The KENDU Monthly · No. 22Three projects, one beach jam

December 2025

At the end of December 2025, 51.1% of the KENDU in wallets and treasuries had sat for over a year, and on average it had sat 1.01 years. 14,398 wallets held KENDU on Ethereum. On Uniswap, 153 wallets bought and 263 sold during the month.

On-chain data to 31 Dec 2025.

What holders built in December

Proof on-chain

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

Kendu Brilliance (kendubrilliance.eth): 98M more KENDU in its wallet at the end of Dec than at the end of Nov, 132M 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 Dec 2025

Better for holders

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

The other way

  • half the KENDU sits in fewer wallets (more concentrated)
  • fewer wallets are buying on Uniswap
  • fewer buyers are on a streak

About the same: wallets holding KENDU.

Held 1+ year at each month end51.1% of the KENDU in wallets and treasuries at the end of Dec 2025
Wallets buying and selling on Uniswapbuying 153selling 263in Dec 2025

How long KENDU is held

Held 1+ year

51.1%better for holders: rising for 10 months, from 1.4%

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

49.5% at the end of Nov

the highest at a month end so far

Average time held

1.01 yearsbetter for holders: rising for 13 months, from 138 days

the KENDU in wallets and treasuries, weighted by amount

347 days at the end of Nov · 156 days a year earlier

the longest at a month end so far

51.1% of the KENDU in wallets and treasuries had not moved for over a year at the end of Dec: 436B of 853B.

On average, the KENDU in wallets and treasuries had sat in its wallet 1.01 years (367 days) at the end of Dec, 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

14,398about the same as in Sep

on Ethereum, wallets with 1 KENDU or more

14,489 at the end of Nov · 14,603 a year earlier

the fewest at a month end since Nov 2024

Wallets holding half

141the other way for holders: down since Sep, from 145

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

146 at the end of Nov · 102 a year earlier

14,398 wallets held KENDU on Ethereum at the end of Dec, 91 wallets fewer than at the end of Nov.

Half of the KENDU in holder wallets sat in 141 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

153the other way for holders: down since Sep, from 203

each wallet counted once in the month

131 in Nov · 246 a year earlier

Wallets selling on Uniswap

263better for holders: falling for 2 months, from 407

each wallet counted once in the month

279 in Nov · 1,075 a year earlier

the fewest in a month so far

KENDU bought on Uniswap

68.67B

all wallets together

62.36B in Nov · 148B a year earlier

KENDU sold on Uniswap

72.54B

all wallets together

69.49B in Nov · 145B a year earlier

153 wallets bought KENDU on Uniswap in Dec and 263 sold, each wallet counted once.

68.67B KENDU was bought and 72.54B sold: 3.87B 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 days89.30B81.9% of it
  • Sat 30 days to 6 months7.31B6.7% of it
  • Sat 6 to 12 months6.10B5.6% of it
  • Sat 1 to 2 years6.33B5.8% of it

109B KENDU was sold straight from wallets in Dec: 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.

81.9% of it had sat in its wallet under 30 days.

5.8% of it had sat over a year; in Nov, 4.1% 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

136the other way for holders: falling for 2 months, from 158

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

141 at the end of Nov · 632 a year earlier

the fewest at a month end since Jun 2024

136 buyers were on a buying streak at the end of Dec.

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

43

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

65 in Nov

Of the 184 new buyers of Sep, 145 (78.8% of them) still held at least half of their KENDU at the end of Dec.

Of the 118 new buyers of Jun, 60 (50.8% of them) still held at least half of their KENDU at the end of Dec.

Of the 1,074 new buyers of Dec 2024, 671 (62.5% of them) still held at least half of their KENDU at the end of Dec.

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 Dec.

3.25B burned in all by the end of Dec, 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

50.67B

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

48.52B at the end of Nov

the most at a month end so far

17 wallets sent 9.16B KENDU to Solana and Base through the Wormhole bridge in Dec.

7.01B came back to 15 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 9,519 wallets that held 1M+ KENDU at the end of Dec 2024, 5,441 (57.2% of them) held about the same at the end of Dec, within 5% of their bag.

The rest: 880 held more, by over 5% of their bag; 272 held less, by over 5% of it; 2,926 held under 1M.

2,030 wallets that held under 1M then held 1M+ at the end of Dec.

The 250 biggest holder wallets of Dec 2024 held 623B then and 314B at the end of Dec: 97 still held at least 95% of their bag, 114 held under 1M.

Of the 1,269B KENDU that landed in wallets in Oct – Dec 2024 (bought or moved in), 130B (10.2% 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 Dec 2025

  • Held 1+ year: 51.1% of the KENDU in wallets and treasuries, the highest at a month end so far.
  • Average time held: 1.01 years, the longest at a month end so far.
  • Wallets selling on Uniswap: 263, the fewest in a month so far.
  • Locked in the bridge: 50.67B 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, December 2025: Held 1+ year 51.1% of the KENDU in wallets and treasuries; Wallets holding 14,398 on Ethereum; On Uniswap 153 / 263 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.