Circulation Metrics

Circulation metrics describe how token ownership is structured, restricted, and released into the market over time. These metrics are derived from Inflecta’s labeling and aggregation framework and are designed to be read together. All metrics are computed from on-chain data and project disclosures, with project-aware attribution applied where relevant.

Free Float

Free Float represents the portion of the token supply that is genuinely available to the market. It excludes:

• Unvested tokens still locked/held in vesting contracts or wallets, and

• Issuer-controlled supply, including project treasury and treasury companies, when tokens originate from project-controlled wallets.

General formula:

Free Float = 
Total Supply 
− Locked Insiders 
− Treasury Holdings 
− Treasury Company Holdings

Free Float calculation

Free Float = Total Supply − Non-Free Supply

Where:

Non-Free Supply = 
Locked Investors 
+ Locked Contributors 
+ Locked Services 
+ Not-Free Treasury 
+ Treasury Company Holdings

Each insider category (investors, contributors, etc.) has a total allocation and a vesting schedule. The locked amount is the portion that has not yet vested:

Locked = Total Allocation − Vested as of today

Not-free treasury

Project treasury wallets hold both the project's own operational reserves and undistributed allocations that haven't been sent to their recipients yet. To avoid double-counting with the locked category amounts above, we subtract the undistributed overlap:

Not-Free Treasury = max(0, Treasury On-Chain − Undistributed)

Where:

Undistributed = Σ max(0, Locked_category − On-Chain Holdings_category)

This captures the portion of locked supply that still resides in treasury rather than in recipient wallets.

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"Treasury on-chain" for free float purposes includes direct project wallets classified as treasury and incentives.

Insider Dominance

Counts all insider-held tokens regardless of vesting status (locked + unlocked).

Tokens can be vested (not counted in Free Float's "locked" deduction) but still held by an insider (counted in Insider Dominance). Tokens are only removed from Insider Dominance once they leave insider wallets to non-affiliated entities.

Insider Dominance = Insider Holdings / Total Supply × 100

Insiders Vested

Represents the vesting progress of non-treasury insider allocations, which typically include contributors / team and investors, but may also include additional insider categories such as partners or service providers, depending on the project’s tokenomics.

Allocations attributed to Treasury, DAO Treasury, or Labs are excluded from this metric.

Reported MC

Represents the market capitalization or circulating float reported by the project.