Hashcats Minting Hits 9,109 of 16,376 NFTs, Raising HASH Burn Questions

Hashcats Minting Lags at 55% of Target

Hashcats, the pixel-cat NFT series that runs on Robinhood Chain, has minted 9,109 of its 16,376-piece target collection, and the shortfall is now putting the buyback-and-burn funding for its HASH token under scrutiny. The project lets users solve hash puzzles directly in a browser and pay Ethereum (ETH) to mint NFTs — a model that echoes early gaming collectibles built around Enjin Coin (ENJ). Hashcats entered its 10th epoch on Sept. 13, but mint velocity remains below target, per the project's own statistics page. Epochs are the internal phases in which the project resets its mint price or operating structure, and the current one charges roughly 0.164 ETH to enter — double the cost of the previous epoch. HASH itself is quoted at about 0.0001275 ETH as of the latest data. The token economics tie supply directly to participation: 30% of mint revenue is allocated to buying back and burning HASH, and 5% of token swap fees — the mechanism behind atomic swaps — feeds the same pool. On-chain figures show about 194.6 ETH has been deployed into buybacks so far, with 1.8 million HASH burned, cutting total supply by 41.3%. A queue of roughly 29 ETH remains earmarked for future purchases, meaning short-term burn operations can continue even if new mints slow. What is unconfirmed is whether mint revenue and swap-fee inflows will refill that queue once it is spent. Public search results reference a 45 ETH queue and 4,288 HASH burned, but those figures' timestamps and aggregation windows cannot be reconciled with the primary dataset, so COINOTAG treats the 194.6 ETH and 41.3% numbers as the working baseline. One distinction matters: the cost increase and the mint slowdown are each confirmed facts, but no causal link between them has been independently verified. Hashcats is built on Robinhood Chain, an Arbitrum-based Ethereum layer-2 whose official documentation covers the network infrastructure but says nothing about Hashcats' tokenomics — the two layers of this story must be checked separately.

20 Altcoins Face Unlocks This Week

While Hashcats' mint mechanics play out, a supply overhang of a different kind is building across the altcoin market: roughly 20 tokens face scheduled unlocks in the coming week. The backdrop is risk-off — hotter-than-expected US inflation data lifted futures-market expectations of another Fed rate hike, and Bitcoin has fallen about 3% over the past week while Ethereum, notably, is on course to close the week up 0.77%. The unlock calendar opens Sept. 14 with Chainbase (C), releasing $1.34 million, or 5.65% of its $23.70 million market cap. The steepest dilution hits Boundless (ZKC) on Sept. 15: $9.83 million in unlocked tokens equals 63.72% of its $15.39 million market cap. StarkNet (STRK) follows the same day with a gentler $3.68 million (1.79%). Sept. 16 is the heaviest date by count, with Arbitrum (ARB) unlocking $13.05 million (1.40% of a $932.93 million cap), Alaya AI (AGT) $2.60 million, GoPlus (GPS) $1.73 million, Magma Finance (MAGMA) $2.45 million, Vana (VANA) $2.07 million (7.21%), RollX (ROLL) $2.28 million (13.27%) — and STBL, where $14.22 million unlocked equals 77.80% of its $18.19 million market cap, the highest ratio on the calendar. Pudgy Penguins (PENGU) and Caldera (ERA, 16.03%) unlock on Sept. 17, followed by ZKsync (ZK) at $1.67 million the same day. The week closes with Lombard (BARD) $3.81 million on Sept. 18, RateX (RTX) $3.42 million (29.19%) on Sept. 19, and on Sept. 20 Kaito (KAITO) $5.36 million (7.29%), Sapien (SAPIEN) $1.96 million, Lista DAO (LISTA) $2.86 million, Bedrock (BR) $12.05 million (13.47%) and LayerZero (ZRO) at $24.88 million — the largest single unlock in dollar terms. Readers tracking the market in real time can follow live spot and futures prices on Gate.

Mint Velocity Is the Metric to Watch

The common thread across both stories is supply meeting demand on unforgiving terms. Hashcats' burn engine only refills when users mint and swap; the unlock calendar adds circulating supply regardless of demand, concentrated in smaller-cap names where percentages — 63.72% for Boundless, 77.80% for STBL — dwarf any burn offset. For HASH specifically, our read of the project's posted figures is that the remaining 29 ETH queue buys time, not resolution: sustained DeFi 2.0-style token-sink designs live or die on participation, and the 10th epoch's doubled entry cost now tests that participation in real time. Traders should track actual burn transactions and epoch-over-epoch mint counts rather than headline supply cuts — the segment where speculative tokens like Aster (ASTER) trade has repeatedly shown that announced burns matter less than the inflows that fund them.