Layer manages cross-application data sharing through Personal Servers: user-controlled nodes that store your plaintext data and serve it to authorised parties through grant-enforced APIs.

The encryption model is genuinely strong. Users control their own keys (OpenPGP with HKDF-SHA256 key derivation). Permission grants are recorded on-chain, and nobody, including Vana core contributors, can modify them. Only the data owner controls access. Three hosting options for Personal Servers: bundled with the desktop app, ODL Cloud (Vana-operated MicroVMs), or self-hosted Docker containers.

The project started as an MIT Media Lab class project in 2021. Co-founders Anna Kazlauskas (MIT ‘19, ex-Celo engineer) and Art Abal (Harvard, ex-Appen data collection lead) built the initial prototype in an “Emergent Ventures” course taught by Ramesh Raskar. The operating entity is Corsali Inc dba Open Data Labs (San Francisco), with protocol stewardship by the Vana Foundation (Cayman Islands).

Team size is approximately 14. Stephen Boske (ex-Coinbase Associate General Counsel) is Head of Legal.

Mainnet launched on 16 December 2024 via Binance Launchpool. The Capella hard forkForkA point at which a blockchain or its software splits into two separate paths. Forks can be temporary (two valid blocks compete and one wins), planned (a software upgrade), or contentious (a community split into two chains).Like a road that splits in two. Sometimes the split is just a temporary detour and traffic merges back. Sometimes it's a permanent fork where different drivers go different ways and never meet again.Read more → followed in July 2025 (block height 4,009,180), delivering higher throughput, improved privacy safeguards, and cleaner tooling for deploying data liquidity pools.

Value proposition

The pitch is “own your data.” Each day, you generate data that trains AI models worth billions. You get nothing. Vana lets you contribute that data to DataDAOs, earn proportional rewards, and maintain genuine ownership through on-chain consent enforcement.

The adoption numbers are from Vana’s own reporting. The project claims 1.3 million users, 300-plus DataDAOs, 12 million-plus data points onboarded, and 140,000 Reddit users in r/datadao. The Binance Launchpool listing and CZ joining as advisor (via YZi Labs’ strategic investment in February 2025) gave the project significant distribution. The mainnet is live and processing data, though independent verification of the user count is not available.

The VRC-20 tokenTokenA digital unit of value or access rights tracked on a blockchain. Tokens can represent ownership in a project, a right to use a service, a share of future revenue, or simply a tradable asset with no underlying claim.Like a physical poker chip a casino issues. The chip itself has no value. What makes it worth something is what it lets you do at the casino, what the casino has promised, and how much other people will pay you for it.Read more → standard, introduced in April 2025, creates data-backed tokens with on-chain liquidity. Think of them as ERC-20 tokens but representing verified, privacy-preserving datasets. This is a novel financial primitive. Crucially, Vana removed its previous “Top 16” DataDAO restriction. Any DataDAO that meets the VRC-20 standard now qualifies for liquidity support, replacing the old emissions-based model with continuous liquidity incentives weighted by trading volume (30%), data contributors (20%), and data access fees (50%). This opens participation considerably. Whether it creates sustainable value remains to be seen.

The counter-narrative is equally clear. VANA launched at $35.23, briefly becoming one of the highest-profile Binance listings. It has since fallen 95% from that peak in roughly 14 months. The market is saying that owning your data is a good idea, but the VANA token hasn’t demonstrated why it should capture that value.

DataDex, the DEXDEXDecentralised Exchange. A trading venue where token swaps happen entirely through smart contracts, with no central operator holding user funds. The largest DEXes are Uniswap, Aerodrome, Raydium, PancakeSwap, and Curve.Like a self-service vending machine that lets you swap one type of coin for another. The machine sets the exchange rate based on its current stock, anyone can deposit coins to refill it, and there's no clerk behind the counter.Read more → on Vana’s chain, has $984,000 in TVLTVLTotal Value Locked. The sum of all assets currently deposited in a protocol's smart contracts. TVL is the standard measure of how much capital a DeFi or DeAI protocol is custodying.Like the assets under management of a hedge fund. AUM tells you how much money the fund has been trusted with, which is a rough proxy for how much business it's doing. TVL plays the same role for crypto protocols.Read more →. For a chain with 1.3 million users, that’s remarkably thin DeFiDeFiDecentralised Finance. Financial services like lending, trading, and yield farming built on smart contracts instead of traditional banks or brokerages. DeFi protocols are usually permissionless and global.Like a vending machine that can give you a loan, swap your currencies, or invest your savings. Nobody is behind the counter, the rules are written into the machine itself, and anyone with money in the right format can use it.Read more → activity. The 1.7 million daily transactions claimed in May 2025 can’t be independently verified from the block explorer (JavaScript-rendered, no static data). Individual data contribution returns are likely modest; the value of a single person’s Reddit history to an AI modelModelA trained neural network that takes inputs (text, images, audio) and produces outputs (more text, classifications, generated content). In DeAI the model is the thing that actually does the work.Like a very experienced apprentice who has spent years watching thousands of masters make furniture. They can't explain how they know when a joint is right, but they can make a chair that looks and functions like a Chippendale. The training is invisible. The output is what matters.Read more → is negligible.

Tokenomics

VANA is the native token of the Vana L1 chain. Fixed supply: 120 million. Total supply: 119.88 million. Circulating supplyCirculating SupplyThe number of tokens currently in circulation and tradeable on the open market. Differs from total supply (which includes locked or unvested tokens) and max supply (the upper limit, if there is one).Like the number of cars on the road today versus the number ever produced. Some are in showrooms, some in junkyards, some still at the factory. Only the ones on the road count toward what people are actually driving.Read more →: 30.8 million (25.67%) as of March 2026.

Distribution:

• Community: 44.0% (20.3% liquid at TGETGEToken Generation Event. The moment a project's token first becomes tradeable. TGE is when vesting clocks usually start, when liquidity hits exchanges, and when public price discovery begins.Like the IPO day for a startup. Everything that happened before TGE was private valuations and paper agreements. Everything after is the public market deciding what the thing is worth in real time.Read more →, remainder over 36 months; includes Binance Launchpool 4% and airdrops)
• Ecosystem: 22.9% (4.8% at TGE, remainder over 48 months; grants and network growth)
• Core Contributors: 18.8% (0% at TGE; 13-month cliffCliffA waiting period at the start of a token vesting schedule during which no tokens unlock at all. After the cliff ends, tokens begin releasing according to the vesting schedule.Like a probationary period at a new job. You don't get your stock options on day one. You wait 12 months to prove you'll stick around, then everything starts unlocking normally.Read more → then 4-year linear vestingVestingA schedule that locks up tokens allocated to insiders, investors, and team members, releasing them gradually over months or years. Vesting prevents insiders from dumping on public buyers immediately after launch.Like a new employee's stock options at a startup. You don't get all the shares on day one. They unlock over four years so you stick around and do the work rather than cashing out and leaving.Read more →)
• Investors: 14.2% (0% at TGE; 13-month cliff then 3-year linear vesting)

The distribution tells a reasonable story. Community plus ecosystem totals 66.9%, the highest community allocation among the data projects I have reviewed. No insider tokens were released at TGE. Contributors and investors face genuine vesting with real cliffs. This is structurally better than many projects in the space.

The problem is what happens next. Only 25.67% of supply is currently circulating. 59.81% remains locked. The investor cliff (13 months from December 2024) began releasing around January 2026, with three years of linear selling pressure to follow. Contributor vesting follows a similar pattern over five years. At current prices, this represents significant potential dilution.

Funding totals $25 million across four rounds: $2 million seed (Polychain Capital, December 2021), $18 million Series A (Paradigm, December 2022), $5 million strategic (Coinbase Ventures, September 2024), and an undisclosed strategic from YZi Labs with CZ as advisor (February 2025).

VANA hit an ATHATHAll-Time High. The highest price a token has ever reached. ATH is usually quoted as a reference point for how far the current price has fallen (or risen) since the peak.Like the record lap time on a racetrack. It tells you what the car has been capable of at its absolute best, not what it will do today. Whether that record gets broken again depends on conditions that may or may not come back.Read more → of $35.23 on 17 December 2024, the day after launch. It has since declined 95%. Listed on Binance, Coinbase, Bybit, KuCoin, Gate.io, Bitget, MEXC, and CoinEx.

How to participate

Contribute data. The lowest barrier entry. Install the Data Connect desktop app, connect your accounts (Reddit, Twitter, ChatGPT, LinkedIn, Amazon, Spotify, health platforms), and export your data to a DataDAO. No capital required. Your data is validated via Proof-of-Contribution in TEEs, and you earn proportional rewards based on contribution quality and volume. Since the removal of the “Top 16” restriction, any VRC-20 compliant DataDAO qualifies for liquidity support. You are no longer limited to a handful of incubated pools.

Stake VANA. Stake tokens via stake.vana.org for approximately 6.18% APY. Non-rebasing position model where rewards compound automatically. Web-based, no hardware required.

Run a validatorValidatorA computer that runs the full blockchain protocol, verifies transactions, and proposes new blocks. Validators are the workers that keep a Proof of Stake network running, and they earn rewards for doing the work correctly.Like a notary public who witnesses and stamps legal documents. Validators witness transactions, check they follow the rules, and stamp them into the permanent record. A notary who commits fraud loses their license. Validators work the same way, except the license is staked tokens that get slashed on misbehaviour.Read more →. Two types. L1 validators produce blocks and require 35,000 VANA, 8-core CPU, 32 GB RAM, and 1.2 TB SSD. Currently permissioned (PoSA); you need to be selected. Satya validators run TEE-based data validation on Intel TDX hardware. Both require advanced technical skill.

Build on Vana. Use the Vana Connect SDKSDKSoftware Development Kit. A collection of code libraries, documentation, and tools that lets developers integrate a service into their applications without writing everything from scratch. SDKs are how projects become easy to build with.Like a plug-and-play kit for building furniture. You don't have to mill your own wood, forge your own screws, or design the joinery from scratch. The kit gives you pre-cut parts and instructions so you can assemble the thing in an afternoon.Read more →, Personal Server APIs, or deploy DataDAOs. Grants programme available. Documentation at docs.vana.org is solid.

Governance. Vote on protocol proposals via Tally (on-chain) and Snapshot (off-chain). Hold VANA tokens to participate. Full community governance via Vana DAO is planned for Phase 3 (12-18 months post-launch).

Honest assessment

What works

The data sovereignty architecture is the strongest I have seen in the DeAIDeAIDecentralised AI. An umbrella term for blockchain-based projects that build AI infrastructure (compute, data, inference, models, agents) without a single central provider controlling the system.Like the difference between streaming a movie from Netflix and sharing it via BitTorrent. Netflix is fast and polished but one company controls what you can watch and what you pay. BitTorrent is messier but no single operator can shut you out.Read more → space. On-chain consent enforcement, user-derived encryption keys, Personal Servers where users control their plaintext data, and TEE-based validation that prevents even validators from seeing raw data. This is not marketing. The protocol specification is published, the smart contracts are audited (nine audits across Hashlock and Nethermind, all Hashlock audits rated “Secure”), and the encryption model uses established standards (OpenPGP, HKDF-SHA256).

The user adoption appears meaningful. Vana reports 1.3 million users and 300-plus DataDAOs, with the 140,000 r/datadao community forming organically and verifiable on Reddit. These figures come from the project; the aggregate user count hasn’t been independently audited. The founding team brings relevant credentials: Kazlauskas from Celo (blockchain infrastructure), Abal from Appen (data collection at scale), and Boske from Coinbase (crypto legal). Strong investor backing (Paradigm, Coinbase Ventures, Polychain, CZ) provides both runway and credibility.

Open-source output is substantial: 83 repositories on GitHub, multiple repos updated within days of research, and MIT/Apache-2.0 licensing throughout. The published protocol specification gives developers genuine visibility into how the system works.

What doesn’t work

The chain currently runs under Proof-of-Staked-Authority where validators are selected by the team. For a project built on the thesis of user ownership and decentralisation, permissioned validators are a fundamental contradiction. The “progressive decentralisation” roadmap promises a transition to permissionless validation, but without specific timelines or milestones, this remains a promise rather than a plan.

The Vana Foundation controls the treasury and retains significant influence over protocol direction. Governance tools exist (Tally, Snapshot) but I found no evidence of active on-chain governanceDAODecentralised Autonomous Organisation. A way to coordinate decisions and manage a treasury using token-weighted voting instead of a traditional company structure. Token holders propose and vote on changes directly.Like a shareholder-run company where every shareholder can vote on every decision, the votes are public, and the company can't do anything the shareholders don't approve. The coordination is messier than a normal company but nobody has unilateral control.Read more → votes or meaningful participation metrics during research. For a project that has been on mainnet for 14 months, this gap between governance infrastructure and governance activity is notable.

The economics of individual data contribution are challenging. Your Reddit post history, your Spotify listening data, your ChatGPT conversations; each of these is worth fractions of a cent to an AI model trainer. Meaningful returns require massive collective action through DataDAOs. The removal of the Top 16 restriction and the shift to VRC-20 liquidity-based incentives is a genuine improvement. It lowers the barrier for new DataDAOs and replaces a competitive ranking system with merit-based qualification. But it doesn’t solve the fundamental demand-side question: how much are AI companies actually paying for this data? Most of the 300-plus DataDAOs remain dormant or experimental.

The risk

Intel TDX dependency for Satya validators creates both supply chain risk and a geographic bottleneck. If Intel changes TDX availability or pricing, the entire data validation layer is affected.

Regulatory exposure is real. Collecting, tokenising, and trading user data crosses into GDPR and similar data protection regimes in multiple jurisdictions. The Cayman Islands Foundation structure with a US operating entity creates complex jurisdictional dynamics.

The low circulating supply (25.67%) with 59.81% locked means significant vesting-driven selling pressure over the next three to four years. With the token 95% below ATH, stakingStakingLocking up a cryptocurrency to help secure a blockchain network, usually in exchange for rewards. The locked tokens act as a security deposit that can be taken away if the staker misbehaves.Like putting down a large rental deposit for an apartment. You get the money back if you behave, you earn interest while it's locked, and the landlord takes it if you trash the place.Read more → incentives denominated in VANA are worth almost nothing in dollar terms.

Competition includes Ocean Protocol (established data marketplace), Sahara AI (AI data platform with strong VCVCVenture Capital. Private investors who fund projects at an early stage in exchange for equity or token allocations. VC rounds are typically pre-launch, at steep discounts to any future public price, with multi-year vesting.Like angel investors in a startup who buy shares before the company goes public. They take more risk because the company might fail, so they get a better price. Once the company IPOs they can sell, and the public market pays whatever price it thinks is fair.Read more → backing), and centralised incumbents like Scale AI and Appen with existing enterprise relationships.

My position

I don’t hold VANA. The data sovereignty architecture is genuinely impressive, and the Capella upgrade plus Top 16 removal show the team is actively improving the network. But permissioned validators, Foundation-controlled governance, and a 95% price decline tell me the project hasn’t yet delivered on its decentralisation thesis. I would reconsider if the validator set becomes permissionless, if governance participation materialises, and if DataDAO economics demonstrate sustainable returns for contributors.

Freedom Score: 59/100

Vana scores 59/100 (C grade). Full methodology at Freedom Score Methodology.

Infrastructure decentralisation (8/20): The Vana L1 chain currently operates under Proof-of-Staked-Authority with validators run by professional node operators selected by the team. This is permissioned infrastructure with a stated plan to transition to permissionless validation. Satya validators (TEETEETrusted Execution Environment. A hardware-secured region of a CPU or GPU where code runs in isolation, so even the machine's operator can't read what's happening inside. TEEs give decentralised AI inference privacy guarantees.Like a bank vault inside a bank. The bank owns the building, staffs the lobby, and runs the security cameras. But what's inside the vault is invisible to everyone, including the bank staff, unless the customer opens it.Read more → nodes) require specialised Intel TDX hardware, creating a hardware dependency bottleneck. Personal Servers offer three hosting options including self-hosted, but the default is ODL Cloud (Vana-operated MicroVMs). Data storage backends include centralised options (Google Drive, Dropbox) alongside IPFS. Cross-chain bridging relies on Stargate and Hyperlane.

Governance decentralisation (8/20): Governance infrastructure exists (Tally on-chain, Snapshot off-chain) but the Vana Foundation currently stewards the token and treasury. Progressive decentralisation is planned with Phase 3 (12-18 months post-launch) targeting community governance via Vana DAO. The Foundation is a Cayman Islands entity that explicitly states it does not control the decentralised network, but at this stage team influence over protocol direction remains significant. No evidence of active on-chain governance votes or participation metrics found during research.

Token distribution fairness (8/15): Community plus ecosystem allocation totals 66.9% of supply, which is a strong community-weighted distribution. Core contributors receive 18.8% with 5-year vesting (1-year cliff). Investors receive 14.2% with 4-year vesting (1-year cliff). No insider tokens were distributed at TGE. However, only 25.67% of supply is currently circulating, meaning most community tokens are still in vesting. The 95% price decline from ATH suggests early Binance Launchpool participants had significant advantage.

Censorship resistance (9/15): The protocol design enforces that nobody, including Vana core contributors, can modify data permissions; only the data owner controls access. Permission grants are recorded on-chain and cannot be tampered with. Data revocation takes immediate effect. However, the permissioned validator set means the Foundation could theoretically influence transaction inclusion. Personal Server hosting via ODL Cloud creates a censorship vector for users who don’t self-host.

Data sovereignty (13/15): Data sovereignty is Vana’s core value proposition and strongest dimension. Users control their data through EVM walletWalletSoftware that stores the private keys needed to control tokens on a blockchain. A wallet does not actually hold any tokens. The tokens live on the chain. The wallet holds the keys that prove you own them.Like the key to a safe deposit box. The key doesn't contain your valuables. The valuables sit in the bank's vault. The key is what proves you're allowed to open the box and take them.Read more → keys. Data is encrypted with user-derived keys before upload; Vana infrastructure never sees plaintext. Personal Servers are the only protocol component that sees plaintext data, and users can self-host them. Three-layer security: blockchain (permission grants), server (signature validation), and encryption (user-derived keys). TEE validation means even data validators process data inside secure enclaves.

Open source and transparency (13/15): 83 repositories in the vana-com GitHub organisation under Apache-2.0 and MIT licences. Key repos actively maintained: personal-server (113 stars, 196 commits), vana-smart-contracts (19 stars, 98 commits), data-connect (18 stars, 646 commits). Smart contracts audited by both Hashlock (3 audits, all rated “Secure”) and Nethermind (6 audits). Full protocol specification published. Contract addresses published for mainnet and testnet. Responsible disclosure programme active.

Path to improvement

Three changes would materially increase Vana’s score:

1. Transition to permissionless validators. The PoSA validator model is the single biggest credibility gap. Publishing a concrete timeline with testable milestones for the transition to permissionless block productionBlockA batch of transactions added to a blockchain at a set interval. Each block cryptographically links to the previous one, creating an append-only chain that can't be rewritten without redoing all the work since.Like a page in a ledger. Every page has a fixed number of entries, every page references the previous page, and once a page is filled and signed off it can't be edited without visibly invalidating every page that came after. The chain is just a very long series of these sealed pages.Read more → would demonstrate genuine commitment to decentralisation. Until then, the team controls who runs the chain.
2. Activate governance. Governance tools exist but are not being used. Running the first binding on-chain votes, publishing participation metrics, and demonstrating that the Foundation is ceding decision-making authority to token holders would transform governance from infrastructure to practice.
3. Demonstrate data economics. The “own your data” thesis is compelling in theory. Publishing anonymised data on per-user earnings across DataDAOs, total data access fee revenue, and enterprise buyer adoption would prove that contributing personal data generates meaningful returns. Without this, the value proposition remains aspirational.

Returns Score: 55/100

VANA scores 55/100 (C grade). Full methodology at Returns Score Methodology.

Token utility (14/20): VANA has well-structured multi-layered utility. Data DAO staking aligns participants with data pool quality. Governance voting gives token holders protocol influence. Data contribution rewards create a direct link between productive activity and token demand. The staking mechanism (approximately 6.18% APY, non-rebasing) provides a baseline yield for passive holders. The 35,000 VANA requirement for L1 validators creates meaningful demand at the infrastructure level. The July 2025 Capella hard fork improved throughput and privacy, and the removal of the Top 16 restriction means any VRC-20 compliant DataDAO now qualifies for liquidity support, opening participation to any DataDAO that meets the standard. These are real, functioning utility vectors on a live mainnet. The deduction reflects that individual data contribution rewards are likely modest, and most of the 300-plus DataDAOs that Vana reports remain dormant or experimental despite the lowered barriers.

Value accrual (10/20): The core mechanism is clear: users contribute data, DataDAOs aggregate it, AI companies pay for access, and contributors earn proportional rewards. This is a value creation loop that doesn’t exist in most token economies. The VRC-20 standard creates data-backed tokens with on-chain liquidity, which is a novel financial primitive. However, the model is unproven at scale and the gap between users and economic activity is stark. DataDex has just $984K in TVL for a chain with 1.3 million users; that’s remarkably thin. The value of any individual’s Reddit history or Spotify listening data to an AI model trainer is fractions of a cent. Meaningful value accrual requires massive collective action, and the evidence that this is happening at scale isn’t yet convincing.

Supply dynamics (8/20): The Foundation controls the treasury and retains significant influence over protocol direction. Only 25.67% of supply is currently circulating, with 59.81% locked, meaning substantial dilution lies ahead as contributor and investor vesting releases proceed over the next three to four years. The 95% price decline from ATH means staking rewards denominated in VANA are worth almost nothing in dollar terms. Validators are permissioned under PoSA, so the Foundation effectively controls who participates in block production. The community-plus-ecosystem allocation of 66.9% is strong on paper, but with most of it still locked and Foundation-directed, the practical supply dynamics favour insiders.

Revenue sustainability (12/25): The user adoption shows credible signs of being real. Vana reports 1.3 million users, 300+ DataDAOs, and 12 million+ data points onboarded, figures that, if accurate, represent demonstrable traction that most data projects can’t match. The CZ advisory role and YZi Labs strategic investment provide credibility and distribution. The data contribution model creates organic, non-speculative activity; people are actually exporting their personal data and contributing it to pools. The Capella hard fork and removal of the Top 16 restriction broadened DataDAO participation, which strengthens the supply side of the marketplace. The concern is whether this activity generates sustainable revenue at scale. The economics of personal data are challenging: individual contributions have minimal value. But the breadth of data sources (Reddit, Spotify, fitness, browsing) and the growing number of DataDAOs suggest the aggregation model has more revenue surface area than most data protocols.

Liquidity and access (11/15): VANA is listed on Binance, Coinbase, Bybit, KuCoin, Gate.io, Bitget, MEXC, and CoinEx, giving it wide exchange coverage across tier-1 and tier-2 venues. The Binance Launchpool listing provided strong initial distribution. The 95% decline from ATH is brutal but the exchange infrastructure means anyone who wants to enter or exit can do so without significant slippageSlippageThe difference between the expected price of a trade and the price you actually get when the trade executes. Slippage usually goes against the trader and gets worse with bigger trades or thinner markets.Like trying to buy 1000 bananas at the corner shop. The first few are at the marked price, but by the time you've bought them all you've moved the price up because there are no more bananas left at the original level. The shop has to restock at higher cost.Read more → at current volumes. The declining volume trend is the main concern; falling trading interest often precedes further price deterioration.

Path to improvement

Three changes would materially increase Vana’s returns score:

1. Demonstrate enterprise data buyer demand. The supply side (1.3M users contributing data, per Vana’s own figures) is plausible. The demand side (AI companies paying for that data) isn’t. Publishing anonymised data on enterprise buyers, access fee revenue, and per-DataDAO economics would validate the entire value accrual thesis. Without demand-side evidence, the token economy is a one-sided marketplace.
2. Transition validators to permissionless. The PoSA model means the Foundation controls block production, which creates both centralisation risk and a cap on staking participation. Permissionless validators would increase staking demand for VANA, improve supply lock-up dynamics, and address the most obvious decentralisation gap simultaneously.
3. Increase circulating supply transparency. With 59.81% of supply locked and vesting schedules spanning years, publishing a real-time dashboard showing upcoming token releases, Foundation treasury movements, and ecosystem grant disbursements would let holders assess dilution risk accurately. The current opacity around locked supply movements is a material information gap.

Score change log