Circulating Supply is a metric to determine the actually tradeable volume of an asset. In case of cryptocurrencies, this number is determined in a different way for every coin. Circulating supply is always measured in a unitless dimension, i.e., the number of coins (or tokens). In contrast to traditional assets like stocks, numbers of circulating supply are often volatile in crypto markets, because of mechanics like mining that create more coins all the time. In general, supply data is determined as close to the actual source as possible. In most cases, monitoring the blockchain and tracking mining/minting/burning events is necessary as part of the methodology.
Our crypto circulating supply data can be retrieved from our API using https://api.diadata.org/v1/supply/TLA, with TLA being the short name of a currency. As an example, the current Bitcoin circulating supply is stored at https://api.diadata.org/v1/supply/BTC.
For each coin we measure, we have different methodology to determine the circulating supply.
Type of growth
Basic Attention Token
Basic Attention Token is is an Ethereum-based ERC20 utility token with total supply of 1,500,000,000 coins. Around 20 % of tokens are locked in Development Pool.
Binance Coin is an ERC20 token. We run an Ethereum full node and monitor all circulating tokens of the BNB smart contract. The token contract has an additional freezing functionality, that is used to freeze the funds in the developers' possession. The number of frozen tokens is retrieved by us by querying
For Bitcoin, we consider all mined coins to be part of the circulating supply. A full node is run to monitor the blockchain directly. We start at the genesis block and measure the current block height and mining reward. A pre-determined mining reward is generated for every block. Initially, the reward was 50 BTC and is halved every 210,000 blocks. The current supply is determined using this formula: . We consider b the current block height and s the circulating supply.
Bitcoin Cash is a hardfork of Bitcoin, thus the same methodology is used but based their view of the blockchain. For Bitcoin Cash, we consider all mined coins to be part of the circulating supply. A full node is run to monitor the blockchain directly. We start at the genesis block and measure the current block height and mining reward. A pre-determined mining reward is generated for every block. Initially, the reward was 50 BTC and is halved every 210,000 blocks. The current supply is determined using this formula: . We consider b the current block height and s the circulating supply.
Bytecoin max supply is capped at 184470000000 coins. Circulating supply is considered to be same as supply of already mined coins. Reward for mining decreases with every block according to the equation BaseReward = (MSupply – A) / 218. MSupply is equal to (2^64) – 1 atomic units, the smallest divisible unit of BCN. [A] is the number of coins that were previously generated. The live JSON API is provided by Bytecoin.
Cardano is capped at 45 billion ADA. To determine the circulating supply, we run our own instance of the Cardano Explorer and trace every minting event. All coins created in these events are added up to determine the circulating supply.
Dash is also forked from the Bitcoin network. Thus, by running a node, the circulating supply can be determined. The current supply is determined using this formula: .
8% were premined and half of them were and locked for 2 years in developers and founders fund (already expired in February). The block reward started at 31.19582664 and it adjusts every 6,144 blocks (approximately 21.33 days) by reducing by a factor of 100/101 (1%). If a block includes less than 5 PoS votes there will be a fraction of the block reward which is not allocated to anybody. As a result, it is only possible to calculate an upper limit for the total number of decred which will ever be created. Total supply will be 20,999,999.99800912. Estimated circulating supply for for every month https://docs.decred.org/advanced/inflation.
For EOS circulating supply, a full node is run to monitor the blockchain directly. Using the RPC API it is possible to retrieve the number of circulating tokens by calling get_currency_stats.
For Ethereum, we determine all mined Ether to be part of the circulating supply. A full node is run to monitor the blockchain directly. Each block reward is 3.0 ETH. Additionally, uncle block rewards are considered and added to the result. More details on uncle blocks and their influence on mining reward can be found in the Ethereum documentation.
The circulating supply of Ethereum is calculated exactly like in case of Ethereum.
Litecoin is very similar to Bitcoin. One of the major differences is that the time between two blocks is 2.5 minutes instead of 10 in Bitcoin. To have a coin mining reward schedule similar to Bitcoin, the halving period was set to 840,000, i.e., four times the amount of Bitcoin. DIA runs a full Litecoin node to monitor the blockchain and determine the amount of currently available LTC by this formula: .
Maker has a total supply of 1M tokens, around 27% are locked in in development fund (0x7bb0b08587b8a6b8945e09f1baca426558b0f06a). None of the coins were burned yet - they are kept at the address (0x69076e44a9c70a67d5b79d95795aba299083c275)
Monero is mined over inifinite time. To determine the circulating supply, we run an instance of a Monero node and query this node periodically. In its internal RPC API, the function get_coinbase_tx_sum is used to retrieve the amount of mined coins.
NEM has a fixed circulating supply of 8,999,999,999 coins, that were created in the genesis event.
The circulating supply of NEO is determined by running a NEO node and monitoring the blockchain. Initially, there were 100,000,000 NEOs created. The NEO team has distributed 50,000,000 to its investors. The distribution of the remaining NEOs will happen over time. In order to determine how many are still locked by the developers, we watch their address
Circulating supply is total supply, structure of issuing tokens: Sale (65.1% of OMG issued), Airdrop (5% of OMG issued) Private: OmiseGO reserve (20% of OMG issued), Team (9.9% of OMG issued), Other approach would be taking out what is locked omise go reserve and team for one year - although te wallets dont have same amount of tokens as stated in whitepaper
Total supply of Ontology is 1 billion tokens which were distributed in following way (circulating supply in brackets): Ontology Community: 12% (12%), Institutional Partners: 28% (6%), NEO Council: 10% (10%), Ontology Ecosystem Development: 25% (12%), Ontology Technical Community Reward: 10% (10%), Ontology Core Team: 15% (3.75%) = 53,5% circulating (537500000 tokens)
Fixed, but stacked
For Ripple circulating supply, DIA retrieves data from the API the Ripple foundation is running. Ripple generated all coins in their genesis event, but is releasing them only slowly over time. To get the latest amount of XRP a query to the xrp_distribution endpoint is evaluated.
Release over time
Stellar created 100 Billion XLM (lumens) in their genesis event with a yearly inflation of 1 percent. Because Stellar distinguishes between available and distributed coins, we determine the circulating amount of stellar by querying the official Stellar API. The relevant endpoint contains a field to query all distributed coins.
For Tether, we determine the circulating supply by retrieving the number of Tether from their official website https://wallet.tether.to/transparency. While Tether is using a blockchain protocol, it is impossible to reliably determine the actually circulating supply because no official documentation is known to us that lists the addresses that are considered as reserve accounts.
Tezos uses a delegation scheme to earn transaction fees. Total supply is fixed at 763,306,930 Tezos, but with the staking scheme a varying amount gets transferred to the fixed address tz1RCFbB9GpALpsZtu6J58sb74dm8qe6XBzv. Our scrapers monitor this address and subtract the value currently held at this address from the initial supply to determine the amount of Tezos in circulation.
Fixed, but staked
The circulating supply of Tron is determined by running a Tron node and monitoring the blockchain. However, funds that have been sent to address
Zcash has very similar adoption curve to bitcoin and cap at 21,000,000 coins. The Block Rewards will issue a total of 50 Zcash (ZEC) every 10 mins(https://explorer.zcha.in/). The block spacing is 2.5 mins, so each block produces 12.5 ZEC. 10% of all coins mined will go to the Founders Reward. Halving of the mining reward every 4 years.
Circulating supply of Zilliqa is calculated by difference in total max supply (21 billion coins) - reserve fund
50% of total supply is issued at beginning, 10% is locked for founders, 40% is locked rest is locked in 3 wallets for vesting and new developers. Circulating supply equals total supply 1M tokens minus wallets: founders vesting fund, development fund and internal funds