XPL token fundamentals: supply, unlocks, fees and valuation

XPL token fundamentals

Measured 2026-10-27T01:15:54+00:00 UTC. Measurements, not forecasts: a multiple is a level, not a direction.

Supply and valuation

Circulating	4.76bn (47.6% of max)
Max supply	10.00bn
Supply source	CoinGecko (AGGREGATOR ONLY — no chain reading available)
Market cap (circulating)	$346.82m
Fully diluted value	$728.45m
Float vs FDV	MC/FDV 0.4761 · gap $381.63m not yet in the float
FDV basis	mark price $0.07 × max supply 10.00bn (CoinGecko)

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	2026-11-25: 88.89m tokens, cliff, to ecosystem DefiLlama's documented vesting model
Scheduled, next 30 days	227.78m tokens (4.78% of circulating, $16.59m at mark); insider/investor class 61.0% DefiLlama's documented vesting model
Scheduled, next 90 days	683.33m tokens (14.35% of circulating, $49.78m at mark); insider/investor class 61.0% DefiLlama's documented vesting model
Scheduled, next 365 days	2.73bn tokens; insider/investor class 61.0%; documented schedule ends 2028-09-25 DefiLlama's documented vesting model
Model note	Public Sale tokens for US purchasers have a 12-month lockup, but are shown here as fully unlocked at TGE for simplicity

Fees and revenue (protocol: n/a)

Fees	UNVERIFIED could not resolve XPL to a DefiLlama protocol: 1 symbol candidate(s), 1 with fees, 0 distinct parent(s) — refusing to guess which protocol's revenue belongs to XPL
Revenue	UNVERIFIED revenue is read from the same protocol slug as fees, and fees are UNVERIFIED

Valuation vs fees and revenue (trailing 1y)

Price / fees	UNVERIFIED needs both valuation (PASS) and 1-year fees (UNVERIFIED) — a price-to-fees figure with one leg unread is arithmetic, not a measurement
Price / revenue	UNVERIFIED needs both valuation (PASS) and 1-year revenue (UNVERIFIED)

Field states: emission_30d PASS · emission_90d PASS · fees UNVERIFIED · forward_supply UNVERIFIED · price_to_fees UNVERIFIED · price_to_revenue UNVERIFIED · revenue UNVERIFIED · 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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