Treasury · TEL Ledger

Association safes

Every council and miner group has a Gnosis Safe, listed in the Association’s documentation. Balances below are read live and include both legacy and v3 TEL on every chain. Changes over 24 hours appear once a day of history has built up.

Safe	Holds	TEL	24h change	Share of safes
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TEL Treasury safe

Builds hourly from the poller’s history.

TEL upgraded to v3

Builds hourly from the poller’s history.

Treasury reconciles to the filingOn October 5 the Association filed 1,191,585,758 TEL available for allocation. The October supplementary proposal’s first tranche was 433,700,000 TEL. The treasury safe’s on-chain balance is 757,885,758, which is exactly the filed amount minus that tranche, so Tranche 1 has been paid out. The 5B under existing agreements has left the treasury safe and can be traced: 2.5B went to a single wallet on October 1, 2025 and is still there, and another 2.5B went through a forwarder contract into BitGo custody on November 6, 2025. Both are labeled in the holder list.

Follow the money

Where TEL went after it left the Treasury, step by step. Each stage shows one wallet’s outflows, largest first. Bridging the same wallet’s TEL between chains is left out, because it isn’t money changing hands.

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Movements

Every transfer into or out of an Association safe, with the proposal that authorized it. Treasury releases are matched by amount against the figures in each TELIP. A treasury release whose amount appears in no proposal is flagged so it can be checked by hand.

When	What happened	From → to	TEL
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Association runway

TEL held for operations

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TAO Safe, TAO Distribution, and TAO Implementation safes.

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Runway at filed spend

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Against the TAO’s own forecast of about $368K a month.

TELIP 18 forecast

Runway at actual outflow

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TEL that left the TAO Safe in the last 30 days.

On-chain

Still available to draw

376.6M

Tranche 2 maximum, then 131M uncommitted for 2027.

TELIP 18

Association selling pressure

The Association pays its bills in dollars, but its budget is in TEL, so it has to sell TEL to cover them. This estimates how much, and compares it with how much TEL actually trades.

TEL to sell per day

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To cover the filed spending at today’s price.

TELIP 18 forecast

Share of daily volume

Of all TEL traded in the last 24 hours.

CoinGecko volume

TEL to sell per month

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Rises as the price falls: the bills are fixed in dollars.

Derived

Seen going to exchanges

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Sent by Association wallets straight to tagged exchange wallets, last 12 months.

On-chain

What this can and can’t see…

What could hit the market

Every pool of TEL that’s been approved to move or is waiting to move, with when it can happen. The two wallets holding the 5B under existing agreements are read live and trigger an alert the moment either one moves.

Source	When	How it moves	TEL	At today’s price
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Watching the 5B…

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