{
 "id": "tokamak-network",
 "symbol": "TON",
 "name": "Tokamak Network",
 "archetype": "Infrastructure",
 "archetype_reason": "category match: 'infrastructure'",
 "contract": {
  "chain": "ethereum",
  "address": "0x2be5e8c109e2197d077d13a82daead6a9b3433c5"
 },
 "price": {
  "price_usd": 0.354993,
  "ath_usd": 30.51,
  "ath_date": "2021-04-02T17:44:40.065Z",
  "market_cap": 22774432,
  "volume_24h": 179827,
  "price_chg_30d_pct": -6.80914,
  "price_chg_60d_pct": -36.06185,
  "price_chg_200d_pct": -50.00983,
  "coingecko_url": "https://www.coingecko.com/en/coins/tokamak-network"
 },
 "provenance": {
  "batch_date": "2026-07-14",
  "bagcheck_version": "0.17.1",
  "snapshot_id": "2026-07-14 v16",
  "label": "scored monthly \u00b7 batch of 2026-07-14"
 },
 "refused": false,
 "reclaim": {
  "severity": "NEAR-TOTAL LOSS",
  "line": "Down 99% from ATH \u2014 reclaiming it needs 85.9\u00d7 from here. Historically ~3% of assets this deep reclaim ATH within 3y.",
  "drawdown_pct": 98.8,
  "reclaim_multiple": 85.9,
  "base_rate_label": "down 95%+",
  "base_rate": 0.03,
  "base_rate_provisional": true,
  "break_even_note": "Break-even to ATH needs 85.9\u00d7. (Pass --entry for break-even to your cost basis.)"
 },
 "structure": {
  "alive_score": 39.3,
  "aliveness": "WEAKENING",
  "aliveness_note": "Multiple systems weakening; the project is in decline.",
  "mechanical_aliveness": "WEAKENING",
  "band_capped": false,
  "confidence": "MEDIUM",
  "confidence_detail": "measuring 4 of 6 factors (60% of the weight that matters for a Infrastructure asset)"
 },
 "bottom_line": "Down 99%, aliveness reads WEAKENING. Being functional is not recovery \u2014 the reclaim base rate is ~3%.",
 "factors": [
  {
   "factor": "solvency",
   "label": "Structural solvency / liveness",
   "weight": 0.22,
   "status": "pending",
   "score": null,
   "detail": "",
   "note": "dev activity (wired); treasury runway, fees/revenue (v1)"
  },
  {
   "factor": "conviction",
   "label": "Holder conviction & overhead supply",
   "weight": 0.18,
   "status": "pending",
   "score": null,
   "detail": "",
   "note": "holder-count trend + % supply in profit / MVRV (wired: HolderScan sol/eth, Coin Metrics natives, Santiment BSC/L2); exchange netflow (v1, needs SANAPI PRO)"
  },
  {
   "factor": "liquidity",
   "label": "Liquidity / exitability",
   "weight": 0.18,
   "status": "measured",
   "score": 31.0,
   "detail": "$179,827/24h (Bin 4/10 vs 155 Infrastructure peers), 0.79% turnover (Bin 3/10) \u2014 liquidity is light for its class.",
   "note": ""
  },
  {
   "factor": "usage",
   "label": "Usage / demand",
   "weight": 0.2,
   "status": "measured",
   "score": 35.0,
   "detail": "49 transfers/day (Bin 4/10 vs 58 Infrastructure peers) \u2014 transfer activity, not users; proxy tier \u2014 moderate on-chain movement. [Infrastructure bins, provisional]",
   "note": ""
  },
  {
   "factor": "supply",
   "label": "Supply overhang & emissions",
   "weight": 0.12,
   "status": "measured",
   "score": 50.0,
   "detail": "61% of supply circulating (Bin 6/10 vs 156 Infrastructure peers), FDV/MC 1.6x (Bin 5/10), no max supply \u2014 meaningful dilution still to come \u2014 uncapped supply (perpetual emission risk, capped).",
   "note": ""
  },
  {
   "factor": "strength",
   "label": "Relative strength / narrative",
   "weight": 0.1,
   "status": "measured",
   "score": 50.0,
   "detail": "30d -7% (Bin 6/10 vs 156 Infrastructure peers), 200d -50% (Bin 5/10) \u2014 middle of its peer pack.",
   "note": ""
  }
 ],
 "warnings": [
  "Base rate is PROVISIONAL (placeholder, not yet calibrated). Directional only."
 ]
}