ICP · a chain that really does burn its own coin. Just not enough of it.
ICP is the native coin of the Internet Computer, a compute network with no supply cap that both creates and destroys coins every day. It is one of the few chains where the burn is real rather than decorative — ICP is destroyed outright when developers turn it into compute fuel — and every coin the network has ever made counts as circulating, so the 556.05M figure is the whole supply.
Sell pressure. 3.09M ICP created over 90 days: 1.91M paid to data-centre operators in three monthly mints, and 1.18M from neuron rewards being cashed into real coins.
Buy pressure. 0.11M ICP genuinely destroyed as compute was paid for — real, growing, and still only about 4% of the mint. No buyback anywhere.
Net. About +0.54% over 90 days, cooling to +0.49% because a vote executed Jul 6 2026 now refuses to pay operators as if ICP were cheap.
- Node provider reward mint~0.54MSep 14 2026 · added to market
- Node provider reward mint~0.54MOct 14 2026 · added to market
- Node provider reward mint~0.54MNov 14 2026 · added to market
Neuron rewards accrue as maturity — a claim, not a coin — and only become real ICP when a holder converts them. 1.18M ICP was actually created that way over the 90 days, against about 5.41M of rewards credited: only 21.9% of what was earned turned into coins.
The 2021 genesis allocations finished their token-sale vesting in Jun 2025 and what remains dissolves out of eight-year neurons. That bucket did drain 8.78M ICP into liquid form over the window, from 29.02M to 20.24M — but those coins were already counted as supply, so the release creates nothing new.
No public evidence of release in window — monitored. Watched: 95.79M ICP of credited-but-unconverted neuron maturity with no schedule at all, the network-controlled Neurons' Fund holding 15.26M staked plus 5.70M of maturity, and the DFINITY Foundation, whose own holding is undisclosed and sits inside the genesis neuron bucket.
There is no estate and no trustee. 288.67M ICP — 51.9% of all supply — is locked in neurons with real dissolve delays of six months to eight years, and that pool shrank by 8.33M over the window. It is already inside the counted supply, so its release moves ownership, not the coin count.
Data-centre operators are paid once a month in freshly created ICP. Three payments landed inside the window — 0.70M on Jun 14 2026, 0.67M on Jul 15 2026 and 0.54M on Aug 14 2026 — and the August one is the first priced under the new floor, 19% below July's.
There is no buyback. No contract repurchases ICP, the network has never voted one through, and the executed governance record from May 2026 onward carries no repurchase item of any kind.
ICP is destroyed outright when it is turned into compute fuel — there is no burn address to read, the coins simply stop existing. 0.11M ICP went that way over the 90 days, and the pace is rising: 36.5K, then 29.9K, then 43.4K across the three months.
No public evidence of release in window — monitored. The DFINITY Foundation discloses no accumulation programme and publishes no wallet, so there is nothing to verify on either side.
Staking is not absorption here. Neuron stake is counted as supply whether it is locked or not, so locking more of it removes nothing from the market — and over this window the pool went the other way, shrinking by 8.33M ICP.
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