$HAEDAL tokenomics: circulating supply is the starting point.

Market cap measures the value of tokens in circulation. Fully diluted valuation applies the same market price to a broader supply figure. The gap helps frame potential dilution, but it does not tell you when additional tokens can trade or whether recipients will sell.

For $HAEDAL, a practical supply review tracks the unlock schedule, recipient categories and spot liquidity around each event. An unlock makes tokens eligible to circulate; actual market pressure depends on what holders do and how much demand is available.

Keep the product thesis separate. Growth in haSUI usage can strengthen Haedal's position in $SUI DeFi, but traders still need to assess how that growth translates into demand for $HAEDAL . Compare supply changes with actual usage and volume rather than treating either metric as a standalone signal. NFA.

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