The absolute maximum number of tokens that can ever exist for a given token. Max supply is either enforced programmatically (by revoking mint authority after initial minting) or defined as a cap in the tokenomics design. For example, SOL has no hard max supply due to ongoing inflation, while many project tokens have a fixed max supply set at TGE. Max supply is used to calculate fully diluted valuation.
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The absolute maximum number of tokens that can ever exist for a given token. Max supply is either enforced programmatically (by revoking mint authority after initial minting) or defined as a cap in the tokenomics design. For example, SOL has no hard max supply due to ongoing inflation, while many project tokens have a fixed max supply set at TGE. Max supply is used to calculate fully diluted valuation.
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AMMs, routing, liquidity, lending, and trading infrastructure.
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Max Supply (max-supply) Category: DeFi Definition: The absolute maximum number of tokens that can ever exist for a given token. Max supply is either enforced programmatically (by revoking mint authority after initial minting) or defined as a cap in the tokenomics design. For example, SOL has no hard max supply due to ongoing inflation, while many project tokens have a fixed max supply set at TGE. Max supply is used to calculate fully diluted valuation. Related: Circulating Supply, FDV (Fully Diluted Valuation), Tokenomics
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The number of tokens currently available and tradeable in the open market, excluding locked, vesting, or otherwise restricted tokens. Circulating supply is used to calculate market capitalization (price times circulating supply). It increases as vesting schedules unlock tokens and decreases as tokens are burned. The gap between circulating and max supply indicates future dilution potential.
Fully Diluted Valuation—the theoretical market capitalization if all tokens (including locked, vesting, and unminted) were in circulation, calculated as current token price multiplied by maximum supply. FDV provides a forward-looking valuation metric. A large gap between market cap and FDV indicates significant future token emissions that could create sell pressure as locked tokens unlock.
The economic design of a cryptocurrency token: supply schedule, distribution, utility, incentive mechanisms, and value accrual. Key parameters: total/circulating supply, inflation/deflation, vesting schedules, staking rewards, fee burning, and governance rights. Good tokenomics aligns incentives between users, developers, and token holders. AI tools increasingly help analyze tokenomics models.
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The number of tokens currently available and tradeable in the open market, excluding locked, vesting, or otherwise restricted tokens. Circulating supply is used to calculate market capitalization (price times circulating supply). It increases as vesting schedules unlock tokens and decreases as tokens are burned. The gap between circulating and max supply indicates future dilution potential.
The multi-party pipeline through which maximal extractable value is captured: searchers identify profitable orderings, builders construct optimal blocks from bundles, relays facilitate trustless builder-proposer communication, and proposers select and finalize blocks. Over 90% of Ethereum L1 blocks flow through MEV-Boost. Proposer-builder separation (PBS) aims to formalize these roles at the protocol level.
The annualized interest rate earned by depositors (lenders) in a lending protocol. Supply APY equals the borrow APY multiplied by the utilization rate, minus any protocol fees. For example, if borrow APY is 10% and utilization is 80% with a 10% protocol cut, supply APY is approximately 7.2%. Depositors earn yield passively as borrowers pay interest on their loans.
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The number of tokens currently available and tradeable in the open market, excluding locked, vesting, or otherwise restricted tokens. Circulating supply is used to calculate market capitalization (price times circulating supply). It increases as vesting schedules unlock tokens and decreases as tokens are burned. The gap between circulating and max supply indicates future dilution potential.
Fully Diluted Valuation—the theoretical market capitalization if all tokens (including locked, vesting, and unminted) were in circulation, calculated as current token price multiplied by maximum supply. FDV provides a forward-looking valuation metric. A large gap between market cap and FDV indicates significant future token emissions that could create sell pressure as locked tokens unlock.
The economic design of a cryptocurrency token: supply schedule, distribution, utility, incentive mechanisms, and value accrual. Key parameters: total/circulating supply, inflation/deflation, vesting schedules, staking rewards, fee burning, and governance rights. Good tokenomics aligns incentives between users, developers, and token holders. AI tools increasingly help analyze tokenomics models.
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A protocol that enables token swaps using algorithmic pricing against pooled liquidity instead of matching individual buyers and sellers. AMMs use mathematical formulas (typically constant product x*y=k) to determine prices based on the ratio of tokens in a liquidity pool. On Solana, major AMMs include Raydium, Orca, and Meteora.
An AMM design where liquidity providers concentrate their capital within specific price ranges instead of across the full 0-to-infinity range. CLMMs dramatically improve capital efficiency—LPs earn more fees per dollar deposited within their active range. If the price moves outside the range, the position becomes inactive. Orca Whirlpools and Raydium CLMM are leading implementations on Solana.
A smart-contract-held reserve of two or more tokens that enables trading via an AMM. Users deposit token pairs in specified ratios to become liquidity providers and earn trading fees. Pools are identified by their token pair and fee tier. Pool depth (total value locked) determines price impact for trades.
A token issued to liquidity providers representing their proportional share of a pool's reserves and accrued fees. LP tokens can be burned to withdraw the underlying assets. The value of LP tokens changes as the pool's token ratios shift and fees accumulate. LP tokens are often stakeable in yield farming programs for additional rewards.