Monad · quiet supply now, the first insider cliff still ahead.

Monad mints a fresh block reward to the validator that produces each block and its delegators — the token is uncapped, so this is genuine new supply, and on-chain total supply has already climbed past its 100B genesis. On Jun 9 2026 the MIP-12 hard fork sped blocks up from 400ms to 300ms and cut the reward from 25 MON to 18 MON at the same time, so the pace per second barely changed — about 1.9% of the whole 100B base per year. The catch is that only 11.83% of MON is circulating and the Foundation delegates a large slice of its own locked stake, so most of that mint compounds inside non-tradable balances. The part that actually reaches the float — roughly 13% staking yield on the ~1.8M MON staked out of circulation — is about 60M over the last 90 days, cooling to about 58M next quarter after the reward cut. That is close to 0.5% of the float.

Nothing vests into the market in this window. Monad locked 50.6% of supply at launch, and the very first insider cliff does not open until Nov 24 2026 — the one-year mark — when the team, investors and the Category Labs treasury all begin releasing together. That date sits about 26 days past this 90-day window, so the schedule contributes zero here. It is the single largest event on Monad's horizon and the reason the next quarter is the quiet one.

No discretionary release was seen this window, but the overhang is the whole story in MON: about 88B MON — roughly 88% of everything that exists — sits outside the float. The biggest piece is the 38.5B ecosystem allocation, which the Foundation holds unlocked and spends at its own discretion over many years; under 2% has been committed so far, and a large block of it is delegated to validators. Behind it sit the 27B team, 19.7B investor and 3.95B treasury allocations, all still locked until the Nov 24 2026 cliff. Capacity is not the same as a schedule, so this row stays 0 until an actual outflow is observed — but if any of these balances falls between refreshes, it lands here.

There is no Monad estate, no trustee and no court-supervised seller. The long-dated insider locks are covered by the vesting and Foundation rows above.

Monad runs no buyback. Fee revenue is not routed back into MON on the open market — the only counter-flow the protocol has is the base-fee burn in the next row.

The base component of every transaction fee is burned, EIP-1559 style, so activity does chip away at supply. But at today's usage it is tiny next to the mint: the chain would need roughly $112k a day of burn to cancel issuance, while even an all-base-fee upper bound is only a few thousand dollars a day. It reads 0 here because the realised amount is negligible and cannot be cleanly measured from a public endpoint — the mechanism is real but not yet material.

No open-market buying by the Monad Foundation. It is a net holder and distributor of supply, not a buyer.

Staking does lock MON while it secures the chain, but no new lock-up programme, staking cap or dedicated lock contract with a stated quantum was announced in the last 90 days.