What is this?

This chart shows the flow of covenant-bound outputs on the network: how many are created (when a transaction produces an output with a covenant binding) and how many are spent (when a covenant-bound UTXO is consumed as an input). The difference between created and spent reflects net growth in active covenant state.

When created consistently exceeds spent, the covenant ecosystem is growing — more programmable value is being locked into contracts. When spent exceeds created, contracts are being settled or unwound.

How it's computed

For each accepted transaction, outputs with a non-null covenant field are counted as "created". Inputs whose spent UTXO carried a covenant ID are counted as "spent". Results are aggregated hourly for short ranges and daily for ranges exceeding 90 days.