Minting

Creating new tokens and adding them to circulating supply. Minting can be permissioned (only the protocol or governance can mint) or permissionless (anyone who meets conditions can mint, as with DAI by depositing collateral). New minting dilutes existing holders unless protocol value grows proportionally. Stablecoin minting is collateral-backed; governance token minting is often inflationary and functions as a cost paid by existing holders to fund protocol growth.