What Is the Difference between ‘Circulating Supply’ and ‘Total Supply’?
Circulating supply is the number of tokens that are currently available and actively traded in the market. This excludes tokens that are locked in vesting contracts, held in the protocol's treasury, or permanently burned.
Total supply is the total number of tokens that have been minted, minus any that have been permanently burned. The maximum supply is the theoretical maximum number of tokens that will ever exist.
Circulating supply is used for calculating market capitalization, while total supply is used for Fully Diluted Valuation (FDV).
Glossar
Fully Diluted Valuation
Calculation ⎊ Fully Diluted Valuation in cryptocurrency, options, and derivatives represents the theoretical price of an asset assuming all potential convertible securities are exercised.
Supply
Allocation ⎊ Supply, within cryptocurrency and derivatives, fundamentally represents the distribution of an asset ⎊ whether a token, option contract, or synthetic derivative ⎊ across available market participants.
Maximum Supply
Scarcity ⎊ Maximum supply, within cryptocurrency, defines the finite quantity of a digital asset that will ever exist, fundamentally influencing its potential value proposition through constrained availability.
Circulating Supply
Token ⎊ The circulating supply within cryptocurrency contexts represents the number of tokens currently available and actively traded on exchanges or held by investors, excluding those locked in smart contracts, staking agreements, or otherwise inaccessible.
Total Supply
Circulation ⎊ Total Supply, within cryptocurrency, defines the amount of a given digital asset currently available for public use and trading, representing a critical metric for assessing market capitalization and potential price dynamics.