$XPL – Stablecoin Layer 1
No clear total supply limit (total supply around ~10 billion), while circulating supply is low (~19.8% ≈ 1.98B) and ~8.02B tokens are not circulating, with FDV around ~$1.4B. Long-term dilution pressure is very high.
IP (Story Protocol) – Layer 1 Unlimited total supply, currently only ~33% circulating (~339M) and has the ability to mint more, leading to an FDV of approximately ~$1.9B. Structural dilution risk due to no hard cap.
Berachain ($BERA) – Layer 1
Unlimited supply, ~26% circulating (~137M), tokenomics based on emission, with FDV ~$360–370M.
→ Long-term dilution depends entirely on emission control.
Stable $STABLE – L1 type USDT
Very low float (~17.6% circulating ≈ 17.6B out of a maximum supply of 100B), with ~82.4B tokens to be unlocked, resulting in an FDV of ~$1.4–1.5B. Excessive supply compared to current liquidity.
Limitless ($LMTS) – Prediction Markets
Initially extremely low float (~13%), along with a large unlock event after TGE expected in April 2026 (~65% of the tokens have been issued).
→ Dilution risk is only delayed, not eliminated.
Initial ($INIT) – Modular Layer 1
Low float (~17.7% ≈ 176M out of a total supply of 1B), with ~82% of tokens locked/vesting.
→ Significant dilution risk in the future, especially when a large unlock event begins in April 2026.
Kaito $KAITO – InfoFi
Average-low float (~24.1% ≈ 241M out of a total supply of 1B), ~76% of tokens still locked, with upcoming unlock events, and FDV ~$560–580M.
→ Continuous dilution pressure.
Hyperlane ($HYPER) – Token Bridge
Low float (~21% ≈ 206–213M out of a total supply of 1B), FDV (~$115M) much higher than market cap (~$30M), and 24h volume ≈ 50% market cap.
→ Thin float + high turnover = risk of significant volatility.
Linea – Layer 2
Low float (~23% ≈ 16.7B out of a maximum supply of 72B), with a large amount of tokens locked, and ~1.02B tokens (1.42%) about to unlock.
→ Dilution risk due to unlock is still ongoing.
Tokenomics with low float, unlimited supply, or dense unlock schedule can create long-term dilution pressure, even if the narrative and product sound very appealing. Understanding supply structure is as important as the product before TGE or when investing after TGE.