Kamil Muhy Ud Din

I read contracts before I trade.
On-chain Research.
Tracking Robinhood Chain, token unlocks & whale wallets.

Charts lie. Data doesn't.

Line Dune dashboard ↓

[Kamil Muhy Ud Din @KamilXTrader]

https://t.co/KkEAOsroqU

[Kamil Muhy Ud Din @KamilXTrader]

Repriced at current value like you do, through 28 July: 1,052,091.
Site read 1,048,737.97 the same day. That's 0.32 percent apart, which is just median pricing noise.
So the gap I posted was a pricing convention, not missing distributions. Mine valued each distribution on the day it went out, yours values it today.
Both are right, they just answer different questions.
Correction noted.
Query's public if you want to check it:
https://t.co/C8gKG6kAuU

[Kamil Muhy Ud Din @KamilXTrader]

That explains most of it then.
I value each distribution at the median price on the day it went out, so we're answering two different questions.
Mine is what the stocks were worth when they landed, yours is what they're worth today.
Better to measure that than assume it. I'll reprice mine at current and post both numbers side by side.
And good to hear about the dashboard.

[Kamil Muhy Ud Din @KamilXTrader]

@Kepler_mindset @TheIndexFi Onchain.
I query every transfer from the INDEX distributor addresses on Robinhood Chain and price each stock token off its own Uniswap pools, since price feeds don't cover these.
Query and dashboard are public, run it yourself:
https://t.co/ca5LudjNVm

[Kamil Muhy Ud Din @KamilXTrader]

@Gautamguptagg @moonpay Haha, exactly😂😂 😂 Everyone had created such a massive drama since yesterday.

[Kamil Muhy Ud Din @KamilXTrader]

@trynafindbebe @TheIndexFi Appreciate it.
If a number can't be traced to a transfer, it doesn't go in.
Next one traces where the stocks come from before they reach wallets.

[Kamil Muhy Ud Din @KamilXTrader]

Not missing money, it's the other way round.
The onchain total came out higher than the site showed, so the dashboard is reporting less than what actually left the distributor.
Whether that's good depends on what you care about. Holders did get paid, that part checks out.
It's the reporting that isn't matching the chain.
The 15 to 60 minute change I haven't measured yet. Give me a day, I'll run the batch timing and post it.

[Kamil Muhy Ud Din @KamilXTrader]

INDEX corrections after re-measurement.

Five figures were wrong in my earlier article.

Measured 1,017,115.63 USDG, not 999,291.90.
Gap 2.68 percent, not 0.95.
Four independent distributors, not three.
Combined 1,276,786 dollars, not 858,000.

The big one: INDEX doesn't distribute from a treasury.
It buys tokenized stocks on chain with USDG, then passes them straight through.
0x8366a39c sends the USDG.
0xc94135b6 sells the stocks.

In minus out on the USDG leg is 0.000011.
The distributor keeps 0.0028 percent of the stocks it receives.

All measured on Dune from Robinhood Chain on chain data, as of 28 July 2026.
Numbers move. Re check before using.

[Kamil Muhy Ud Din @KamilXTrader]

@breakoutcaller Appreciate it, that's the feedback that actually matters.
Next thread's already drafted, it goes into how the distributor buy the stock first and then passes them through.

[Kamil Muhy Ud Din @KamilXTrader]

https://t.co/BKOrrl8M8K

[Kamil Muhy Ud Din @KamilXTrader]

@Sergej28012146 Dune Link in my profile bio and full breakdown Artical for your reference below 👇

[Kamil Muhy Ud Din @KamilXTrader]

https://t.co/KkEAOsroqU

[Kamil Muhy Ud Din @KamilXTrader]

@Sergej28012146 On the mechanics there's no treasury holding stocks.
The distributor buys with USDG and passes through within seconds.
On 9 July USDG came in at 20:54:04 UTC and stocks left at 20:54:13.
Three distributor addresses in sequence, third one live since 9 July.

[Kamil Muhy Ud Din @KamilXTrader]

@trynafindbebe @TheIndexFi Full Breakdown Artical for reference 👇

[Kamil Muhy Ud Din @KamilXTrader]

https://t.co/KkEAOsroqU

[Kamil Muhy Ud Din @KamilXTrader]

@trynafindbebe @TheIndexFi That's measured already.
Through 28 July the top 100 wallets held 50.5 percent of the value, and the bottom half of 10,097 wallets held 0.4 percent.

[Kamil Muhy Ud Din @KamilXTrader]

@EntropyAdvisors @jonah_b @Natan_benish @Uniswap @RobinhoodCrypto @solana @longdotxyz @Adam_Tehc Full Breakdown in Artical: 👇

[Kamil Muhy Ud Din @KamilXTrader]

https://t.co/KkEAOsroqU

[Kamil Muhy Ud Din @KamilXTrader]

@EntropyAdvisors @jonah_b @Natan_benish @Uniswap @RobinhoodCrypto @solana @longdotxyz @Adam_Tehc Hit the same wall on the distributor side. Four one way addresses moved 1,276,786 USD in stock tokens with no INDEX link, and one of them paid 4,444 wallets exactly once each between 17 and 19 July.
Contracts unverified, but the transfers trace clean.

[Kamil Muhy Ud Din @KamilXTrader]

@crypto_banter @RobinhoodApp @vladtenev The transaction count is real, chain crossed 100 million on 18 July.
What doesn't get quoted with it is the failure rate.
19.8 percent of lifetime transactions had failed as of 28 July.
Volume and successful volume aren't the same number.

[Kamil Muhy Ud Din @KamilXTrader]

https://t.co/8fHWOEyil1

[Kamil Muhy Ud Din @KamilXTrader]

https://t.co/KkEAOsroqU

[Kamil Muhy Ud Din @KamilXTrader]

Corrections to previous artical:
https://t.co/YavNmQ2N2A

[Kamil Muhy Ud Din @KamilXTrader]

https://t.co/BKOrrl8M8K

[Kamil Muhy Ud Din @KamilXTrader]

https://t.co/KkEAOsroqU

[Kamil Muhy Ud Din @KamilXTrader]

@Liam_Haki Thanks for reading, bro! Glad you liked it.