Aptos has significantly accelerated its token burn rate, destroying 174,100 APT over the past 30 days. This brings the total burned since its mainnet launch to 1.9 million APT. Despite this aggressive burn, the network's supply dynamics tell a different story.
The burn mechanism works by destroying transaction fees, with no revenue going to validators or a treasury. A 2026 governance proposal increased gas fees tenfold, boosting the burn rate. Even with this hike, average gas fees remain low at around $0.0005, keeping stablecoin transactions affordable.
However, staking emissions are adding new APT to circulation at a much faster pace. Approximately 1.5 million APT are minted monthly for staking rewards, resulting in a net supply growth of about 1.4 million APT each month. This means the burn rate is not keeping up with new issuance, maintaining an inflationary trend.
For APT holders, the net supply growth could impact the token's market value, particularly for those not staking. Increased on-chain activity, such as higher transaction volumes, could help balance the equation. Applications like Decibel, which supports frequent trading, could drive more burns if they gain traction.