Supply Schedules 101: Total, Circulating, and Fully Diluted

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Every token has three supply numbers that matter, and conflating them is one of the most common ways founders (and investors) fool themselves about a project's real valuation. Total supply is the maximum number of tokens that will ever exist, as defined by the protocol's mint schedule (sometimes fixed and hard-capped, sometimes uncapped with ongoing inflation). This number is a……

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