Today I received the following official feedback from CoinMarketCap:
"The CMC team determines the Circulating Supply and Cryptoasset Rank based on our methodology.
Please understand that we have our own grading rubric to calculate circulating supply.
We may not take the figures from APIs/whitepapers/blog posts because we have our own calculation schematic which may differ from yours.
Circulating Supply is verified by our team through communication with the project’s team. We ask for details including but not limited to the initial distribution, private allocations, locked addresses, team-controlled addresses, and addresses containing portions of the supply allocated for future use.
We examine the project’s blockchain and distribution table to determine the best approximation of what is freely circulating in the market based on the information provided.
Kindly note that under our methodology, we would typically exclude the address balances of wallets that are labeled as private investors, marketing operations, treasury, ecosystem incentives, and team/advisors/contractors regardless of whether they are unlocked.