Why compare an unlock with circulating supply, not total supply?

Short answer: Because only circulating coins trade. The same unlock can be 2% of total supply and 20% of what's actually on the market.

Total supply counts every coin that exists, including the ones still locked. Circulating supply counts the coins people can buy and sell today. When a project launches with 10% of its coins in circulation, an unlock of 2% of total supply adds 20% to the coins that trade. That is a big change in available supply, and the 'headline' 2% hides it.

Most unlock calendars lead with '% of total supply' or the dollar value. Both understate small-float coins and overstate large ones. A $50M unlock is huge for a coin with a $100M market cap and minor for one worth $5B.

So our main number is unlock ÷ circulating supply, and our strong line of 10.4% was set on that basis. The 'new supply' bar on every row shows it: grey is what trades now, colour is what arrives.

Why compare an unlock with circulating supply, not total supply?

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