Definition
Maximum supply, or max supply, is an upper limit on the quantity of a crypto asset under the relevant protocol or contract rules. Some assets have a defined cap; others use continuing issuance without a fixed maximum. An unknown or uncapped maximum should not be treated as zero.
How It Relates to Other Measures
Total supply counts units that currently exist, while circulating supply estimates units available in the market under a chosen methodology. Max supply concerns a limit rather than present availability. Future issuance may increase total supply toward the cap, and burns can reduce existing supply without necessarily changing the permitted maximum.
Key Considerations
Check whether the cap is enforced by code, can be changed through an upgrade or governance process, or is merely a project statement. A low maximum supply does not alone imply scarcity relative to demand, fair distribution or high value. Unit denomination also affects the headline number. Comparing assets requires considering issuance timing, ownership concentration and actual usage rather than only comparing their maximum token counts.