TL;DR — Giza’s tokenomics combine gradual emissions with product-aligned unlocks to drive sustainable price discovery and decentralized ownership. Real-world metrics show healthy absorption, rapid staking, and accelerating protocol usage tied to feature releases. As product expansion deepens and agent impact scales, this growth will compound in a low-inflation environment. The result is a self-reinforcing flywheel where incentives, usage, and protocol value converge, fulfilling $GIZA’s role as the coordinating layer of agentic finance.

This report is the first in a series unpacking the rationale behind the GIZA token's design: its emission strategy, distribution logic, and alignment with protocol utility. As Giza evolves from a product into an economy, the role of $GIZA becomes ever more central as the connective tissue of an agent‑driven DeFi stack. Therefore, in this report, we want to answer some of the most important questions following token launches, whether the mechanism design translates into the intended market behavior: whether unlocks are paced responsibly, supply is metabolized effectively, and ownership progressively decentralizes in sync with product adoption.

Rather than offering anecdotal interpretation, this report presents a systematic formulation of the design rationale and a data-driven analysis to evaluate whether the core objectives are being achieved in practice. We lay out the design intentions clearly and examine their empirical consequences across three key analytical vectors: distribution, absorption, and traction. In doing so, we aim to make the token economy both legible and evaluable as a living system whose early dynamics will shape its long-term legitimacy and resilience.

Era of Moving Capital

Giza Agents are intelligent, non-custodial interfaces that transform the complexity of decentralized finance into seamless, automated participation. They act on behalf of users to monitor, evaluate, and execute across protocols in real time, eliminating the cognitive overhead traditionally required to navigate DeFi. By reducing friction without compromising autonomy, Giza Agents allow self-sovereign users to participate with the ease and confidence of institutional actors.

This interface unlocks a new form of liquidity; one which is constantly in motion, reallocated by agents that operate with precision, discipline, and 0 behavioral drag. Their continuous engagement increases aggregate volume, sharpens price discovery, and rewards protocols with real utility more quickly and consistently. The result is an ecosystem that evolves faster, allocates capital more intelligently, and aligns value creation with performance, powered by agents that enhance both individual agency and systemic efficiency.

To fulfill this vision, the first, fully non-custodial DeFi agent was born. Since her deployment, ARMA saw incredible rates of adoption, reaching >$10M AUA (our version of AUM) and a whopping >$400M in volume at time of writing.

Enter $GIZA

To secure the execution layer, bootstrap the agentic finance flywheel, and distribute protocol ownership to its community, $GIZA token was launched late May. This report outlines the principles that guided the token’s design and offers a data-informed reflection on the journey since launch, providing a reality check on how well our early objectives are holding up in practice.

Mechanism design of the $GIZA token is intended to facilitate decentralized ownership, align stakeholder incentives, and support a thriving ecosystem around the Giza Protocol. By introducing GIZA, we aimed to enable genuine community stewardship through distributed ownership, directly connecting economic incentives with active protocol engagement. 

Key design objectives include ensuring protocol security via strategic token staking, creating a self-sustaining growth flywheel through harmonization with product utility, and fostering authentic community ownership through carefully calibrated, progressive token distribution. This approach is the most effective way of supporting organic community growth, stable price discovery, and equitable access, while deliberately avoiding the pitfalls of supply shocks and/or premature centralized token ownership.

These guiding principles provide the foundational framework against which we present and evaluate real-world data around token performance and community adoption. The following analysis will concretely demonstrate how effectively these initial objectives have translated into measurable outcomes, testing our tokenomic strategy and establishing a clear baseline for continued assessment and evolution.

Field Diagnostics

In the first part we established the principles behind $GIZA’s mechanism design.

We now turn to the empirical record by looking into our vectors of analysis; Distribution, Absorption, and Traction, revealing how the token has been behaving in the wild and whether its market dynamics reinforce the protocol’s design objectives.

Distribution

Token Distribution Chart

The Token Distribution chart reveals our starting conditions: less than one‑half of supply is parked with Early Backers, Team & Advisors, while just under one‑third sits in community‑facing allocations. The rest are in strategic reserves and ecosystem growth budgets.

Our thesis is that enduring community ownership emerges not from an overnight airdrop but from a gradual hand‑off in which new users accumulate tokens precisely while they are learning to rely on Giza Agents for their on-chain positions. The chart frames that journey’s baseline and lets us track the shift from a concentrated group of supporters to a broader user-community over time.

Vesting

Cumulative Token Vesting curve is the mechanism that paces this transfer. Unlike vanilla vesting schedules with massive early cliffs, linear, months‑long slopes for every cohort dampen liquidity shocks, preventing speculators from front‑running real users. By roughly synchronising unlocks with product milestones, we ensure that circulating supply grows in tandem with addressable demand: as new strategies, markets and features go live and agents facilitate more capital, freshly vested tokens will meet genuine buyers more often than not. This harmony between vesting cadence and adoption pipeline is central to our design philosophy.

Absorption

For a token economy to achieve lasting equilibrium, it must establish a metabolic rhythm, converting emissions into committed holders and active usage without distorting price discovery. 

At launch, ecosystems are especially fragile. If inflation runs ahead of demand or utility, value leakage occurs and speculative capital exits. This section explores whether $GIZA’s market structure metabolizes supply efficiently, shielding it from such fate.

Emissions / Circulating Supply

A sustainable economy begins with predictable emissions. The $GIZA emission curve is near-linear, spanning four years across categories. Instead of steep, front-loaded cliffs, this structure instills market confidence through predictability. It enables tighter spreads and supports long-only treasuries gradually entering positions without timing risk.

The Emissions / Circulating Supply chart shows that $GIZA's daily inflation plummets from ~1.2% at genesis to <0.2% within two months, both rapid enough to neutralize short-term oversupply, yet smooth enough to avoid shocks. By reducing emissions faster than average but not abruptly, it accelerates the point where demand determines price action. This matters because price discovery becomes authentic early, attracting risk-managed capital.

Absorption Rate (Emissions / Daily Volume)

The cleanest way to check whether emissions are destabilizing price is to look at Absorption Rate; i.e how much trading volume exists per unit of token emitted. If new tokens are absorbed by deep and consistent volume, then price stability follows even during high unlock periods.

In $GIZA’s case, this ratio has consistently stayed under 10%. That means for every 1 GIZA emitted, there's ~10 $GIZA worth of trading volume, an excellent indicator that emissions are getting distributed into real demand rather than piling up on the sell side. This also means that liquidity providers can quote markets with minimal slippage, which is essential to draw additional inflows. The data demonstrates that even through the initial high unlock period, the emissions have had no negative impact on token health.

Staked GIZA / Circulating Supply

A parallel signal of market confidence is the portion of circulating supply which gets locked into staking. The Staked / Circulating metric shows a sigmoid trajectory, from zero at launch to about 20% in ~45 days. This means a significant portion of newly unlocked $GIZA routes to staking instead of flooding sell-side on exchanges.

This contraction of tradable float serves two critical purposes:

1. Reduces sell pressure by pulling liquidity off the market.

2. Amplifies demand pressure: if token flows into staking faster than its emitted, free float actually shrinks.
   
   

Traction

Distribution and absorption matter only if sustained utility makes holding the token rational with respect to product fundamentals. In this part of the analysis we track utility across token traction, agent deployments, and capital handled by Giza Agents.

Unique Holders

Daily Holder Count has been climbing consistently from zero to ~60 k addresses through two distinct jumps which coincide with product feature releases, evidencing our thesis and emphasis on product-distribution synchrony.

Agent Traction

Agent traction is the clearest barometer of product‑market fit. Here we break the narrative into three tightly coupled metrics: historical agent count, volume routed, and assets under agent (AUA)

Historical # Agents chart shows deployments surpassing 36,000, with acceleration each time a new feature is introduced.

Agentic Volume

Cumulative volume tells us whether those agents are doing work by optimizing positions towards higher yield opportunities.  After a flat discovery phase, throughput began compounding in early April and now hovers just under a whopping $0.5 B. 

AUA

While volume measures flow, AUA captures stock, i.e the capital users are willing to leave under autonomous management. This figure has expanded from <$1 M to >$12 M, even during choppy market weeks, signalling durable product confidence attracting idle stables in the market.

Every uptick in the AUA feeds fee flows back to the treasury, closing the loop between fundamentals and token value. In the near future we will announce new token mechanisms designed to leverage the unique characteristics of Giza Agents as generators of substantial fundamentals-driven volume towards ecosystems they choose to operate on.

Wrap

In conclusion, empirical data we analysed across these three main vectors validate our core design hypotheses: ownership is decentralising on schedule; emissions are being absorbed at a pace that protects price discovery; and real users are entrusting growing amounts of capital to autonomous agents. Each dynamic amplifies the others, fair distribution nurtures community engagement, engagement deepens liquidity, and liquidity lowers the barrier for additional capital and users. The evidence to date therefore reinforces our convictions and motivates us further into delivering the features and growth which will set the foundations of the agentic-finance era.