Originally published at mrnasdog.com/research/nexo/inflation by MrNasDog.
Looking for the buy-or-sell answer? It is on the NEXO coin page, with demand and price drivers: mrnasdog.com/research/nexo
NEXO Inflation Analysis · October 2026 · Mixed flows · supply roughly steady
NEXO has a flat supply: 0 NEXO came to market and 0 NEXO left it in the 90 days to Oct 17 2026, so the net change is 0.00%, and we expect 0.00% again in the next 90 days. The NEXO token was created once, with 1B NEXO, and its code on Ethereum has no way to create more or destroy any. The monitor reads +0.00%, so the two readings agree. The one real question is the roughly 768M NEXO that Nexo the company still holds.
The verdict, in one paragraph
Over the last 90 days the NEXO ledger nets to 0.00%, and the forecast for the next 90 days is also 0.00%. Our inflation monitor, which follows the circulating supply the wider market uses, reads +0.00% for the same stretch, a gap of 0.00 percentage points, well inside our 0.5-point tolerance, so no warning chip is needed. Every row in the NEXO ledger is zero: no issuance, no unlocks, no buyback and no burn. In one label, NEXO is a fixed-supply company token with a large company-held float: the number of coins never changes, but who holds them can.
Sell pressure: where new NEXO comes from
Protocol inflation is 0 NEXO. NEXO is an ERC-20 token on Ethereum, not a chain of its own, so there are no validators or miners to pay. All 1B NEXO were set once when the token was created in April 2018. We read the NEXO contract on-chain this month: none of its 52 functions can create new coins, the supply sits in ordinary storage that only the constructor ever wrote, and total supply read exactly 1B at both ends of the window.
Vesting unlocks are 0 NEXO. The NEXO contract itself once held the team share (112.5M), the advisers share (52.5M), the community share (60M) and a 250M reserve, each on timed release. The last of those release periods ended in 2022, so nothing in the NEXO schedule is still waiting to unlock.
Foundation and unscheduled unlocks are 0 NEXO. Nexo the company holds most NEXO coins, but its wallets barely moved: in these 90 days only 2,000 NEXO left its treasury. And because the market already counts all 1B NEXO as circulating, a move out of a Nexo wallet changes who holds the coins, not how many are on the market.
Long-term locked or bankruptcy supply is 0 NEXO. Nexo is an operating company, not an estate, and no court or trustee is paying out NEXO.
Buy pressure: where new NEXO goes
Programmatic buyback is 0 NEXO. Nexo bought NEXO back in three rounds, $12M in 2020, $100M in 2021 and $50M in 2022, and placed the coins in its investor protection reserve rather than burning them. We found no new NEXO buyback round since 2022, and the reserve has held the same 114.80M NEXO for more than a year. Since the reserve already counts as circulating, even a new purchase into it would take nothing out of the float.
Protocol fee burn is 0 NEXO. The NEXO token has no burn function and Nexo runs no burn. We checked both places a burn could show: total supply did not fall, and the dead address held the same 10.7 NEXO at both ends of the window.
Foundation buy is 0 NEXO: no Nexo wallet we follow received NEXO in the window. New long-term lock is also 0 NEXO. Clients keep NEXO on the Nexo platform to reach higher loyalty tiers and to earn interest, but they can take it out at any time, so no NEXO is locked away.
Foundation and overhang
Nexo has no foundation; the company is the holder, and it holds a lot. About 353.85M NEXO sit in four release slots inside the NEXO token that only the token owner can empty: 208.33M from the old reserve share, 98.44M from the team share, 33.33M from the community share and 13.75M from the advisers share. These balances have not changed in three years.
On top of that, the Nexo treasury holds 213.23M NEXO, the investor protection reserve 114.80M NEXO and the token owner’s wallet 86.15M NEXO, which brings the company-held total to about 768.03M NEXO, or 76.8% of all coins. A separate wallet with no public name has held exactly 100M NEXO for at least a year; we watch it but do not count it as Nexo’s. We read every one of these balances on-chain at each rebuild. If any of them falls between rebuilds, the outflow goes into the Foundation and unscheduled unlocks row at the next rebuild.
How NEXO compares to other exchange and platform tokens
Most exchange and platform tokens also start with a fixed supply, so the difference is in what the company does with it. Some exchange tokens destroy coins every quarter or with every trade, which makes their supply shrink over time. NEXO has none of that: its buybacks were held in a reserve, never burned, and they stopped after 2022. So NEXO sits between the two groups, with no new coins coming in and no coins going out.
The other big difference is how much of NEXO the issuer still holds. A platform token whose issuer holds a small share lives mostly on the open market. With about 76.8% of NEXO in Nexo’s own wallets, NEXO’s float is mostly the company’s choice. That supply is already counted as circulating, so it does not show up as inflation, but it is the biggest thing that could ever hit the market.
Compared with a chain coin such as Ethereum, which pays new coins to validators every day, NEXO has no issuance at all. Its supply cannot grow on its own; it can only change hands.
What to watch in the next 90 days
The first thing to watch is the four release slots inside the NEXO token. They hold 353.85M NEXO and have not moved in three years, so any withdrawal would be the clearest sign that Nexo plans to use those coins.
The second is the Nexo treasury (213.23M NEXO) and the owner wallet (86.15M NEXO). Large transfers from either toward exchanges would put more NEXO into trading hands.
The third is any new buyback. Nexo has not announced one since 2022; a new round would show up as an inflow to the investor protection reserve, still within the float unless Nexo chose to burn the coins.
The fourth is Nexo’s next quarterly update. The Q2 2026 update came out on Sep 28 2026, and it said nothing about the NEXO token’s supply; a change to the loyalty programme or token use would most likely be announced there.
Summary
NEXO is a fixed-supply token: 1B NEXO exist, the code cannot make more or burn any, and the old release periods ended in 2022. Over the last 90 days nothing was added and nothing was taken away, so the net change is 0.00%, with 0.00% expected next, and the monitor agrees at +0.00%. The key risk is not inflation but concentration: Nexo the company holds about 768.03M NEXO, and while those coins already count as circulating, a large sale would add selling pressure without changing the supply number. The ceiling is hard: NEXO supply can never pass 1B.
MrNasDog Pressure Framework analysis of NEXO, Metric 1 — Inflation. Data + explanation only. Not financial advice. Checked Oct 17 2026.
Original: https://mrnasdog.com/research/nexo/inflation · Data + explanation only. Not financial advice.