ICP · a mint bigger than the burn that fights it.
ICP is the token of the Internet Computer, a compute network where new coins are minted as rewards and coins are burned to pay for computation — ~554.4M circulating, fully liquid, with no supply cap. The two forces run in opposite directions and the mint is winning, but only just.
Sell pressure. The network mints ~2.43M ICP over 90 days, mostly node-provider rewards — new supply with no cap.
Buy pressure. Only the cycle burn — ~0.24M ICP destroyed paying for compute. No buyback offsets the rest.
Net. About +0.4% to market over 90 days — mildly inflationary, and easing as governance cuts the mint.
New ICP is minted as network rewards — about 2.43M over the last 90 days, almost all of it node-provider pay across three monthly rounds, with staking rewards mostly compounding inside neurons rather than being minted. There is no supply cap. Governance has already cut the monthly node-provider reward, so the next 90 days run closer to 2.05M.
The 2021 genesis allocations were minted at launch and are already counted in supply. Seed, team and early-contributor tokens dissolve out of eight-year neurons over time, but that adds no new coins to the total — it is already-issued ICP.
No dated discretionary release. The DFINITY Foundation endowment and team neurons, plus the NNS community-fund maturity (~5.57M ICP), are tracked governance-controlled balances that only reach the market through a passing on-chain vote — monitored.
No bankruptcy estate or court-ordered distribution applies to ICP. Staked ICP sits in neurons with dissolve delays but is already part of total supply, not a pending new-supply cliff.
There is no revenue-funded buyback. Network rewards are paid from new issuance, not by purchasing ICP back from the market — monitored.
ICP is burned when it is converted into cycles to pay for on-chain computation and storage — about 0.24M destroyed over the last 90 days. This is the only force removing ICP, and it is far smaller than the mint. Higher compute prices are lifting the burn, so the next 90 days run nearer 0.26M.
No discretionary open-market buying by the DFINITY Foundation or any treasury — monitored.
No new multi-year lock or escrow announced in the window. Neuron staking is voluntary and already part of circulating supply — monitored.
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