Circulating supply refers to the number of tokens that are unlocked and not contractually restricted.

Liquid supply refers to the portion of circulating tokens that are actually available and willing to trade at current prices.

In practice, not all circulating tokens are liquid. Team members, long-term holders, stakers, or strategic investors may hold unlocked tokens but have no intention of selling. Conversely, airdrop recipients or short-term participants may represent a highly liquid float.

This distinction matters because price is determined by liquid supply versus active demand — not headline circulating figures. Markets react to tradable float, not theoretical availability.