> For the complete documentation index, see [llms.txt](https://inflecta.gitbook.io/inflecta-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://inflecta.gitbook.io/inflecta-docs/data-and-methodology/circulation-metrics.md).
# 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.
***
*"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.
---
# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.
## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.
Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:
```
GET https://inflecta.gitbook.io/inflecta-docs/data-and-methodology/circulation-metrics.md?ask=&goal=
```
`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.
Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.