Originally published at https://mrnasdog.com/research/pyth/inflation
The Pyth Network coin page has the score, the price drivers and every question answered — mrnasdog.com/research/pyth. Below: supply, line by line.
PYTH Inflation Analysis · October 2026 · Mixed flows · supply roughly steady
PYTH supply is flat: no new PYTH reached the market in the last 90 days and none is due in the next 90, so the net change is 0.00% both ways. The Pyth Network token cannot be minted, the last vesting cliff of 2.125B PYTH does not open until May 20 2027, and holders destroyed only 22,349 PYTH in the window. The Pyth DAO buys PYTH every month with its revenue, but it keeps the coins in its treasury instead of burning them, so the buyback moves coins between holders and does not shrink the float.
The verdict, in one paragraph
Over the 90 days from Jul 19 2026 to Oct 17 2026, the framework reads 0.00% net change for PYTH: 0 new coins against 22,349 PYTH destroyed by holders, on a circulating supply of 7.875B PYTH. The next 90 days read the same 0.00%. Our supply monitor, which tracks the circulating figure from market data, reads −0.05% over its last 90 days, a gap of −0.05 percentage points, well inside our half-point limit, so no warning chip is shown. The label that fits Pyth today is a quiet float waiting on one big cliff.
Sell pressure: where new PYTH comes from
Protocol inflation is 0, and it stays at zero by design. All 10B PYTH were created at the launch in November 2023, and the right to create more was removed from the token on Solana: its mint authority is empty, and the token program cannot give it back. There are no staking rewards paid from new coins either. The staking rewards that did exist, paid from an already-made pool, were paused by the DAO in April 2026, and the unused 849,208 PYTH left in that pool went back to the DAO treasury on Jul 23 2026.
Vesting unlocks are 0 in both windows. PYTH started with 1.5B coins free and 8.5B locked, released in four equal cliffs of 2.125B PYTH at 6, 18, 30 and 42 months after launch. Three have opened: May 2024, May 2025 and May 2026. The fourth and last opens on May 20 2027, about seven months after the end of the next 90-day window. It is split between ecosystem growth (about 1.125B), publisher rewards (537.5M), early private buyers (250M) and protocol development (212.5M). A community post in March 2026 asked to delay the May 2026 cliff by six months, but it was never put to a vote, and the cliff opened on schedule.
Foundation and unscheduled unlocks are 0. Every wallet the Pyth DAO and its council control already counts as circulating, because the only coins outside the float are the 2.125B still waiting for the last cliff. When the DAO pays a contributor or a publisher, coins move from one circulating wallet to another and nothing new reaches the market. In September 2026 the DAO also shortened the lock on 5.46M PYTH of publisher rewards from three years to one; those coins were already counted, so the change adds nothing. Long-term locks and bankruptcy releases are 0: no court estate or trustee holds PYTH.
Buy pressure: where new PYTH goes
The programmatic buyback books 0, even though it is real and growing. Under the PYTH Strategic Reserve the Pythian Council buys PYTH on the open market with DAO money and sends the coins to the DAO treasury. In this window the treasury received 1,144,629 PYTH on Aug 3, 669,662 PYTH on Sep 2 and 2,582,434 PYTH on Oct 1 2026 from those purchases, and it now holds about 41.09M PYTH. The council’s own wallet holds another 5.34M PYTH bought on Sep 30 and not yet sent back. Because the treasury is inside the float and the coins are held, not burned, the buyback takes nothing off the market in supply terms.
The protocol fee burn is the only removal: 22,349 PYTH destroyed in 358 separate burns over the 90 days, about 0.0003% of circulating supply. PYTH has no fee burn in its rules; these are holders choosing to destroy their own coins, and since launch about 40,971 PYTH have gone this way. The next 90 days assume the same amount. Foundation buys are 0: no other Pyth group buys PYTH for itself. A new long-term lock is 0: staking PYTH for governance keeps it counted as circulating, so a bigger stake does not shrink the float.
Foundation and overhang
Four overhangs are tracked. The largest is the final vesting tranche of 2.125B PYTH, about 27% of today’s circulating supply, which opens in one block on May 20 2027. The second is the Pyth DAO treasury with about 41.09M PYTH, all of it from buybacks, revenue paid in PYTH and the returned reward pool; the DAO rules forbid selling it without a new vote. The third is the Pythian Council operations wallet with about 5.34M PYTH waiting to go back to the treasury. The fourth is 5.46M PYTH of publisher rewards in 33 lock accounts, opening one year after each payout. We read the treasury and council balances on-chain at every rebuild. If either balance falls between refreshes, the outflow enters Sell #3 at the next refresh.
How PYTH compares to other oracle and data tokens
Among oracle tokens, PYTH has one of the simplest supply designs: a fixed 10B cap, no way to mint, and a release calendar with only one step left. Chainlink’s LINK also has a fixed 1B cap, but it releases roughly 10M to 20M LINK from non-circulating wallets every quarter, so LINK’s float grows a little all the time while PYTH’s float only moves on a cliff day. Oracle tokens that pay stakers in newly minted coins add supply all year; PYTH cannot mint, paused its staking rewards in April 2026, and never paid them from new coins.
The trade-off is the size of the steps. A token that unlocks a little every week spreads the new supply out; PYTH releases a quarter of its locked supply in a single day. Between cliffs, PYTH’s supply is about as steady as a coin can be. On the cliff day it can jump by more than a quarter.
On the buy side, PYTH has a revenue-funded buyback like many newer tokens, but the coins are kept rather than destroyed. A buyback-and-burn token turns revenue into a smaller supply; a buyback-and-hold token like PYTH turns revenue into a bigger treasury, and that treasury stays part of the circulating float.
What to watch in the next 90 days
Monthly purchase reports from the Pythian Council, usually in the first days of each month: they show how much PYTH the DAO bought and whether every coin went back to the treasury.
The conversion of about $748,000 and 880 SOL approved in October 2026 under OP-PIP-140: at today’s price it would buy roughly 10M PYTH for the treasury, with no change to the float.
Any vote to burn bought-back PYTH: ideas for partial burns have been posted on the forum but none has passed. A burn rule would turn the buyback into a real buy row.
Any proposal to move or reshape the May 20 2027 cliff: the last 2.125B PYTH sit outside the float until then, and a governance change to that date would move the 1-year picture.
Summary
PYTH is flat on supply: 0.00% net over the last 90 days and the next 90, with no minting possible, no cliff in either window and only 22,349 PYTH burned by holders. The Pyth DAO buys PYTH with all of its product revenue, but it keeps the coins in a treasury that already counts as circulating, so the buyback does not shrink the float. The key risk is one date: on May 20 2027 the last 2.125B PYTH unlock at once, about 27% of today’s circulating supply. After that, the 10B cap is fully out and PYTH has no further source of new coins.
MrNasDog Pressure Framework analysis of PYTH, Metric 1 — Inflation. Data + explanation only. Not financial advice. Checked Oct 17 2026.
Original: https://mrnasdog.com/research/pyth/inflation · Data + explanation only. Not financial advice.