XNT is the native token of X1: it pays every transaction fee, it is what validators stake, and it is what the network issues as staking rewards. Its tokenomics come down to five numbers that change on different clocks: total supply, circulating supply, the inflation rate, the burns that take XNT out, and the unlock schedule for team and investor tokens. This guide sets out each one with today's figures, read from the X1 chain and X1's official XNT page, and explains how they fit together. For the basics of what XNT is and where to buy it, start with What Is XNT?; for the live price, see XNT price.
- Total supply: 1,085,399,642 XNT. Genesis was 1,000,000,000; the rest is staking inflation since mainnet launched.
- Circulating supply: 42,846,431 XNT, 3.95% of the total. The other 96% sits with the X1 Foundation, X1 Labs and the Foundation's delegation program.
- Inflation: 6.61% a year now. It started at 8% and falls by 15% each year until it reaches a 1.5% floor.
- Burns: half of every transaction fee is burned. An 85,000,000 XNT burn has been announced and has not been executed yet.
- Unlocks: team and investor tokens had a 25% cliff on October 6, 2026 and vest monthly until October 6, 2029.
- Market value: at $0.2251, a $9.65 million market cap and a $244 million fully diluted valuation (FDV).
Total supply: 1 billion at genesis, growing with inflation
X1 created 1,000,000,000 XNT at genesis. Since then, new XNT has been issued every epoch (about 22 hours) as staking rewards, and total supply stood at 1,085,399,642 XNT on November 12, 2026, according to the network's own supply count. There is no hard cap. XNT works like SOL: supply grows by the inflation rate and shrinks by whatever is burned.
Circulating supply: why only 3.95% counts
Most XNT is not in anyone's trading wallet. The network classes as non-circulating the accounts held by the X1 Foundation, X1 Labs and the Foundation's stake delegation program. Here is how the full supply breaks down today, from X1's on-chain holder classification:
| Holder | XNT | Share | Counted as |
|---|---|---|---|
| X1 Foundation treasury | 503.9M | 46.4% | Non-circulating |
| Foundation delegation program (staked with validators) | 341.7M | 31.5% | Non-circulating |
| X1 Labs treasury | 184.5M | 17.0% | Non-circulating |
| Other non-circulating wallets | 12.5M | 1.2% | Non-circulating |
| Wallets (unstaked) | 24.2M | 2.2% | Circulating |
| Ripper Pool (rXNT liquid staking) | 10.7M | 1.0% | Circulating |
| Community native stake | 7.9M | 0.7% | Circulating |
Circulating supply has tripled since late September, from about 14 million XNT to 42.8 million, around the October 6 cliff for team, investor and validator allocations and the validator airdrops that followed. That is why market cap and FDV are so far apart, and why both should always be quoted together: at $0.2251 the market cap is $9.65 million, while the FDV, every XNT at today's price, is $244 million.
The famous staking ratio needs the same care. 92.6% of all XNT is staked, but nearly all of that is Foundation, treasury and delegation-program stake. Community stake, native plus Ripper Pool, is about 18.6 million XNT, 1.7% of supply. More on that in X1 staking.
Genesis allocation: who got the first billion
X1 published the genesis split on its official XNT page in October. Our report on it covers the open questions; here is the table:
| Pool | XNT | % of genesis | Schedule |
|---|---|---|---|
| Foundation reserve | ≈464M | ≈46.4% | No vesting |
| Community onboarding | 250M | 25% | Earmarked, mechanism and timing not announced |
| Team (aggregate) | 210M | 21% | 25% cliff Oct 6, 2026, then monthly to Oct 6, 2029 |
| Solana liquidity | 50M | 5% | Earmarked, timing not announced |
| Investors | ≈20M | ≈2% | Same as team; reconciliation ongoing |
| Validator vesting | ≈5.4M | ≈0.54% | Cliff Oct 6, 2026, subject to uptime (paid) |
| Validator genesis claims | ≈690K | ≈0.07% | Released Oct 6, 2025 |
Two lines are worth watching. The 250 million XNT community pool, a quarter of genesis, has no published mechanism; part of it is widely expected to go to XCORE, but X1 has not said so. The 50 million for Solana liquidity matches Jack Levin's stated aim of putting XNT liquidity on Solana, where wXNT now trades in small Raydium pools. X1's page also states that none of these schedules is enforced on chain: they are contractual, and transfer restrictions end by October 6, 2029.
Unlock schedule: the 2026 to 2029 vesting
The team (210M) and investor (≈20M) allocations share one schedule: 25% at a cliff on October 6, 2026, then monthly vesting until October 6, 2029. Together that is about 230 million XNT, so roughly 57.5 million became eligible at the cliff. If the remaining 172.5 million vests in equal monthly tranches over 36 months, that is about 4.8 million XNT a month, around 11% of today's circulating supply each month. That figure is our arithmetic; X1 has published the schedule, not the monthly amounts.
Eligible is not the same as sold. Unlocked tokens can be staked, held or moved without ever reaching a market, and with the main XNT/USDC.X pool holding under $9,000, very little could be sold at today's price anyway. Our XNT price outlook works through what that means.
For investors, the mechanics of the round and the vesting dashboard are in X1 Labs' investment round and XNT vesting, explained.
Inflation: 8% falling to 1.5%
X1's documentation sets the issuance schedule: inflation began at 8% a year and decreases by 15% each year, toward a long-term rate of 1.5%. Like Solana, the decrease is applied gradually rather than in one step each year. The network reports 6.61% today, of which 6.28 percentage points go to validators and their stakers and 0.33 to a foundation share.
At 6.61% on 1.085 billion XNT, the network issues about 71.7 million XNT a year, roughly 196,500 a day. Projected forward on the same schedule:
| Around | Inflation rate |
|---|---|
| November 2026 (now) | 6.61% |
| November 2027 | ≈5.62% |
| November 2028 | ≈4.78% |
| November 2029 | ≈4.06% |
| Floor | 1.5%, reached in about 2036 |
Inflation is paid to stake, so it mostly lands where the stake is: in the Foundation, treasury and delegation-program accounts. Spread over all staked XNT, the validator share works out to about 6.8% a year gross, before the validator's commission. Our guide to earning on X1 turns that into what a holder actually receives.
Burns: fees, the 85 million and the quarterly plan
Fee burns. Like Solana, X1 burns half of every transaction fee, priority fees included. Fees on X1 are tiny, so the burn is too: we estimated it at roughly 9,000 to 14,000 XNT a year, against about 72 million issued. Even ten times today's activity would burn only a fraction of a percent of issuance. The arithmetic is in X1's economic model.
The 85 million XNT burn. On October 21, 2026, X1 Labs CEO Jack Levin announced that 85,000,000 XNT would be burned as a tribute to Solana's Alpenglow upgrade, sent to the incinerator address. As of November 12 it has not happened: the incinerator holds no XNT, and total supply has kept rising, from 1,080.9 million on October 21 to 1,085.4 million today. When it does, total supply drops by about 7.8%, to roughly 1.0 billion. If the XNT comes from a treasury, as its size suggests, circulating supply and market cap do not change; total supply and FDV do. Our burn story will be updated with the transaction.
Quarterly burns. Levin has also said X1 will "probably" burn once a quarter, with the aim of holding total supply around one billion. At today's inflation rate that would take roughly 16 to 17 million XNT a quarter. No dates or amounts have been announced.
Where XNT is needed
- Gas. Every X1 transaction pays its fee in XNT.
- Validator self-stake. Validators need their own XNT staked to receive Foundation delegation. The floor has risen from 1,000 to 3,000, 5,000 and, since October 27, 20,000 XNT.
- Staking. Holders stake to earn the inflation that would otherwise dilute them, natively or through pXNT and rXNT.
- Trading. Almost every token on X1 trades against XNT on XDEX; see every X1 token.
Frequently asked questions
What is the total supply of XNT?
1,085,399,642 XNT on November 12, 2026: 1 billion created at genesis plus staking inflation since mainnet launched. There is no hard cap.
What is XNT's circulating supply?
42.8 million XNT, 3.95% of total supply. The rest is held by the X1 Foundation, X1 Labs and the Foundation's delegation program.
Is XNT inflationary or deflationary?
Inflationary today: about 6.6% a year, falling 15% a year to a 1.5% floor. Half of every fee is burned, but fee burns are tiny next to issuance. Announced one-off and quarterly burns would offset inflation if they happen.
When do XNT team and investor tokens unlock?
25% unlocked at a cliff on October 6, 2026; the rest vests monthly until October 6, 2029. In equal tranches that is about 4.8 million XNT a month.
Has the 85 million XNT burn happened?
Not as of November 12, 2026. It was announced on October 21; the incinerator address holds no XNT and total supply has not fallen.