Total circulation of Prom (PROM) coins

The total circulation of PROM coins, measured through network explorers or the Prom Network API, plays a pivotal role in determining the token's market capitalization and its availability within the market.

Dec 18, 2024 at 05:00 pm

Key Points:

• Understanding Prom (PROM) Coins
• Measuring the Total Circulation of PROM Coins
• Methods for Calculating PROM Circulation
• Factors Affecting PROM's Circulating Supply
• Impact of Circulating Supply on Market Capitalization

Understanding Prom (PROM) Coins:

Prom Coin (PROM) is a utility token that powers the Prom Network, a decentralized platform for connecting creators with consumers. PROM coins are designed to:

• Enable payments within the Prom ecosystem
• Reward creators for their contributions
• Support the growth and development of the Prom Network

Measuring the Total Circulation of PROM Coins:

The total circulation of PROM coins refers to the number of PROM coins currently in circulation within the market. This metric provides insights into the supply and demand dynamics influencing the token's value.

Methods for Calculating PROM Circulation:

• Network Explorer: Blockchain explorers like Etherscan provide real-time data on the total PROM supply in circulation.
• Platform API: The Prom Network API offers programmatic access to information about the circulation supply.
• Contract Audit: A detailed contract audit can confirm the total circulation supply based on the token's smart contract code.

Factors Affecting PROM's Circulating Supply:

• Token Distribution: The initial distribution of PROM coins during token sales or community distributions.
• Token Burning: The process of permanently removing PROM coins from circulation.
• Staking: Tokens that are staked for network rewards are temporarily removed from circulation.
• Lost or Inaccessible Tokens: PROM coins that are lost, stolen, or inaccessible due to technical issues.

Impact of Circulating Supply on Market Capitalization:

The total circulation of PROM coins plays a role in determining the token's market capitalization, which is calculated as:

Market Capitalization = Total Circulation Supply * Current Market Price

Therefore, changes in the circulating supply can directly impact the market capitalization of PROM.

FAQs:

Q1: What's the official supply of PROM coins?

A1: The maximum supply of PROM coins set by the Prom Network is 100 million PROM.

Q2: How many PROM coins are in circulation?

A2: The total circulation of PROM coins can vary over time. Refer to network explorers or the Prom Network API for the most up-to-date information.

Q3: What factors could increase the circulating supply of PROM?

A3: Factors like token distribution events or a decrease in token burning could increase the circulating supply.

Q4: What events could reduce the circulating supply of PROM?

A4: Token burns, staking, or lost/inaccessible tokens can reduce the circulating supply.

Q5: How does the circulating supply affect the price of PROM coins?

A5: While the circulating supply is a factor, the price of PROM coins is determined by multiple factors, including market demand, supply and demand dynamics, and network utility.