Definition. Herfindahl Index, originally a measure of competition, is adapted here as a metric for decentralization. It is defined as the sum of squared address shares of current supply across the network.

Technical. Exchange addresses, smart-contract addresses, and other special asset-specific addresses (e.g. team-fund addresses) are excluded.

Interpretation. A large score indicates high concentration of supply, a small score indicates more evenly distributed funds across addresses.