We need to fix the broken, archaic & inconsistent market cap formulas in order for crypto to thrive! Arca proposes "Adjusted Market Cap", which we feel more accurately reflects a token's true valuation. We hope this becomes the new standard. A thread 👇

✅ Arca's "Adjusted Market Cap" Solution - Includes tokens already issued & outstanding (even if locked) - Excludes unallocated, unminted, or hypothetical tokens Provides a middle ground between float & FDV. A simple constant applies: Float ≤ Adjusted Market Cap ≤ FDV

Below is a new table to help determine what we believe should be included in Float, Adjusted Market Cap, and FDV.

Example #3: Hyperliquid $HYPE Extreme difference between float & FDV due to large unallocated rewards. Adjusted market cap better captures reality.