Pearl (PEARL) has a fixed maximum supply of 2.1 billion and no premine, but that does not mean supply is static. New PEARL is minted with every block, and in the early years that new supply is large compared with what already exists. This guide shows Pearl’s inflation rate today, how it falls year by year, and what drives it. All the numbers come from the emission formula in the Pearl node.
Pearl inflation today
| As of November 5, 2026 | Value |
|---|---|
| Block height | 138,995 |
| Total issued | About 369.85 million PEARL (17.6% of the maximum) |
| Block reward | About 2,192 PEARL |
| New supply in the next 365 days (194 second blocks) | About 295 million PEARL |
| Inflation for the coming year (194 second blocks) | About 80% |
| Inflation for the coming year (recent 182 second pace) | About 84% |
In daily terms that is roughly 1 million new PEARL per day. Our guide to how much PEARL is mined per day breaks that number down.
The formula behind it
The node computes the reward for block h with CalcBlockSubsidy:
reward(h) = S × K / ((h + K) × (h − 1 + K))
where S is 2.1 billion PEARL and K is 650,226, the number of 194 second blocks in four years. Adding up every reward gives a clean total:
total issued after H blocks = S × H / (H + K)
Half of all PEARL is out after K blocks, two thirds after 2K, three quarters after 3K. There are no halvings, so there are no sudden drops in inflation either. The full derivation is in our Pearl supply and emission guide.
Pearl inflation year by year
The table below assumes every block arrives at the 194 second target, counted from launch on April 27, 2026. That makes one year about 162,557 blocks. “Inflation next year” is the PEARL issued during the following year divided by the supply at the start of it.
| End of year | Total issued | Share of 2.1 billion | Reward per block | Inflation next year |
|---|---|---|---|---|
| 1 | About 420 million | 20% | About 2,067 | About 67% |
| 2 | About 700 million | 33% | About 1,435 | About 29% |
| 3 | About 900 million | 43% | About 1,055 | About 17% |
| 4 | About 1.05 billion | 50% | About 807 | About 11% |
| 5 | About 1.17 billion | 56% | About 638 | About 8% |
| 8 | About 1.4 billion | 67% | About 359 | About 3.8% |
At the target pace, these year ends fall on the launch anniversary. In practice the chain is ahead of schedule, so the heights arrive earlier (see below).
Why real inflation runs ahead of the table
The formula fixes rewards per block, not per year. If blocks come faster than 194 seconds, the calendar inflation rate is higher than the table, because more blocks fit in a year.
- Since launch: blocks averaged about 120 seconds between April 27, 2026 and block 138,995. At the target pace only about 85,800 blocks would exist by now, so the chain is roughly 53,000 blocks ahead.
- Recently: from block 134,397 (October 27) to block 138,995, blocks averaged about 182 seconds, close to the target but still a little fast. At that pace the coming year’s inflation is about 84% instead of 80%.
The flip side: what has already been issued is fixed by height, so being ahead of schedule moves supply forward in time, it does not add to the 2.1 billion cap. Difficulty adjusts every block to pull block times back toward the target. Our guide to Pearl block time and difficulty explains how.
How this compares with Bitcoin
Bitcoin cuts its block reward in half every 210,000 blocks, so its inflation rate drops in steps. Pearl’s falls in a smooth curve instead. The overall shape is similar on purpose: Pearl’s constant K is four years of blocks, and after four years half of Pearl’s supply is out, the same share Bitcoin issued in its first four years. The difference is that Pearl’s reward never reaches zero, so a small trickle of new supply continues for far longer. See Pearl vs Bitcoin for the full comparison.
What it means for holders and miners
- Supply is front-loaded. Early holders face high dilution: at the target pace, supply grows about 67% in year 2 alone. That is a known property of the schedule, not a surprise, and it eases fast.
- Sell pressure comes from mining. With no premine, all new PEARL goes to miners, some of whom may sell to cover hardware, power or rental costs. Read Pearl mining profitability for how miners think about that.
- Inflation is not a price forecast. Price depends on demand as well as supply. This schedule only tells you how much new PEARL will exist, not what it will be worth.
Where to go next
- New to Pearl? Read what is Pearl (PEARL).
- Want live numbers? See Pearl network stats.
- Ready to hold some? See how to buy PEARL and keep it in a self-custody wallet like Oyster.
Frequently asked questions
What is Pearl's inflation rate?
As of November 5, 2026, about 370 million PEARL had been issued. At the 194 second target block time, the next 365 days would add roughly 295 million PEARL, an inflation rate of about 80% for the coming year. The rate falls quickly: about 29% in year 3, 11% in year 5 and under 4% by year 9.
Does Pearl inflation ever stop?
Not completely. The block reward shrinks with every block but never reaches zero, so the supply approaches 2.1 billion PEARL without touching it. The inflation rate keeps falling toward zero over the decades.
Is there a premine or team allocation that adds to inflation?
No. Pearl had no premine. Every PEARL in circulation came from mining, so the block reward formula is the only source of new supply.
Why is the inflation rate so high at the start?
Inflation is new supply divided by existing supply. Early on the existing supply is small and the block reward is at its largest, so the percentage is high. Both effects reverse over time: the supply grows and the reward shrinks.
Does a faster block time raise Pearl's inflation?
Yes, in calendar terms. The reward is fixed per block height, so if blocks arrive faster than the 194 second target, more PEARL is issued per year. The total issued at any given height does not change.
