Ava Labs: 72 million AVAX, or 20.0% of the initial supply, was retained by core developers and Ava Labs team members to compensate for their early efforts in the development of the Avalanche Network. Avalanche Foundation: 66.7 million AVAX, or approximately 18.5% of the initial supply, was distributed to the Avalanche Foundation for operational costs incurred in the facilitation of the development of the Avalanche Network. Public Sale: 72 million AVAX, or approximately 20% of the initial supply, was sold to members of the public in July 2022. Private Sales: Approximately 42.9 million AVAX, or approximately 11.9% of the initial supply, was sold in private sales to venture capital and other investors conducted in February 2019 and May 2020. Strategic Partners: 36 million AVAX, or 10% of the initial supply, was distributed to groups, organizations, and enterprises building businesses using Avalanche technology. Community & Developer Endowment: 50.4 million AVAX, or 14% of the initial supply, was allocated to the Avalanche Foundation to be distributed to individuals and groups developing core Avalanche Network tooling and infrastructure as well as supporting the Avalanche Network through community building and marketing. Airdrop: 18 million AVAX, or 5% of the initial supply was allocated as an incentive for onboarding users and community members to the Avalanche Network. Testnet Incentive Program: Approximately 1.9 million AVAX, or approximately 0.5% of the initial supply, was distributed to validators participating in the Avalanche incentivized testnet programs. Following the launch of the Avalanche Network, AVAX supply increases through a progressive minting process. Only 720 million AVAX are ever expected to exist, a limit which is currently hardcoded into the Avalanche Network, though the rate of minting AVAX, and therefore the date this limit is expected to be reached, may be adjusted via vote by Avalanche Network validators. AVAX Supply The rate at which new AVAX supply has been minted and put into circulation has varied since network launch. Additionally, while the issuance of AVAX is set at an annual 5% rate of the total supply, the Avalanche Protocol “burns,” or removes from circulation, transaction fees paid for using the network. As a result, net changes in AVAX supply are expected to vary in the future. At network launch, the AVAX total supply was 360 million AVAX. Between network launch and December 31, 2025, the total supply of AVAX increased by roughly 19% to approximately 429.7 million AVAX. Modifications to the Avalanche Network Historically the Avalanche Network’s development has been overseen by Ava Labs and other core developers. Ava Labs and core developers were able to access and alter the Avalanche Network source code and, as a result, they were responsible for quasi-official releases of updates and other changes to the Avalanche Network’s source code. However, currently, the Avalanche codebase is publicly available under open source licenses and neither Ava Labs nor the Avalanche Foundation oversees network development. Ava Labs is one contributor to the codebase rather than responsible for updates or overseeing development or maintenance of the codebase. For example, in October 2022, the Avalanche Network launched the “Banff” upgrade, which enabled subnet staking through the Avalanche main network so that subnet validators could secure their chosen subnets without leaving the main network. In another example from December 2024, the Avalanche Network implemented the “Avalanche 9000” upgrade whereby validators can elect to exclusively validate certain non-core blockchains (i.e., blockchains that are not fundamental to or necessary for the Avalanche Network to operate) of the Avalanche Network. Ava Labs led the development of these reference implementations.
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