Circulating supply is one of seven supply metrics that Tokenomist tracks to provide a complete picture of a token's supply dynamics. Understanding all seven — and how they relate — is essential for accurate valuation and risk assessment. 1. Max Supply: The theoretical maximum number of tokens the protocol will ever create. For capped-supply tokens like Bitcoin (21 million), this is fixed. For inflationary tokens, max supply may not exist or may be governed by protocol parameters. 2. Locked Supply: Tokens that remain in vesting contracts or lockup mechanisms and cannot be transferred or sold. These tokens are committed to future release according to the vesting schedule but are not yet available to their recipients. 3. TBD Locked Supply: Tokens whose lockup status is to be determined — typically allocations where the vesting schedule has not been finalized or where the destination wallet has not been designated. Tokenomist tracks these separately to avoid overstating or understating locked totals. 4. Released Supply: Tokens that have been unlocked from vesting contracts and are claimable by or already transferred to their designated stakeholders. This is a critical distinction: released does not mean circulating. A founding team's tokens may be fully released (vesting complete) but still sitting in the team's multisig wallet, not yet on the open market. 5. Adjusted Released Supply: Released supply adjusted for known factors such as tokens that have been burned after release, tokens re-locked through governance decisions, or tokens committed to staking contracts. This metric provides a more accurate view of truly available released tokens. 6. Available Supply: The portion of released supply that is liquid and accessible — excluding tokens that are staked, locked in governance, or otherwise committed. Available supply represents what could realistically enter the market if holders chose to sell. 7. Circulating Supply: Tokens available for open market trading, having been transferred out of stakeholder wallets. This is the most conservative supply metric and the one used to calculate market capitalization. Circulating supply increases when stakeholders transfer released tokens to exchanges or other market venues, and decreases through token burns. The gap between released supply and circulating supply is where Tokenomist adds unique analytical value. A token may show 60% released supply but only 35% circulating supply, meaning 25% of total supply sits in stakeholder wallets — unlocked but not yet sold. This overhang represents latent sell-side pressure that most market cap calculations ignore. On the Token Detail page, Tokenomist visualizes all seven metrics so you can assess both current liquidity and future supply risk in a single view.