A dated record of wallet funding, voting positions, administrative roles and executed transactions across the named PulseChain contracts.
RESEARCH SNAPSHOT
17 October 2026
CHAIN ID 369 BLOCK-PINNED READS ALL TIMES IN UTC
PROPOSALS · CORE THREE
5048Fc, e121 and 5996 within the 66-proposal inventory
EXECUTED · CORE THREE
8On-chain proposal states within those 50 proposals
ONYX · DIRECT MARKET ADMIN
5 / 17Listed markets with 48Fc as their accepted admin
JOINT VOTING · e121 + 1234
2 casesSuccessful FOR votes on Ease #21 and RAI #32
Evidence has a scope. Administrative rights, voting weight and transferred assets are different findings. Each is tied to its contract, receipt or snapshot below. This is a static research record; token quantities are not dollar valuations.
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01Executed actions & current roles
Receipts establish past execution. Pinned calls establish the roles and balances at the review time.
A1Onyx DAO
Confirmed roles
48Fc is the accepted admin of the Onyx Timelock. It is also the accepted admin of five markets: oBAYC, oMAYC, oPAXG, oSHIB and oWPUNKS. The other twelve listed markets retain the Timelock as admin and name 48Fc as pending admin.
Administrative state
Timelock admin
48Fc
Timelock pending admin
None
Timelock delay
300 seconds
Comptroller admin
Onyx Timelock
Comptroller pending admin
48Fc
Markets listed by Comptroller
17
Governance settings
Voting period
10 blocks
Voting delay
1 block
Proposal #18 · bad9
Executed
Proposals #22, #24, #25 · 48Fc
Executed
#18 changed the voting period. #22 targeted pending-admin changes for 16 markets. #24 set the Timelock delay; #25 set its pending admin, subsequently accepted by 48Fc. The seventeenth listed market, oBTC, was outside #22.
Cash and stored accounting
Market
Available cash
Stored total borrows
Stored total reserves
oETH
424,546.456830439601200392 PLS
161,363.789616505481965203
134.27399316214800563
oDAI
0 forked DAI
422,573,880.556694733810068685
97,582.30131713308438291
oUSDC
0 forked USDC
117,809,831.28043
269,984.010667
Each row uses the asset unit shown in the cash column. oETH’s native balance equals its getCash() result. Borrow and reserve totals are stored accounting, not proof of collectible loans or current market value. These role checks do not establish a direct withdrawal path for all cash.
Two Reserve components were upgraded in successful governance executions signed by 48Fc. The replacement stRSR voting interface returns constants, while the BackingManager’s current delegated fallback resolves to address zero. These observations describe altered and partly nonfunctional components.
The constant results apply to 48Fc, e121 and unrelated addresses. Current balanceOf(), totalSupply() and getVotes() calls revert. The examined runtime contains no caller-specific authorization gate for 48Fc.
Roles and hyUSD
Main OWNER
Reserve Timelock
Timelock proposer
Governor Alexios
Direct 48Fc Main / Timelock roles
None in queried roles
hyUSD supply
510,463.880015…
The hyUSD implementation matches the comparison block 17,233,000. A read-only call to the actual token’s privileged mint function, with 48Fc as sender, reverts with “not backing manager”. An indirect minting path has not been established.
Implementation and role evidence
stRSR’s executable runtime contains no CALLER, ORIGIN or SSTORE instructions. Its historical voting getters ignore the supplied address and block. This is not conventional token-weighted governance, and it does not establish exclusive control by 48Fc.
The BackingManager implementation is itself a proxy using a nested storage lookup. In the actual BackingManager storage context, slot 0 is 1 and slot 1 is zero, so its delegated fallback selects address zero. The standalone implementation’s separate admin field does not become an admin right over the BackingManager proxy.
Exact hyUSD supply: 510,463.880015005000188611 tokens. No asset-moving execution test was performed.
Roles / components: block 27,822,097 · 17 Oct 2026 17:00:05 UTC. Mint eth_call: 27,822,102. Runtime / constant getters cross-check: 27,822,113.
A3Braintrust / BTRST
Executed transfer
Proposal #5 transferred 3,000,000 forked BTRST from the governance Timelock to 5996. The successful transaction receipt contains both the token Transfer and ProposalExecuted(5) events.
Voting power is measured against the relevant token supply, quorum and proposal threshold.
V1Origin / OUSD
Below current quorum
48Fc holds 15.4306% of total veOGV supply and can meet the proposal threshold, but cannot reach the current quorum alone. veOGV is non-transferable voting and reward weight created by locking OGV. The wallet’s voting weight is self-delegated.
The measured position
Current votes
2,632,310,038.1584 veOGV
Total veOGV supply
17,059,067,205.4368
Share of total supply
15.4306%
Share of delegated votes
16.7361%
OGV in 13 nonzero locks
24,051,764.346995…
Proposal threshold
10,000,000 veOGV
Distance to quorum
77.15%of the current 20% quorum
Current quorum
3,411,813,441.0874
Existing votes needed
779,503,402.9290
New points needed if only 48Fc mints
974,379,253.6612
Minting additional veOGV also raises total supply and therefore the quorum. Existing delegated votes and newly minted points have different effects on this gap.
What this governance can govern
The Governor uses veOGV and is bound to the Timelock. The OUSD token proxy and OUSD Vault proxy both name that Timelock as governor, with governed upgrade functions in their proxy code. Successfully passed and executed governance can therefore change these forked contracts’ implementations. The authority of every connected strategy has not been exhaustively traced.
1,455 nonzero holders and 192 nonzero voting delegates were reconstructed; 43 addresses were directly checked by RPC. A nonzero delegate is not necessarily an active voter. The three Safes hold 66.8068% of supply together. Their most recent veOGV-specific events are pre-fork; this does not establish wallet-wide or governance inactivity.
Safe owners, thresholds and attribution
The official Origin registry labels be2a…d899 as “Origin Admin Safe”. The a2cc and 8ac3 Safes have the same three owners, two of whom also appear in be2a’s owner set. These are verified signer configurations, without assigning a single beneficial owner to all three Safes.
Measured at block 27,821,301. The wallet is self-delegated and covers 77.15% of the current quorum.
Scenario
48Fc weight
Revised total supply
Share
Observed at block 27,821,301
2,632,310,038.1584
17,059,067,205.4368
15.4306%
Max-extend all 13 locks at that snapshot
3,111,674,574.1985
17,538,431,741.4769
17.7420%
Max-extend around 17 January 2027; other supply fixed
≈3,606,689,291.8196
≈18,033,446,459.0980
20.0000%
Existing veOGV does not grow or decay automatically with time. An extension resets a lock’s end and mints additional points. The source-derived model and all 13 current maximum-extension previews agree to fixed-point rounding. Extensions also increase reward weight; their existence does not establish takeover intent.
Model assumptions, formula and all 13 locks
The future scenario keeps the same OGV principal and assumes all 13 locks are successfully extended to maximum duration near the modeled date. Other holders mint or burn no veOGV; no rules change; 48Fc adds no stake or restaked rewards and remains self-delegated. These assumptions are not forecasts.
Epoch: 12 July 2022 (Unix 1,657,584,000). Maximum duration: 126,230,400 seconds (1,461 days). The modeled 20% target includes the increase in total supply. Quorum still does not guarantee victory against opposing votes or successful execution.
Lock ID
OGV principal
Current lock end
Current veOGV points
0
8,443,169.536730319509559185
2030-08-03 07:29:35 UTC
967,584,594.3320
1
80,000
2030-08-03 07:29:35 UTC
9,167,975.0371
2
1,200,000
2030-08-03 07:31:45 UTC
137,519,958.7690
3
120,000
2030-08-03 07:31:45 UTC
13,751,995.8769
4
120,000
2030-08-03 07:32:35 UTC
13,752,008.6928
5
320,000
2030-08-03 07:32:55 UTC
36,672,036.8511
6
320,000
2030-08-03 07:32:55 UTC
36,672,036.8511
7
320,000
2030-05-24 16:33:35 UTC
32,729,688.7157
8
320,000
2030-05-24 16:33:35 UTC
32,729,688.7157
9
320,000
2030-05-24 16:33:35 UTC
32,729,688.7157
10
5,000,000
2030-06-12 23:00:35 UTC
527,518,890.2497
11
7,200,000
2030-06-12 23:30:05 UTC
759,652,262.7094
12
288,594.810264919866021189
2030-07-10 12:15:45 UTC
31,829,212.6422
Direct post-fork call review found 13 successful stake calls from 15 attempts, 19 successful extensions from 23 attempts, and 11 successful reward collections. Eighteen extensions used maximum duration. Latest successful extension: 3 August 2026, receipt ↗. The review covers direct calls to veOGV; indirect calls may be outside that history.
Voting and execution rules
Quorum
20% of snapshot supply
Quorum counting
FOR only
Vote success
FOR > AGAINST
Voting delay
1 block
Voting period
17,280 blocks
Late-quorum extension
11,520 blocks
Timelock after queueing
172,800 seconds
A proposal created in block N snapshots at N+1; voting starts at N+2. Votes acquired after that snapshot do not count for it. The late-quorum rule uses the later of the original deadline or 11,520 blocks after quorum is first reached. The preceding 17,280-block window took 49h 26m 50s; block-based periods and late-quorum extensions prevent a fixed four-day warning guarantee.
OUSD Vault · direct balances
Forked DAI
1,456.620480433024964620
Forked USDT
37,971.170480
Forked USDC
270.000000
Registered strategies
7
totalValue()
Reverts
These are direct token balances. Strategy balances, recoverability and aggregate market value remain unresolved. The same token addresses on PulseChain do not make these quantities redeemable Ethereum stablecoins.
Origin census, settings, locks and balances pinned to 27,821,301 · 17 Oct 2026 14:43:05 UTC. Quorum reference: block 27,821,300.
V2Metronome
3 proposals Succeeded
e121 and 48Fc hold the entire measured esMET supply between them. Both positions are self-delegated. Token balances establish two holders; they do not determine how many lock records exist or establish common ownership.
The Governor uses esMET. Its proposal threshold is 25,000 esMET and its queried quorum is 50,599.2 esMET, or 4% of supply. Three reviewed proposals created by e121 are Succeeded and unexecuted. Voting records show e121 voting FOR all three; 48Fc has not voted on them.
The proposals request administration changes. Their passed voting state is not an executed transfer of administrative authority.
Balances, binding, threshold, quorum and proposal states: 27,822,229 · Voting receipts / hasVoted checks retained in evidence archive.
V3Reflexer / RAI
Proposal #32 Queued
RAI Governor proposal #32 is Queued and remains unexecuted. Its encoded intent is to move 180,059 FLX to e121. Both e121 and 1234 voted FOR; neither voting weight alone met the 20,000 FLX quorum.
The queued operation’s ETA is 16 October 2026 at 22:11:45 UTC. Its helper target has no runtime code at the snapshot. This is an encoded transfer intention, without a completed payout or a verified functioning recovery helper.
State, helper code and vote receipts verified at 27,822,229 · 17 Oct 2026 17:23:05 UTC.
V4Ease
Proposal #21 Defeated
e121 and 1234 delegate to each other and both voted FOR Ease proposal #21. The proposal was created by 1234 and is Defeated. Its combined FOR vote was 24,824,967.700168284929857985 gvEase, below the 50 million quorum.
1234 voted at 19:53:25 UTC on 17 August 2026. e121 voted one minute later. Their vote receipts reconcile exactly with the proposal’s FOR total; AGAINST and ABSTAIN were zero.
Use delegated vote checkpoints for vote totals. Token balances and current checkpointed votes differ; adding the balance of a delegator to its delegate’s voting weight would count overlapping weight.
The queried quorum is 50 million voting units. It should not be treated as an immutable percentage of current token supply.
Balance and vote reads: 27,822,103 · 17 Oct 2026 17:01:05 UTC. Proposal state refreshed at 27,822,235.
V5YAM
2 proposals Succeeded
YAM proposals #1 and #2 were created by e121 and remain Succeeded. Proposal #2 encodes recovery of 400 UNI to 1234. Neither proposal is established as executed; the intended asset recovery is not a completed payment.
Proposal creation logs and states verified at 27,822,235. Full IDs, creation transactions and addresses are in the proposal register.
V6Additional token positions
Measured positions
These reads cover the named tokens and their examined bindings. A voting-unit percentage alone does not establish treasury ownership or executable protocol control.
Governor–token binding verified. Current weight exceeds the queried 25,254,672,378.501272179-unit quorum (4%); proposal threshold is zero. Execution authority and assets were not audited.
Self-delegated position. RAI #32 reached its 20,000-vote quorum with additional votes from 1234, as documented above.
Pinned token and Governor reads: 27,822,229 · 17 Oct 2026 17:23:05 UTC. Full precision is preserved in the downloadable fact data.
V7Interest Protocol
2 proposals Defeated
48Fc created Interest Protocol proposals #26 and #27; both are Defeated. Proposal #26 requested nine ownership transfers to 48Fc, including USDi and the VaultController. Those proposed ownership changes were not executed through these proposals.
Indexed creation events, proposer reads and states verified at 27,822,235.
03Wallet connections
Verified transfers, shared token positions and specific voting relationships.
Funding relationships
Successful native transfers form a directed path from fd34 to 4697 to 48Fc to 5996. The first two cited transactions were 400 seconds apart in March 2024; the cited transfers from 48Fc to 5996 were in December 2024.
Eight selected 48Fc-to-5996 payments total 33,102,000 PLS: 2,000 on 19 December, 28.9 million across four payments on 26 December, and 4.2 million across three payments on 27–28 December. This is a selected-transaction total.
Observed governance alignment
e121 and 1234 voted FOR the same proposal in two verified cases: Ease #21 and RAI #32. They also delegate gvEase to one another, and e121 sent 123,456 PLS to 1234.
e121 and 48Fc hold all measured esMET supply between them. Funding, co-holding and matching votes are observable relationships; they do not identify a common beneficial owner of all the wallets.
These 13 explicit funding transfers have successful receipts. They are not a complete transaction history, a tracing of identical funds across every hop, or a proof of first funding. The f697-to-df69 transfer establishes that funding relationship without identifying an operator or proving separation from other wallets.
The register rechecks the supplied candidate inventory against creation logs and pinned proposal states. It is a bounded set of PulseChain governance activity, not a census of every DAO or token on the chain. It includes governors with differing provenance.
Read proposal states literally. Succeeded means the vote succeeded. Queued means the operation entered its Timelock. Neither guarantees a valid executable payload or a completed administrative change. Executed is a recorded proposal state; particular asset transfers and current roles need their own evidence. A proposer is not necessarily the execution transaction’s sender.
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Long proposal IDs expand to their full decimal value and can be copied. All 66 rows are unique by both (governor, full ID) and (creation transaction, log index). No Pending, Active or Canceled rows occur in this selected inventory at the state pin.
The standalone HTML includes fonts, styling, interaction code and the presented fact data. Explorer and source links open the underlying public records. The separate evidence archive contains the retained raw responses, source excerpts and a hash manifest.
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