The most under-discussed number on @vangrid_io isn't the capture count or the USDC settled. It's the concentration on the demand side. The explorer shows over $620,000 settled across 973 bounties, which sounds like a functioning market. But that demand came from just 98 requester addresses, and the largest buyer accounts for a significant share of the spend . The supply side looks decentralized. The demand side doesn't. That matters because the network's entire premise is demand-driven capture. Bounties only get posted where someone is willing to pay. If the buyers are a small cluster, the grid's coverage is shaped by a handful of decisions, not a broad market. The 10% platform fee and roughly $5 reconstruction cost come out of every bounty before the contributor gets paid . On a $50 bounty, the contributor keeps $40. That math only works if bounties keep flowing from wallets that aren't the same few addresses. Daily captures peaked at 65,121 on September 9, then averaged around 4,000 in mid-October, roughly 94% below the peak . The activity spike was likely tied to the initial bounty wave. The question now is whether the quieter baseline reflects steady enterprise demand or just the tail end of a launch campaign. The infrastructure is real. The settlement volume is real. But a market needs more than one side to scale. @vangrid_io Source: data.vangrid.io