The circulating supply of cryptocurrencies consists of all coins or tokens that are publicly available in the market. The supply of a cryptocurrency can change with time. As an example, Bitcoin’s circulating supply will gradually increase until it reaches its maximum supply of 21 million coins. The gradual increase is due to the fact that mining generates new coins approximately every 10 minutes. By burning coins, such as the Ethereum through its EIP, the circulating supply is decreased permanently, causing coins to be removed from the market permanently.
LUNA’s circulating supply in the Terra ecosystem is shown in the following chart. On November 14th 2021, LUNA had a maximum of 812 million liquid tokens. With the correction of crypto currencies across all markets, the liquid supply dropped significantly in 2022. A minimum liquid supply of 305 million tokens was recorded on Feb 13th 2022.