{
 "id": "vega-protocol",
 "symbol": "VEGA",
 "name": "Vega Protocol",
 "archetype": "L1 / Chain",
 "archetype_reason": "category match: 'smart contract platform'",
 "contract": {
  "chain": "ethereum",
  "address": "0xcb84d72e61e383767c4dfeb2d8ff7f4fb89abc6e"
 },
 "price": {
  "price_usd": 0.00092163,
  "ath_usd": 23.93,
  "ath_date": "2021-09-03T13:02:36.189Z",
  "market_cap": 57507,
  "volume_24h": 11.65,
  "price_chg_30d_pct": 12.7655,
  "price_chg_60d_pct": -56.91434,
  "price_chg_200d_pct": -10.02735,
  "coingecko_url": "https://www.coingecko.com/en/coins/vega-protocol"
 },
 "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 100% from ATH \u2014 reclaiming it needs 25,965\u00d7 from here. Historically ~3% of assets this deep reclaim ATH within 3y.",
  "drawdown_pct": 100.0,
  "reclaim_multiple": 25964.9,
  "base_rate_label": "down 95%+",
  "base_rate": 0.03,
  "base_rate_provisional": true,
  "break_even_note": "Break-even to ATH needs 25,965\u00d7. (Pass --entry for break-even to your cost basis.)"
 },
 "structure": {
  "alive_score": 32.5,
  "aliveness": "IMPAIRED",
  "aliveness_note": "Core systems impaired; consistent with a project in decline.",
  "mechanical_aliveness": "IMPAIRED",
  "band_capped": false,
  "confidence": "HIGH",
  "confidence_detail": "measuring 6 of 6 factors (100% of the weight that matters for a L1 / Chain asset)"
 },
 "bottom_line": "Down 100%, aliveness reads IMPAIRED. Being functional is not recovery \u2014 the reclaim base rate is ~3%.",
 "factors": [
  {
   "factor": "solvency",
   "label": "Structural solvency / liveness",
   "weight": 0.22,
   "status": "measured",
   "score": 33.3,
   "detail": "0 commits/4wk, 0 contributors, last commit 5d ago \u2014 development is slowing.",
   "note": ""
  },
  {
   "factor": "conviction",
   "label": "Holder conviction & overhead supply",
   "weight": 0.2,
   "status": "measured",
   "score": 19.7,
   "detail": "holders -1/30d (-0.0%, Bin 3/10 vs 169 L1 / Chain peers), 0% of supply in profit (Bin 2/10 vs 38 L1 / Chain peers), 30d exchange netflow +0.54% of supply (Bin 2/10 vs 38 L1 / Chain peers), data lagged 31d (provider tier) \u2014 holders are leaving \u2014 conviction is draining. [L1 / Chain bins, provisional]",
   "note": ""
  },
  {
   "factor": "liquidity",
   "label": "Liquidity / exitability",
   "weight": 0.18,
   "status": "measured",
   "score": 9.0,
   "detail": "$12/24h (Bin 1/10 vs 308 L1 / Chain peers), 0.02% turnover (Bin 2/10) \u2014 exit liquidity is thin for its class \u2014 selling moves the price.",
   "note": ""
  },
  {
   "factor": "usage",
   "label": "Usage / demand",
   "weight": 0.18,
   "status": "measured",
   "score": 15.0,
   "detail": "5 active addresses/day (Bin 2/10 vs 91 L1 / Chain peers), data lagged 31d (provider tier) \u2014 usage is draining away. [L1 / Chain bins, provisional]",
   "note": ""
  },
  {
   "factor": "supply",
   "label": "Supply overhang & emissions",
   "weight": 0.12,
   "status": "measured",
   "score": 70.0,
   "detail": "96% of supply circulating (Bin 8/10 vs 310 L1 / Chain peers), FDV/MC 1.0x (Bin 7/10) \u2014 limited dilution risk.",
   "note": ""
  },
  {
   "factor": "strength",
   "label": "Relative strength / narrative",
   "weight": 0.1,
   "status": "measured",
   "score": 85.0,
   "detail": "30d +13% (Bin 9/10 vs 310 L1 / Chain peers), 200d -10% (Bin 9/10) \u2014 outperforming its peer group.",
   "note": ""
  }
 ],
 "warnings": [
  "Base rate is PROVISIONAL (placeholder, not yet calibrated). Directional only."
 ]
}