Liquidity providers deposit funds into Clipper and receive returns generated by Clipper’s costless diversified rebalancing liquidity pools (supply-side fees). LP yields are generated from the rebalancing process itself rather than from fees charged to traders.

Clipper is a non-custodial exchange protocol built on Ethereum. Clipper was built by Shipyard Software and launched in 2021.

AdmiralDAO and SAIL token holders own and govern the protocol. They currently receive all trading fees paid by traders (revenue). Clipper's investors include Polychain, Robot Ventures, 0x Labs, etc.

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Clipper

# Clipper Maximum token supply Methodology

## 1. Overview

The Clipper maximum token supply metric represents the theoretical maximum number of Clipper tokens that can ever exist. This is a static value defined in the protocol's tokenomics, representing the hard cap on token issuance. The metric provides a constant reference point for calculating token scarcity metrics, market capitalization ratios, and understanding the protocol's monetary policy. This maximum supply serves as the upper bound for all circulating and total supply calculations.

## 2. Data sources

This metric relies on predefined protocol constants rather than dynamic blockchain data:
- **Protocol tokenomics specifications**: The maximum supply value of 1 billion tokens as defined in Clipper's token design
- **Token launch parameters**: The official launch date of August 11, 2023, marking when the token became active
- **Smart contract specifications**: The hardcoded maximum supply limit programmed into the token contract

## 3. Step-by-step calculation

### Component A: Maximum supply definition
- **Purpose**: Establishes the theoretical maximum number of tokens that can exist
- **Logic**: The maximum supply is set as a constant value of 1,000,000,000 tokens. This represents the absolute ceiling for token issuance as defined in the protocol's tokenomics design. The value is hardcoded based on the protocol's monetary policy decisions.
- **Key fields**: `token_supply_maximum` field containing the value 1,000,000,000

### Component B: Timeline establishment  
- **Purpose**: Sets the temporal context for when this maximum supply became effective
- **Logic**: The launch date is established as August 11, 2023 at 00:00:00 UTC, representing when the Clipper token officially launched and the maximum supply limit became active. The timestamp grain is set to daily level for consistent reporting.
- **Key fields**: `timestamp` field with the launch date, `timestamp_grain` set to 'day'

### Final aggregation
- **Combining components**: The maximum supply value and launch date are combined into a single record that serves as the foundation for the metric
- **Time propagation**: Using a fill-forward strategy, this constant maximum supply value is extended across all time periods from the launch date onward, ensuring the metric is available for all relevant dates
- **Standardization**: The finalize macro applies consistent formatting, adds protocol identifier ('clipper'), and ensures the output conforms to Token Terminal's metric standards
- **Final calculation**: The result is a time series where every day from August 11, 2023 forward contains the same maximum supply value of 1,000,000,000 tokens, providing a stable reference point for other supply-related calculations and ratios

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Maximum number of tokens that can exist under the current token economics.

ClipperSAIL

Maximum token supply

Maximum token supply

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