After an ICO, the circulating supply (like you can see on https://coinmarketcap.com/currencies/bancor/) is what was sold in crowdsale?

I assume founder, reserve, bounty tokens are not included in the circulating supply? Once a founder sells his tokens are they then added to the circulating supply?

Related to this are those founder & reserve tokens also created during ICO or afterwards when they decide to use them?

1 Answer 1


Not 100% on the technical definitions of Circulating Supply vs Total Supply, but I would believe that any tokens that are NOT trade-able (for example restricted with a time lock), would add to the overall total but not the circulating supply.

Many ICOs will often reserve approx 30% from the total token supply for their development team's compensation. However, to instill trust in the community, they will often program a time delay (eg. 1-year) before those tokens are accessible and can then be added to the circulating supply value, regardless of IF/WHEN they decide to sell them.

Unless the ICO's contract contains a token minting/creating function, then yes, all tokens (_totalSupply) is created at the time of the ICO.

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