Unlocked Supply Does Not Mean Circulating Supply
SHELL supply data differs significantly across platforms.
Some trackers report around 270 million tokens in circulation, while others give a figure close to 457.8 million. Around November 12, Tokenomist reported that approximately 480.3 million tokens had been unlocked, equivalent to nearly 48% of the maximum supply of 1 billion.
Three concepts to distinguish:
- Circulating Supply: the supply that a platform considers to be in circulation.
- Unlocked Supply: tokens that are no longer subject to lock-up restrictions or vesting schedules.
- Max Supply: the maximum total supply specified by the token design.
Unlocked tokens have not necessarily been sold on the market. Therefore, unlocked supply cannot be directly substituted for circulating supply when calculating market capitalization.
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