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How Does the Concept of ‘Circulating Supply’ Differ from ‘Total Supply’?

Circulating supply is tradable tokens (for MC); total supply is all created tokens (for FDV), including locked/unvested ones.
Greeks.Live17.11.25

How Does the Concept of ‘Circulating Supply’ Differ from ‘Total Supply’?

Circulating supply is the number of tokens currently available and actively traded in the public market. Total supply is the total number of tokens that have ever been created, minus any that have been permanently burned.

The difference is the number of tokens that are locked, unvested, or held in a protocol's treasury. Circulating supply is used for Market Cap; total supply is used for Fully Diluted Valuation (FDV).

Why Is the Market Capitalization of a Token Often Misleading without considering Vesting?
What Is the Difference between ‘Circulating Supply’ and ‘Total Supply’?
How Does the Release of Vested Tokens Affect the Fully Diluted Valuation (FDV)?
How Do Locked Tokens Influence the Circulating Supply Metric?

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