If the 650m reported circ supply does not include ... @curvefi

Yes, it makes a big difference if the 650m reported circulating supply does not include locked CRV. Locked CRV is CRV that is held in smart contracts and is not available for trading or staking. This means that the circulating supply of CRV is actually much lower than the reported 650m, as a significant portion of the CRV is locked. This affects the market cap of CRV, as the circulating supply is a major factor in calculating market cap. A lower circulating supply means that the market cap of CRV is lower than reported, making it appear relatively more valuable than it actually is.

locked CRV doesn't count on circulating supply ser