Circulating Supply
The number of tokens currently available and trading in the market, excluding locked, vested, or reserved tokens.
In-Depth Explanation
Circulating supply is used to calculate market cap. It excludes tokens held by the team, locked in vesting, or otherwise restricted. Circulating supply increases over time through emissions and unlocks. A large gap between circulating and total supply indicates future dilution.
Related Terms
Market Capitalization
Market CapThe total value of a token's circulating supply, calculated as price × circulating supply.
Fully Diluted Valuation
FDVThe theoretical market cap if all tokens (including locked, unvested, and unissued) were in circulation.
Vesting
A schedule that gradually releases tokens to recipients over time, preventing immediate selling.
More in Valuation
View all →Market Capitalization
Market CapThe total value of a token's circulating supply, calculated as price × circulating supply.
Fully Diluted Valuation
FDVThe theoretical market cap if all tokens (including locked, unvested, and unissued) were in circulation.
Price to Sales Ratio
P/SValuation metric comparing market cap (or FDV) to annualized revenue.
Price to Fees Ratio
P/FValuation metric comparing market cap (or FDV) to total fees generated, regardless of fee distribution.