ALGO · nothing is minted, nothing is burned, and the float still grows every quarter.

No ALGO is created here. Every block pays its proposer a bonus out of a reward account the Foundation keeps topped up, and the coins in that account were minted in 2019. The published rate says 8.35 ALGO a block, which would be 23.9M over these 90 days — but roughly one block in five pays nothing at all, because its proposer is not eligible, and only reading the block headers shows it. Measured payout was 19.5M, of which 0.5M went to nodes the Foundation runs itself and never left its hands. That leaves 19.0M reaching everyone else. The rate steps down 1% every million blocks.

There is nothing left to unlock. The original sale, grant and team schedules finished in 2024, and ALGO is the chain's own coin rather than a contract token, so there is no escrow and no lock anywhere on chain to release from. Every one of the 74 wallets the Foundation publishes was read this session and not one of them is a locked account — they are ordinary spendable balances. Whatever the Foundation still holds moves by decision, not by calendar, which is why it sits in the row below instead of this one.

This is the real story. The Foundation publishes 74 wallets, and every payment out of them was walked one by one for these 90 days, with moves between its own wallets cancelled out. 96.3M ALGO left. Of that, 46.4M went to the one trading address its disclosed selling programme uses; 30.0M went out in a single Jul 17 2026 payment to an account not on the published list, which has since emptied completely; 5.5M to one more recipient; and 14.5M in dated grant and ecosystem batches. Nothing came back in. Watched as overhang: 931.0M ALGO still sits in those 74 wallets on no release plan, the largest single one holding 140.6M, plus 29.6M held back that is in no wallet the Foundation publishes.

There is no bankruptcy estate, no trustee and no court-ordered distribution attached to ALGO. Nothing sits in this row and nothing is expected to.

There is no buyback. The evidence is positive rather than an absence of announcements: every payment into the 74 published Foundation wallets was checked for these 90 days and not one ALGO arrived from outside. The Foundation is a disclosed net seller through a rules-based daily programme, not a buyer, and no repurchase mandate was announced in the window.

Nothing is destroyed. Both surfaces were read at both ends of the window. The chain's all-zero account holds 39,465 ALGO and received no payment at all in 90 days, so it did not move. And the count of ALGO in existence is a protocol constant: the 2019 launch created exactly 10,000M across 102 entries and there is no instruction that can remove one. Fees do not burn either — they go to the reward account and are paid straight back out to block proposers. The Aug 22 2026 upgrade changed how fees are priced, not where they end up.

The Foundation bought no ALGO on the market. The same inbound check that clears the buyback row clears this one: zero ALGO entered any of the 74 published wallets from outside in 90 days. Its own quarterly report lists selling, grants and rewards on the outgoing side and no purchases on the other.

Staking on Algorand locks nothing. Taking part in consensus needs no bond, has no unbonding wait and carries no slashing — 2,028M ALGO is online right now and every coin of it can be spent the same second. So there is no lock to add, and the circulating count already treats staked ALGO as tradable.

The only thing on this side of the ledger, and it is tiny. Users paid 123.2K ALGO of transaction fees over the window, and those coins leave the tradable float because the reward account they land in is one of the Foundation's published wallets. They are not destroyed — half of each block's fees goes straight back out to that block's proposer, and the rest funds later payouts. The fee change that shipped on Aug 22 2026 did not move this: fees ran 0.0424 ALGO a block after it against 0.0438 before.