NIL: Free Float Market Cap
Shown as its Apr–Jun 2025 sample; the latest readings and full history are included with Plus.
The value of the NIL that can realistically change hands: price x free float.
Why use it. Market cap also counts coins that will probably never trade: lost coins, coins unmoved for a decade and the project's own holdings. Free float value is the part of the market cap the market actually prices. How to read it. A widening gap to Market Cap means more of the supply is locked away, dormant or held back; a narrowing gap means it is coming back into reach of the market.
Calculation. Price x free float, where free float is the circulating supply less the balances of the project's own wallets, the addresses its issuer discloses (treasury, vesting and ecosystem funds), read on our own Ethereum node. Supply from CryptoKeyhole's own Ethereum node (Nillion's Circulating Supply and Total Supply chart), price from CryptoKeyhole's own USD index of public exchange markets. One value per UTC day, at the day's close; the latest complete day appears once our nodes have published it.