DOT · Pi Day cut issuance 53.6% — and switched off the burn.
Three OpenGov referenda landed March 12–14, 2026: a 2.1B hard cap, inflation slashed from 120M/yr to 56.88M/yr, and the 24-day Treasury burn halted. Polkadot's deflationary lever is now OFF. ICO + Foundation + staking vest is fully done since late 2025. Net runs at about +1% of supply per 90 days.
Post-Pi-Day issuance: 56.88M DOT/yr (down 53.6% from pre-Pi-Day 120M/yr) under Ref 1710. First 13.14% biennial decay step lands March 14, 2028. Per 90D ≈ 14.0M.
Fully unlocked late 2025. ICO + Foundation + staking-reward allocations 100% released. The 414M aggregator-table 'locked' figure refers to headroom to the 2.1B cap, NOT scheduled unlocks.
OpenGov Treasury outflow estimate based on Q4'25 actual (2.6M DOT — first ever positive quarter) and Q1'26 trending lower under cap regime. §0.45.3.4 enumeration: Polkadot OpenGov Treasury + Web3 Foundation custody (NOT publicly disclosed, ~30% of genesis allocation = known unenumerated gap).
No bankruptcy estate. 28-day staking unbond is operational (will compress to 24–48h under DAP), not long-term.
No protocol-level buyback.
Treasury burn halted Mar 12, 2026 (Ref 1781). The 24-day spend-period burn was cut 1% → 0%, and fee/slash burns now redirect to the DAP holding account. Polkadot's deflationary lever is OFF.
No Foundation or DAO buy programme.
Staking ratio sits at ~52%; no scheduled new lockup programme. DAP holding account is technically issued but not yet in market hands.
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