Why total, liquid, and locked supply are different states
ONCHAIN SYSTEMS · COURSE 001
Who Gets to Change a Token?
Start with a balance table. Separate what the supply rule says, what is liquid today, what is promised for later, and who can change the future.
COURSE EXAMPLEWho has the power to change a token's value?
Split a token into supply, authority, allocation, dilution, and time. See how a balance table becomes an economic promise.
PARTICIPANTS
- MCreator: holds or gives up mint authority
- CCommunity: receives allocation and vesting
- TTreasury: manages liquid assets
- YLearner: checks whether power is symmetric
COURSE OUTLINE
One question per lesson
The lessons are ordered so that each one uses concepts introduced earlier.
- 01SUPPLY & AUTHORITY12 MIN
Supply Is a Set of Powers, Not a Number
KEY QUESTIONTotal supply is one billion. Why might only ten million be sellable?
Use a virtual token to separate minting, allocation, vesting, and claims—and watch who retains the power to change supply.
→ - 02ALLOCATION · VESTING · OVERHANG13 MIN
When Does a Promise of Future Tokens Become Liquid?
KEY QUESTIONTokens unlocked. Why aren’t they necessarily in the market?
Separate allocations, locked balances, unlocked ceilings, and actual claims to see how a schedule changes future market supply.
→ - 03ALLOCATION · DILUTION · BURN14 MIN
Who Gets Diluted, and Who Gets the Choice?
KEY QUESTIONMy token balance did not fall. How was I diluted?
Run a treasury transfer, mint, and burn in sequence, then compare holder shares, total supply, and concentration.
→ - 04AUTHORITY · MULTISIG · IRREVERSIBLE15 MIN
Who Can Change the Supply Rule?
KEY QUESTIONDoes renouncing ownership prove nobody can change supply?
Move mint authority to a multisig, test why the wrong actor is rejected, and see why revocation is a terminal commitment.
→
Questions covered in this course
What a cap limits, and what mint authority controls
Whether vesting reduces sell pressure or postpones dilution
How minting, distribution, and burning change the ledger
Who can change supply after authority moves to a multisig