According to the white paper:
Allocation & Supply
The Steem network starts with a currency supply of 0 and allocates STEEM via proof of
work at a rate of approximately 40 STEEM per minute to miners, with an additional 40
STEEM per minute being created to seed the content and curation reward pools (for a total
of 80 STEEM per minute). Then the network starts rewarding users who convert to SP. At
this point, STEEM grows at a rate of approximately 800 STEEM per minute due to the
combined effects of the various Contribution Rewards summarized below:
Contribution Rewards:
- Curation rewards: 1 STEEM per block or 3.875% per year, whichever is greater
- Content Creation rewards: 1 STEEM per block or 3.875% per year, whichever is greater
- Block production rewards: 1 STEEM per block or 0.750% per year, whichever is greater
- POW inclusion rewards before block 864,000: 1 STEEM per block (awarded as 21 STEEM
per round) - POW inclusion rewards after block 864,000: 0.0476 STEEM per block (awarded as 1
STEEM per round) or 0.750% per year, whichever is greater. - Liquidity rewards: 1 STEEM per block (awarded as 1200 STEEM per hour) or 0.750% per
year, whichever is greater
Power Rewards: - Steem Power rewards: For each STEEM created by the above rewards, 9 STEEM are
divided among all Steem Power holders.
SMD operations: - SMD rewards: A percentage of SMD value is created at an APR set by the witnesses and
paid to SMD holders as SMD - Feed Rate following: The amount of STEEM for which the total SMD in existence can be
redeemed will change based on changes in the price feed. This change is effectively
destruction ("burning") of STEEM when the value of STEEM (as measured by the feed) is
increasing, or creation of STEEM when the value of STEEM (as measured by the feed) is
declining.
The percentage constraints effectively ensure the incentives for rewards do not become
meaninglessly small over time, which is intended to prevent the system from experiencing
the “speed bump” in the growth pattern of many other blockchains, where an initial growth
spurt fueled by high incentives for early participants is followed by prolonged stagnation as
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the continually falling incentives drop below the level necessary to induce newcomers to
join.
The overall effect of these percentage constants on allocation and supply is that the
(approximately) 800 STEEM per minute rate remains in effect for some time (i.e. units of
STEEM), but drops in percentage terms (i.e., 800 STEEM is a smaller and smaller fraction of
the total supply as the total supply grows larger and larger). When the various individual
components of the 800 STEEM per minute rate reach their respective percentage-based
floors, each floor halts the fall in its component of the rate. This in turn means that, over the
long term, the nominal rate will rise from 800 STEEM per minute to the (time-varying,
supply-dependent) value needed to maintain a constant annualized growth rate of 10% for
the Contribution Incentives, and a constant annualized growth rate of 100% for the
combined effect of the Contribution Incentives and the Power Incentives. The overall effect
is a doubling of the STEEM supply each year (but, as detailed in the next section, if most
users Power Up then much of this doubling is effectively a “split” which does not transfer
ownership).
The overall supply picture is complicated by the effect of SMD operations, which may result
in large-scale creation or destruction of STEEM through feed rate following and SMD
rewards, as discussed in the SMD section. Other, smaller-scale complicating effects also
exist, including unclaimed incentives (e.g. block rewards for missed blocks), noise due to
miner luck in proof-of-work production, and the effects of changes in the miner queue
length due to a change in the network’s total hashpower.
My calculation:
800 steem power per minutes = 48k steem power per hour = 1.152 million steem power per day = 420 million steem power per year
Current supply now is 110 million steem power, so if my calculation is correct, this year all of us will grow by at least 400% even if you are doing absolutely nothing
then after it reach 420 million steem power, it will only grow 100% per year while steem power holder will grow 90% per year if they are doing absolutely nothing