XTZ · a chain that sets its own inflation, and keeps lowering it.
XTZ is the native coin of Tezos, a proof-of-stake layer-1 that rewrites its own rules by vote. About 1.09B circulate out of 1.11B minted so far — and there is no hard cap.
Sell pressure. About 8.87M XTZ over 90 days — almost all validator rewards, paid at a rate the chain resets every cycle and which has fallen from 3.67% a year ago to 3.165% today.
Buy pressure. About 97.6K XTZ destroyed by storage fees and coins sent to the burn address. Real, but roughly 1% of what the chain mints.
Net. About +0.80% to market over 90 days — supply heading up in a slow, even drip that has been easing all year rather than in steps.
Every new XTZ is a validator reward, and Tezos sets that reward rate itself: the chain recomputes its yearly issuance each cycle, aiming to pull half the supply into staking. Only 30.2% is staked today, and the rate has been easing all year — 3.67% a year ago, 3.32% three months ago, 3.165% now. That produced about 8.83M new XTZ over 90 days, and points to about 8.67M over the next 90.
The 2017 sale had no lock-up, and the four-year team and foundation vesting streams finished in September 2022. There is no forward unlock calendar for XTZ.
Two overhangs sit outside the circulating float. About 19.99M XTZ of 2017 sale allocations were never claimed — 36.8K of that was claimed inside this window, and nothing at all in the last month, so it drips out with no schedule. The Tezos Foundation also holds an endowment it has never disclosed in coins; the newest figure is a $181.5M valuation at the end of 2024, with no 2026 report published yet.
No bankruptcy estate and no court-ordered distribution applies to XTZ.
Tezos runs no buyback of any kind. No public evidence of release in window — monitored.
Two things permanently remove XTZ: the fee charged for writing data to the chain, which is destroyed rather than paid to anyone, and coins holders send to the burn address by choice. Together they took out about 97.6K XTZ over 90 days — roughly 1% of what the chain minted. One unusually large send in May carried most of it, so the forward figure is set at 32.4K.
The Tezos Foundation has disclosed no open-market XTZ buying. No public evidence of release in window — monitored.
Staking holds 335.73M XTZ, about 30.2% of supply, but unstaking clears in three to four days — that is liquid, not locked. No new lock-up was announced in the window.
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