03 — TOKEN SUPPLY
Understand the supply.
Separate tokens that exist today from ledger claims and the remaining supply ceiling.
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No confirmed value is available. A blank does not mean zero.
Sources and limitationsThe supply that currently exists, including tokens held by the protocol.
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No confirmed value is available. A blank does not mean zero.
Sources and limitationsThe maximum total supply still permitted after permanent reductions.
Minted token supply
Changes can reflect minting or tokens being removed from circulation.
The ceiling can only decrease
Permanent burns and removed ledger claims reduce the remaining maximum.
Three different kinds of balance
A ledger claim is not yet a token in a wallet.
Unminted ledger claims
The system’s ledger balance including accrued issuance. Claims become spendable tokens only through the protocol’s withdrawal rules.
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No confirmed value is available. A blank does not mean zero.
Sources and limitationsPermanent token burns
Tokens permanently removed from the supply ceiling. A deposit-related circulation reduction is a different operation.
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No confirmed value is available. A blank does not mean zero.
Sources and limitationsRemoved ledger claims
Unminted claims removed permanently. They reduce future issuance capacity without representing tokens burned from a wallet.
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No confirmed value is available. A blank does not mean zero.
Sources and limitationsMore accounting detail
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No confirmed value is available. A blank does not mean zero.
Sources and limitationsStored at contract checkpoints; excludes accrual not yet recorded there.
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No confirmed value is available. A blank does not mean zero.
Sources and limitationsThe stored system balance before virtual accrual to the observation time.
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No confirmed value is available. A blank does not mean zero.
Sources and limitationsSTANDARD held directly by the protocol-owned liquidity manager.