Float %
Float % is the percentage of a token's final tradeable supply that is already liquid. On Tokenomist it is calculated as released supply divided by max supply, both net of permanently burned tokens, with Year-2035 projected supply substituted for tokens that have no max supply. A low Float % means most supply is still locked, making the token more sensitive to unlock events.
TradFi parallel: Like a stock's free float percentage: the proportion of outstanding shares available for public trading, excluding insider lockups and restricted shares. Stocks with low free float are notoriously more volatile around insider selling windows.
Key Takeaways
- 01Formula: released supply divided by max supply multiplied by 100, both net of burns, displayed in the Fundamentals section of Tokenomist token detail pages. Year-2035 projected supply replaces max supply for unlimited-supply tokens
- 02Low Float % (below 20%) means the token is highly sensitive to unlock events because each unlock represents a large relative increase in tradeable supply
- 03High Float % (above 70%) indicates most supply distribution has occurred, reducing the price impact of remaining unlocks
- 04Distinct from the broader Token Float concept: Float % is a specific numeric metric while Token Float describes qualitative supply dynamics
- 05Use the Emission Screener to filter tokens by Float % and identify projects in early dilution phases versus those with mature supply
How It Works
Float % provides a single number that captures how much of a token's total supply is currently available for trading. The formula on Tokenomist is: released supply divided by max supply multiplied by 100, with both figures net of permanently burned tokens. For tokens with no max supply, Tokenomist substitutes its Year-2035 projected supply so the ratio stays bounded. This metric appears in the Fundamentals section of each token detail page and is distinct from the broader "Token Float" concept, which encompasses the qualitative dynamics of supply availability.
A low Float % (typically below 20%) indicates that the vast majority of a token's supply is still locked in vesting contracts, reserved for future emissions, or otherwise unavailable for trading. These tokens are disproportionately affected by unlock events because each unlock represents a large percentage increase in tradeable supply. For example, if a token has 10% Float % and a 5% unlock event occurs, the tradeable supply increases by 50% relative to what was previously available, a massive potential dilution of existing holders.
Conversely, a high Float % (above 70%) suggests the token has already gone through most of its supply distribution. Unlock events for high-float tokens have a proportionally smaller impact on tradeable supply, making price less sensitive to vesting schedules. Tokenomist's Emission Screener lets you filter and sort tokens by Float % to identify which projects are still in their early dilution phase and which have reached supply maturity.
Read Float % as a measure of how much of the eventual tradeable supply is already liquid, not as a measure of what is trading today. Because the numerator is released supply rather than circulating supply, it counts tokens that have left their locked state even when insiders still hold them. Netting burns out of both sides keeps the ratio honest for deflationary tokens, where a shrinking max supply would otherwise flatter the figure.
Real World Examples
Hyperliquid: Low Float at Launch
View →Hyperliquid launched with a relatively low Float %, meaning most HYPE tokens remained locked in team and ecosystem allocations. This made early price action particularly sensitive to any unlock or distribution event, as each release represented a significant percentage increase in freely tradeable supply.
Starknet: Sub-10% Float Volatility
View →Starknet's STRK token launched with a very low Float %, with the majority of supply locked in investor and team vesting schedules. Early unlock events caused outsized price movements because even moderate-sized unlocks doubled or tripled the relative tradeable supply.
Bitcoin: Near-Maximum Float
View →Bitcoin's Float % approaches its maximum as over 19.5 million of 21 million coins have been mined and are freely tradeable. New supply enters at a diminishing rate through block rewards, making Bitcoin's Float % among the highest in crypto and its price among the least sensitive to supply-side events.
Apecoin: Rapid Float Expansion
View →Apecoin distributed a large portion of its supply through airdrops and early unlocks, causing Float % to rise quickly from launch. The rapid expansion of tradeable supply contributed to sustained sell pressure as recipients liquidated their allocations.
Frequently Asked Questions
How is Float % calculated on Tokenomist?
Float % equals released supply divided by max supply, multiplied by 100, with both figures net of permanently burned tokens. For tokens with no max supply, Tokenomist substitutes its Year-2035 projected supply so the ratio stays bounded. The result is the share of a token's final tradeable supply that is already liquid, and it appears in the Fundamentals section of each token detail page.
Why does low Float % make a token more volatile around unlocks?
When Float % is low, the existing tradeable supply is small relative to total supply. An unlock event adds tokens to this small base, creating a large percentage increase in available supply. For example, a 5% supply unlock on a 10% float token increases tradeable supply by 50%, which can overwhelm existing buy-side demand and drive prices down.
What is the difference between Float % and Token Float?
Float % is a specific numeric metric: the ratio of circulating supply to max supply expressed as a percentage. Token Float is a broader concept describing the qualitative dynamics of how much supply is freely available and how it changes over time. Float % gives you the number; Token Float gives you the context.
How can I find low-float tokens on Tokenomist?
Use the Emission Screener to filter and sort tokens by Float %. This lets you identify projects still in their early dilution phase with significant upcoming supply expansion, versus mature tokens where most distribution has already occurred.
Related Terms
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Supply-side analysis for educational purposes. Not financial advice. Verify assumption and precision labels on the relevant token page.
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