Tezos (XTZ)
Unlock Schedule
Tezos (XTZ) Token Unlock & Vesting Schedule
As of October 17, 2026, 1.12 billion XTZ have been released. The schedule is ongoing, with no final release date. Over the next 12 months it releases 32.17 million XTZ (all estimated) from Proof-of-Stake Participation Rewards, worth about $10.18 million at today's price (2.93% of the market cap). Today's release is an estimated 92,176 XTZ from Proof-of-Stake Participation Rewards.
The chart shows gross modeled releases of every allocation: vesting unlocks, new issuance and reserve distributions, each allocation counted once. These have different meanings; a scheduled release is not evidence that tokens entered circulation or were sold. Review the coverage, sources and assumptions below.
Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.
Tokenomics & Utility
How tez enters and moves through the network
The initial allocation of tez came from the 2017 fundraiser. Fundraiser participants received the largest share; smaller allocations went to early backers and contractors, DLS, and the Tezos Foundation. The Foundation and DLS allocations vested over four years. Since launch, the protocol has created additional tez as rewards for network participation. (tezos.foundation)
Tezos uses adaptive issuance to adjust participation rewards according to the share of the total tez supply that is staked. In broad terms, the mechanism raises incentives when staking falls below its target range and lowers them when staking rises above it. This ties the creation of new tez to the amount committed to network security. (octez.tezos.com)
Tez has several connected jobs. It pays for transfers and smart-contract activity, supports bakers through staking or delegation, and gives holders a way to take part in protocol governance. Some charges for using blockchain storage are burned, meaning that tez is removed from circulation. Etherlink also uses XTZ as its native coin. These roles link the currency to activity on both Tezos layer 1 and its EVM-compatible layer. (docs.tezos.com)
Upcoming XTZ Releases
| Period | Allocation | Type | Amount | Value |
|---|---|---|---|---|
| Oct 17 – 31, 2026 | Proof-of-Stake Participation Rewards | Issuance, estimated | 1.4M | $437.3K |
| Nov 2026 | Proof-of-Stake Participation Rewards | Issuance, estimated | 2.8M | $874.7K |
| Dec 2026 | Proof-of-Stake Participation Rewards | Issuance, estimated | 2.9M | $903.8K |
| Jan 2027 | Proof-of-Stake Participation Rewards | Issuance, estimated | 2.9M | $903.8K |
| Feb 2027 | Proof-of-Stake Participation Rewards | Issuance, estimated | 2.6M | $816.3K |
| Mar 2027 | Proof-of-Stake Participation Rewards | Issuance, estimated | 2.9M | $903.8K |
| Total, next 12 months | 32.2M | $10.2M | ||
Values at $0.316 per XTZ (October 17, 2026), today's price, not a forecast. Releases continue after September 2027. Estimated amounts are modeled from the schedule's rules rather than dated by a source; see the Assumptions below. Releases without dates are listed under Allocations.
Assumptions
Tezos began with allocations to fundraiser participants, early backers, the Tezos Foundation and Dynamic Ledger Solutions; the latter two were subject to four years of monthly vesting. New tez also enter supply through proof-of-stake rewards, a liquidity-baking subsidy and occasional protocol-migration invoices. The chart can show the genesis allocations, estimated vesting months and an interpolated total-supply history, but that history cannot reliably split staking rewards from other issuance or burns. Future rewards and the payment timing of the announced prize pool remain unresolved.
- Proof-of-Stake Participation Rewards: New issuance depends on network activity, such as staking, so it cannot be dated in advance.
- Protocol Liquidity Baking Subsidy: New issuance depends on network activity, such as staking, so it cannot be dated in advance.
- Protocol Migration Invoices: Releases depend on future governance or treasury decisions.
- Tezos Satoshi’s Treasure Hunt Prize Pool: Releases depend on recipients claiming tokens or on grants being awarded.
- 1. https://tezos.foundation/fundraiser-statistics/
- 2. https://tezos.foundation/tezos-betanet-launch/
- 3. https://tezos.foundation/tezos-foundation-faq/
- 4. https://tezos.foundation/kukai-wallet-klas-viktor-harrysson/
- 5. https://tezos.foundation/update-week-of-26-august-2019/
- 6. https://docs.tezos.com/architecture/governance/amendment-history
- 7. https://octez.tezos.com/docs/protocols/004_Pt24m4xi.html
- 8. https://octez.tezos.com/docs/protocols/010_granada.html
- 9. https://octez.tezos.com/docs/protocols/020_paris.html
- 10. https://octez.tezos.com/docs/alpha/adaptive_issuance.html
- 11. https://octez.tezos.com/docs/alpha/liquidity_baking.html
- 12. https://www.coingecko.com/
Tokenomics Overview
Market Data
Tile coloring: Green indicates positive changes, red indicates negative changes, and neutral indicates no significant trend or unavailable data.
Perpetuals: 2 markets on Binance and OKX · $4.4M open interest
 HTX (CEX) | 1.1M | 15/1.9K |
 Binance (CEX) | 757K | 108K/109K |
 Bybit (CEX) | 304K | 48K/55K |
 OKX (CEX) | 257K | 31K/38K |
 Kraken (CEX) | 191K | 89K/131K |
 Coinbase (CEX) | 177K | 53K/59K |
Kraken (CEX) | 118K | 54K/123K |
 MEXC (CEX) | 108K | 11K/19K |
 KuCoin (CEX) | 87K | 23K/18K |
Binance (CEX) | 82K | 28K/38K |
 Gate.io (CEX) | 81K | 67K/82K |
Binance (CEX) | 67K | 16K/11K |
 Bitget (CEX) | 66K | 68K/56K |
Binance (CEX) | 38K | 5.2K/4.1K |
Coinbase (CEX) | 20K | 6K/7.6K |
OKX (CEX) | 18K | 17K/22K |
Kraken (CEX) | 12K | 6.3K/13K |
Kraken (CEX) | 5.7K | 6.7K/16K |
Coinbase (CEX) | 2.4K | 3.8K/5.3K |
OKX (CEX) | 1.1K | 21K/22K |
KuCoin (CEX) | 921 | 1.7K/4K |
Coinbase (CEX) | 441 | 15K/16K |
Allocations
Parts of this allocation with their own release dates are charted as their own allocations; the chart shows the rest here.
Parts of this allocation with their own release dates are charted as their own allocations; the chart shows the rest here.
Estimated from the last observation onward: about 92,176 per day (2,805,592 per month), the rate between the observations of 16 May 2026 and 30 September 2026.
Description
#132
Tezos is a smart contract platform that uses a proof-of-stake consensus mechanism and an on-chain governance model to enable network upgrades without hard forks. It also supports formal verification of smart contracts to ensure their security and correctness.
| Sector: | Layer 1 |
| Blockchain: | Other L1 |
Tokenomics Overview
Market Data
Tile coloring: Green indicates positive changes, red indicates negative changes, and neutral indicates no significant trend or unavailable data.
Perpetuals: 2 markets on Binance and OKX · $4.4M open interest
HTX (CEX) | 1.1M | 15/1.9K |
Binance (CEX) | 757K | 108K/109K |
Bybit (CEX) | 304K | 48K/55K |
OKX (CEX) | 257K | 31K/38K |
Kraken (CEX) | 191K | 89K/131K |
Coinbase (CEX) | 177K | 53K/59K |
Kraken (CEX) | 118K | 54K/123K |
MEXC (CEX) | 108K | 11K/19K |
KuCoin (CEX) | 87K | 23K/18K |
Binance (CEX) | 82K | 28K/38K |
Gate.io (CEX) | 81K | 67K/82K |
Binance (CEX) | 67K | 16K/11K |
Bitget (CEX) | 66K | 68K/56K |
Binance (CEX) | 38K | 5.2K/4.1K |
Coinbase (CEX) | 20K | 6K/7.6K |
OKX (CEX) | 18K | 17K/22K |
Kraken (CEX) | 12K | 6.3K/13K |
Kraken (CEX) | 5.7K | 6.7K/16K |
Coinbase (CEX) | 2.4K | 3.8K/5.3K |
OKX (CEX) | 1.1K | 21K/22K |
KuCoin (CEX) | 921 | 1.7K/4K |
Coinbase (CEX) | 441 | 15K/16K |