追跡10 レッスン
Supply and issuance
Circulating, total, maximum and fully diluted supply answer four different questions, which is why data sources rarely publish the same figure.
01 — The four supply numbers, and why they disagree
Circulating, total, maximum and fully diluted supply answer four different questions, which is why data sources rarely publish the same figure.
6 min
02 — How new units are created, and who receives them
Every unit of a digital asset enters the world through a specific mechanism with a specific recipient, and the recipient matters as much as the amount.
6 min
03 — Token burns: what they do, and what they do not do
Burning destroys units and reduces supply, but a burn is only economically meaningful when something real was given up to fund it.
6 min
04 — Halvings and other supply events fixed years in advance
Some supply changes are written into protocol rules and knowable years ahead, which changes how they can be studied and what conclusions survive.
6 min
05 — Vesting, cliffs and unlocks, and why the dates are hard to find
Locked allocations become tradable on schedules that are often partly off-chain, unaudited and subject to change, which limits what unlock data can tell a reader.
7 min
06 — Float and FDV: the arithmetic trap in fully diluted valuation
Fully diluted valuation multiplies today's price by units that do not trade today, which embeds an assumption most readers never see stated.
7 min
07 — Staking is a supply question before it is an income one
Staking immobilizes units and pays rewards in the same asset, which makes it a change in supply distribution rather than income from an outside payer.
6 min
08 — Inflation versus dilution, and what real staking yield means
Supply inflation and holder dilution are different quantities, and the difference is exactly what separates a nominal staking rate from a real one.
7 min
09 — Fee switches, buybacks and burns are choices, not entitlements
Mechanisms that route protocol income toward token holders are governance parameters that can be turned on, changed or turned off, and they create no legal claim.
7 min
10 — What sits in a protocol treasury, and who controls it
Treasury figures headline in dollars but usually consist mostly of the project's own token, which is why the headline overstates what can be spent.
6 min