What is the circulating supply of Syscoin (SYS) coin?

Circulating supply, excluding burned and locked coins, influences Syscoin's market capitalization and trading activity, with changes driven by coin burns, staking, and wallet activity.

Dec 23, 2024 at 10:11 am

Key Points:

• Understanding Circulating Supply in Cryptocurrency
• Calculation Methodology for Syscoin (SYS) Circulating Supply
• Verification of Circulating Supply through Block Explorers and Official Sources
• Factors Influencing Circulating Supply Changes
• Implications of Circulating Supply for Market Analysis and Trading

Understanding Circulating Supply in Cryptocurrency:

Circulating supply refers to the number of cryptocurrency units currently in active circulation within the market. It excludes coins that have been burned, locked in staking contracts, or held in wallets that have been lost or abandoned. Circulating supply is a crucial metric for assessing a cryptocurrency's market capitalization, liquidity, and trading activity.

Calculation Methodology for Syscoin (SYS) Circulating Supply:

Syscoin's circulating supply is calculated by subtracting the number of SYS coins held in locked staking contracts from the total supply of Syscoin. The total supply of SYS is fixed at 888,000,000 coins. Information on the number of coins locked in staking contracts can be obtained from official Syscoin sources or reputable block explorers.

Verification of Circulating Supply through Block Explorers and Official Sources:

To verify the circulating supply of Syscoin, one can use reputable block explorers such as SYS Explorer or Syscoin Platform Block Explorer. These websites allow users to track on-chain activity and access real-time data on the circulating supply. Additionally, official Syscoin sources, such as the Syscoin website or whitepaper, provide information on the circulating supply.

Factors Influencing Circulating Supply Changes:

The circulating supply of Syscoin can change over time due to various factors:

• Coin Burn: Syscoin uses a coin burn mechanism to reduce the total supply over time. A certain number of SYS coins are burned during every block production.
• Locking in Staking Contracts: Users can lock their SYS coins in staking contracts to earn rewards. This temporarily removes the coins from circulation, reducing the circulating supply.
• Unlocking from Staking Contracts: When users withdraw their SYS coins from staking contracts, the coins re-enter circulation, increasing the circulating supply.
• Lost or Abandoned Wallets: Coins held in wallets that are lost or abandoned effectively reduce the circulating supply.

Implications of Circulating Supply for Market Analysis and Trading:

Circulating supply is a key factor in determining the market capitalization of Syscoin. The market cap is calculated by multiplying the circulating supply by the current market price of SYS. A higher circulating supply generally results in a lower market price for individual coins.

Traders and investors use circulating supply to evaluate the liquidity of a cryptocurrency. A higher circulating supply typically indicates greater liquidity and trading volume, making it easier to buy and sell SYS coins.

FAQs:

1. What is the current circulating supply of Syscoin (SYS)?

As of [date], the circulating supply of Syscoin (SYS) is approximately X SYS.

2. How can I verify the circulating supply of SYS?

You can verify the circulating supply of SYS by checking reputable block explorers, such as SYS Explorer. Alternatively, you can refer to official Syscoin sources, such as the Syscoin website or whitepaper.

3. What factors can influence changes in the circulating supply of SYS?

Factors that can influence changes in the circulating supply of SYS include coin burns, locking of coins in staking contracts, unlocking of coins from staking contracts, and the loss or abandonment of wallets.

4. How does the circulating supply of SYS affect the market capitalization and liquidity of the cryptocurrency?

The circulating supply is directly related to the market capitalization and liquidity of SYS. A higher circulating supply generally results in a lower market price per coin and greater liquidity.