![Hard Pressure Capped & Stepped Supply Schedule - 13.14% of remaining supply to 2.1B calculated every 2 years starting Mar. 14, 2026.png](https://subsquare.infura-ipfs.io/ipfs/QmWpp51ZPEeiaTouMBF7FEPqiXPW5Skc94bZvZj3y9YAm1)

**Total Supply - - - - 2.1B**  
**Inflation Period - - 2 Years**  
**Step - - - - - - - - - 13.14% of remaining supply (2.1B minus Total Issuance)**  
**First Step - - - - - - Mar. 14, 2026**  
**Cap Reached - - - - - - 2160**  

![Screenshot 2025-08-15 at 12.12.34 AM.png](https://subsquare.infura-ipfs.io/ipfs/QmTJgt6ukLypDmqHVaMPWcpxDkxvXMF4H7sBcJjX38ZJvX)
Yellow line = Today's Issuance  
Blue line = New Issuance  
Grey line = Today's Supply Growth  
Green line = New Supply Growth

The Hard Pressure inflation schedule offers an initial 53.6% cut to emissions with a softening curve to cap. Compared with the [Soft Pressure model](https://polkadot.subsquare.io/referenda/1709), it cuts fat up front with a softer runway after 2030 through to the end of the century.

Before voting or commenting, **please review** the mission & justification of a Capped & Stepped Supply in the [forum](https://forum.polkadot.network/t/capped-stepped-inflation-general-info/14168).

**Committing** to [long-term fiscal responsibility](https://x.com/GldnCalf/status/1955359509204865119) with a Capped & Stepped Supply implies: 

1. cutting unnecessary expenses 
2. subsidizing inflation with new sources of revenue. 

To demonstrate the urgency this model presses on these goals, let's project what the future would look like with this inflation schedule as the sole source of income:

![Screenshot 2025-08-15 at 12.11.50 AM.png](https://subsquare.infura-ipfs.io/ipfs/QmXELs1SGnthM25EgC2zMsKdDYd62hTA1YxMXZgwJ8WKyA)
Red line = Staking APR

Considering a staking rate of 50% and NO new contributing revenue, this schedule offers a staking rate above SOL in 2026, above ADA in 2030, and above ETH in 2032.

Now lets look at what Market Cap we would need to sustain at each step for inflation to match the USD value of today's expenses ($450M) and aspirational reduced expenses ($90).
![Screenshot 2025-08-15 at 12.26.51 AM.png](https://subsquare.infura-ipfs.io/ipfs/QmZGAd18XyVYs87uyBnBFiesnYjPF51wp94evaVXvaNde6)
Purple line = Market Cap required to meet $450M yearly expenses  
Red line = Market Cap required to meet proposed $90M yearly expenses

Imagining NO new contributing revenue: we'd need to reach the Market Cap of SUI by 2026, ADA by 2030, SOL by 2038  to sustain $450M expenses..

Imagining the same but to sustain the proposed $90M expenses: we'd need to maintain the Market Cap of DOT until 2031, reach LINK by 2037, SOL by 2049

![Screenshot 2025-08-15 at 1.14.07 AM.png](https://subsquare.infura-ipfs.io/ipfs/QmXzqBuodNJh1j12btqdwXjTiLn763coq4udboZhQJimSR)
See the [full sheet](https://docs.google.com/spreadsheets/d/1pW6fVESnkenJkqIzRk2Pv4cp5KNzVYSupUI6EA-jeR8/edit?usp=sharing). Compare [Hard & Soft](https://docs.google.com/spreadsheets/d/1xbELLcc4_Mk7Zz4EyV0kPzgn9qNAsYivPA105R5HZKk/edit?usp=sharing) schedules.

**Consider:** cutting expenses & increasing revenue relieves the pressure of this model with the long-term commitment to become sustainable without inflation.

Now, here is the growth of DOT supply since Oct. 2020.

![Screenshot 2025-08-15 at 1.16.31 AM.png](https://subsquare.infura-ipfs.io/ipfs/QmcEeCS5pNYZPEMHBzRJKHf23PmULV2A1sK4ySgMTQkgQb)

The Blue circle highlights the moment we switched to a fixed 120M DOT added to the supply every year.

And here is Security of the Polkadot network measured in USD over the same time period.

![image.png](https://subsquare.infura-ipfs.io/ipfs/QmZ6qA7uhzXaxFYiPqEE3t5iAtbGDQ6dB6qVdt1E8AGoaB)

When DOT is "Worth Selling" it harms network security.

![Screenshot 2025-08-01 at 9.02.29 AM-1.jpg](https://subsquare.infura-ipfs.io/ipfs/QmQ8PJQ5pJSeDrT1B8VEWek3xmujZFx8JLr5abB7isBmeD)

Take a moment to [review the tricky path](https://polkadot.subsquare.io/posts/423) we have been on under past and current inflation schedules.

There are risks, however, to adopting a Capped & Stepped Supply schedule.

![Screenshot 2025-08-01 at 9.04.08 AM-2.png](https://subsquare.infura-ipfs.io/ipfs/QmQcEnmrFbezcFVHBCyvYXnyrtSiHoJoeGcTdNsjTXcAz1)

**Should we commit to long-term fiscal responsibility or keep the status quo?**

**Vote AYE** on this Ref and/or [Ref. 1709](https://polkadot.subsquare.io/referenda/1709) to adopt a Capped & Stepped Supply Schedule.

**Vote NAY** on both to keep [status quo](https://polkadot.subsquare.io/posts/423).

Should Both pass, adopt the one with greatest sum of AYE with conviction.

------

**Handy Links:**

[DOT RFP #1 - Crowdsourced Research: Capped Supply & Step Change Inflation](https://polkadot.subsquare.io/referenda/1652)  
[Capped & Stepped Supply Research Dashboard](https://polkadot-inflation-tool.vercel.app/dashboard.html)  
[Stepped & Capped Inflation Model-maker](https://polkadot-inflation-tool.vercel.app/calculator.html)  
[Parity Inflation Selling Charts](https://test.metabase.data.paritytech.io/public/dashboard/54983e4d-076f-4a5f-a097-a436bf213df8?tab=135-liquidations)  
[Forum Capped & Stepped Overview](https://forum.polkadot.network/t/capped-stepped-inflation-general-info/14168)  
[Test Hard Pressure Forum Post](https://forum.polkadot.network/t/hard-pressure-model-capped-stepped-inflation/14169/16)  
[Test Med Pressure Forum Post](https://forum.polkadot.network/t/med-pressure-model-capped-stepped-inflation/14170)  
[Test Soft Pressure Forum Post](https://forum.polkadot.network/t/soft-pressure-model-capped-stepped-inflation/14171)  
[Off-chain 1.89M DOT Vote](https://voting.opensquare.io/space/polkadot/proposal/QmeX7vFJLTxSyMTF5f77bdznajdDFW88aLiq8ASZUUNUm6?page=3&discussion_page=1)
[Gavin Wood Suggests Capped & Stepped in April 2024](https://x.com/GldnCalf/status/1940606469394907271)  
["Worth that risk" - Gavin Wood in July 2025](https://x.com/GldnCalf/status/1955359509204865119)

#1710 Hard Pressure Capped & Stepped Supply Schedule