RAY Token

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Raydium: RAY Allocation

Raydium: Initial RAY Vesting Schedule

Raydium: RAY Circulating Supply

Raydium: RAY Holders

Raydium: CEX Holdings

Raydium: Circulating %

The **Advisors** category currently is an unallocated amount.

Total Supply: Is used to calculate the **Fully Diluted Valuation (FDV)** and is the technical limit to the number of tokens that can be issued by a token contract or protocol. Total Supply can be infinite if there is no supply cap.

Issued Supply: Is used to calculate the **Issued Market Cap** and is the subset of total supply that has been allocated to groups beyond the reach of token holder governance. This includes team, investor, foundation, and user/airdrop allocations. These tokens typically have transfer restrictions or vesting schedules associated to them, but they are counted in full as part of issued supply from the moment the tokens are issued to the responsible party. The issued supply represents the maximum number of tokens that can be in circulation if all outstanding rights to acquire tokens (vesting schedules) have lapsed.

Unissued Supply: The remaining subset total supply that is authorized to be issued but has not yet been issued. Thus, *Total Supply = Issued + Unissued*. Before issuance occurs, unissued tokens are generally minted into the DAO treasury and controlled via governance voting. However, the alternative and functionally identical setup can occur if the DAO controls the minting function on the token contract. Both situations are identical for the sake of counting supply, where the tokens reside does not matter. What matters is if the tokens have been issued e.g. sold to investors, paid to employees, rewarded to early users, or similar.

Circulating Supply: Is used to calculate the **Current Market Cap** and is the subset of Issued Supply that does not have any transfer restrictions and token holders have complete freedom over. Thus, *Issued Supply = Circulating + Restricted* where Restricted Supply reflects the issued tokens that have transfer restrictions such as vesting schedules. The circulating supply can be forecasted into the future given the vesting schedule on Restricted Supply is known. The T+1 Supply reflects the number of tokens that will be circulating one year from the current date and is used to calculate the **T+1 Market Cap**.

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Raydium: RAY Token

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