Free float
Why circulating supply is the wrong denominator for ODIN, and what to use instead.
Almost every metric that matters about ODIN divides by "how much ODIN is actually out there." Get that denominator wrong and everything built on it is wrong.
The problem with circulating supply#
Total supply is 500,000,000 and fixed. Circulating supply, as generally reported, subtracts whatever a data provider decided doesn't count. That's not sufficient here, for two reasons.
ODIN is locked in more than one way. Tokens at the dead address are obviously gone. Tokens stranded behind a curve floor are equally gone — un-buyable at any price — but sit in a pool reserve looking perfectly liquid. Tokens accruing to the locked pValhalla position are gone too, one wrapper deep.
Subtraction order matters. Computing float as circulating supply minus locked double-counts, because most circulating-supply figures already subtract some of what you're subtracting again.
The rule: float is computed from a float basis with locked ODIN removed once — never as circulating supply − locked.
This is the most common way to get ODIN's numbers wrong. It produces a float that's too small, making every ratio built on it too flattering.
What counts as unavailable#
Three categories, all permanent:
| Category | Mechanism | Verify by |
|---|---|---|
| Dead address | Direct transfer to an address with no key | Balance query |
| The sink | Accrual to the locked 33,333,333 pValhalla position | Pod state |
| Curve floors | k ÷ max_supply in each capped pair — un-buyable by arithmetic |
Reserves + counter-asset caps |
The third is the one people miss — and the one that grows on its own, because k only ratchets.
What doesn't count#
Pool reserves above the floor
ODIN in a pool above the arithmetic floor is buyable, so it's float. The locked portion is specifically k ÷ max_supply — not the whole reserve.
Tokens in wallets that don't move
A long-dormant wallet is a wallet whose owner hasn't traded, not a locked wallet. ODIN's accounting counts mechanisms, never intentions.
Unlisted pools and other-chain copies
ODIN in pools outside the locked sixteen — a few V3 positions, small V4 pools, an unrelated V2 pair — is real float with no permanence guarantee, never counted as locked. Same-ticker assets on other chains are not ODIN at all. Chains and bridging.
Why this page exists#
Free float matters because it's the denominator of Liquidity-to-Float and the base of accretion. A definition this fiddly drifts between surfaces until two pages disagree — so it's stated here once.
Current figure and full derivation: /odindata.