AERO · the mint is a share of a supply it keeps growing.

New AERO is created once a week and handed to the pools that provide liquidity. Thirteen batches landed in this window and each one was bigger than the one before — 4.63M at the start, 4.78M near the end — because the size is set as a fixed share of a supply the batch itself just enlarged. The often-quoted rule that the mint shrinks 1% a week no longer applies; that phase ended and the flat share replaced it.

There is no vesting calendar and no escrow contract holding AERO for anyone. Unlock trackers show a release on Sep 3 2026, but that date is simply the next weekly batch, which is already counted above — booking it again would count the same coins twice.

The team takes a cut of every weekly batch and it landed 13 times for 2.86M. The cut is not the 2.28% the paperwork implies: the contract sizes it against an old frozen number rather than the live batch, so it works out at roughly 5.4% of what the pools receive. Watched alongside it: a 29.40M team multisig that barely moved, a 2.12M team wallet, and up to 114.6M more that would be created for holders of the merging sister exchange if that swap is ever executed.

There is no bankruptcy estate, trustee schedule or court-ordered distribution holding AERO. Locks do run out — they last up to four years — but every expiry is already subtracted inside the locking row on the other side, so nothing belongs here.

On top of the weekly batch the contract creates a second, smaller batch and pays it to everyone who has locked, so their share is not diluted. It is genuinely new supply — 5.97M of it — and it is shown separately rather than buried in the mint above. It is paid straight into the locks, so it also shows up inside the locking row and the two cancel out.

The protocol converts part of its revenue into AERO on the open market and locks it for the maximum term. Traced from the converting contract itself rather than from a wallet balance: 12 purchases, 1.57M in all. The weekly figures the project posts are larger because they count every coin removed from circulation, not just the ones bought.

Nothing is burned and nothing can be. The token contract has no burn function at all, and the graveyard address held the same 2,001 AERO at both ends of the window. Trading fees are paid out in the traded assets, not in AERO, so the fee engine never touches supply.

There is no separate treasury bid. Every inflow to the buyback wallet was traced to its sender this window: the only open-market leg is the converter counted above, and the rest is one treasury moving coins to another.

Locking is the entire buy side of this coin. The lock contract held 964.09M at the start and 986.23M at the end — a net 22.14M absorbed after every expiry and exit, shown here as 20.57M because the buyback's own locking is already counted above. Locked AERO sits outside the tradable count, so a coin going in leaves the market exactly as a burned one would.