Emission Schedule
The predetermined plan governing how many new tokens a protocol creates and distributes over time, including how that rate changes as the protocol matures.
An emission schedule is the predetermined plan, usually encoded directly in a protocol's smart contracts or consensus rules, governing how many new tokens are created and distributed over time — for example, as mining or staking rewards — and how that issuance rate changes at different stages, such as Bitcoin's halving (see Kaavon's "Halving" glossary definition) schedule that cuts new issuance in half at fixed intervals. A clearly defined, transparent emission schedule lets anyone calculate exactly how much new supply will exist at any future point.
A token's emission schedule is a central input to evaluating its long-term supply dynamics and potential dilution for existing holders, and is commonly analyzed alongside its burn rate (see Kaavon's "Burn Rate" glossary definition) to understand net supply growth. Emission schedules vary widely in design — some decline toward a fixed maximum supply, some continue indefinitely at a low constant rate, and some are adjustable through governance rather than being fixed in advance, each implying a different long-term dilution profile for holders.
Examples
- Bitcoin's emission schedule is fully predetermined and public, letting anyone calculate exactly how many new bitcoin will be issued at any future block height.
- A token whose emission schedule is adjustable through governance carries more issuance uncertainty for holders than one with a fixed, predetermined schedule set at launch.