Emission

The rate at which new tokens enter circulation, typically as rewards to users.

Emission refers to the schedule of new token issuance — block rewards in proof-of-stake networks, liquidity mining rewards in DeFi, governance distribution from a vault. Emission rates set the inflation a token's holders are diluted by.

High emission rates can drive short-term TVL growth (yield farmers chase the rewards) without building durable demand. Once emissions taper, TVL frequently leaves. Sustainable token designs match emissions to real demand drivers — fees, utility, governance — rather than relying on emissions to be the demand.