What Coinmarketcap excludes from circulating supply:

Assets that are locked (via smart contracts or legal contracts), allocated to the team or private investors, or not able to be sold on the public market, cannot affect the price and thus should not be allowed to affect the market capitalization as well. Examples include, but are not limited to, the following:

Private sale - Assets that were earmarked for a subset of investors and not available to the public through open bidding/balloting.

Ecosystem/Bounty/Marketing/Operations/Airdrops - Assets that have been earmarked for activities to grow the project’s ecosystem. For example, airdropped tokens are generally excluded from circulating supply unless the project is able to furnish evidence that there was active demand for the asset (e.g. users had registered/KYCed for the airdrop).

Masternodes/Staking - Assets that have been ‘staked’ in masternodes are evaluated on a case-by-case basis - Factors such as masternode distribution, ownership, and lock-up periods are also taken into consideration.

Team/Foundation/Treasury/Escrow - Assets held by project members or major ecosystem participants. Such holdings can constitute a significant percentage of the supply.

Introduction

Marketcap generally speaking is the circulating supply times by the current price of the asset, the marketcap of a crypto asset is used to see how an asset is performing relative to the crypto market. The most used measure for analysing crypto assets is Coinmarketcap so I will be taking a look at their definition of marketcap in this dashboard.

Conclusion

I included assets that have been staked or that were liquid and removed wallets that were associated with the following:

Luna Foundation Guard, TerraForm Labs, Account: Luna Incentives Distribution, Core Module: Oracle Rewards, Core Module: Account Distribution, Core Module Account: Not Bonded Tokens Pool. In an attempt to ensure only wallets and contracts where Luna is circulating publicly are in my results.

My Methodology

I won't be looking at the full diluted marketcap which is inclusive of all assets, even those not available to the public. While looking at Coinmarketcap I noticed that they have contact with Terra and because of this can gain a more accurate understanding of what is and isn't circulating. I have done what research I can to replicate this in my results.

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