CoinGecko Supply Methodology

CoinGecko displays three types of supply values:

1. Max Supply

The maximum number of coins that are coded to exist during the lifetime of the cryptocurrency. This is comparable to the maximum number of issuable shares / Authorized Shares in the stock market.

• Max Supply = Theoretical maximum as coded

Note: Some projects have an infinite max supply, i.e., there is no predetermined maximum, and the supply can increase indefinitely. 

For Example:
Bitcoin has a Max Supply of 21,000,000, which was used to introduce scarcity. On the other hand, Ethereum has an infinite supply for long-term flexibility and utility.

2. Total Supply

This represents the total amount of coins that have been minted, minus any coins that have been permanently removed from circulation (burned). It is analogous to Issued Shares in the stock market.

• Total Supply = On-chain supply - Burned tokens

Note: Burned tokens refer to tokens that have been sent to a burner address where no one has the ability to access the funds.

For Example: 

Project A initially had 1,000,000 coins. If 100,000 coins are sent to a burn address, the total supply becomes 900,000.

3. Outstanding Supply

This represents the total supply minus any number of tokens that are idle/ unallocated/ unplanned for a specific purpose. It is analogous to the Outstanding Shares in the stock market. Outstanding Supply is used to derive Outstanding Token Value (OTV). For more information on OTV, kindly refer to this article.

• Outstanding Supply = Total Supply - Unplanned & Unallocated tokens

For Example:

Assuming Project A has a Total Supply of 1,000,000 tokens. Amongst it there are 400,000 tokens held in foundation treasury, team reserves, and unvested allocations, these tokens are not yet in circulation or actively used.

Outstanding Supply =

1,000,000 - Holdings on Treasury Wallet (100,000) - Holdings on Ecosystem Grants (100,000) - Holdings on Community Reserves (200,000) = 600,000

4. Circulating Supply

Circulating Supply estimates the number of tokens actively available and trading in the public market. It excludes locked, vested, or tokens that are held by the project team or foundation (even if they are unlocked).

• Circulating Supply = Total Supply - Uncirculated Wallets*

For Example:

Assuming Project A has a Total Supply of 1,000,000, with the following details:

• Address A holds 200,000 coins vested for the team with a quarterly release.
• Address B holds 100,000 coins reserved for future marketing operations.
• Address C holds 100,000 coins vested for an investor with a 1-year vesting period.

Circulating Supply =

1,000,000 - Balance on Address A (200,000) - Address B (100,000) - Address C (100,000) = 600,000

* Uncirculated Wallets include, but are not limited to:

Tokens with transfer restrictions

• Locked Tokens: Tokens that are locked via smart contracts or other time-based lockups are excluded.
• Vested Tokens: Tokens allocated to team members, advisors, or early investors that are released gradually over time according to a vesting schedule are excluded.
• Escrowed Funds: Tokens held in escrow pending the fulfillment of specific conditions or agreements are excluded from circulation.

Tokens held for project purposes (Not intended for immediate market circulation)

• Foundation / Treasury Holdings: Tokens in foundation or treasury wallets designated for long-term ecosystem development, operational expenses, grants, or future strategic initiatives. These are typically excluded even if technically unlocked.
• Ecosystem / Marketing / Partnership Funds: Unlocked tokens explicitly designated in public documentation (e.g., tokenomics papers, official blog posts) for future ecosystem growth, marketing campaigns, or strategic partnerships are generally excluded as they are not freely circulating.

Tokens held by core stakeholders

• Team & Founder Holdings: Tokens directly held by the core team members and project founders that are unlocked but represent a substantial portion of the total supply. The exclusion here is often based on the understanding that these holdings are for long-term alignment and not intended for immediate public sale.
• Private Sale / Investor Allocations: Tokens held by large private investors or venture capital firms that were allocated during private funding rounds and are now unlocked. Exclusion from the circulating supply in these cases often depends on the size of the holdings relative to the market capitalization and any communicated intentions regarding their use.

You may refer to this guide here on how to fill out the Circulating Supply form.