Definition
An emission schedule is a formal specification that defines the timing, rate, and total quantity of new token issuance in a blockchain or DeFi protocol. It encodes how the token supply evolves over time, often in relation to block production, epochs, or other protocol-defined intervals. The schedule may be fixed in the protocol’s rules or adjustable through governance, and it is a central element of a project’s Tokenomics.
Emission schedules determine how quickly circulating supply approaches any defined Max Supply, if one exists, and how issuance interacts with mechanisms such as Inflation or deflation. They can include discrete events like Halving, where the issuance rate is periodically reduced according to preset rules. By specifying the conditions under which tokens are Minted, an emission schedule provides predictability and transparency around supply dynamics for all participants.
Context and Usage
In DeFi and broader crypto systems, the emission schedule is used to align incentives for validators, liquidity providers, and other participants over different phases of a network’s lifecycle. It shapes expectations about future token availability, which can influence perceived scarcity, reward structures, and long-term sustainability of the protocol. Projects often publish their emission schedule as part of their Tokenomics documentation to clarify how supply will change over time.
The concept also provides a framework for analyzing how ongoing Mint events and any built-in Inflation interact with a protocol’s stated Max Supply, if such a cap exists. Emission schedules can be linear, decaying, stepwise with Halving events, or follow more complex mathematical curves, but in all cases they serve as the canonical reference for how new tokens enter circulation. This makes the emission schedule a foundational concept for understanding the monetary policy of a crypto asset or DeFi protocol.