[{"data":1,"prerenderedAt":2527},["ShallowReactive",2],{"blog-circulating-supply-explained-token-teams":3,"related-circulating-supply-explained-token-teams":663},{"_path":4,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":8,"description":9,"date":10,"author":11,"category":12,"tags":13,"keywords":18,"image":25,"readTime":26,"body":27,"_type":657,"_id":658,"_source":659,"_file":660,"_stem":661,"_extension":662},"/blog/circulating-supply-explained-token-teams","blog",false,"","Circulating Supply Explained: How Token Teams Should Calculate and Report It","How to calculate circulating supply for your token: wallet classification table, step-by-step method, and how to publish it for CoinGecko and CoinMarketCap.","2026-10-28","Fibonacci Capital","Tokenomics",[14,15,16,17],"circulating supply","tokenomics","token supply reporting","data aggregators",[19,20,21,22,16,23,24],"how to calculate circulating supply","circulating supply vs total supply vs max supply","circulating supply crypto","circulating supply api","circulating supply wallet list","report circulating supply to CoinGecko","/assets/images/blog/circulating-supply-explained-token-teams.jpg","8 min read",{"type":28,"children":29,"toc":638},"root",[30,39,45,59,65,70,81,91,101,106,112,117,311,316,322,387,394,399,433,438,444,449,455,460,466,471,477,490,496,509,515,528,541,547,610,616,621,626],{"type":31,"tag":32,"props":33,"children":35},"element","h2",{"id":34},"how-to-calculate-circulating-supply-the-short-answer",[36],{"type":37,"value":38},"text","How to Calculate Circulating Supply: The Short Answer",{"type":31,"tag":40,"props":41,"children":42},"p",{},[43],{"type":37,"value":44},"To calculate circulating supply, start from total supply and subtract every token that is not freely available to trade: unvested team and investor allocations, treasury and foundation reserves, unreleased ecosystem pools, tokens that have been burned or are provably unrecoverable, and any supply that is double counted across chains. What remains is the amount a market participant could actually acquire and sell today. The calculation itself is simple subtraction. The difficult part is deciding, wallet by wallet, which side of the line each balance sits on, and then publishing that decision in a form data aggregators and your own community can reproduce.",{"type":31,"tag":40,"props":46,"children":47},{},[48,50,57],{"type":37,"value":49},"This guide is about that methodology and the reporting process. If you are still deciding how much of your supply should be liquid at launch, that is a different question, covered in our ",{"type":31,"tag":51,"props":52,"children":54},"a",{"href":53},"/blog/low-float-vs-high-float-token-launch",[55],{"type":37,"value":56},"low float vs high float launch guide",{"type":37,"value":58},". Here we assume the allocation is fixed and ask how to count it honestly.",{"type":31,"tag":32,"props":60,"children":62},{"id":61},"circulating-supply-vs-total-supply-vs-max-supply",[63],{"type":37,"value":64},"Circulating Supply vs Total Supply vs Max Supply",{"type":31,"tag":40,"props":66,"children":67},{},[68],{"type":37,"value":69},"Three numbers are often confused, and mixing them up is the root of most reporting errors.",{"type":31,"tag":40,"props":71,"children":72},{},[73,79],{"type":31,"tag":74,"props":75,"children":76},"strong",{},[77],{"type":37,"value":78},"Max supply",{"type":37,"value":80}," is the hard upper bound on how many tokens can ever exist, enforced by the contract or protocol rules. A token with no cap has no meaningful max supply, and should say so rather than publish a placeholder.",{"type":31,"tag":40,"props":82,"children":83},{},[84,89],{"type":31,"tag":74,"props":85,"children":86},{},[87],{"type":37,"value":88},"Total supply",{"type":37,"value":90}," is the number of tokens that exist right now, minted and not burned, including locked, vested, and treasury-held tokens. It can rise toward max supply as new tokens are minted and fall when tokens are burned.",{"type":31,"tag":40,"props":92,"children":93},{},[94,99],{"type":31,"tag":74,"props":95,"children":96},{},[97],{"type":37,"value":98},"Circulating supply",{"type":37,"value":100}," is the portion of total supply that is publicly tradable and not subject to a lock or restriction that prevents it from reaching the market. It is always less than or equal to total supply, which is always less than or equal to max supply.",{"type":31,"tag":40,"props":102,"children":103},{},[104],{"type":37,"value":105},"These three drive different headline figures. Market capitalization is price multiplied by circulating supply. Fully diluted valuation (FDV) is price multiplied by max supply, or by total supply when there is no cap. The ratio between them tells a prospective buyer how much future dilution is queued up behind the current float, so the circulating figure you report directly shapes how your token is read.",{"type":31,"tag":32,"props":107,"children":109},{"id":108},"a-framework-for-classifying-every-wallet",[110],{"type":37,"value":111},"A Framework for Classifying Every Wallet",{"type":31,"tag":40,"props":113,"children":114},{},[115],{"type":37,"value":116},"The reliable way to avoid arguments about the number is to account for every token in total supply by wallet or contract, assign each to a category, and write down the reason. The table below gives a default classification. Treat it as a starting position, not a rule: your contracts and legal terms may justify a different treatment, as long as the reasoning is documented and applied consistently.",{"type":31,"tag":118,"props":119,"children":120},"table",{},[121,145],{"type":31,"tag":122,"props":123,"children":124},"thead",{},[125],{"type":31,"tag":126,"props":127,"children":128},"tr",{},[129,135,140],{"type":31,"tag":130,"props":131,"children":132},"th",{},[133],{"type":37,"value":134},"Holder category",{"type":31,"tag":130,"props":136,"children":137},{},[138],{"type":37,"value":139},"Default treatment",{"type":31,"tag":130,"props":141,"children":142},{},[143],{"type":37,"value":144},"Reasoning",{"type":31,"tag":146,"props":147,"children":148},"tbody",{},[149,168,185,203,221,239,257,275,293],{"type":31,"tag":126,"props":150,"children":151},{},[152,158,163],{"type":31,"tag":153,"props":154,"children":155},"td",{},[156],{"type":37,"value":157},"Team vesting contracts",{"type":31,"tag":153,"props":159,"children":160},{},[161],{"type":37,"value":162},"Not circulating until released",{"type":31,"tag":153,"props":164,"children":165},{},[166],{"type":37,"value":167},"Tokens in a vesting contract cannot be sold. Count them only as the contract releases them to a claimable state.",{"type":31,"tag":126,"props":169,"children":170},{},[171,176,180],{"type":31,"tag":153,"props":172,"children":173},{},[174],{"type":37,"value":175},"Investor lock contracts",{"type":31,"tag":153,"props":177,"children":178},{},[179],{"type":37,"value":162},{"type":31,"tag":153,"props":181,"children":182},{},[183],{"type":37,"value":184},"Same logic as team vesting. Cliff and linear release determine when each tranche moves.",{"type":31,"tag":126,"props":186,"children":187},{},[188,193,198],{"type":31,"tag":153,"props":189,"children":190},{},[191],{"type":37,"value":192},"Treasury and foundation wallets",{"type":31,"tag":153,"props":194,"children":195},{},[196],{"type":37,"value":197},"Usually not circulating",{"type":31,"tag":153,"props":199,"children":200},{},[201],{"type":37,"value":202},"Held for operations, grants, and reserves, not for open-market sale. Label the wallets publicly so the exclusion is checkable.",{"type":31,"tag":126,"props":204,"children":205},{},[206,211,216],{"type":31,"tag":153,"props":207,"children":208},{},[209],{"type":37,"value":210},"Ecosystem and incentive pools",{"type":31,"tag":153,"props":212,"children":213},{},[214],{"type":37,"value":215},"Not circulating until distributed",{"type":31,"tag":153,"props":217,"children":218},{},[219],{"type":37,"value":220},"Tokens count once they reach recipients who can freely move them, not while they sit in the pool contract.",{"type":31,"tag":126,"props":222,"children":223},{},[224,229,234],{"type":31,"tag":153,"props":225,"children":226},{},[227],{"type":37,"value":228},"Market maker loans",{"type":31,"tag":153,"props":230,"children":231},{},[232],{"type":37,"value":233},"Document one policy and apply it always",{"type":31,"tag":153,"props":235,"children":236},{},[237],{"type":37,"value":238},"Loaned tokens sit in a third-party wallet and can trade, so many teams count them as circulating. Whatever you choose, state it and never switch quietly.",{"type":31,"tag":126,"props":240,"children":241},{},[242,247,252],{"type":31,"tag":153,"props":243,"children":244},{},[245],{"type":37,"value":246},"Exchange hot and deposit wallets",{"type":31,"tag":153,"props":248,"children":249},{},[250],{"type":37,"value":251},"Circulating",{"type":31,"tag":153,"props":253,"children":254},{},[255],{"type":37,"value":256},"Tokens held on exchanges are by definition available to trade. Do not subtract them.",{"type":31,"tag":126,"props":258,"children":259},{},[260,265,270],{"type":31,"tag":153,"props":261,"children":262},{},[263],{"type":37,"value":264},"Burned or provably unrecoverable",{"type":31,"tag":153,"props":266,"children":267},{},[268],{"type":37,"value":269},"Not circulating, and reduce total supply if burned",{"type":31,"tag":153,"props":271,"children":272},{},[273],{"type":37,"value":274},"Sent to a burn address or lost with no recovery path. Burned tokens should also come out of total supply.",{"type":31,"tag":126,"props":276,"children":277},{},[278,283,288],{"type":31,"tag":153,"props":279,"children":280},{},[281],{"type":37,"value":282},"Staking contracts",{"type":31,"tag":153,"props":284,"children":285},{},[286],{"type":37,"value":287},"Depends on lock terms",{"type":31,"tag":153,"props":289,"children":290},{},[291],{"type":37,"value":292},"Liquid staking with free withdrawal is closer to circulating. Staking with an enforced unbonding period or lock is usually excluded until withdrawable. State your rule.",{"type":31,"tag":126,"props":294,"children":295},{},[296,301,306],{"type":31,"tag":153,"props":297,"children":298},{},[299],{"type":37,"value":300},"Bridged supply on other chains",{"type":31,"tag":153,"props":302,"children":303},{},[304],{"type":37,"value":305},"Count once, not twice",{"type":31,"tag":153,"props":307,"children":308},{},[309],{"type":37,"value":310},"Locked-and-minted bridging creates a representation, not new supply. Count the canonical tokens or the wrapped tokens, never both.",{"type":31,"tag":40,"props":312,"children":313},{},[314],{"type":37,"value":315},"Two principles sit under the whole table. First, the test is whether the holder can sell today, not whether they intend to. Second, every exclusion should be defensible by pointing at an on-chain contract or a public wallet label.",{"type":31,"tag":32,"props":317,"children":319},{"id":318},"how-to-compute-it-step-by-step",[320],{"type":37,"value":321},"How to Compute It Step by Step",{"type":31,"tag":323,"props":324,"children":325},"ol",{},[326,337,347,357,367,377],{"type":31,"tag":327,"props":328,"children":329},"li",{},[330,335],{"type":31,"tag":74,"props":331,"children":332},{},[333],{"type":37,"value":334},"Establish total supply from the chain.",{"type":37,"value":336}," Read it from the token contract rather than from a spreadsheet. If you are multichain, identify the canonical chain and the bridge mechanism.",{"type":31,"tag":327,"props":338,"children":339},{},[340,345],{"type":31,"tag":74,"props":341,"children":342},{},[343],{"type":37,"value":344},"Build a complete wallet inventory.",{"type":37,"value":346}," List every address and contract that holds a material balance: vesting, locks, treasury, pools, MM wallets, staking, bridges. The inventory must sum, with the circulating remainder, back to total supply. If it does not reconcile, something is missing.",{"type":31,"tag":327,"props":348,"children":349},{},[350,355],{"type":31,"tag":74,"props":351,"children":352},{},[353],{"type":37,"value":354},"Classify each entry",{"type":37,"value":356}," using the table above and record the reason in one sentence.",{"type":31,"tag":327,"props":358,"children":359},{},[360,365],{"type":31,"tag":74,"props":361,"children":362},{},[363],{"type":37,"value":364},"Resolve time-dependent items.",{"type":37,"value":366}," For vesting, use the released amount, not the scheduled amount. Cliffs and linear releases change claimable balances over time, so recompute at each unlock.",{"type":31,"tag":327,"props":368,"children":369},{},[370,375],{"type":31,"tag":74,"props":371,"children":372},{},[373],{"type":37,"value":374},"Subtract and reconcile.",{"type":37,"value":376}," Circulating supply equals total supply minus the sum of all non-circulating balances.",{"type":31,"tag":327,"props":378,"children":379},{},[380,385],{"type":31,"tag":74,"props":381,"children":382},{},[383],{"type":37,"value":384},"Record the snapshot time.",{"type":37,"value":386}," A supply number without a block height or timestamp cannot be verified later.",{"type":31,"tag":388,"props":389,"children":391},"h3",{"id":390},"a-worked-example-hypothetical",[392],{"type":37,"value":393},"A Worked Example (Hypothetical)",{"type":31,"tag":40,"props":395,"children":396},{},[397],{"type":37,"value":398},"Consider a hypothetical token with a total supply of 1,000,000,000.",{"type":31,"tag":400,"props":401,"children":402},"ul",{},[403,408,413,418,423,428],{"type":31,"tag":327,"props":404,"children":405},{},[406],{"type":37,"value":407},"Team vesting contract holds 150,000,000 locked.",{"type":31,"tag":327,"props":409,"children":410},{},[411],{"type":37,"value":412},"Investor lock contracts hold 200,000,000 locked.",{"type":31,"tag":327,"props":414,"children":415},{},[416],{"type":37,"value":417},"Foundation treasury wallet holds 150,000,000.",{"type":31,"tag":327,"props":419,"children":420},{},[421],{"type":37,"value":422},"Ecosystem incentive pool holds 100,000,000, none distributed yet.",{"type":31,"tag":327,"props":424,"children":425},{},[426],{"type":37,"value":427},"Burn address holds 20,000,000.",{"type":31,"tag":327,"props":429,"children":430},{},[431],{"type":37,"value":432},"Everything else, 380,000,000, is spread across public holders, exchange wallets, and a market maker wallet counted under a documented policy.",{"type":31,"tag":40,"props":434,"children":435},{},[436],{"type":37,"value":437},"Non-circulating balances total 620,000,000, so circulating supply is 380,000,000, or 38 percent of the total. If the burned tokens were removed from total supply as well, total supply would be reported as 980,000,000 and the circulating share would be about 38.8 percent. These numbers are illustrative only.",{"type":31,"tag":32,"props":439,"children":441},{"id":440},"publishing-it-endpoints-wallet-lists-and-cadence",[442],{"type":37,"value":443},"Publishing It: Endpoints, Wallet Lists, and Cadence",{"type":31,"tag":40,"props":445,"children":446},{},[447],{"type":37,"value":448},"Calculating the number once is not enough. Aggregators and analysts need a way to read it on an ongoing basis, and a figure that cannot be verified will eventually be questioned.",{"type":31,"tag":388,"props":450,"children":452},{"id":451},"a-public-supply-endpoint",[453],{"type":37,"value":454},"A Public Supply Endpoint",{"type":31,"tag":40,"props":456,"children":457},{},[458],{"type":37,"value":459},"The most useful publication format is a simple HTTP endpoint, often called a circulating supply API, that returns the current figure as a plain number with no wrapper, labels, or formatting. Machines parse plain numbers reliably, while a JSON object or a number with thousands separators invites parsing errors. A separate endpoint for total supply is equally useful. Keep the response fast, stable, and at a permanent URL, because aggregators may poll it repeatedly.",{"type":31,"tag":388,"props":461,"children":463},{"id":462},"a-documented-wallet-list",[464],{"type":37,"value":465},"A Documented Wallet List",{"type":31,"tag":40,"props":467,"children":468},{},[469],{"type":37,"value":470},"Alongside the endpoint, publish a page listing every wallet and contract excluded from circulating supply: address, chain, category, and a one-line reason. This turns the number from an assertion into something anyone can audit. It is also what makes unlabelled treasury wallets, a common source of disputes, disappear as a problem.",{"type":31,"tag":388,"props":472,"children":474},{"id":473},"update-cadence-around-unlocks",[475],{"type":37,"value":476},"Update Cadence Around Unlocks",{"type":31,"tag":40,"props":478,"children":479},{},[480,482,488],{"type":37,"value":481},"Circulating supply changes on predictable dates. Plan for them. Update the figure at each unlock or release event, rather than on a fixed weekly schedule that lets the published number lag behind reality. Announce upcoming changes in advance, and tie the update to a block height. For the market-side effects of those dates, see our piece on ",{"type":31,"tag":51,"props":483,"children":485},{"href":484},"/blog/token-unlocks-managing-sell-pressure",[486],{"type":37,"value":487},"token unlocks and managing sell pressure",{"type":37,"value":489},".",{"type":31,"tag":388,"props":491,"children":493},{"id":492},"working-with-aggregators",[494],{"type":37,"value":495},"Working With Aggregators",{"type":31,"tag":40,"props":497,"children":498},{},[499,501,507],{"type":37,"value":500},"CoinGecko, CoinMarketCap, and similar data providers each follow their own methodology. They may accept a team-reported figure, verify it against on-chain data, or override it with their own calculation. Their submission requirements also change over time, so check each provider's current documentation and listing process before you submit, and do not assume one provider's treatment matches another's. Our guide to ",{"type":31,"tag":51,"props":502,"children":504},{"href":503},"/blog/how-to-get-listed-on-coingecko-and-coinmarketcap",[505],{"type":37,"value":506},"getting listed on CoinGecko and CoinMarketCap",{"type":37,"value":508}," walks through the broader listing process.",{"type":31,"tag":32,"props":510,"children":512},{"id":511},"keep-the-number-consistent-everywhere",[513],{"type":37,"value":514},"Keep the Number Consistent Everywhere",{"type":31,"tag":40,"props":516,"children":517},{},[518,520,526],{"type":37,"value":519},"A correct number reported inconsistently looks like an incorrect one. Your whitepaper, website, documentation, exchange listing forms, and aggregator submissions should all use the same definitions and the same classification rules, even though the figures themselves will differ by date. If you are drafting or revising the whitepaper, our ",{"type":31,"tag":51,"props":521,"children":523},{"href":522},"/blog/crypto-whitepaper-checklist",[524],{"type":37,"value":525},"crypto whitepaper checklist",{"type":37,"value":527}," is a useful place to confirm the supply section matches your published methodology.",{"type":31,"tag":40,"props":529,"children":530},{},[531,533,539],{"type":37,"value":532},"The same applies to exchange applications. Whichever launch route you choose, whether a launchpool, an IEO, or a launchpad, the exchange will ask for supply details, and they should match what everyone else sees. Our ",{"type":31,"tag":51,"props":534,"children":536},{"href":535},"/blog/launchpool-vs-ieo-vs-launchpad",[537],{"type":37,"value":538},"comparison of launchpool, IEO, and launchpad models",{"type":37,"value":540}," covers what each route requires.",{"type":31,"tag":32,"props":542,"children":544},{"id":543},"common-mistakes",[545],{"type":37,"value":546},"Common Mistakes",{"type":31,"tag":400,"props":548,"children":549},{},[550,560,570,580,590,600],{"type":31,"tag":327,"props":551,"children":552},{},[553,558],{"type":31,"tag":74,"props":554,"children":555},{},[556],{"type":37,"value":557},"Double counting bridged tokens.",{"type":37,"value":559}," Counting both the locked originals and the minted wrapped versions inflates the figure. Count each unit of economic supply once.",{"type":31,"tag":327,"props":561,"children":562},{},[563,568],{"type":31,"tag":74,"props":564,"children":565},{},[566],{"type":37,"value":567},"Treating market maker loans inconsistently.",{"type":37,"value":569}," Including loaned tokens one month and excluding them the next makes the series impossible to interpret. Pick a policy, publish it, keep it.",{"type":31,"tag":327,"props":571,"children":572},{},[573,578],{"type":31,"tag":74,"props":574,"children":575},{},[576],{"type":37,"value":577},"Stale numbers after unlocks.",{"type":37,"value":579}," The most frequent failure. A major release happens, the published figure does not move for days, and every derived metric is wrong in the meantime.",{"type":31,"tag":327,"props":581,"children":582},{},[583,588],{"type":31,"tag":74,"props":584,"children":585},{},[586],{"type":37,"value":587},"Unlabelled treasury wallets.",{"type":37,"value":589}," If observers cannot tell that a large balance belongs to the foundation, they may count it as circulating, or accuse you of hiding it.",{"type":31,"tag":327,"props":591,"children":592},{},[593,598],{"type":31,"tag":74,"props":594,"children":595},{},[596],{"type":37,"value":597},"Reporting scheduled rather than released vesting.",{"type":37,"value":599}," The schedule says what will be released; the contract says what has been.",{"type":31,"tag":327,"props":601,"children":602},{},[603,608],{"type":31,"tag":74,"props":604,"children":605},{},[606],{"type":37,"value":607},"Forgetting to reduce total supply after burns.",{"type":37,"value":609}," Burned tokens that remain in the total understate your circulating share.",{"type":31,"tag":32,"props":611,"children":613},{"id":612},"why-this-number-matters",[614],{"type":37,"value":615},"Why This Number Matters",{"type":31,"tag":40,"props":617,"children":618},{},[619],{"type":37,"value":620},"Circulating supply feeds directly into market cap, the headline valuation figure every aggregator displays. Together with total or max supply it sets your FDV-to-market-cap ratio, which sophisticated holders and analysts read as a measure of future dilution. Exchange listing reviews and diligence processes tend to look at whether a project's published supply matches on-chain reality. And over time, accurate and prompt reporting is a trust signal: teams that publish clear methodologies and update on schedule give their communities less reason to suspect hidden float.",{"type":31,"tag":40,"props":622,"children":623},{},[624],{"type":37,"value":625},"It also matters for trading. Liquidity depth, spreads, and inventory sizing are all calibrated against the amount of tradable supply, so a misreported float distorts every decision built on it. At Fibonacci Capital, supply data is one of the first things we check when we assess a token's market structure, because a clean, consistent number makes everything downstream easier to plan.",{"type":31,"tag":40,"props":627,"children":628},{},[629,631,637],{"type":37,"value":630},"If your supply reporting needs a second pair of eyes, or you are preparing a listing and want the float and liquidity plan to line up, ",{"type":31,"tag":51,"props":632,"children":634},{"href":633},"/",[635],{"type":37,"value":636},"get in touch with Fibonacci Capital",{"type":37,"value":489},{"title":7,"searchDepth":639,"depth":639,"links":640},2,[641,642,643,644,648,654,655,656],{"id":34,"depth":639,"text":38},{"id":61,"depth":639,"text":64},{"id":108,"depth":639,"text":111},{"id":318,"depth":639,"text":321,"children":645},[646],{"id":390,"depth":647,"text":393},3,{"id":440,"depth":639,"text":443,"children":649},[650,651,652,653],{"id":451,"depth":647,"text":454},{"id":462,"depth":647,"text":465},{"id":473,"depth":647,"text":476},{"id":492,"depth":647,"text":495},{"id":511,"depth":639,"text":514},{"id":543,"depth":639,"text":546},{"id":612,"depth":639,"text":615},"markdown","content:blog:circulating-supply-explained-token-teams.md","content","blog/circulating-supply-explained-token-teams.md","blog/circulating-supply-explained-token-teams","md",[664,1527,1965],{"_path":665,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":666,"description":667,"date":668,"author":11,"category":12,"tags":669,"keywords":673,"image":679,"readTime":680,"body":681,"_type":657,"_id":1524,"_source":659,"_file":1525,"_stem":1526,"_extension":662},"/blog/best-token-vesting-platforms","Best Token Vesting Platforms: 8 Options for Locking Team and Investor Tokens","Best token vesting platforms compared: Sablier, Hedgey, Streamflow, Magna, Toku, Team Finance, UNCX and custom contracts, with selection criteria for token teams.","2026-10-26",[670,15,671,672],"token vesting","token unlocks","smart contracts",[674,675,676,677,678],"best token vesting platforms","token vesting platform","token vesting tools","on-chain token vesting","token lockup platform","/assets/images/blog/best-token-vesting-platforms.jpg","9 min read",{"type":28,"children":682,"toc":1509},[683,688,701,707,712,775,780,786,791,824,830,835,865,871,876,906,912,917,947,953,958,988,994,999,1029,1035,1040,1077,1083,1088,1118,1124,1335,1341,1394,1399,1405,1465,1478,1484,1489],{"type":31,"tag":40,"props":684,"children":685},{},[686],{"type":37,"value":687},"The best token vesting platform for your project depends on three things: which chain your token lives on, who the recipients are (investors, team members or a community claim), and how much operational and compliance support you need. For on-chain streaming on EVM chains, Sablier and Hedgey are common choices. For Solana, Streamflow is one of the most widely used options. For teams that want a managed platform covering cap table, claims and reporting, Magna is a frequent pick, and Toku focuses on employee token grants and payroll compliance. Team Finance and UNCX combine vesting with liquidity locks, and an audited custom contract remains a valid option for teams with specific needs. Below are the criteria we used and what each option is best suited for.",{"type":31,"tag":40,"props":689,"children":690},{},[691,693,699],{"type":37,"value":692},"Vesting design itself, meaning cliffs, durations and allocation, is covered in our guide to ",{"type":31,"tag":51,"props":694,"children":696},{"href":695},"/blog/token-vesting-schedules-explained",[697],{"type":37,"value":698},"token vesting schedules",{"type":37,"value":700},". 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That is fine as long as there is one internal source of truth that reconciles every allocation against your tokenomics.",{"type":31,"tag":32,"props":1400,"children":1402},{"id":1401},"mistakes-to-avoid",[1403],{"type":37,"value":1404},"Mistakes to Avoid",{"type":31,"tag":400,"props":1406,"children":1407},{},[1408,1418,1428,1438,1448],{"type":31,"tag":327,"props":1409,"children":1410},{},[1411,1416],{"type":31,"tag":74,"props":1412,"children":1413},{},[1414],{"type":37,"value":1415},"Vesting off-chain only.",{"type":37,"value":1417}," Spreadsheet-tracked vesting with manual releases is hard for investors and exchanges to verify and easy to get wrong.",{"type":31,"tag":327,"props":1419,"children":1420},{},[1421,1426],{"type":31,"tag":74,"props":1422,"children":1423},{},[1424],{"type":37,"value":1425},"Mismatch between legal documents and contracts.",{"type":37,"value":1427}," The schedule in the SAFT or token warrant must match the one deployed. Reconcile them before TGE.",{"type":31,"tag":327,"props":1429,"children":1430},{},[1431,1436],{"type":31,"tag":74,"props":1432,"children":1433},{},[1434],{"type":37,"value":1435},"Admin keys on a single wallet.",{"type":37,"value":1437}," Control of vesting contracts should sit with a multisig.",{"type":31,"tag":327,"props":1439,"children":1440},{},[1441,1446],{"type":31,"tag":74,"props":1442,"children":1443},{},[1444],{"type":37,"value":1445},"Forgetting bridged supply.",{"type":37,"value":1447}," If tokens move across chains, make sure vesting still applies to the canonical supply.",{"type":31,"tag":327,"props":1449,"children":1450},{},[1451,1456,1458,1463],{"type":31,"tag":74,"props":1452,"children":1453},{},[1454],{"type":37,"value":1455},"No unlock calendar.",{"type":37,"value":1457}," Publish a clear unlock schedule so the market is not surprised. Our guide on ",{"type":31,"tag":51,"props":1459,"children":1460},{"href":484},[1461],{"type":37,"value":1462},"managing token unlocks",{"type":37,"value":1464}," explains why predictability matters.",{"type":31,"tag":40,"props":1466,"children":1467},{},[1468,1470,1476],{"type":37,"value":1469},"If you are still deciding how to fund the round that creates these allocations, our companion article on ",{"type":31,"tag":51,"props":1471,"children":1473},{"href":1472},"/blog/ecosystem-grants-vs-vc-funding-token-projects",[1474],{"type":37,"value":1475},"ecosystem grants vs VC funding",{"type":37,"value":1477}," looks at how each route shapes your future unlock calendar.",{"type":31,"tag":32,"props":1479,"children":1481},{"id":1480},"vesting-tools-enforce-the-schedule-liquidity-absorbs-it",[1482],{"type":37,"value":1483},"Vesting Tools Enforce the Schedule; Liquidity Absorbs It",{"type":31,"tag":40,"props":1485,"children":1486},{},[1487],{"type":37,"value":1488},"A vesting platform guarantees that tokens unlock when promised. It does not decide whether the market can absorb them. That depends on order book depth, float and the trading environment at each unlock.",{"type":31,"tag":40,"props":1490,"children":1491},{},[1492,1494,1500,1502,1507],{"type":37,"value":1493},"Fibonacci Capital works with token teams before TGE to model unlock calendars against expected liquidity and to provide market making that keeps books stable through cliffs and large releases. If you are setting up vesting ahead of launch, our ",{"type":31,"tag":51,"props":1495,"children":1497},{"href":1496},"/pretge",[1498],{"type":37,"value":1499},"pre-TGE programme",{"type":37,"value":1501}," covers that planning. ",{"type":31,"tag":51,"props":1503,"children":1504},{"href":1496},[1505],{"type":37,"value":1506},"Get in touch",{"type":37,"value":1508}," to review your schedule with us.",{"title":7,"searchDepth":639,"depth":639,"links":1510},[1511,1512,1513,1514,1515,1516,1517,1518,1519,1520,1521,1522,1523],{"id":703,"depth":639,"text":706},{"id":782,"depth":639,"text":785},{"id":826,"depth":639,"text":829},{"id":867,"depth":639,"text":870},{"id":908,"depth":639,"text":911},{"id":949,"depth":639,"text":952},{"id":990,"depth":639,"text":993},{"id":1031,"depth":639,"text":1034},{"id":1079,"depth":639,"text":1082},{"id":1120,"depth":639,"text":1123},{"id":1337,"depth":639,"text":1340},{"id":1401,"depth":639,"text":1404},{"id":1480,"depth":639,"text":1483},"content:blog:best-token-vesting-platforms.md","blog/best-token-vesting-platforms.md","blog/best-token-vesting-platforms",{"_path":1528,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":1529,"description":1530,"date":1531,"author":11,"category":12,"tags":1532,"keywords":1536,"image":1542,"readTime":680,"body":1543,"_type":657,"_id":1962,"_source":659,"_file":1963,"_stem":1964,"_extension":662},"/blog/governance-token-design-mistakes","Governance Token Design: 8 Mistakes Token Projects Make (and How to Fix Them)","Governance token design mistakes that weaken DAOs and token value: low turnout, whale capture, flash-loan votes, treasury risk and more, each with a practical fix.","2026-10-25",[1533,1534,15,1535],"governance tokens","dao","treasury",[1537,1538,1539,1540,1541],"governance token design","governance token","dao governance mistakes","on-chain governance token","governance token voting","/assets/images/blog/governance-token-design-mistakes.jpg",{"type":28,"children":1544,"toc":1950},[1545,1550,1556,1561,1579,1585,1590,1599,1605,1610,1627,1633,1638,1647,1653,1658,1675,1681,1694,1703,1709,1714,1723,1729,1734,1743,1771,1777,1929,1935,1940],{"type":31,"tag":40,"props":1546,"children":1547},{},[1548],{"type":37,"value":1549},"Governance token design is the set of choices that decide who can vote, on what, with how much weight, and how decisions are executed. Most governance problems in crypto do not come from bad actors; they come from design shortcuts taken at launch: a token whose only use is voting, quorum thresholds no one can reach, voting power concentrated in a few wallets, or a treasury that can be drained by a single proposal. The eight mistakes below are the ones we see most often in token projects, each with a fix you can apply before or after launch.",{"type":31,"tag":32,"props":1551,"children":1553},{"id":1552},"mistake-1-governance-as-the-only-utility",[1554],{"type":37,"value":1555},"Mistake 1: Governance as the Only Utility",{"type":31,"tag":40,"props":1557,"children":1558},{},[1559],{"type":37,"value":1560},"Many tokens launch with \"governance\" as their entire value proposition. The problem is that most holders do not want to govern. They want exposure to a protocol's success. If voting is the only reason to hold, the token has no link to the protocol's revenue or usage, and holders behave accordingly: they sell into unlocks and do not vote.",{"type":31,"tag":40,"props":1562,"children":1563},{},[1564,1569,1571,1577],{"type":31,"tag":74,"props":1565,"children":1566},{},[1567],{"type":37,"value":1568},"The fix:",{"type":37,"value":1570}," Treat governance as one right among several, not the reason the token exists. Tie the token to the protocol through mechanisms such as fee sharing (where legally appropriate), staking for security or service access, or protocol-owned functions that require the token. We cover the options in ",{"type":31,"tag":51,"props":1572,"children":1574},{"href":1573},"/blog/token-utility-value-accrual",[1575],{"type":37,"value":1576},"token utility and value accrual",{"type":37,"value":1578},". Get legal advice before adding anything that resembles a profit right, because it affects how the token may be classified.",{"type":31,"tag":32,"props":1580,"children":1582},{"id":1581},"mistake-2-quorum-thresholds-set-without-looking-at-real-turnout",[1583],{"type":37,"value":1584},"Mistake 2: Quorum Thresholds Set Without Looking at Real Turnout",{"type":31,"tag":40,"props":1586,"children":1587},{},[1588],{"type":37,"value":1589},"Teams often set quorum as a round percentage of total supply. Then they discover that a large share of supply sits on exchanges, in vesting contracts, or with holders who never vote. Proposals fail not because people disagree, but because not enough tokens show up.",{"type":31,"tag":40,"props":1591,"children":1592},{},[1593,1597],{"type":31,"tag":74,"props":1594,"children":1595},{},[1596],{"type":37,"value":1568},{"type":37,"value":1598}," Base quorum on supply that can realistically vote, and review it after the first few proposals. Exclude locked, unvested and exchange-held tokens from your planning assumptions. Consider a lower quorum combined with a longer voting period and a timelock, rather than a high quorum that blocks everything. Publish turnout figures after each vote so the community can see whether the thresholds work.",{"type":31,"tag":32,"props":1600,"children":1602},{"id":1601},"mistake-3-ignoring-voting-power-concentration",[1603],{"type":37,"value":1604},"Mistake 3: Ignoring Voting Power Concentration",{"type":31,"tag":40,"props":1606,"children":1607},{},[1608],{"type":37,"value":1609},"If the team, early investors and a handful of large holders control most of the voting supply, governance is a formality. Outsiders notice. Worse, a concentrated cap table invites a governance attack if one large holder decides to sell their position to someone with different intentions.",{"type":31,"tag":40,"props":1611,"children":1612},{},[1613,1617,1619,1625],{"type":31,"tag":74,"props":1614,"children":1615},{},[1616],{"type":37,"value":1568},{"type":37,"value":1618}," Map voting power at launch, including unvested allocations if they carry votes. Decide explicitly whether unvested team and investor tokens can vote; many projects choose not to let them, or only after a period. The allocation itself matters most, so design it with governance in mind; see ",{"type":31,"tag":51,"props":1620,"children":1622},{"href":1621},"/blog/token-allocation-breakdown-team-investors-community",[1623],{"type":37,"value":1624},"token allocation breakdown",{"type":37,"value":1626},". Delegation programmes that hand voting power to active, accountable delegates can also improve participation without changing ownership.",{"type":31,"tag":32,"props":1628,"children":1630},{"id":1629},"mistake-4-snapshot-free-voting-that-invites-flash-loan-attacks",[1631],{"type":37,"value":1632},"Mistake 4: Snapshot-Free Voting That Invites Flash-Loan Attacks",{"type":31,"tag":40,"props":1634,"children":1635},{},[1636],{"type":37,"value":1637},"If voting power is measured at the moment a vote is cast, an attacker can borrow tokens, vote and return them in the same transaction or block. Several DeFi protocols have suffered governance exploits along these lines.",{"type":31,"tag":40,"props":1639,"children":1640},{},[1641,1645],{"type":31,"tag":74,"props":1642,"children":1643},{},[1644],{"type":37,"value":1568},{"type":37,"value":1646}," Measure voting power at a block snapshot taken before the proposal goes live, using a token with checkpointed balances. Add a delay between proposal creation and voting, and a timelock between a successful vote and execution, so the community has time to react to anything malicious. These are standard patterns in widely used governance frameworks; there is no reason to launch without them.",{"type":31,"tag":32,"props":1648,"children":1650},{"id":1649},"mistake-5-giving-governance-unlimited-power-over-the-treasury",[1651],{"type":37,"value":1652},"Mistake 5: Giving Governance Unlimited Power Over the Treasury",{"type":31,"tag":40,"props":1654,"children":1655},{},[1656],{"type":37,"value":1657},"A governance contract that can transfer the entire treasury in one proposal is a single point of failure. A malicious proposal that slips through, whether by low turnout, a bought vote or a flash-loan attack, can empty it.",{"type":31,"tag":40,"props":1659,"children":1660},{},[1661,1665,1667,1673],{"type":31,"tag":74,"props":1662,"children":1663},{},[1664],{"type":37,"value":1568},{"type":37,"value":1666}," Layer the controls. Put limits on how much a single proposal can move, require larger approvals for larger amounts, use a timelock on execution, and consider a security council or guardian multisig with narrow, published powers, such as the ability to veto or pause but not to spend. Keep operational funds separate from long-term reserves. Our guide to ",{"type":31,"tag":51,"props":1668,"children":1670},{"href":1669},"/blog/treasury-management-crypto-projects",[1671],{"type":37,"value":1672},"treasury management for crypto projects",{"type":37,"value":1674}," covers diversification and runway, which are just as important as access controls.",{"type":31,"tag":32,"props":1676,"children":1678},{"id":1677},"mistake-6-vote-escrow-models-copied-without-the-economics",[1679],{"type":37,"value":1680},"Mistake 6: Vote-Escrow Models Copied Without the Economics",{"type":31,"tag":40,"props":1682,"children":1683},{},[1684,1686,1692],{"type":37,"value":1685},"Vote-escrow designs, where holders lock tokens for longer periods to receive more voting power and often a share of emissions, are popular because they reward long-term holders. Some DEXs use them to let holders direct liquidity incentives; we describe one example in our list of the ",{"type":31,"tag":51,"props":1687,"children":1689},{"href":1688},"/blog/best-dex-to-launch-a-token",[1690],{"type":37,"value":1691},"best DEXs to launch a token",{"type":37,"value":1693},". Copied without care, though, they can create a market in which the main activity is paying voters to direct emissions, and the token's value depends on emissions continuing.",{"type":31,"tag":40,"props":1695,"children":1696},{},[1697,1701],{"type":31,"tag":74,"props":1698,"children":1699},{},[1700],{"type":37,"value":1568},{"type":37,"value":1702}," Only adopt vote-escrow if your protocol has something meaningful for voters to direct, such as emissions, fees or parameters. Model what happens when emissions decline. Decide in advance how bribes or vote incentives will be treated and disclosed. If you cannot explain why locking improves the protocol, not just the token chart, it is probably the wrong model.",{"type":31,"tag":32,"props":1704,"children":1706},{"id":1705},"mistake-7-launching-full-on-chain-governance-on-day-one",[1707],{"type":37,"value":1708},"Mistake 7: Launching Full On-Chain Governance on Day One",{"type":31,"tag":40,"props":1710,"children":1711},{},[1712],{"type":37,"value":1713},"Handing every decision to token holders at TGE sounds decentralized, but early protocols need to fix bugs, adjust parameters and respond to incidents quickly. Full on-chain governance from day one either slows that down or tempts the team to work around it, which is worse for credibility.",{"type":31,"tag":40,"props":1715,"children":1716},{},[1717,1721],{"type":31,"tag":74,"props":1718,"children":1719},{},[1720],{"type":37,"value":1568},{"type":37,"value":1722}," Publish a progressive decentralization roadmap. Start with off-chain signalling votes and a team or foundation multisig that executes them, with clear commitments about what it will and will not do. Move parameter changes on-chain first, then treasury decisions, then upgrades, as the protocol matures and participation grows. Make the timeline public so the community can hold the team to it. The legal entity that holds this transitional power, often a foundation, matters too, so choose its jurisdiction with counsel.",{"type":31,"tag":32,"props":1724,"children":1726},{"id":1725},"mistake-8-no-process-around-the-vote",[1727],{"type":37,"value":1728},"Mistake 8: No Process Around the Vote",{"type":31,"tag":40,"props":1730,"children":1731},{},[1732],{"type":37,"value":1733},"Governance is not just a voting contract. Without a forum, proposal templates, discussion periods and clear rules on who can submit, votes become surprises, and well-meant proposals arrive half-finished.",{"type":31,"tag":40,"props":1735,"children":1736},{},[1737,1741],{"type":31,"tag":74,"props":1738,"children":1739},{},[1740],{"type":37,"value":1568},{"type":37,"value":1742}," Define the process before the first vote:",{"type":31,"tag":400,"props":1744,"children":1745},{},[1746,1751,1756,1761,1766],{"type":31,"tag":327,"props":1747,"children":1748},{},[1749],{"type":37,"value":1750},"A discussion stage on a public forum with a minimum duration",{"type":31,"tag":327,"props":1752,"children":1753},{},[1754],{"type":37,"value":1755},"A proposal template covering motivation, specification, risks and budget",{"type":31,"tag":327,"props":1757,"children":1758},{},[1759],{"type":37,"value":1760},"A minimum token threshold or delegate sponsorship to submit on-chain",{"type":31,"tag":327,"props":1762,"children":1763},{},[1764],{"type":37,"value":1765},"Published voting periods, quorum and approval thresholds",{"type":31,"tag":327,"props":1767,"children":1768},{},[1769],{"type":37,"value":1770},"A record of every decision and its execution status",{"type":31,"tag":32,"props":1772,"children":1774},{"id":1773},"governance-design-checklist",[1775],{"type":37,"value":1776},"Governance Design Checklist",{"type":31,"tag":118,"props":1778,"children":1779},{},[1780,1796],{"type":31,"tag":122,"props":1781,"children":1782},{},[1783],{"type":31,"tag":126,"props":1784,"children":1785},{},[1786,1791],{"type":31,"tag":130,"props":1787,"children":1788},{},[1789],{"type":37,"value":1790},"Area",{"type":31,"tag":130,"props":1792,"children":1793},{},[1794],{"type":37,"value":1795},"Question to answer before launch",{"type":31,"tag":146,"props":1797,"children":1798},{},[1799,1812,1825,1838,1851,1864,1877,1890,1903,1916],{"type":31,"tag":126,"props":1800,"children":1801},{},[1802,1807],{"type":31,"tag":153,"props":1803,"children":1804},{},[1805],{"type":37,"value":1806},"Utility",{"type":31,"tag":153,"props":1808,"children":1809},{},[1810],{"type":37,"value":1811},"Does the token do anything beyond voting?",{"type":31,"tag":126,"props":1813,"children":1814},{},[1815,1820],{"type":31,"tag":153,"props":1816,"children":1817},{},[1818],{"type":37,"value":1819},"Eligibility",{"type":31,"tag":153,"props":1821,"children":1822},{},[1823],{"type":37,"value":1824},"Can unvested, locked or treasury tokens vote?",{"type":31,"tag":126,"props":1826,"children":1827},{},[1828,1833],{"type":31,"tag":153,"props":1829,"children":1830},{},[1831],{"type":37,"value":1832},"Quorum",{"type":31,"tag":153,"props":1834,"children":1835},{},[1836],{"type":37,"value":1837},"Is it based on realistic turnout, not total supply?",{"type":31,"tag":126,"props":1839,"children":1840},{},[1841,1846],{"type":31,"tag":153,"props":1842,"children":1843},{},[1844],{"type":37,"value":1845},"Concentration",{"type":31,"tag":153,"props":1847,"children":1848},{},[1849],{"type":37,"value":1850},"Who controls a majority of votes at launch, and over time?",{"type":31,"tag":126,"props":1852,"children":1853},{},[1854,1859],{"type":31,"tag":153,"props":1855,"children":1856},{},[1857],{"type":37,"value":1858},"Snapshots",{"type":31,"tag":153,"props":1860,"children":1861},{},[1862],{"type":37,"value":1863},"Is voting power measured before the proposal opens?",{"type":31,"tag":126,"props":1865,"children":1866},{},[1867,1872],{"type":31,"tag":153,"props":1868,"children":1869},{},[1870],{"type":37,"value":1871},"Timelocks",{"type":31,"tag":153,"props":1873,"children":1874},{},[1875],{"type":37,"value":1876},"Is there a delay before execution?",{"type":31,"tag":126,"props":1878,"children":1879},{},[1880,1885],{"type":31,"tag":153,"props":1881,"children":1882},{},[1883],{"type":37,"value":1884},"Treasury limits",{"type":31,"tag":153,"props":1886,"children":1887},{},[1888],{"type":37,"value":1889},"What is the maximum a single proposal can move?",{"type":31,"tag":126,"props":1891,"children":1892},{},[1893,1898],{"type":31,"tag":153,"props":1894,"children":1895},{},[1896],{"type":37,"value":1897},"Emergency powers",{"type":31,"tag":153,"props":1899,"children":1900},{},[1901],{"type":37,"value":1902},"Who can pause, under what conditions, and is it published?",{"type":31,"tag":126,"props":1904,"children":1905},{},[1906,1911],{"type":31,"tag":153,"props":1907,"children":1908},{},[1909],{"type":37,"value":1910},"Roadmap",{"type":31,"tag":153,"props":1912,"children":1913},{},[1914],{"type":37,"value":1915},"What moves on-chain, and when?",{"type":31,"tag":126,"props":1917,"children":1918},{},[1919,1924],{"type":31,"tag":153,"props":1920,"children":1921},{},[1922],{"type":37,"value":1923},"Process",{"type":31,"tag":153,"props":1925,"children":1926},{},[1927],{"type":37,"value":1928},"Where are proposals discussed, and what template do they use?",{"type":31,"tag":32,"props":1930,"children":1932},{"id":1931},"why-governance-design-affects-the-market",[1933],{"type":37,"value":1934},"Why Governance Design Affects the Market",{"type":31,"tag":40,"props":1936,"children":1937},{},[1938],{"type":37,"value":1939},"Governance can look like a community matter, separate from price and liquidity. It is not. Exchanges and investors read governance as a risk factor: a treasury that can be drained, a vote controlled by insiders or an unresolved governance dispute all show up in how a token trades. Sound governance gives holders a reason to stay through unlocks and volatile periods, which supports deeper, steadier order books. Fibonacci Capital sees this directly when supporting tokens through launch and the first unlock cycles: projects with credible governance tend to have calmer markets around major decisions.",{"type":31,"tag":40,"props":1941,"children":1942},{},[1943,1945,1949],{"type":37,"value":1944},"If you are designing your token and want to make sure governance and liquidity work together, ",{"type":31,"tag":51,"props":1946,"children":1947},{"href":633},[1948],{"type":37,"value":636},{"type":37,"value":489},{"title":7,"searchDepth":639,"depth":639,"links":1951},[1952,1953,1954,1955,1956,1957,1958,1959,1960,1961],{"id":1552,"depth":639,"text":1555},{"id":1581,"depth":639,"text":1584},{"id":1601,"depth":639,"text":1604},{"id":1629,"depth":639,"text":1632},{"id":1649,"depth":639,"text":1652},{"id":1677,"depth":639,"text":1680},{"id":1705,"depth":639,"text":1708},{"id":1725,"depth":639,"text":1728},{"id":1773,"depth":639,"text":1776},{"id":1931,"depth":639,"text":1934},"content:blog:governance-token-design-mistakes.md","blog/governance-token-design-mistakes.md","blog/governance-token-design-mistakes",{"_path":1621,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":1966,"description":1967,"date":1968,"author":11,"category":12,"tags":1969,"keywords":1974,"image":1978,"readTime":26,"body":1979,"_type":657,"_id":2524,"_source":659,"_file":2525,"_stem":2526,"_extension":662},"Token Allocation Breakdown: How to Split Supply Between Team, Investors, Community and Treasury","Token allocation breakdown for founders: how to split supply between team, investors, community, treasury and liquidity, with a decision framework and red flags.","2026-10-20",[15,1970,1971,1972,1973],"token allocation","token distribution","supply design","tge",[1970,1624,1975,1976,1977],"token distribution model","how to allocate token supply","team investor community allocation","/assets/images/blog/token-allocation-breakdown-team-investors-community.jpg",{"type":28,"children":1980,"toc":2504},[1981,1986,1991,1997,2002,2035,2047,2053,2059,2064,2069,2082,2088,2093,2099,2117,2123,2135,2141,2146,2152,2164,2170,2175,2181,2194,2200,2205,2211,2216,2315,2321,2391,2397,2487,2493],{"type":31,"tag":40,"props":1982,"children":1983},{},[1984],{"type":37,"value":1985},"A good token allocation splits total supply across five buckets: team and advisors, investors, community and ecosystem, treasury, and launch liquidity. There is no universal percentage that works. What works is an allocation you can defend line by line: each bucket has a stated purpose, a vesting schedule that matches that purpose, and a size that does not leave too little circulating supply at launch or too much in the hands of insiders. This guide gives you a framework for deciding the split, the questions exchanges and investors will ask about it, and the red flags that make a distribution table look weak.",{"type":31,"tag":40,"props":1987,"children":1988},{},[1989],{"type":37,"value":1990},"Any percentages below are illustrative, not industry standards. Projects differ in stage, funding path and utility, and the right split for a protocol that raised two rounds is not the right split for a community-first launch.",{"type":31,"tag":32,"props":1992,"children":1994},{"id":1993},"what-a-token-allocation-table-is-actually-for",[1995],{"type":37,"value":1996},"What a Token Allocation Table Is Actually For",{"type":31,"tag":40,"props":1998,"children":1999},{},[2000],{"type":37,"value":2001},"Founders often treat the allocation chart as a marketing graphic. In practice it is read as a risk document. Three audiences read it closely:",{"type":31,"tag":400,"props":2003,"children":2004},{},[2005,2015,2025],{"type":31,"tag":327,"props":2006,"children":2007},{},[2008,2013],{"type":31,"tag":74,"props":2009,"children":2010},{},[2011],{"type":37,"value":2012},"Investors",{"type":37,"value":2014}," want to see that the team is locked in and that the insider share is not so large that unlocks will flood the market.",{"type":31,"tag":327,"props":2016,"children":2017},{},[2018,2023],{"type":31,"tag":74,"props":2019,"children":2020},{},[2021],{"type":37,"value":2022},"Exchanges",{"type":37,"value":2024}," check how much supply is liquid at listing and who controls it, because concentrated or fully unlocked supply is a listing risk.",{"type":31,"tag":327,"props":2026,"children":2027},{},[2028,2033],{"type":31,"tag":74,"props":2029,"children":2030},{},[2031],{"type":37,"value":2032},"Your community",{"type":37,"value":2034}," uses it to judge whether the project is fair. A table that gives most of the supply to a few wallets reads as extractive, whatever the roadmap says.",{"type":31,"tag":40,"props":2036,"children":2037},{},[2038,2040,2046],{"type":37,"value":2039},"The allocation is also the starting point for your float, your unlock schedule and your market maker's inventory. A mistake here propagates into everything covered in ",{"type":31,"tag":51,"props":2041,"children":2043},{"href":2042},"/blog/tokenomics-design-guide",[2044],{"type":37,"value":2045},"our tokenomics design guide",{"type":37,"value":489},{"type":31,"tag":32,"props":2048,"children":2050},{"id":2049},"the-five-buckets-and-what-each-one-is-for",[2051],{"type":37,"value":2052},"The Five Buckets and What Each One Is For",{"type":31,"tag":388,"props":2054,"children":2056},{"id":2055},"team-and-advisors",[2057],{"type":37,"value":2058},"Team and advisors",{"type":31,"tag":40,"props":2060,"children":2061},{},[2062],{"type":37,"value":2063},"This bucket compensates the people building the project. Its job is retention and alignment, so its structure matters more than its size. A cliff followed by linear vesting is the common pattern, with a total duration long enough that the team is still building when the last tokens unlock. Advisors typically sit on shorter schedules than founders, and their share should be modest and tied to actual contribution.",{"type":31,"tag":388,"props":2065,"children":2067},{"id":2066},"investors",[2068],{"type":37,"value":2012},{"type":31,"tag":40,"props":2070,"children":2071},{},[2072,2074,2080],{"type":37,"value":2073},"This covers seed, private and strategic rounds. Size follows from how much you raised and at what valuation: raising more at a lower valuation means selling a larger share of supply. Every round needs its own price, vesting and cliff terms recorded, because your unlock calendar is built from them. If your fundraising structure is still open, ",{"type":31,"tag":51,"props":2075,"children":2077},{"href":2076},"/blog/saft-vs-token-warrant",[2078],{"type":37,"value":2079},"SAFT versus token warrant",{"type":37,"value":2081}," affects when investors actually receive tokens.",{"type":31,"tag":388,"props":2083,"children":2085},{"id":2084},"community-and-ecosystem",[2086],{"type":37,"value":2087},"Community and ecosystem",{"type":31,"tag":40,"props":2089,"children":2090},{},[2091],{"type":37,"value":2092},"This is the largest conceptual bucket and the most commonly mismanaged. It usually funds airdrops, rewards, grants, liquidity incentives, partnerships and future contributors. The mistake is to label a large pool \"community\" without a plan for how it is released. A big, vaguely defined community bucket is both a fairness claim and a future sell-pressure overhang. Define sub-allocations and an emission schedule so the bucket does not look like a second treasury.",{"type":31,"tag":388,"props":2094,"children":2096},{"id":2095},"treasury-and-foundation",[2097],{"type":37,"value":2098},"Treasury and foundation",{"type":31,"tag":40,"props":2100,"children":2101},{},[2102,2104,2110,2112,2116],{"type":37,"value":2103},"This funds operations, development and runway after the raise is spent, and it often backs buybacks or strategic reserves. It should have clear governance: who can move it, under what limits and with what reporting. Where it sits legally is its own decision, which we compare in ",{"type":31,"tag":51,"props":2105,"children":2107},{"href":2106},"/blog/token-foundation-jurisdiction-comparison",[2108],{"type":37,"value":2109},"our guide to token foundation jurisdictions",{"type":37,"value":2111},". For policy options, see ",{"type":31,"tag":51,"props":2113,"children":2114},{"href":1669},[2115],{"type":37,"value":1672},{"type":37,"value":489},{"type":31,"tag":388,"props":2118,"children":2120},{"id":2119},"launch-liquidity-and-market-making",[2121],{"type":37,"value":2122},"Launch liquidity and market making",{"type":31,"tag":40,"props":2124,"children":2125},{},[2126,2128,2134],{"type":37,"value":2127},"This bucket is small in percentage terms but critical at launch. It funds market maker inventory, DEX pool seeding and exchange-specific needs. If you leave it out of the table, you will end up lending tokens from the treasury or team allocation on short notice, which is both messy and visible on-chain. Sizing it is covered in ",{"type":31,"tag":51,"props":2129,"children":2131},{"href":2130},"/blog/how-much-liquidity-does-a-token-need-at-launch",[2132],{"type":37,"value":2133},"how much liquidity a token needs at launch",{"type":37,"value":489},{"type":31,"tag":32,"props":2136,"children":2138},{"id":2137},"a-decision-framework-for-the-split",[2139],{"type":37,"value":2140},"A Decision Framework for the Split",{"type":31,"tag":40,"props":2142,"children":2143},{},[2144],{"type":37,"value":2145},"Rather than start from a template, work through these four decisions in order.",{"type":31,"tag":388,"props":2147,"children":2149},{"id":2148},"step-1-decide-your-target-circulating-supply-at-tge",[2150],{"type":37,"value":2151},"Step 1: Decide your target circulating supply at TGE",{"type":31,"tag":40,"props":2153,"children":2154},{},[2155,2157,2162],{"type":37,"value":2156},"Pick the float you want on day one first, then work backwards. A low float can make a token easy to move and prone to sharp swings; a high float demands more liquidity to absorb it. ",{"type":31,"tag":51,"props":2158,"children":2159},{"href":53},[2160],{"type":37,"value":2161},"Low float versus high float launches",{"type":37,"value":2163}," lays out the trade-off. Your float is the sum of everything unlocked at TGE across buckets, so every bucket's TGE unlock should be a deliberate number.",{"type":31,"tag":388,"props":2165,"children":2167},{"id":2166},"step-2-cap-the-insider-share",[2168],{"type":37,"value":2169},"Step 2: Cap the insider share",{"type":31,"tag":40,"props":2171,"children":2172},{},[2173],{"type":37,"value":2174},"Add team, advisors and investors together. This is the share of supply controlled by people with a cost basis far below the market price and a reason to sell. There is no magic threshold, but a combined insider share that exceeds what the public holds invites scrutiny, especially if the vesting is short. If your numbers push the insider share high, extend vesting rather than shrinking the number, and be ready to explain why.",{"type":31,"tag":388,"props":2176,"children":2178},{"id":2177},"step-3-size-the-community-bucket-to-what-you-can-actually-deploy",[2179],{"type":37,"value":2180},"Step 3: Size the community bucket to what you can actually deploy",{"type":31,"tag":40,"props":2182,"children":2183},{},[2184,2186,2192],{"type":37,"value":2185},"Ask how many tokens you can responsibly distribute over the next three to four years through airdrops, rewards and grants. If you cannot write down a plan for a quarter of the community bucket, it is too large or the plan is missing. Programmes such as ",{"type":31,"tag":51,"props":2187,"children":2189},{"href":2188},"/blog/points-program-vs-airdrop",[2190],{"type":37,"value":2191},"a points programme versus an airdrop",{"type":37,"value":2193}," have different supply needs, so decide your distribution mechanics before locking the percentage.",{"type":31,"tag":388,"props":2195,"children":2197},{"id":2196},"step-4-reserve-for-runway-and-liquidity",[2198],{"type":37,"value":2199},"Step 4: Reserve for runway and liquidity",{"type":31,"tag":40,"props":2201,"children":2202},{},[2203],{"type":37,"value":2204},"Estimate runway in months, convert it to tokens at a conservative price, and make sure the treasury covers it without relying on the token price rising. Add the liquidity reserve on top. Whatever is left is the headroom you have for the other buckets.",{"type":31,"tag":32,"props":2206,"children":2208},{"id":2207},"illustrative-comparison-of-allocation-approaches",[2209],{"type":37,"value":2210},"Illustrative Comparison of Allocation Approaches",{"type":31,"tag":40,"props":2212,"children":2213},{},[2214],{"type":37,"value":2215},"The table shows how emphasis shifts by project type. These are descriptions of tendencies, not benchmarks.",{"type":31,"tag":118,"props":2217,"children":2218},{},[2219,2240],{"type":31,"tag":122,"props":2220,"children":2221},{},[2222],{"type":31,"tag":126,"props":2223,"children":2224},{},[2225,2230,2235],{"type":31,"tag":130,"props":2226,"children":2227},{},[2228],{"type":37,"value":2229},"Project type",{"type":31,"tag":130,"props":2231,"children":2232},{},[2233],{"type":37,"value":2234},"Where the weight sits",{"type":31,"tag":130,"props":2236,"children":2237},{},[2238],{"type":37,"value":2239},"Main risk",{"type":31,"tag":146,"props":2241,"children":2242},{},[2243,2261,2279,2297],{"type":31,"tag":126,"props":2244,"children":2245},{},[2246,2251,2256],{"type":31,"tag":153,"props":2247,"children":2248},{},[2249],{"type":37,"value":2250},"VC-backed protocol",{"type":31,"tag":153,"props":2252,"children":2253},{},[2254],{"type":37,"value":2255},"Investors and team are large; long vesting",{"type":31,"tag":153,"props":2257,"children":2258},{},[2259],{"type":37,"value":2260},"Unlock overhang, insider concentration",{"type":31,"tag":126,"props":2262,"children":2263},{},[2264,2269,2274],{"type":31,"tag":153,"props":2265,"children":2266},{},[2267],{"type":37,"value":2268},"Community-first launch",{"type":31,"tag":153,"props":2270,"children":2271},{},[2272],{"type":37,"value":2273},"Community and ecosystem dominate; small team share",{"type":31,"tag":153,"props":2275,"children":2276},{},[2277],{"type":37,"value":2278},"Funding runway, weak treasury",{"type":31,"tag":126,"props":2280,"children":2281},{},[2282,2287,2292],{"type":31,"tag":153,"props":2283,"children":2284},{},[2285],{"type":37,"value":2286},"Utility or app token",{"type":31,"tag":153,"props":2288,"children":2289},{},[2290],{"type":37,"value":2291},"Ecosystem rewards and treasury",{"type":31,"tag":153,"props":2293,"children":2294},{},[2295],{"type":37,"value":2296},"Inflation from rewards outpacing demand",{"type":31,"tag":126,"props":2298,"children":2299},{},[2300,2305,2310],{"type":31,"tag":153,"props":2301,"children":2302},{},[2303],{"type":37,"value":2304},"Infrastructure network",{"type":31,"tag":153,"props":2306,"children":2307},{},[2308],{"type":37,"value":2309},"Network incentives and validators",{"type":31,"tag":153,"props":2311,"children":2312},{},[2313],{"type":37,"value":2314},"Emission design, security budget",{"type":31,"tag":32,"props":2316,"children":2318},{"id":2317},"common-allocation-mistakes",[2319],{"type":37,"value":2320},"Common Allocation Mistakes",{"type":31,"tag":400,"props":2322,"children":2323},{},[2324,2334,2344,2354,2371,2381],{"type":31,"tag":327,"props":2325,"children":2326},{},[2327,2332],{"type":31,"tag":74,"props":2328,"children":2329},{},[2330],{"type":37,"value":2331},"No separate liquidity line.",{"type":37,"value":2333}," Market making inventory ends up borrowed from other buckets, muddying the table.",{"type":31,"tag":327,"props":2335,"children":2336},{},[2337,2342],{"type":31,"tag":74,"props":2338,"children":2339},{},[2340],{"type":37,"value":2341},"Giant undefined ecosystem pool.",{"type":37,"value":2343}," It looks like a hidden insider reserve.",{"type":31,"tag":327,"props":2345,"children":2346},{},[2347,2352],{"type":31,"tag":74,"props":2348,"children":2349},{},[2350],{"type":37,"value":2351},"Identical vesting for every group.",{"type":37,"value":2353}," Different roles warrant different cliffs and durations.",{"type":31,"tag":327,"props":2355,"children":2356},{},[2357,2362,2364,2369],{"type":31,"tag":74,"props":2358,"children":2359},{},[2360],{"type":37,"value":2361},"Ignoring the combined unlock calendar.",{"type":37,"value":2363}," Individually sensible buckets can unlock in the same month. Model them together using ",{"type":31,"tag":51,"props":2365,"children":2366},{"href":484},[2367],{"type":37,"value":2368},"token unlock management",{"type":37,"value":2370}," practices.",{"type":31,"tag":327,"props":2372,"children":2373},{},[2374,2379],{"type":31,"tag":74,"props":2375,"children":2376},{},[2377],{"type":37,"value":2378},"Rounding for aesthetics.",{"type":37,"value":2380}," Choosing round percentages because they look tidy is not a reason. Each number should trace to a purpose.",{"type":31,"tag":327,"props":2382,"children":2383},{},[2384,2389],{"type":31,"tag":74,"props":2385,"children":2386},{},[2387],{"type":37,"value":2388},"Changing the table after publishing.",{"type":37,"value":2390}," Revising allocations after investors and exchanges have reviewed them damages trust more than any imperfection in the original.",{"type":31,"tag":32,"props":2392,"children":2394},{"id":2393},"allocation-review-checklist",[2395],{"type":37,"value":2396},"Allocation Review Checklist",{"type":31,"tag":400,"props":2398,"children":2401},{"className":2399},[2400],"contains-task-list",[2402,2415,2424,2433,2442,2451,2460,2469,2478],{"type":31,"tag":327,"props":2403,"children":2406},{"className":2404},[2405],"task-list-item",[2407,2413],{"type":31,"tag":2408,"props":2409,"children":2412},"input",{"disabled":2410,"type":2411},true,"checkbox",[],{"type":37,"value":2414}," Every bucket has a one-sentence purpose",{"type":31,"tag":327,"props":2416,"children":2418},{"className":2417},[2405],[2419,2422],{"type":31,"tag":2408,"props":2420,"children":2421},{"disabled":2410,"type":2411},[],{"type":37,"value":2423}," Every bucket has a vesting schedule recorded, including cliff and TGE unlock",{"type":31,"tag":327,"props":2425,"children":2427},{"className":2426},[2405],[2428,2431],{"type":31,"tag":2408,"props":2429,"children":2430},{"disabled":2410,"type":2411},[],{"type":37,"value":2432}," Circulating supply at TGE calculated and matches your launch plan",{"type":31,"tag":327,"props":2434,"children":2436},{"className":2435},[2405],[2437,2440],{"type":31,"tag":2408,"props":2438,"children":2439},{"disabled":2410,"type":2411},[],{"type":37,"value":2441}," Combined insider share calculated and defensible",{"type":31,"tag":327,"props":2443,"children":2445},{"className":2444},[2405],[2446,2449],{"type":31,"tag":2408,"props":2447,"children":2448},{"disabled":2410,"type":2411},[],{"type":37,"value":2450}," Community bucket has sub-allocations and a release plan",{"type":31,"tag":327,"props":2452,"children":2454},{"className":2453},[2405],[2455,2458],{"type":31,"tag":2408,"props":2456,"children":2457},{"disabled":2410,"type":2411},[],{"type":37,"value":2459}," Treasury covers runway without depending on token price",{"type":31,"tag":327,"props":2461,"children":2463},{"className":2462},[2405],[2464,2467],{"type":31,"tag":2408,"props":2465,"children":2466},{"disabled":2410,"type":2411},[],{"type":37,"value":2468}," Launch liquidity and market making inventory budgeted explicitly",{"type":31,"tag":327,"props":2470,"children":2472},{"className":2471},[2405],[2473,2476],{"type":31,"tag":2408,"props":2474,"children":2475},{"disabled":2410,"type":2411},[],{"type":37,"value":2477}," Combined monthly unlock calendar modelled for at least two years",{"type":31,"tag":327,"props":2479,"children":2481},{"className":2480},[2405],[2482,2485],{"type":31,"tag":2408,"props":2483,"children":2484},{"disabled":2410,"type":2411},[],{"type":37,"value":2486}," Wallet addresses, multisig signers and lockups documented",{"type":31,"tag":32,"props":2488,"children":2490},{"id":2489},"allocation-is-a-launch-dependency",[2491],{"type":37,"value":2492},"Allocation Is a Launch Dependency",{"type":31,"tag":40,"props":2494,"children":2495},{},[2496,2498,2503],{"type":37,"value":2497},"The allocation you publish becomes the base for your listing conversations, your market maker's inventory plan and your investors' expectations. Treat it as something to stress-test, not just to design. At Fibonacci Capital we review distribution tables against launch liquidity and unlock calendars so teams find the weak spots before an exchange or an investor does. If you want a second opinion on your split, ",{"type":31,"tag":51,"props":2499,"children":2500},{"href":1496},[2501],{"type":37,"value":2502},"talk to us about your pre-TGE plan",{"type":37,"value":489},{"title":7,"searchDepth":639,"depth":639,"links":2505},[2506,2507,2514,2520,2521,2522,2523],{"id":1993,"depth":639,"text":1996},{"id":2049,"depth":639,"text":2052,"children":2508},[2509,2510,2511,2512,2513],{"id":2055,"depth":647,"text":2058},{"id":2066,"depth":647,"text":2012},{"id":2084,"depth":647,"text":2087},{"id":2095,"depth":647,"text":2098},{"id":2119,"depth":647,"text":2122},{"id":2137,"depth":639,"text":2140,"children":2515},[2516,2517,2518,2519],{"id":2148,"depth":647,"text":2151},{"id":2166,"depth":647,"text":2169},{"id":2177,"depth":647,"text":2180},{"id":2196,"depth":647,"text":2199},{"id":2207,"depth":639,"text":2210},{"id":2317,"depth":639,"text":2320},{"id":2393,"depth":639,"text":2396},{"id":2489,"depth":639,"text":2492},"content:blog:token-allocation-breakdown-team-investors-community.md","blog/token-allocation-breakdown-team-investors-community.md","blog/token-allocation-breakdown-team-investors-community",1793150254602]