Max supply is the maximum number of tokens that can exist if a token has a fixed cap.
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Short definition
Max Supply is max supply is the maximum number of tokens that can exist if a token has a fixed cap.
Simple explanation
Some tokens have a fixed maximum supply. Others may be mintable or have no strict cap.
Why it matters
Max supply affects FDV calculations and long-term supply expectations.
Example context
If a token has a max supply of 100 million, no more than that amount should exist if the cap is enforced.