How holder counts are verified

Figures marked “✓ Verified supply” on the issuer dashboard are the ones that passed the check below. Where the check does not pass, we do not publish the number.

✓ Verified supply Σ (balance of every address) = totalSupply

1. The supply invariant (Σ = totalSupply)

We replay every transfer event for the token from its first block and rebuild the balance of each address. The sum of those balances is then compared against the total supply reported by the token contract. A single missed or double-counted transfer would break the equality, so a match is a self-check that every holder has been accounted for.

2. How this differs from an estimate

Holder counts shown by general-purpose explorers are often approximations, limited to a fixed number of top holders or constrained by indexing range and refresh frequency. The figures here come from a full-history balance ledger and reflect the exact count at the moment the check above passed.

3. If the check does not pass, we publish nothing

A chain is not treated as verified when the sums do not match, when the full history has not finished loading, or when more than 24 hours have passed since the last successful check. Its holder count is then excluded from the badge. We would rather show no number than an uncertain one.

4. Refresh cycle

The balance ledger keeps ingesting new blocks continuously, and the aggregated issuer dashboard snapshot is rebuilt roughly every three hours. The badge tooltip shows the last verification time per chain (JST).

5. Definitions (circulating supply, holders, …)

Circulating supply and holder counts differ between sites mostly because of what is subtracted and what is counted. The issuer dashboard uses the definitions below.

Total supply: The sum of totalSupply returned by the token contract on every supported chain — everything that exists on-chain.
Circulating: Total supply minus the balances of the issuer's operational wallets (issue/redeem wallets we have confirmed) — what is out in the market. For trust-type tokens (trust beneficiary rights issued by a trustee), the deposits managed by the trustee are themselves the market balance, so total supply is used as circulating.
Issuer-held: The combined balance of the issuer's operational wallets: inventory before issuance and amounts being redeemed, not in users' hands.
Cumulative minted: Everything minted on-chain so far. It includes mints into the issuer's own inventory, so it does not match the issuer's published “cumulative issuance” (issued to users).
Cumulative burned: Everything burned on-chain so far. On chains observed over their full history, cumulative minted − cumulative burned equals total supply.
Holders: The number of addresses with a non-zero balance in a ledger rebuilt from full history, counted only on chains where balances sum exactly to total supply. One person can hold several addresses and an exchange can hold many users' funds in one, so this is not a head count.

This page explains how to read the figures on the public dashboard. It is not investment advice or legal advice.