The current total supply of DOT is approximately 1.6B DOT, but you can check its most recent value in specialized dashboards:


However, notice that Polkadot does not currently have a fixed maximum supply of DOT. Instead, new tokens are constantly minted to reward validators and nominators who help secure the network through staking, as well as to fund the Polkadot Treasury.


This mechanism has evolved over time. Thanks to community initiatives and open referenda on Polkadot OpenGov, the inflation model has undergone several significant changes.


In this article, we examine Polkadot's past inflation model, the current system in place, and the future model that has already been approved and is expected to go live soon.


TABLE OF CONTENTS

Past inflation model in Polkadot


At its inception, the total supply of DOT was not capped, and token issuance followed a predictable schedule, with 10% annual inflation. A percentage of this inflation was allocated to stakers as rewards for securing the network, while the remainder was sent to the Treasury to fund ecosystem development and community initiatives.


Over time, the protocol shifted from a fixed staking target to a dynamic model in which the ideal staking rate adjusted based on the number of parachains connected to the Relay Chain. This approach allowed the network to incentivize staking in response to slot availability and ecosystem growth, but the overall annual inflation remained 10%.


ℹ️ INFO


This constant inflation rate is still the model followed by Kusama, the canary network of Polkadot.

Current inflation model in Polkadot


A major change occurred when three referenda (1137, 1138, and 1139) proposed alternative inflation models. During the community vote, Referendum 1139 received higher support and was implemented. This referendum introduced key parameters that now define Polkadot's inflation mechanism:

  • Inflation: Starting at 8%, decreasing over time.
  • Max staker reward: 85%.
  • Treasury share: 15%.


Subsequently, Referendum 1271 finalized the implementation during the runtime upgrade to version v1.3.4, establishing a constant annual emission of 120 million DOT, equivalent to 8% of the total supply at the time of implementation.


With this constant emission model, new tokens are minted at the end of each era in a fixed amount, regardless of changes in total supply. As the total supply continues to grow, the inflation rate gradually decreases. Today, it sits at approximately 7.3%.


Find more information in the Polkadot wiki section "DOT Inflation."

Future inflation model in Polkadot


The next major shift in Polkadot's token economics has already been approved. Referendum 1710, passed in September 2025, outlines a long-term inflation mechanism scheduled to activate in the future. Its parameters include:

  • Total supply cap: 2.1 billion DOT.
  • Inflation rate change: 13.14% of the remaining supply every two years.
  • First step: March 14, 2026.

Find more information in the Referendum 1710 "Hard Pressure Capped & Stepped Supply Schedule."



Under this model, inflation decreases in steps every two years as the remaining gap between circulating supply and the 2.1B DOT cap gets smaller.