Additional currency issuance in 2026:10 cryptocurrencies with doubled supply

Proof of liquidity mechanism reshapes block reward allocation model

In the first half of 2026, the circulation supply of the top ten Web3 tokens surged by 99% to 180%. Among them, Bittensor subnet tokens led the list due to the aggressive issuance of AI computing power subsidies;Berachain almost doubled its circulation after hard fork rewriting the block reward mechanism;ICON became the first mainstream network to completely stop issuing and retire its chain.

According to Tokenomist\'s supply-side tracking data, in the first six months of 2026, the circulation supply of the top ten most actively traded Web3 infrastructure tokens increased by between 99% and 180%. This list, led by two Bittensor subnet tokens and Hyperliquid ecological assets, makes token issuance the most concerned risk indicator for professional cryptocurrency investors this year. The logic behind this is simple and clear: a token that doubles in circulation in six months requires double net capital inflows to maintain the price unchanged.

Tokenomist\'s supply doubled in half a year

Tokenomist\'s data from January to June 2026 shows that a number of infrastructure assets are increasing supply at a rate that is difficult for the market to digest. The platform records show that total token releases from major industries reached US$97.43 billion in 2025, and this year is advancing at a similar scale, but focusing on fewer and faster diluted tokens.

(Data Sheet)

The two Bittensor subnet tokens on the list are the most extreme cases. Subnetwork tokens such as SN118 and SN110 continue to issue new supplies to pay for GPU clustering, model training and decentralized storage fees. The technology may be authentic, but this financing model passes on infrastructure costs directly to token holders through dilution, with no compensation on the demand side-because these subnets have neither a destruction mechanism nor return any revenue to token holders.

Why 100% supply growth requires 100% new capital

This mechanism is a simple arithmetic that many retail buyers have never calculated: price equals market value divided by supply in circulation. If supply doubles and market value remains unchanged, the price will be halved. For prices to remain stable, the market value must double, which means new buyers must inject capital equivalent to the existing total market value within six months.

A raging bull market can absorb this issuance, but the market in 2026 cannot-the U.S. spot bitcoin ETF suffered the worst redemption wave of the year, market sentiment was deep in extreme fear, and poor performance data also reflects this. Tokenomist\'s weekly research shows that coins issued in large volumes over the past 30 days have generally lagged behind the rest of the market, a pattern analysts now call \"dilution and suspension.\" The impact far exceeds that of small-cap tokens: SUI trading prices have dropped by about 80% from their 2025 peak, while still facing one of the largest weekly dollar value unlocks;Starknet recently released US$6.75 million, increasing circulating supply by 4.05%, and the market value has dropped from a peak of US$8 billion to nearly US$300 million.

Institutional trading desks have re-priced this risk. Companies such as Amina Group now view supply inflation, funding transparency and governance structures as core underwriting inputs, at the same level as liquidity and custody. A token with 80% of the total supply still locked in is a very different way to value a token with clear circulation, no matter what the current chart shows.

Berachain rewrote the distribution mechanism in July, and ICON permanently closed

Berachain closed the first half of the list with a supply expansion of 99.7%. Its case is instructive because most of the dilution is structural rather than planned. The network\'s proof-of-liquidity design directs block rewards to DeFi vaults, and the PoL Next hard fork launched on the main network in early July rewrites the entire incentive layer, abandoning non-transferable BGT governance tokens in favor of fixed WBERA block rewards. BERA has fallen about 88% in the past year, with a total value of online lockups worth about US$56 million.

ICON shows the end of this road. The network entered what its foundation called an \"economic shutdown\" in March 2026, terminating all pledge rewards and token issuance. The chain will cease to operate permanently on December 31, 2026, and ICX holders will move SODA tokens on the new infrastructure at a 1:1 ratio. From September 30, this migration will be one-way. A nine-year-old Layer 1 concluded that its inflation-reward model had come to an end.

Why Hyperliquid only received US$38 million from US$675 million unlocked

Proponents of aggressive issuance make a reasonable argument: infrastructure networks need validators, liquidity, and developers before they have paying users, and tokens are the only tool to launch this supply. By this logic, the publishing function is similar to Web2 start-ups \'customer acquisition budget-painful but temporary.

But the premise of this defense is that inflation does end on time, and some teams are proving it works. Hyperliquid\'s June 6 cliff unlock program released $675 million in HYPE, or about 2.54% of the circulating supply, but the team committed to receiving only $38 million of that. Voluntary withdrawal restrictions have become a unique market signal that distinguishes projects that manage dilution from projects that simply tolerate dilution. BMIC.ai\'s research reaches a similar conclusion from the revenue side: the platform can survive only if real agreement fee income replaces the original inflationary issuance before the holder\'s patience runs out.

The fall unlock calendar determines who survives the rotation

If the situation of the first half is repeated in the second half of 2026, a capital rotation rather than a broad recovery will be a possible outcome. Money flows out of high-issuance infrastructure tokens and is concentrated on assets with predictable or shrinking supply: Bitcoin, fee-burning Layer 1, and stablecoin-like income structures on Ethereum. Analyst Crypto Patel captured the shift in investor behavior in a widely shared post, warning to \"not just look at the charts before buying. Also check the amount of tokens issued. \"

Aptos currently provides the clearest transformation template. Its token economics proposal sets a hard-supply cap of 2.1 billion APTs, reduces pledge rewards from 5.19% to 2.6%, burns 100% of base fees, links future ecosystem releases to measurable KPIs, and permanently locks and pledges 210 million tokens held by the foundation. The next stress test will come in the fall unlock calendar: Hyperliquid\'s core contributor cliff unlock will expire on August 6, Aptos investor vesting period will end this year, and new APT issues are expected to decrease year-on-year after October by approximately 60%. The market will then know whether supply discipline can win a premium or whether dilution and suspension have caused damage.