APT · the mint is small. The calendar is not.

Staking rewards are the only way an APT is created, and the rate is already as low as the chain allows itself to go: 2.60% a year, sitting exactly on its own floor, so the decay curve has nothing left to give. Against a staked base averaging 765.18M APT that minted 4.92M over the window. The chain ran 1,083 epochs, not the 1,080 a 7,200-second target implies, and the reward is paid per epoch rather than per day — so counting the calendar would have missed about 14K APT. Watch the deprecated setting on the same module, which still advertises 7.00% and is 2.7 times the live rate.

This is the supply story, and it dwarfs the mint. The Oct 2022 allocation releases 11.31M APT on the 12th of every month — 3.21M to the community, 3.96M to core contributors, 2.81M to investors, 1.33M to the foundation — and three of those landed inside the window on Jun 12, Jul 12 and Aug 12 2026. Nothing is minted to do it; the coins already existed and were simply not spendable. The important date is Oct 12 2026: four years after launch, the core contributor and investor legs finish, and from Nov 12 2026 the monthly release falls to 4.54M.

There is no discretionary pool. Everything still held back sits on the published monthly calendar, and that can be shown rather than asserted: the coins that should still be locked come to 349,749,982 APT and the chain reports 349,749,934 not yet counted as tradable — 48 APT apart on a 349.75M base. Tracked as overhang: 237.55M still owed to the community bucket, 98.67M to the foundation, and 13.53M across the two insider buckets that finish on Oct 12 2026. No public evidence of release in window — monitored.

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

There is no buyback. No treasury money is spent repurchasing APT on the open market, no contract or accumulation address exists, and nothing was announced or executed inside the window. The foundation has said it would explore one funded from licensing revenue; exploring is not a programme.

Every unit of gas paid on Aptos is destroyed — none of it is paid to validators — and the gas price itself was raised roughly tenfold in early 2026. That removed 0.51M APT over the window. There is no burn address to look at, because the coins are destroyed in place, so the number was proved by arithmetic instead: 4.92M was minted, the count of APT in existence rose by only 4.40M, and the difference is what was burned. The project's own dashboard reports 155,091 APT burned in the last 30 days and 1.7M since launch, which agrees to within about a tenth.

The foundation bought no APT on the market. It is a holder of a scheduled allocation and a staker of its own coins, not a buyer of anyone else's. No public evidence of release in window — monitored.

Nothing new was locked away, and staking cannot do it here: 752.58M APT is staked across 84 validator pools, but the tradable float already counts every staked coin — proved by the same 48 APT identity that closes the locked bucket. The foundation has announced it will permanently lock 210M APT and live off the staking rewards; no address has been published, and a removal that size would show in that identity and does not. Watched, not booked.