Core concepts
Tokenomics & Emissions
Breakdown
Token Distribution
| Token Distribution | Amount |
|---|---|
| Treasury | 187,500,000 |
| vePHAR & PHAR(v2) Migrators | 562,500,000 |
Total Supply: 750,000,000
Because many migrated allocations enter through xPHAR, the burn-to-mint mechanism reduces a significant portion of initial PHAR supply.
Emissions
Below is an approximation of our weekly emissions (before elastic emissions) vs. total supply for the first 500 Epochs (~10 years):
Emissions vs. Supply
- Initial supply (After Burns): 427500000 tokens
- Maximum supply cap: 1 Billion tokens
We added a burn line assuming 50% of emissions will be converted to xPHAR and burning supply.
- Epoch 0: 2.7M weekly emissions
- Epoch 1: 5.4M weekly emissions
- Epochs 2–5: Emissions may be adjusted up or down based on protocol growth and liquidity needs
- Epoch 6+: 1% decay per epoch in perpetuity
- Total supply asymptotically approaches 1B tokens
Elastic Emissions
Emissions can be modified by up to ±25% per epoch depending on protocol revenue to maintain sustainable inflation. 100% of ALL emissions go to gauges-there are no team allocations or other distributions, ensuring fully decentralized emissions.
Emissions may increase when protocol revenue exceeds emissions across multiple epochs or when upcoming catalysts are expected to increase revenue.
Emissions may decrease when revenue remains substantially below emissions or when conditions suggest lower near-term revenue.
Why Emissions Matter
Emissions are used to incentivize liquidity. xPHAR voters decide which gauges receive emissions, creating a weekly feedback loop between voting, liquidity depth, trading activity, and protocol fees.
Note: These are approximate projections and actual emission numbers may vary. This model demonstrates our commitment to sustainable, long-term supply growth.