Originally published at https://mrnasdog.com/research/mnt/inflation
Main page: the full MNT coin page — signal, price drivers and the buy/sell questions → mrnasdog.com/research/mnt
MNT Inflation Analysis · October 2026 · Mixed flows · supply roughly steady
MNT supply was flat between Jul 25 and Oct 23 2026. Mantle minted 0 MNT, unlocked 0 MNT and burned none, while a team wallet sent 291,000 MNT back into the Mantle Treasury on Oct 1 2026. That makes the net change −0.01% of the 3.30B MNT in circulation, and 0.00% is projected for the next 90 days. Other trackers show −0.02%, so the two readings agree. The one real risk is not new coins but the 2.92B MNT the treasury holds outside the market, almost half of the 6.22B MNT total supply.
The verdict, in one paragraph
Over the 90 days to Oct 23 2026, MNT sell pressure was 0 MNT and buy pressure was 291,000 MNT, so net supply moved −0.01%. The forecast for the next 90 days is 0.00%, because nothing is scheduled to mint, unlock or return. Other trackers measure the same 90 days at −0.02%, a gap of 0.01 percentage points, so no warning is needed. In one line: Mantle is a zero-emission token with a treasury-sized overhang. The supply does not grow on its own; it only grows if the Mantle Treasury decides to release coins.
Sell pressure: where new MNT comes from
Protocol inflation was 0 MNT. The MNT token on Ethereum read a total supply of 6,219,316,795 MNT on Jul 25 2026 and the exact same number on Oct 23 2026. The token does have a mint function, but it can fire only once a year and only up to a limit the owner sets. That limit is set to zero today, so any mint would first need a governance change, and even then the contract caps it at 2% a year, about 124M MNT. Mantle network gas does not create new MNT either: MNT on the Mantle network is a mirror of MNT locked on Ethereum.
Vesting unlocks were 0 MNT. The old team and investor unlocks ended in 2023, and no MNT sits on a release calendar. Foundation and unscheduled unlocks were also 0 MNT: none of the Mantle Treasury wallets that sit outside the circulating count sent coins out in the window. The last time they did was Mar 3 2026, when 15M MNT went to a budget wallet on the Mantle network. That is one release in a year with no fixed timing, so nothing is projected for the next 90 days. Long-term locks and bankruptcy were 0 MNT; no court case or estate holds MNT.
Buy pressure: where new MNT goes
There is no programmatic buyback, so that row is 0 MNT. A forum post on Sep 18 2026 asked the Mantle DAO to set up a revenue-based MNT buyback, with the bought coins burned or locked, but it is only a discussion and no vote has been called. The protocol fee burn is also 0 MNT. Users pay gas in MNT on the Mantle network, but those fees are collected, not destroyed: about 50K MNT built up in the network’s fee wallets over the 90 days. Less than 1 MNT reached a burn address on either chain, and the Ethereum total supply did not fall.
The Mantle Treasury did not buy MNT on the market, so the foundation buy row is 0 MNT, and no new lockup or staking plan took MNT out of circulation, so the new long-term lock row is 0 MNT too. The only buy-side flow was extra row five: on Oct 1 2026 a team admin wallet sent 291,000 MNT back into one of the treasury wallets on the Mantle network. Those coins were counted as circulating before and are not counted now, so they left the market. It was a one-off, and none is planned for the next 90 days.
Foundation and overhang
The Mantle Treasury is the whole story of MNT supply. It holds 2.92B MNT outside the circulating count: 2.90B MNT in its main wallet on Ethereum, which has not sent a coin out since Oct 2024, plus 17.29M MNT in three more wallets on Ethereum and the Mantle network. That is about 47% of all MNT. On top of that, around 54M MNT sits in treasury budget wallets that already count as circulating, so spending them adds no new supply. The last budget vote allowed up to 200M MNT of spending for Jul 2025 to Jun 2026, and a new budget has not been proposed yet.
We re-read these wallets on-chain at every rebuild. If any treasury wallet outside the circulating count shows a lower balance between refreshes, that outflow enters Sell #3, foundation and unscheduled unlocks, at the next refresh. The same applies to the 291,000 MNT just returned: if they move out again, they count as new supply.
How MNT compares to other Layer-2 tokens
Most Layer-2 tokens are still in their vesting years. Their supply grows every month as team and investor coins unlock on a fixed calendar, and the market can see each cliff coming. MNT is different: its unlocks are finished, it has no emission and no staking rewards paid in new coins, and the mint limit is zero. On a 90-day view that puts MNT among the flattest tokens in its group.
The trade-off is concentration. Where a vesting token spreads its future supply over a public schedule, Mantle keeps almost half of its supply in one treasury that releases coins only when governance or the team decides. MNT also has no fee burn, unlike chains that destroy part of every fee, so heavier use of the Mantle network does not shrink the supply. Supply stays flat until the treasury either sells or, if the buyback idea becomes a real vote, starts buying.
What to watch in the next 90 days
First, a fourth Mantle budget vote: the last budget covered Jul 2025 to Jun 2026 with a three-month extension, so a new proposal could come at any time, and a large draw from the main treasury wallet would show up as new supply. Second, the revenue-based buyback discussion posted on Sep 18 2026: if it becomes a vote with burns or locks, MNT would gain its first buy-side mechanism. Third, the tokenized stock launch Bybit and Mantle plan for November 2026, which could raise gas use on the Mantle network but adds no burn. Fourth, any change to the token’s mint limit, which is zero today and can only be raised by the owner.
Summary
MNT supply was flat over the 90 days to Oct 23 2026: no mint, no unlocks and no burn, with 291,000 MNT returned to the Mantle Treasury for a net −0.01%, and 0.00% projected next. The token’s mint limit is zero and its vesting ended in 2023, so supply cannot grow on its own. The key risk is the 2.92B MNT Mantle Treasury, almost half of all MNT, which sits outside the market with no release schedule. Until the treasury moves, MNT has one of the quietest supplies among Layer-2 tokens.
MrNasDog Pressure Framework analysis of MNT, Metric 1 — Inflation. Data + explanation only. Not financial advice. Checked Oct 23 2026.
Original: https://mrnasdog.com/research/mnt/inflation · Data + explanation only. Not financial advice.