Circulating Supply

Circulating supply is an estimate, not a value the blockchain publishes. Data providers build it by starting from the units that exist and subtracting what their rules say is not in public hands: tokens still inside vesting contracts, treasury and foundation allocations that have never been distributed, unclaimed airdrop reserves, and provably destroyed units. The equity world calls the same idea free float, but there the share count is audited and exchange rules govern it, while here the number depends on issuer disclosure and address tagging that no regulator checks. It matters because circulating supply is the denominator of market capitalization, so a provider changing its rules moves headline figures without anything happening on-chain.

实际应用

Tokens held in a vesting contract that releases monthly for four years are normally excluded from circulating supply until each tranche unlocks.

常见的误解

Circulating supply is a provider's estimate assembled from disclosed schedules and labeled addresses, not an objective quantity the chain reports.