AVAX · inflation plus Foundation cliff; burn cancels almost none.
720M hard cap with 431.77M circulating; staking emission decays toward the cap. Last 90 days released ~4.0M from validator inflation and ~1.67M from the Foundation 10-year quarterly cliff — only the Foundation bucket is still vesting. Native fee burn took back ~0.1M. Net runs at about +1.3% / 90D.
Validator block reward issuance per the Native Token Dynamics decay curve. Realised rate ~3.78%/yr × 431.77M circulating × 90/365 ≈ 4.0M / 90D. Emission decays toward the 720M hard cap.
Foundation 10-year linear-quarterly cliff: ~1.67M AVAX per event on Feb 11 / May 12 / Aug 10 / Nov 11. Exactly one event lands per 90D window — verifiable on-chain by Foundation wallet inflow on cliff date. All other genesis buckets (Team, Strategic Partners, Sale, Airdrop, Endowment, Seed) are fully done.
No public evidence of release in window — monitored. §0.45.3.4 enumeration: Avalanche Foundation + Ava Labs (single decision-maker for AVAX custody deployment). Custody balance grows by 1.67M each quarter; trailing 90D on-chain outflows ≈ 0. Deployment programme announcement would lift this row materially.
No bankruptcy estate. No long-term lockups (>90D) scheduled to unlock in window.
No protocol-level buyback mechanism.
100% of transaction fees burned on X / C / P chains and on AVAX-paying L1s. Observed pace ~0.10M / 90D (cumulative ~5.02M by May 2026). Cancels ~2% of the sell side at current activity.
No Foundation accumulation programme.
No scheduled cap-expansion or lockup programme in window.
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