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Circulating Supply

    The ‘circulating supply’ of cryptocurrency coins is the number of coins that are currently in circulation and available for public trading. In the case of fairly mined proof-of-work systems (i.e., Bitcoin), ‘total supply’ is approximate equivalent to ‘circulating supply’ as there are no token generation events that put large amounts of tokens in the hands of a select few. On the contrary, an initial coin offering (ICO), which has token generation events, typically has a lower ‘circulating supply’ vs. ‘total supply’ such that:
    Circulating Supply = Total Supply minus Team Tokens minus Foundation Tokens minus Locked Tokens.