Documentation

Methodology & Data Sources

This page explains how MEJA Mosaic collects, computes, and presents Canton Network data. It is intended for educators, students, researchers, and anyone evaluating the tool's analytical claims. We aim to be honest about what we know, what we don't, and where our numbers may differ from other public Canton dashboards.

On this page: Data sources · How each tile is computed · Scenario Lab assumptions · Known limitations · Glossary · Update cadence

Data sources

MEJA Mosaic reads Canton Network data from Noves, an independent public data service, and cross-checks the Canton Coin price against CoinGecko. We do not maintain our own validator node. Source: Noves.

Noves Canton API

Noves, Inc. operates a public Canton data API at https://api.canton.noves.fi. MEJA Mosaic reads three things from it. Source: Noves (noves.fi).

• GET /canton/price/cc — current Canton Coin price in USD
• GET /canton/rewards/summary — the latest mining round number
• GET /canton/burn/{party} — Canton Coin burned by one party over a time window (used for Loop Wallet only)

CoinGecko

A direct CoinGecko price lookup is shown beside the Noves price as a cross-check.

How each tile is computed

Daily Transactions (Canton Tracker, Tile 1)

Not currently available. This tile used to show a 14-day transaction history from a data service MEJA Mosaic no longer uses. Noves does not offer an equivalent network-wide figure, so the transaction count shows "Data refreshing" and the validator, Super Validator, and featured-app counts show dashes. Only the latest round number is live.

One Canton Wallet App's Burns (Canton Tracker, Tile 2a)

Tracks Loop Wallet by Five North (party ID cantonloop-mainnet-1::1220...) burn activity over the past 24 hours, using Noves's per-party burn endpoint (Canton Coin burned, mostly traffic purchases). On October 4, 2026, a check of six Super Validator parties returned zero burns, so the tile follows this one application. It counts Canton Coin burned directly by that party. It is not an estimate of the burn attributable to the apps a validator hosts, and it is a sample signal, not a network total. Source: Noves.

Canton Network Mint Rate (Canton Tracker, Tile 2b)

Not currently available. Noves publishes reward rates (Canton Coin earned per unit of marker weight), not total Canton Coin minted, and no other public source we found gives a reliable network-wide figure. The tile says so plainly instead of showing a number or a zero.

Traffic Purchase Burns Are Price-Sensitive

Canton's Global Synchronizer charges traffic fees denominated in USD, not a fixed CC amount. When traffic is purchased, the USD cost is converted to CC at the prevailing market rate and that CC is burned — a lower CC price requires burning more CC to cover the same fixed USD cost, and a higher CC price requires burning less. This is documented in Digital Asset's Canton Coin whitepaper as a core part of the burn-mint equilibrium mechanism.

The burn occurs when a traffic balance is created (purchased or topped up), not continuously as each transaction draws down that balance. This is confirmed in the Digital Asset whitepaper and in Canton's official Splice protocol documentation, which describes sequencers tracking available and consumed traffic per participant as a balance — with writes denied only once both free and paid traffic are exhausted.

CC Price Cross-check (Canton Tracker, Tile 3)

Displays CC USD price from two independent sources: Noves and a direct CoinGecko lookup. The two should match closely. A discrepancy above 1% means one source is stale. Source: Noves.

Scenario Lab assumptions

Token Supply Projection — sample defaults

The Token Supply Projection tool uses fixed sample values for mint and burn rates by default. These are recent observed network values, not live data. The intent is to teach the mathematical relationship between mint, burn, and dilution — not to project specific outcomes.

• Starting total supply: about 39,600,000,000 CC (39.6B), roughly Canton Coin's circulating supply on September 19 to 20, 2026, per The Tie, CoinGecko, and DefiLlama
• Default mint rate: ~22,200,000 CC/day (about the average for September 1 to 19, 2026, from The Tie's cumulative minted line)
• Default burn rate: ~15,500,000 CC/day (about the average daily burn for September 1 to 19, 2026, from The Tie's Burn Over Time chart)

A common mix-up: The 2.5 billion CC figure in Digital Asset's Canton Coin whitepaper is the yearly mint and burn rate at steady state, after the first ten years. It is not the total supply.

Known limitations

Network burn aggregation is incomplete

No public data service MEJA Mosaic uses exposes aggregate network burns. MEJA Mosaic's burn number reflects one application's activity (Loop Wallet by Five North), not the full network. Where this matters, tiles are labeled accordingly.

Network-wide mint data is not available

Noves publishes reward rates, not total Canton Coin minted, so the mint tile is switched off instead of showing an estimate or a partial figure. The Scenario Lab uses fixed sample values instead (see Scenario Lab assumptions).

Data source changes, September–October 2026

Update, September 21, 2026: Lighthouse's public API began returning HTTP 401 (unauthorized) to MEJA Mosaic's requests. Update, September 30, 2026: the data service behind the mint tile (api.cantonnodes.com, a third-party service rather than Canton's own official Scan API) was found to disagree with itself by roughly 14,000 rounds between its current-round figure and its historical data. Update, October 4, 2026: MEJA Mosaic moved its live data to Noves, which now supplies the price, the latest round number, and the Loop Wallet burn figure. Neither Lighthouse nor api.cantonnodes.com is used any longer. The 14-day transaction history and the mint tile remain unavailable because Noves has no equivalent. The Scenario Lab and the quarterly tracker do not use these tiles.

Upstream API rate limits

Noves's free tier allows about 1,000 requests per day. To stay well inside that, MEJA Mosaic saves answers for a while (price up to 10 minutes; burn and round up to 30 minutes). If a fetch fails, the last saved value is shown; if nothing is saved, the tile shows "Data refreshing…" or a dash instead of a number.

No real-money trading or holdings tracking

MEJA Mosaic is a paper-trading and analysis tool. It does not custody real assets, execute real trades, or connect to user wallets. All paper-trading data is stored locally in the user's browser.

Canton's economic model changed on April 30, 2026

CIP-0096 ended validator liveness rewards on that date. Regular validator nodes no longer earn passive issuance for maintaining active connections. Round issuance now flows to application rewards (the largest share), traffic purchases, and Super Validator rewards. Any analysis of Canton's mint mechanics from before April 30, 2026, describes a network that no longer exists in the same form. Where MEJA Mosaic's live data spans this transition, we note the change.

Watching for a network-wide burn change in 2027

On July 10, 2026, Digital Asset co-founder Shaul Kfir stated publicly that every synchronizer on Canton — not just the Global Synchronizer — will eventually burn CC and earn rewards under the same mechanics. He clarified that despite using the word "subnet," these remain part of one Canton economy and one coin, not separate networks. A CIP draft is expected for public comment in September 2026, with phased rollout targeted across the first half of 2027. If approved, burn and reward activity on other synchronizers would begin contributing to Canton's economic picture in ways not yet visible through today's public APIs, since MEJA Mosaic's current burn and mint figures are scoped to Global Synchronizer activity. This page will be updated once the CIP draft is published.

A real tension worth understanding: institutional volume vs. token price

Since January 2026, Canton Coin has traded between roughly $0.09 and $0.19 (CoinGecko), and was about $0.11 in late September 2026, down about 27% year to date, even as institutional volume through the network has grown dramatically — Broadridge alone reportedly clears close to $8 trillion a month in repo transactions through Canton. This isn't a contradiction in the data; it reflects how Canton's institutional adoption and its token economics currently interact. When major institutions have invested in this space — including a16z's $355 million round into Digital Asset in June 2026 — they've bought equity in the company, not the CC token itself. Meanwhile, CC issuance continues at a steady pace (roughly 650 million new tokens minted monthly in September 2026), and retail access to CC has been more limited than institutional access to the underlying network.

Broadridge's own SEC 10-Q filings confirm this dynamic in practice: starting in Q1 2026, the company began converting earned CC to cash "nearly immediately," a practice it continued through Q2 2026. This is a concrete, named example of the tension described above — high institutional throughput doesn't automatically translate into holding pressure on CC, because participants are structured to convert rewards out as they're earned rather than accumulate them.

This is a documented, ongoing conversation in the Canton community, not a settled question. Some see the price behavior as evidence the token isn't designed to capture speculative upside the way retail investors might expect from network growth — Canton's own leadership has said as much, arguing utility should matter more than price. Others see it as a structural concern: institutions may be able to benefit from the network's settlement infrastructure without needing to hold or buy CC in proportion to that usage, leaving retail holders exposed to dilution without a corresponding claim on the value being created. MEJA Mosaic takes no position on which view is correct — but readers evaluating CC as an investment, rather than studying the network's mechanics, should understand this tension exists and is actively debated.

Independent observer, not Canton-endorsed

MEJA Mosaic is built by an independent solo developer (MEJA Mosaic LLC). We are not endorsed by, partnered with, or sponsored by Digital Asset, Canton Foundation, Cantonloop, Canton Nodes, or any Canton Super Validator. Our analysis is independent.

Glossary

• CC (Canton Coin): The native fee and reward token of the Canton Network.
• Round: Canton uses "rounds" for reward distribution. Reward distribution rounds are approximately 4.5 days each per Canton documentation. Consensus operations occur more frequently. When MEJA Mosaic references "rounds" it means reward distribution rounds unless otherwise specified.
• Mint: Creation of new CC. Happens when validators, Super Validators, and featured applications earn rewards for participation.
• Burn: Destruction of CC. Happens when users pay network fees.
• BME (Burn-Mint Equilibrium): The relationship between mint and burn flows. Net positive = inflation; net negative = deflation.
• Super Validator (SV): A specialized Canton participant that holds SV weight and voting power in DSO governance. As of August 2026, Canton has 57 Super Validators per canton.foundation's live count, including Digital Asset, the Global Synchronizer Foundation, Cumberland, Tradeweb, Five North, Visa, Chainlink, Circle, Nasdaq, DTCC, Broadridge, Franklin Templeton, and others. Each SV has equal voting power (one SV, one vote) regardless of CC delegated to them. A note on a common source of confusion, fully resolved: Canton Super Validators fall into two distinct, legitimate categories, per Blockdaemon's own infrastructure documentation. Infrastructure Super Validators (13 total) operate the actual Global Synchronizer nodes and have mostly been live since network genesis — this is the "13 active" figure some coverage cites, and it is accurate for that specific category, not the network's total SV count. Application/Ecosystem Super Validators (the remaining 42-44) earn SV status through Canton Improvement Proposal (CIP)-defined milestones — integrating custody, deploying tokenized assets, enabling trading, or strengthening network security — rather than by operating a node directly. Franklin Templeton (CIP-0118), Ledger (CIP-0069), Zenith (CIP-0091), and Fireblocks all hold genuine Application/Ecosystem Super Validator status through this pathway. Ledger's case illustrates the mechanism well: its SV role is formally "escrowed" to the Global Synchronizer Foundation, meaning the GSF operates the actual on-chain node on Ledger's behalf while Ledger holds the earned weight and status — which is why some validator lists show the GSF rather than Ledger by name, even though Ledger's status is fully real and governance-approved. Count history: MEJA Mosaic tracked the SV count at approximately 55 through July 2026. On August 3, 2026, Franklin Templeton joined as a Super Validator under CIP-0118, and canton.foundation's live count moved to 57 the same day. The count is sourced directly to canton.foundation's homepage rather than calculated by MEJA Mosaic, since the Foundation's live figure reflects the full current roster, including any changes MEJA Mosaic may not have tracked individually. Current roster: canton.foundation/validators.
• Canton Foundation Member: An institution that has joined the Canton Foundation, a separate membership body from Super Validator status (though many Foundation members are also Super Validators). Canton Foundation does not publish a running total member count, so MEJA Mosaic does not report one — for the current member list, see canton.foundation/join-the-foundation.
• Featured Application: A Canton application registered with the protocol to receive a share of network rewards. Following CIP-0096 (April 30, 2026), application rewards are the largest share of round issuance, alongside traffic purchases and Super Validator rewards. Regular validator liveness rewards ended on that date.
• Party ID: A unique identifier for a Canton participant (app, validator, or user), typically formatted as name::hash.
• CIP (Canton Improvement Proposal): Formal Canton governance proposals. e.g., CIP-0096 eliminated validator liveness rewards.
• Featured App Reward Coupon: A unit issued per round to featured applications. Coupon count × issuance rate = mints distributed to featured apps that round.

Update cadence

• Live data: Refreshes every 60 seconds in the dashboard, served from a backend cache to reduce upstream load (about 10 minutes for the price, about 30 minutes for the burn sample and round number).
• Scenario Lab defaults: Updated periodically (manually) to reflect recent network averages. Last default update: September 21, 2026.
• Methodology page: Updated when data sources, computation methods, or known limitations change.
• This page version: 1.8 (October 5, 2026) — clarified what the burn tile measures; corrected the cache description. Version 1.7 (October 4, 2026) moved live data to Noves and updated the sources, tile descriptions and known limitations

MEJA Mosaic™ LLC · Independent Canton Network analysis · Methodology v1.8