What the total measures
Global Market Cap adds each supported asset’s current unit value multiplied by its outstanding shares plus remaining buying capacity, counting each source once. Available units already included in issued supply are not added again. Account and Vault holdings and live certificates partition the same outstanding shares; collectible circulation keeps its existing per-copy accounting. Missing quantity or capacity remains outside the total until its records are available. Account cash, contributed funding, completed trades, executable liquidity and economic output each have their own records. The universe and calculation basis matter as much as the headline.
When an asset enters
Each card or object belongs at its supported sealing or pack-opening coordinate. Its opening value is used at entry. A later price snapshot cannot be treated as its opening price or assigned to an unrelated calendar date. Undated changes cannot become fabricated historical observations.
How the line develops
The existing model retains release capacity and recorded quote/capacity observations, then projects supported unit value between those observations. Projection is a rule-based reconstruction, identified as such; it is not an archive of executed market trades. The live endpoint and the historical basis must use compatible units and avoid adding the same asset twice.
Assets in circulation and assets listed
The count of circulating assets and the count discoverable in the public collection describe different sets. Not every circulating asset must have a public listing or a supported valuation in this view. Listing coverage is not evidence that an unlisted object is invalid or that a source failed.
Current pulse, current inputs
Where complete deterministic pricing inputs are held, the existing local valuation updates with the Kai pulse. Refreshing public sources can update those inputs. The display must not replace an unavailable value with an invented zero or imply a retained input is newly fetched evidence.
Inspect the calculation
Use the public Market to open individual sources, inspect current values and compare the temporal basis. The valuation guide exposes the existing math. This explanation introduces no second valuation engine and does not alter the accepted market curve.
Interpreting movement
A change can reflect an asset entering the universe, supported changes in the inputs or deterministic time progression. It need not represent a deposit, trade or realized gain. Institutional reporting should state the universe, moment, method and evidence together.
Method, sources and assessment
This explanation describes the supported implementation. Exact protocol requirements come from the pinned Receiz contracts and original sources. A reference result does not qualify a production deployment or a physical device.