Internet Computer (ICP) トケノミクス

The Internet Computer (ICP) utilizes a sophisticated dual-mechanism economic model designed to balance network growth with long-term value preservation. This system integrates inflationary rewards for network participants with deflationary burning mechanisms driven by computational demand.

Issuance Mechanism

The ICP token supply is primarily inflationary, driven by two core reward mechanisms managed by the Network Nervous System (NNS):

• Voting Rewards: Tokenholders who stake ICP in "neurons" and participate in governance receive rewards in the form of "maturity" (unclaimed accumulated ICP). As of May 2024, the estimated annual inflation rate from these rewards was approximately 6.91%. This rate is designed to decrease over time, following a quadratic formula that targets a 5.00% inflation rate eight years after the network's Genesis.
• Node Provider Rewards: The NNS mints new ICP to remunerate Node Providers who operate the physical hardware for the network. These rewards are calculated based on the node's geographic location and hardware specifications. Because operating costs are often in fiat, the inflation amount is calculated using a 30-day moving average price of ICP in Special Drawing Rights (XDR).

A recent initiative, Mission 70, aims to significantly reduce new token issuance by 70% by the end of 2026, potentially lowering the inflation rate to approximately 2.92%.

Allocation Mechanism

The initial distribution of ICP tokens was spread across several rounds of funding, team allocations, and community initiatives.

Usage and Incentive Mechanism

ICP serves as the native utility and governance token with four primary functions:

1. Governance Staking: Users lock ICP to create neurons, allowing them to vote on proposals and earn rewards.
2. Conversion to Cycles: ICP is burned to create "cycles," which serve as the "gas" for the network. This creates a deflationary pressure; as network usage increases, more ICP is permanently removed from circulation. One XDR worth of ICP always creates exactly one trillion cycles.
3. Node Remuneration: ICP is used to pay the providers who maintain the network infrastructure.
4. Decentralization Swaps: ICP can be used to participate in swaps for Service Nervous System (SNS) DAOs, allowing users to become co-owners of specific dApps.

Locking Mechanism

The primary locking mechanism is the creation of neurons. To participate in governance, a user must stake a minimum of 1.00 ICP.

• Dissolve Delay: This is the "notice period" required before tokens can be unlocked. It can be set between a minimum of six months and a maximum of eight years.
• Voting Power Bonuses: Voting power is not just based on the amount of ICP; it is multiplied by a Dissolve Delay Bonus (up to 2x for 8 years) and an Age Bonus (up to 1.25x for neurons that have been kept in a non-dissolving state for 4 years).
• Dissolving Process: A neuron does not automatically unlock. The owner must "Start Dissolving" to begin the countdown. Once the countdown reaches zero, the tokens can be "disbursed" back to the user's wallet.

Unlocking Time and Vesting

The vesting period for most initial allocations was completed by May 10, 2025. Historical data shows a consistent monthly unlock schedule for various rounds:

• Seed Round: Participants received tokens in 49 different neurons with dissolve delays ranging from 0 to 48 months.
• Strategic Round: Followed a 36-month linear vesting schedule.
• Pre-Sale & Airdrop: Generally followed a 12-month linear vesting schedule after a 1-month cliff.

Recent monthly unlock events have seen approximately 2.73 million ICP (roughly 0.5% to 0.6% of circulating supply) entering the market each month through mid-2025. As of early 2026, the vast majority of the initial supply is fully unlocked, with the circulating supply now primarily influenced by the balance between inflationary rewards and deflationary burning.