Treasury

A token's supply is never a single figure. Circulating supply is what trades today, total supply counts everything minted but not yet released, and fully diluted value prices the entire schedule as though every locked, vested, and unminted token already sat on the market. The spread between market cap and fully diluted value is the overhang, the dilution the price has not yet absorbed. Read against the emission curve and the unlock calendar it tells you how much of tomorrow's sell side is not yet here: a low float carried by steep forward emissions means today's price rests on a fraction of the supply that future holders will control.

Price holds only where demand absorbs supply faster than emissions and unlocks release it, and velocity works against that. A token that turns over constantly needs continuous buying simply to hold its level, since every holder is also a potential seller. Sinks are what slow the turnover: staking that binds tokens against time, liquidity provisioned and locked, fees routed into buybacks or burns that retire supply outright. Liquidity depth then decides how much pressure the market can take before price slips, so a thin book turns ordinary flow into volatility.

Ownership concentration sets the tail risk. When a few wallets hold most of the float, reported market cap overstates what could actually be realized, because the exit of those few would move price far more than any average trade. The clearer signal is value the protocol captures and keeps: fees earned, supply burned, holders who stake rather than sell. Every figure on this page is pulled directly from the chain, and where a value cannot be verified it is left blank, since an estimate dressed as data is worse than an honest gap.