There has been a lack of consensus both internally and in our community about how we should calculate POKT’s circulating supply. This stems from a lack of consensus in the wider crypto industry about whether staking lock-ups should be included in the circulating supply. Until now, our circulating supply endpoint has been subtracting staked POKT from the total supply, even though many in our community disagree with this methodology.
Now that we are listed on several exchanges and we have a live price listing on CoinGecko (with CoinMarketCap to come), it is important that we achieve consensus on the size of our circulating supply and thus our market cap.
To resolve this open question once and for all, we are updating our circulating supply endpoint. While this is not a formal governance proposal, since there’s nothing on-chain to change, we are posting this in the governance category of the forum to invite debate and build soft consensus.
Staked tokens will now be included in the circulating supply with one exception (Staked App Tokens, explained below) and we have compiled comprehensive data about treasuries and token lock-ups, which will be excluded from the circulating supply.
These are the accounts which hold all treasuries or contractually locked tokens:
- DAO Treasury: 6386713deb27b609daad5e2e32ee6591753e5f4e
- Employee Pool: 48d09634b4ca1ba8e7f6a2e70aace5c6f08580ab
- Pocket Network Inc Token Sale 1: 78efc41141dce053db497377de12bb04170b0a1e
- PNI Token Sale 2: 408d1421bd4bdab716bfce77f395195405fa0d1a
- Pocket Network Foundation Token Sale 1: 186afc505903e7c7aa97d5f7f1c555111e2ae2ce
- PNF Token Sale 2: 6c2e570489dd1362a450c0cdc0b658cc0c1fe1fa
- PNF Token Sale 3: 258f98b18dff36c58155caf6092f242760d40967
Once the changes in PUP-9 are implemented, we will also be excluding many of the current Staked App Tokens that are currently used for the Portal free tier, since the excess POKT freed up from these stakes will be returned to the Foundation treasury.
Keep in mind that this endpoint is a snapshot in time. It will tell us at any point in time how much is circulating but won’t tell us anything about the future unlock schedule. We aim to provide greater transparency on the full token unlock schedule in due course.
This definitive approach aligns with what we understand of CoinGecko’s preferred methodology, and CoinMarketCap is less strict, so we expect this endpoint to be accepted for our listings on those sites.