The KENDU Monthly · No. 19

September 2025

At the end of September 2025, 41.4% of the KENDU in wallets and treasuries had sat for over a year, and on average it had sat 317 days. 14,554 wallets held KENDU on Ethereum. On Uniswap, 203 wallets bought and 373 sold during the month.

On-chain data to 30 Sep 2025.

What holders built in September

Proof on-chain

Kendu Spice (thespiceguy.eth): no change in Sep, 6M KENDU in its wallet.

Kendu Brilliance (kendubrilliance.eth): 1M more KENDU in its wallet at the end of Sep than at the end of Aug, 7M in all.

The wallets and what each project says it gives back are on the Projects page.

How it’s counted
The Ethereum wallets that projects list on the Projects page, month end against month end, from the same replay of every transfer. A rise means more KENDU arrived than left; the chain doesn’t say from where. Burns of 1M+ from these wallets are listed one by one.

The last three months

The three months to the end of Sep 2025

Better for holders

  • more of the KENDU in wallets and treasuries has sat a year
  • KENDU is being held longer
  • half the KENDU is spread over more wallets
  • fewer wallets are selling on Uniswap

The other way

  • fewer wallets are buying on Uniswap
  • fewer buyers are on a streak

About the same: wallets holding KENDU.

Held 1+ year at each month end41.4% of the KENDU in wallets and treasuries at the end of Sep 2025
Wallets buying and selling on Uniswapbuying 203selling 373in Sep 2025

How long KENDU is held

Held 1+ year

41.4%better for holders: rising for 7 months, from 1.4%

of the KENDU in wallets and treasuries, unmoved for over a year

40.0% at the end of Aug

the highest at a month end so far

Average time held

317 daysbetter for holders: rising for 10 months, from 138 days

the KENDU in wallets and treasuries, weighted by amount

295 days at the end of Aug · 122 days a year earlier

the longest at a month end so far

41.4% of the KENDU in wallets and treasuries had not moved for over a year at the end of Sep: 365B of 882B.

On average, the KENDU in wallets and treasuries had sat in its wallet 317 days at the end of Sep, weighted by amount.

How it’s counted
Per token: a wallet’s oldest KENDU leaves first, and KENDU arriving in a wallet starts at zero, even from the same owner.

Wallets holding KENDU

Wallets holding KENDU

14,554about the same as in Jun

on Ethereum, wallets with 1 KENDU or more

14,592 at the end of Aug · 13,145 a year earlier

the fewest at a month end since Nov 2024

Wallets holding half

145better for holders: up since Jun, from 140

the fewest holder wallets that together hold half of the KENDU in holder wallets

147 at the end of Aug · 57 a year earlier

14,554 wallets held KENDU on Ethereum at the end of Sep, 38 wallets fewer than at the end of Aug.

Half of the KENDU in holder wallets sat in 145 wallets.

How it’s counted
Holder wallets only: no pools, bridge, exchanges, treasuries or the burn address. One person can own several wallets.

On Uniswap

Wallets buying on Uniswap

203the other way for holders: down since Jun, from 230

each wallet counted once in the month

246 in Aug · 302 a year earlier

Wallets selling on Uniswap

373better for holders: down since Jun, from 470

each wallet counted once in the month

523 in Aug · 861 a year earlier

the fewest in a month since Apr 2024

KENDU bought on Uniswap

69.92B

all wallets together

75.73B in Aug · 116B a year earlier

KENDU sold on Uniswap

74.62B

all wallets together

80.61B in Aug · 118B a year earlier

203 wallets bought KENDU on Uniswap in Sep and 373 sold, each wallet counted once.

69.92B KENDU was bought and 74.62B sold: 4.69B more sold than bought.

How it’s counted
KENDU leaving a Uniswap pool to a wallet is a buy, a wallet sending KENDU to a pool a sell; adding liquidity also counts as a sell, removing it as a buy.

How old the sold KENDU was

  • Sat under 30 days79.21B71.8% of it
  • Sat 30 days to 6 months13.51B12.2% of it
  • Sat 6 to 12 months11.13B10.1% of it
  • Sat 1 to 2 years6.53B5.9% of it

110B KENDU was sold straight from wallets in Sep: into a Uniswap pool, to an exchange or through a swap router. That counts more places than On Uniswap above, so the two totals differ.

71.8% of it had sat in its wallet under 30 days.

5.9% of it had sat over a year; in Aug, 13.8% of what was sold had.

How it’s counted
Age is per wallet: KENDU moved to another wallet starts again at zero there, so a holder who moves wallets looks young.

Buyers on a streak

Buyers on a streak

157the other way for holders: falling for 11 months, from 821

a buy in 3+ months, at most 2 in a row without one

169 at the end of Aug · 808 a year earlier

the fewest at a month end since Jun 2024

157 buyers were on a buying streak at the end of Sep.

How it’s counted
A wallet (or wallets that move KENDU between them) with a buy in 3 or more months, never more than 2 months in a row without one; counted at each month end.

New buyers, and who stayed

New buyers

184

wallets whose first KENDU was bought this month, holding 1M+ at its end

209 in Aug

Of the 118 new buyers of Jun, 70 (59.3% of them) still held at least half of their KENDU at the end of Sep.

Of the 174 new buyers of Mar, 85 (48.9% of them) still held at least half of their KENDU at the end of Sep.

Of the 290 new buyers of Sep 2024, 129 (44.5% of them) still held at least half of their KENDU at the end of Sep.

How it’s counted
A new buyer’s first KENDU was bought (on Uniswap, from an exchange or through a swap router) and the wallet held 1M+ at that month end. KENDU moved on to a wallet that looks like the same holder still counts.

Burns

No burns of 1M+ KENDU in Sep.

3.25B burned in all by the end of Sep, 0.33% of all 1 trillion KENDU.

How it’s counted
Burned = KENDU sent to 0x…dEaD, which nobody can move. Only burns of 1M+ KENDU are listed one by one.

Bridge

Locked in the bridge

39.96B

KENDU held by the Wormhole bridge on Ethereum for Solana and Base

36.82B at the end of Aug

the most at a month end so far

12 wallets sent 8.68B KENDU to Solana and Base through the Wormhole bridge in Sep.

5.54B came back to 13 wallets on Ethereum.

How it’s counted
On Ethereum: KENDU sent into the bridge and released from it. Wallets on Solana and Base aren’t counted here.

A year on

Of the 8,646 wallets that held 1M+ KENDU at the end of Sep 2024, 3,843 (44.4% of them) held about the same at the end of Sep, within 5% of their bag.

The rest: 1,132 held more, by over 5% of their bag; 312 held less, by over 5% of it; 3,359 held under 1M.

3,549 wallets that held under 1M then held 1M+ at the end of Sep.

The 250 biggest holder wallets of Sep 2024 held 693B then and 292B at the end of Sep: 80 still held at least 95% of their bag, 121 held under 1M.

Of the 1,204B KENDU that landed in wallets in Jul – Sep 2024 (bought or moved in), 92.53B (7.7% of it) was still in the same wallet a year later.

How it’s counted
Holder wallets only. A move to another wallet counts as leaving, even between wallets of the same owner, so these counts differ from the Overview’s, which counts a holder’s own wallets once.

Records and lows in Sep 2025

  • Held 1+ year: 41.4% of the KENDU in wallets and treasuries, the highest at a month end so far.
  • Average time held: 317 days, the longest at a month end so far.
  • Wallets selling on Uniswap: 373, the fewest in a month since Apr 2024.
  • Locked in the bridge: 39.96B KENDU, the most at a month end so far.
How it’s counted
Against every full month before this one since Mar 2024 (launch week left out). “Since” is the last month at least as high, or as low, when that was 6 or more months back. Green is better for holders, grey neither.

Pass it on

The KENDU Monthly, September 2025: Held 1+ year 41.4% of the KENDU in wallets and treasuries; Wallets holding 14,554 on Ethereum; On Uniswap 203 / 373 wallets buying / selling

The card shows this issue’s numbers. “Make your own card” opens Explore & share with today’s numbers for the last 30 days.

Every number comes from replaying every KENDU transfer on Ethereum since launch (Method). Full calendar months only, in UTC.