# Is Tezos (XTZ) Inflationary? +0.73% New Supply in 90 Days

*From https://mrnasdog.com/research/tezos, updated Oct 23 2026*

How much new XTZ is coming? **+0.73%** in the next 90 days, **+2.93%** in the next year — checked Oct 19 2026.

- **Signal today:** negative for Tezos
- **MrNasDog score:** 5/10 — supply 2.5/5, demand 2.5/5
- **New coins:** +0.73% in 90 days · +2.93% in a year
- **Demand:** modest (2.5/5)
- **Drivers:** 1 ▲ price up · 2 ▼ price down

## Big wallets, votes and dates behind XTZ

What the score misses: 3 drivers. Today 1 push XTZ's price up and 2 push it down.

### ▼ Etherlink deposits

Etherlink deposits sit about 80% below their Oct 2025 peak.

Good for the price: More money on Etherlink. Bad for it: Money leaves Etherlink. Right now it points down.

| Date | Etherlink TVL |
|---|---|
| Jul 31 2026 | $15.8M |
| Aug 31 2026 | $14.9M |
| Sep 30 2026 | $16.1M |
| Oct 23 2026 | $15.9M |

*Checked Oct 19 2026*

### ▲ Upgrade votes

Still no new proposal; this window closes Oct 21 2026.

Upgrades keep shipping → price up · Upgrades stall → price down. Today: the price-up case.

| Date | What happened / what is coming |
|---|---|
| May 1 2025 | Rio upgrade live |
| Sep 19 2025 | Seoul upgrade live |
| Jan 24 2026 | Tallinn upgrade live |
| May 4 2026 | Tezos X Previewnet |
| Jun 30 2026 | Ushuaia upgrade live |
| Sep 24 2026 | Quantumnet testnet |
| Oct 21 2026 | Proposal window closes (coming) |

*Checked Oct 19 2026*

### ▼ Foundation treasury

Treasury fell from $767M to $530M in about 640 days.

▲ Price up if: Treasury holds steady. ▼ Price down if: Treasury keeps shrinking. Today: the price-down case.

| Date | All assets | XTZ part |
|---|---|---|
| Mar 31 2024 | $767M | $184M |
| Dec 31 2024 | $749M | $181M |
| Jun 30 2025 | $641M | $72M |
| Dec 31 2025 | $530M | $76M |

*Checked Oct 19 2026*

## New XTZ hitting the market

Tezos pays stakers about 8.07M new XTZ every 90 days, and its small burns take back less than 1%. +0.73% last 90 days, about the same next. No cap, no vesting, no buyback.

Tezos adds +0.73% new supply in the next 90 days and +2.93% over a year — supply scores 2.5/5 (moderate).

## How strong is Tezos demand?

Demand reads **modest** (2.5/5), #47 of 110 coins we track — that is how much people want XTZ now and how much buying could still come.

Extra Tezos demand detail for members stays on the live page.

## XTZ tokenomics: questions and answers

### Is Tezos (XTZ) inflationary or deflationary?

Tezos (XTZ) is inflationary right now: its supply changes +0.73% over the next 90 days and +2.93% over the next year (checked Oct 19 2026). More XTZ is added than removed.

### What is the XTZ inflation rate in 2026?

About +2.93% a year: that is how much Tezos (XTZ) supply changes over the next 12 months, with +0.73% in the next 90 days (checked Oct 19 2026). That puts XTZ #54 of 101 coins we track for new supply (#1 = the most new supply).

### When is the next XTZ token unlock?

No dated Tezos (XTZ) unlock is scheduled in the next 90 days (checked Oct 19 2026). New XTZ still arrives: about 8.1M XTZ in 90 days.

### Does Tezos burn or buy back XTZ?

Yes. In our count, about 33K XTZ is expected to leave the market over the next 90 days through burns, buybacks or locks (checked Oct 19 2026). How it works: No buyback; storage and exchange burns destroyed 32,973 XTZ and six lost rollup bonds another 30,000.

### Where does new XTZ supply come from?

In our count, about 8.1M new XTZ reaches the market over the next 90 days (checked Oct 19 2026). How it works: 8.07M new XTZ paid to stakers and bakers in 90 days under adaptive issuance, plus 15,684 XTZ of old 2017 fundraiser coins claimed.

### How much XTZ is in circulation?

About 1.1B XTZ is in circulation (checked Oct 19 2026). Over the next 90 days that changes +0.73%, and over a year +2.93%.

### Does XTZ have more new supply than PENDLE, SPX or SUN?

Over the next 90 days (checked Oct 19 2026): XTZ +0.73%, PENDLE +1.86%, SPX 0.00%, SUN −0.04%. XTZ sits in the middle of these 4 coins.

## Where to read the rest of XTZ

- Full XTZ inflation analysis (every unlock, burn and buyback): https://mrnasdog.com/research/tezos/inflation
- Every coin's new supply, side by side: https://mrnasdog.com/token-supply
- How we read Tezos and every other coin: https://mrnasdog.com/research/pressure-framework/full

*Every answer here applies basic economic theory — the law of supply and demand — to this coin's data. It is not financial advice.*