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.
Comece pela explicação mais curta e útil antes de aprofundar.
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.
Use primeiro a analogia curta para raciocinar melhor sobre o termo quando ele aparecer em código, docs ou prompts.
Pense nisso como uma mecânica de mercado usada para precificar, rotear ou mover capital em apps de liquidez.
Coloque o termo dentro da camada de Solana em que ele vive para raciocinar melhor sobre ele.
AMMs, roteamento, liquidez, empréstimos e infraestrutura de trading.
Transforme o termo de vocabulário em algo operacional para produto e engenharia.
Este termo destrava conceitos adjacentes rapidamente, então funciona melhor quando você o trata como um ponto de conexão, não como definição isolada.
Use este bloco compacto quando quiser dar contexto aterrado para um agente ou assistente sem despejar a página inteira.
Circulating Supply (circulating-supply) Categoria: DeFi Definição: 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. Relacionados: Max Supply, Market Cap (Crypto), FDV (Fully Diluted Valuation)
Use contexto do glossário, relações entre termos, modelos mentais e builder paths para receber respostas estruturadas em vez de output genérico.
Opcional: cole código Anchor, Solana ou Rust para o Copilot mapear primitivas de volta para termos do glossário.
O Copilot vai responder usando o termo atual, conceitos relacionados, modelos mentais e o grafo ao redor do glossário.
Esses ramos mostram quais conceitos esse termo toca diretamente e o que existe uma camada além deles.
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.
The total value of a token's circulating supply, calculated as the current price multiplied by circulating supply. Market cap is the most common metric for comparing the relative size of different tokens. It differs from FDV, which uses max supply instead. Market cap rankings (e.g., SOL as a top-5 token) reflect both price appreciation and supply dynamics.
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.
Estes são os próximos conceitos que valem abrir se você quiser que este termo faça mais sentido dentro de um workflow real de Solana.
Essas entradas são fáceis de misturar quando você lê rápido, faz prompting em um LLM ou está entrando em uma nova camada de Solana.
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.
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.
Entradas de glossário só ficam úteis quando estão conectadas. Esses links são o caminho mais curto para ideias adjacentes.
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.
The total value of a token's circulating supply, calculated as the current price multiplied by circulating supply. Market cap is the most common metric for comparing the relative size of different tokens. It differs from FDV, which uses max supply instead. Market cap rankings (e.g., SOL as a top-5 token) reflect both price appreciation and supply dynamics.
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.
Essas entradas vivem ao lado do termo atual e ajudam a página a parecer parte de um grafo maior, não um beco sem saída.
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.