SOL token fundamentals: supply, unlocks, fees and valuation

SOL token fundamentals

Measured 2026-10-27T01:15:23+00:00 UTC. Measurements, not forecasts: a multiple is a level, not a direction.

Supply and valuation

Circulating	589.87m (92.7% of max)
Max supply	636.52m
Supply source	CoinGecko (AGGREGATOR ONLY — no chain reading available)
Market cap (circulating)	$59.52bn
Fully diluted value	$64.23bn
Float vs FDV	MC/FDV 0.9267 · gap $4.71bn not yet in the float
FDV basis	mark price $100.91 × max supply 636.52m (CoinGecko)
Supply-basis gap	DefiLlama's documented vesting model totals 722.18m tokens through 2031-06-12, +13.5% versus the max supply used for FDV; on that total, FDV would be $72.88bn. Two sources, two totals; both are printed and neither is a forecast.

Forward supply and unlocks

Forward supply (chain)	UNVERIFIED futureEmissions is an on-chain field and this token has no Hyperliquid spot listing
Next scheduled unlock	2026-11-11: linear, to staking DefiLlama's documented vesting model
Scheduled, next 30 days	851.30k tokens (0.14% of circulating, $85.90m at mark); insider/investor class 0.0% DefiLlama's documented vesting model
Scheduled, next 90 days	4.22m tokens (0.72% of circulating, $425.86m at mark); insider/investor class 0.0% DefiLlama's documented vesting model
Scheduled, next 365 days	18.75m tokens; insider/investor class 0.0%; documented schedule ends 2031-06-12 DefiLlama's documented vesting model
Model note	Past staking rewards are fetched from Dune, the rest is forecasted after the last Dune data point at an 8% initial rate reducing by 15% per year until 1.5% terminal rate

Fees and revenue (protocol: solana)

Fees 24h / 30d / 1y	$434.09k / $24.20m / $236.52m
30-day run-rate vs 1y	$294.44m annualised vs $236.52m actual (+24.5%)
Revenue 1y (kept by protocol)	$26.62m (11.3% of fees)
Holders revenue 1y	$26.62m (11.3% of fees)

Valuation vs fees and revenue (trailing 1y)

MC / fees · FDV / fees	251.7x · 271.6x = $59.52bn / $236.52m and $64.23bn / $236.52m
MC / revenue · FDV / revenue	2,236.3x · 2,413.2x = $59.52bn / $26.62m and $64.23bn / $26.62m

Where the sources disagree

• Fee run-rate: the trailing 30 days annualise +24.5% versus the trailing year ($294,439,429 vs $236,518,569). Stated as a measurement; no forecast is attached.

Field states: emission_30d PASS · emission_90d PASS · fees PASS · forward_supply UNVERIFIED · price_to_fees PASS · price_to_revenue PASS · revenue PASS · supply PASS · unlock_schedule PASS · valuation PASS. Sources: Hyperliquid chain (tokenDetails), DefiLlama (fees, revenue, unlocks page), CoinGecko (cross-check).

How to read this page

Every figure is a measurement taken at the time printed above the tables. None of them is a forecast, and a multiple is a level, not a direction. Where a field could not be read, the table says so and prints the reason instead of a number.

Fully diluted value multiplies the mark price by one supply total, and the sources do not always agree on that total. The FDV basis row names the total used. When the vesting model documents a different total, the gap row prints it. When that total is larger than the max, the row also prints the FDV it would give; when it is smaller, the model covers only part of the supply and no second FDV is computed.

Scheduled unlocks come from a published vesting model and are dated by that model. Fees and revenue are trailing figures. Supply is cross-checked across sources, and where two sources disagree the disagreement is listed rather than resolved quietly.

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