Deep Dive
1. Stake-to-Participate Mechanics (Bullish Impact)
Overview:
July 2025’s “Stake-to-Participate” upgrade ties 2% of miners’ rewards to staked NMT holdings. Unclaimed emissions burn permanently – over 1.2M NMT burned since implementation (NetMindAI). Phase 2 (100% enforcement) launches Q4 2025.
What this means:
Reduced sell pressure from miners and sustained burns could counter inflation from token unlocks. With 33.45M circulating supply, even modest burns (0.5-1% monthly) may amplify scarcity during demand spikes.
2. AI Agent Infrastructure Growth (Mixed Impact)
Overview:
NetMind’s 280+ Model-Callable Protocols (MCPs) – including CoinMarketCap and Bankless integrations – position it as backend infrastructure for onchain AI agents. Daily active agents grew 217% Q2–Q3 2025 (NetMindAI).
What this means:
Adoption could drive staking demand (required for advanced MCP access) but faces competition from Akash (+89% YTD market cap) and Phala. Success hinges on maintaining technical lead in cross-chain AI tooling.
3. Token Unlock Trajectory (Bearish Risk)
Overview:
62.5M NMT (42% of total supply) will unlock for GPU miners through 2034, with 20M released by April 2026. Team/advisor unlocks (17.5M) accelerate in 2026 (Whitepaper).
What this means:
Annual inflation could reach 18-22% until 2027 if demand lags. However, staking incentives (14.6% APY) might absorb unlocks if network activity grows >30% quarterly.
Conclusion
NMT’s 2025-2026 outlook balances deflationary burns against unlock-driven supply. Watch the miner staking ratio (currently 23% of circulating supply) – sustained >40% would signal bullish absorption of unlocks. Can NetMind’s MCP adoption outpace GPU reward dilution?