What is this?

This chart shows the total number of unspent transaction outputs (UTXOs) that carry a covenant ID — a KIP-20 consensus binding that restricts how the output can be spent. This is a point-in-time snapshot of active covenant state in the network.

A growing covenant UTXO count indicates that more value is locked in programmable contracts: tokens, vaults, DEX liquidity, escrows, and other DeFi primitives. Unlike the flow metrics (created/spent), this metric shows the total outstanding covenant state at any given time.

How it's computed

The count is obtained by scanning the full UTXO set in our RocksDB secondary instance. Each UTXO entry is checked for the presence of a covenant ID field (a 32-byte hash). The scan runs periodically and produces a snapshot of the total count, which is stored as a time series for historical tracking.