DRAFT: emissions and vesting

Earned from losses

Every realised loss accrues DRAFT. The amount counted is the loss minus the house's 2% fee; for a liquidation it is the whole margin.

While net LP equity is below $2M (including when it is negative), each $1 counted earns 8.2 DRAFT (SAMPLE). Above that, the rate falls with the square of S / (S + H), where S is $120M and H is the high-water mark of LP gains above $2M. H never goes down, so the rate never climbs back.

The stake page draws the curve and pins the current rate.

Claiming and vesting

Accrued tokens are recorded on your account first. When you claim, the program mints whatever has already vested and puts the rest of your accrued tokens into a tranche that unlocks evenly over 7 days (SAMPLE).

Safety limits cap minting at 20M tokens per day and 1B in total (SAMPLE). If a limit is reached, the claim mints what it can and the rest stays claimable.

Launch

DRAFT launches on Meteora's dynamic bonding curve, paired with USDC. When 750 USDC (SAMPLE) has been raised the curve graduates into a pool whose liquidity is locked forever. Before graduation no emission is minted, but accrual keeps counting.

The supply has no fixed cap, by design: losses keep minting. The mint authority stays with the program, which only mints through claims.