# BTX Valuation Model Changelog

## v1.1.0 - 2026-04-29

- Added damped effective nonce rate: `N_eff = N_anchor * clamp(N_raw / N_anchor)^beta`.
- Added capped circulating-supply adjustment with float premium and protocol unlock drag.
- Added Bitcoin and BTX block height and circulating supply to the public API, dashboard, Markdown snapshot, and history rows.
- Added circulating market cap and fully diluted valuation as separate forward-curve fields.
- Published the open C reference implementation and Excel workbook artifacts.

## v1.0.0 - 2026-04-28

- Initial BTC-anchored model: raw compute floor, spot mining-regime premium, relative network growth, Bitcoin regime ramp, and participant-expansion forward curve.