Float (Circulating as Share of Total)

Float compares circulating supply with total supply, showing how much of what already exists is classified as freely transferable. A low float means a large balance exists but is locked in vesting contracts, treasury addresses, or other restricted holdings. Because market prices are set by trading against the transferable portion only, float is a structural feature of how a token trades rather than a statement about the protocol.

计算方式

(circulating supply / total supply) x 100

易产生误导之处

The split rests entirely on the provider's classification of locked versus circulating, which is revised without notice and differs between sources for the same token. A thin float means a given order size moves price further than it would against a larger transferable base, and that sensitivity is not visible anywhere in the percentage itself. Float ignores tokens that are technically transferable but held by parties under contractual, reputational, or practical constraints on selling, so the tradable amount is often smaller than the float implies. The percentage carries no timing information about when the locked portion becomes transferable, which is what the unlock schedule addresses.

与股权的类比，以及为何该类比不成立

Free float as a percentage of shares outstanding. The analogy fails because equity free float is derived from filed ownership disclosures and lock-up agreements enforceable in court, while token float is a data provider's classification of addresses with no filing and no enforceable restriction behind most of it.

如何解读高值或低值

A high percentage means most existing tokens are already transferable; a low percentage means a large share is locked. Low float and a large locked balance together mean price is being set against a small fraction of the eventual transferable supply.