I did the math. There is an additional 3,077,145 XSN in total supply atop the circulating supply.
However, there is 3,539,037 XSN in the "burned" wallet pictured below. This takes an additional 461,892 XSN out of the circulating supply.

There is still the question of what will happen with Cryptopia XSN too. Frozen in limbo. If people don't get their money back, it could be burned.
Subtracting that would reduce the supply to 101,669,767 XSN.
39,600,000 XSN is locked in Masternodes. 5,600,000 XSN of that came since January 1 2020.

Without Cryptopia funds factored, 38.94% of XSNs supply is in masternodes.
With Cryptopia funds factored in, 37.29%.

I think XSN will have more scarcity problems than anything.