Max Supply

Max supply is the maximum number of units of a cryptoasset that can exist according to its protocol or economic model.

Not every cryptoasset has a fixed maximum supply. Some protocols impose a hard limit, while others allow unlimited or conditionally limited issuance.

Max supply and other supply metrics

Circulating supply measures the amount in circulation, while total supply measures the existing supply according to a defined methodology. Max supply represents a potential upper limit.

If max supply is 21 million, this means that, while the relevant rules remain in place, the protocol is designed not to create more than that amount. Protocol upgrades or governance mechanisms can affect such rules in some systems.

Why max supply matters

The supply cap is one of the parameters of an asset’s tokenomics. A low maximum supply by itself does not guarantee a high market value. Economic outcomes also depend on demand, distribution, utility, and liquidity.