§03 / POST-LAUNCH ISSUANCE
After the launch phase,new ADM is issued only to Node Runners.
Once the genesis pool exhausts (or the five-year cap is reached), the protocol transitions to a perpetual issuance schedule. The rate is fixed at genesis and cannot be modified without a hard fork. Issuance flows entirely to Node Runners and their delegators — never to a foundation, never to a treasury, never to the implementers.
WHERE ISSUANCE GOES WP §10.3.2
Node Runners and their delegators. Nothing else.
Each epoch, issuance is distributed across the active set in proportion to bonded stake, including delegations. Each Node Runner's share is then split between the Node Runner and their delegators per the Node Runner's commission rate (typically 5–15%). No portion is reserved for a foundation, a development fund, or any other recipient.
SUPPLY DYNAMICS WP §10.4.4
Issuance balanced against fee burn.
Base fees on every transaction are destroyed via an EIP-1559-style mechanism; tips go to Node Runners. Under typical usage, fee burn approximately equals issuance, producing roughly stable supply. Heavy usage produces net deflation; light usage produces modest inflation.