Circulating, total, and maximum supply plus issuance and demand.
By the end, you should be able to
- Separate circulating, total, and maximum supply.
- Explain how issuance changes proportional ownership.
- Pair supply analysis with demand and liquidity.
Supply entering circulation
Illustrative units show proportional dilution without assuming a price outcome.
The supply vocabulary
Circulating supply estimates units available to the market. Total supply often means issued units less burns, but the exact definition is provider- and protocol-dependent. Maximum supply is a stated cap when one exists. Provider definitions and updates may differ.
Dilution is an economic variable
When new units enter circulation, an existing holder may own a smaller share of the network even if price is unchanged. Review issuance, unlocks, insider allocations, and staking emissions.
Pair supply with demand
Supply growth is not automatically bearish and a fixed cap is not automatically valuable. Ask whether usage, cash flows, security, or other demand drivers can absorb issuance.
What this does not tell you
- Supply schedules may change through governance or contract rules.
- Circulating-supply estimates can differ across providers.
- Dilution alone does not determine price.
Audit a supply profile
Separate available provider data from assumptions about future issuance.
- Choose an asset in Market Activity & Supply Context.
- Record circulating, total, and maximum supply when available.
- Find the project’s primary issuance or unlock documentation and note one uncertainty.
Check your understanding
1. What can new issuance do?
2. Does every asset have a maximum supply?
3. What should supply be paired with?