Valuing a settled NMR outcome in dollars is straightforward only after specifying the valuation date. Calling that value a cash receipt or an account investment return introduces information the round totals do not contain.
Revised September 8, 2026. The previous $100 staking-versus-holding path and receipt-price total are withdrawn pending a matched funding and valuation ledger.
One outcome, several legitimate valuations
Crypto round 1326’s net outcome was 24.84747 NMR in the audited sample. Multiplying it by a price recorded on the published round ending date produces an ending-date USD mark. Multiplying it by today’s price produces a current mark. Neither proves when those tokens were claimed, withdrawn or sold.
The Tokenomics page uses ending-date prices and reports coverage. A missing price stays missing; it is not replaced by the current NMR price or by an assumed close-plus-30-day settlement date.
A portfolio path needs funding and recycling
An account-level comparison with buying and holding NMR needs the same initial date and funding schedule. It must also account for locked positions, available releases, idle funds, fees and the terminal value of unresolved positions. A stake-weighted pool score is not an investable account path.
Price changes can outweigh NMR earnings in either direction. That is a reason to report the price and payout components separately, not to call every positive NMR year profitable in dollars. The profitability guide distinguishes those tests.
I would publish a USD performance curve only when its cash contributions, claims and prices reproduce the full path. Until then, the round’s historical USD mark should be labeled exactly that.
Method: confirmed public round outcome captured September 8, 2026. The recycling chart is hypothetical and denominated in NMR; it is not a USD backtest or an assumed annual yield.