Robinhood Chain market cap methodology
"Market cap" for a Robinhood Chain token, on Nock Terminal, means an estimate of circulating-supply times last-traded USD price. It is a reference number for scale, not a valuation and not a claim about how much capital could be extracted from the token today.
This page documents how we estimate circulating supply, which price we multiply against, and where the number is likely to be less accurate than usual. Nock Terminal is an independent product with no affiliation to, and no partnership with, Robinhood Markets, Inc. Everything below describes how our own indexers compute the numbers; the underlying network is defined by the Robinhood Chain docs and its public Blockscout explorer.
In this article, see also: what market cap meanshow FDV differsthe liquidity methodology.
Definitions
"Circulating supply" is total on-chain supply reduced by balances at addresses classified as non-circulating (burn addresses, on-chain locks we recognise, and clearly-labelled treasury contracts). If we cannot classify an address, we default to counting it as circulating rather than silently trimming supply.
"Price" is the most recent USD-normalised trade price from an eligible pool (see the liquidity and volume methodologies).
Inclusion and exclusion rules
A token has a market cap number if it has (a) a readable total supply, (b) at least one eligible pool from which a recent trade price can be derived, and (c) a decimals value consistent with the ERC-20 standard.
Excluded: tokens with non-standard supply semantics we have not modelled, tokens whose price cannot be resolved because no eligible pool exists, and tokens whose decimals value fails validation. These are shown without a market cap rather than with a fabricated one.
Sampling window and freshness
Total supply is polled on the same refresh cadence as balances for the token's activity tier. Prices are refreshed with each new indexed swap; the two are timestamped together so the market cap reading is reproducible.
Calculation
market cap = circulating supply * last USD price. Circulating supply excludes recognised non-circulating balances. The number is rounded for display; the underlying quantities are kept at full precision for downstream computation.
Known blind spots and caveats
Non-circulating classification is deliberately conservative — unknown addresses default to circulating. That means true circulating supply is often lower than reported, not higher.
Because price comes from the on-chain pool, a shallow pool can produce a price that would not survive a real sell. Market cap should be read alongside liquidity, not in isolation.
Correction policy
If a definition, filter or calculation on this page is wrong, out of date, or contradicts a primary source, the primary source wins and we correct the page. Report errors via the contact channel linked from the Nock Terminal footer with the URL, the disputed statement, and a citation to the correct value.
Methodology changes that materially affect any published number are noted in-page with the effective date so historical readings remain interpretable.
Frequently asked questions
Is market cap the same as how much money is in the pool? No. Market cap multiplies supply by price. Liquidity is the USD value of pool reserves. A large market cap can sit on top of a shallow pool and vice versa. Why is the market cap different from what CoinGecko shows? Because different providers classify circulating supply differently and price against different pools. This page documents our classification so the number can be reproduced or challenged. Does market cap tell me the token is a good investment? No. It is a scale reference. Use liquidity, volume, holder concentration, and contract-safety checks for actual research; nothing here is investment advice.
Related
Sources checked
First-party pages used to write or verify the entries above. Vendor pages change frequently — treat each source as the authoritative reference for its own product, not this article.
- Robinhood Chain — official documentation— Chain ID, RPC, gas token and canonical contract references.
- Robinhood Chain Blockscout explorer— Public block explorer used to verify every on-chain reading.
- CoinGecko FDV glossary— External reference for how market cap and FDV differ.
- Ethereum ERC-20 standard— Reference for the supply and decimals fields we read.
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