{
  "cycle": {
    "start_utc": "2026-10-16",
    "end_utc_inclusive": "2026-11-15",
    "end_utc_exclusive": "2026-11-16",
    "days": 31
  },
  "observed": {
    "start_utc": "2026-10-16",
    "end_utc_inclusive": "2026-11-03",
    "end_utc_exclusive": "2026-11-04",
    "days": 19,
    "excluded_partial_day_utc": "2026-11-04"
  },
  "data_cutoff": {
    "latest_finalized_epoch": 26122,
    "latest_closed_at_utc": "2026-11-04 05:14Z"
  },
  "source_url": "https://saygm.com/buybacks",
  "basis": "GM retail traffic value (USD), used as a revenue proxy; not verified collected revenue or profit",
  "status": "projected",
  "period_rule": "Current SayGM-style 16th\u201315th UTC cycle containing the data cutoff; only completed UTC days are observed",
  "date_attribution": "Each published epoch's own closed timestamp in UTC",
  "projection_formula": "Projected cycle proxy = observed traffic value \u00f7 observed full days \u00d7 cycle days",
  "assumptions": "Linear: every remaining day matches the observed full-day average. The partial cutoff day is excluded. Forecast, not guaranteed.",
  "rounding": "Sum integer cents; projected and daily-average cents round half up; each budget = projected cents \u00d7 percentage, rounded half up to the nearest cent",
  "allocation_note": "Allocation percentages are shares of projected revenue proxy, not emission-coverage percentages",
  "scenarios": [
    {
      "allocation_percent": 20,
      "buyback_budget_cents": 11182653,
      "buyback_budget_tao": "489.887107"
    },
    {
      "allocation_percent": 25,
      "buyback_budget_cents": 13978316,
      "buyback_budget_tao": "612.358873"
    },
    {
      "allocation_percent": 30,
      "buyback_budget_cents": 16773979,
      "buyback_budget_tao": "734.830639"
    },
    {
      "allocation_percent": 35,
      "buyback_budget_cents": 19569642,
      "buyback_budget_tao": "857.302405"
    },
    {
      "allocation_percent": 40,
      "buyback_budget_cents": 22365305,
      "buyback_budget_tao": "979.774171"
    }
  ],
  "historical_burns": {
    "source_url": "https://saygm.com/buybacks",
    "retrieved_at_utc": "2026-10-22T20:54:06Z",
    "evidence": "verify/buyback-projection-20261022/saygm-buybacks.html",
    "evidence_sha256": "ce8d8e9791e1b1c9d14fb51ad7c806ed3bbe38bb1dd2ed1061972946861482d0",
    "coverage_definition": "SayGM: coverage = USD value of alpha burned \u00f7 USD value emitted to miners over the same cycle",
    "note": "Historical emission coverage as published by SayGM. It is not a share of revenue or of the traffic-value proxy.",
    "cycles": [
      {
        "cycle": "01",
        "start_utc": "2026-08-16",
        "end_utc_inclusive": "2026-09-15",
        "miner_emissions_usd": 334903,
        "burned_usd": 43088,
        "coverage_percent": "12.9",
        "proof_url": "https://taostats.io/extrinsic/9081319-0022",
        "proof_label": "block 9,081,319 \u00b7 extrinsic 0022"
      },
      {
        "cycle": "02",
        "start_utc": "2026-09-16",
        "end_utc_inclusive": "2026-10-15",
        "miner_emissions_usd": 514686,
        "burned_usd": 104372,
        "coverage_percent": "20.3",
        "proof_url": "https://taostats.io/extrinsic/9296823-0011",
        "proof_label": "block 9,296,823 \u00b7 extrinsic 0011"
      }
    ]
  },
  "observed_traffic_value_cents": 34269419,
  "observed_requests": 10348574,
  "observed_published_epochs": 379,
  "observed_epoch_range": [
    25739,
    26117
  ],
  "daily_average_cents": 1803654,
  "projected_traffic_value_cents": 55913263,
  "tao_conversion": {
    "provider": "Coinbase Exchange",
    "source_url": "https://api.exchange.coinbase.com/products/TAO-USD/ticker",
    "pair": "TAO-USD",
    "price_type": "last traded spot price",
    "usd_per_tao": "228.27",
    "quoted_at_utc": "2026-11-04T05:53:00Z",
    "retrieved_at_utc": "2026-11-04T05:53:14Z",
    "trade_id": 27920473,
    "formula": "TAO equivalent = USD budget / USD per TAO",
    "basis": "Fixed spot reference for the whole budget, not a forecast TAO price; excludes fees and slippage; these are TAO budget equivalents, not SN28 alpha burned",
    "projected_proxy_tao": "2449.435449"
  }
}