Emissions Schedule
VRT emission follows a four-phase schedule encoded in the Minter smart contract at deployment. All coefficients are hardcoded and immutable — no party, including the founding team or Emergency Council, can modify emission parameters after launch.
Supply Model
VRT supply is unlimited. There is no maximum cap. Instead, the protocol follows a structured emission curve designed to reward early participants, build liquidity depth, and progressively reduce inflation as the protocol matures.
Two minting events occur:
| Event | Amount | When |
|---|---|---|
| Genesis Mint | 200,000,000 VRT | Protocol deployment (one-time) is locked as veVRT at maximum duration once the protocol triggers the emission start algorithm |
| Weekly Emission | Variable (see schedule) | after Points Program once the protocol triggers the conditions of the emission algorithm |
Emission Phases
Phase 0 — Points Program
Weekly emission: 0 VRT
No VRT is minted during Points Program until the protocol triggers the conditions of the emission algorithm. Users accumulate Points for LP and Multichain Swap activity, which convert to VRT after the program ends. This phase allows the protocol to establish liquidity depth and price stability before inflation begins.
See Points Program for conversion details.
Phase 1 — Initiation (Weeks 1–16)
Coefficient: ×1.03 per week · Starting emission: 10,000,000 VRT
Emission begins at 10,000,000 VRT, once the protocol triggers the emission start algorytmuth and grows by 3% each week. This controlled ramp-up builds reward momentum without immediate inflationary pressure.
| Week | Weekly Emission |
|---|---|
| 1 | 10,000,000 VRT |
| 2 | 10,300,000 VRT |
| 3 | 10,609,000 VRT |
| 4 | 10,927,270 VRT |
| 5 | 11,255,088 VRT |
| 6 | 11,592,741 VRT |
| 7 | 11,940,523 VRT |
| 8 | 12,298,739 VRT |
| 9 | 12,667,701 VRT |
| 10 | 13,047,732 VRT |
| 11 | 13,439,164 VRT |
| 12 | 13,842,339 VRT |
| 13 | 14,257,609 VRT |
| 14 | 14,685,337 VRT |
| 15 | 15,125,897 VRT |
| 16 | 15,579,674 VRT |
Phase total: ~201,568,813 VRT emitted over 16 weeks
Phase 2 — Elevation (Weeks 17–26)
Coefficient: ×1.0 per week · Fixed emission: ~15,579,674 VRT
Emission stabilizes at the Week 17 level for 10 weeks. This plateau gives the protocol time to absorb peak emission without continued inflationary acceleration. Liquidity incentives remain at maximum without further dilution growth.
Phase total: ~155,796,742 VRT emitted over 10 weeks
Phase 3 — Perfection (Weeks 27–∞)
Coefficient: ×0.99 per week · Starting emission: ~15,423,877 VRT
Emission decreases by 1% each week indefinitely. Inflation progressively declines, reinforcing long-term scarcity and rewarding participants who remain engaged as the protocol matures.
| Week | Weekly Emission |
|---|---|
| 27 | ~15,423,877 VRT |
| 28 | ~15,269,639 VRT |
| 29 | ~15,116,942 VRT |
| 30 | ~14,816,115 VRT |
| 31 | ~14,089,978 VRT |
| 32 | ~12,118,203 VRT |
| 33 | ~9,425,797 VRT |
| 34 | ~8,874,201 VRT |
Emission continues indefinitely under the 0.99× coefficient until the VRT Fed activates (see below).
Cumulative Supply Milestones
| Milestone | Approximate Total VRT Supply |
|---|---|
| Genesis (Week 0) | 200,000,000 VRT |
| End of Initiation (Weeks 1-16) | ~401,568,813 VRT |
| End of Elevation (Weeks 17-26) | ~557,365,555 VRT |
| VRT Fed activation (~Weeks 70–100) | ~1,100,000,000+ VRT |
These figures include genesis supply plus cumulative weekly emissions. Rebases add a separate, proportional quantity of VRT (see Rebases section below).
Weekly Emission Distribution
Each week's newly minted VRT is distributed across three recipients:
| Recipient | Share | Mechanism |
|---|---|---|
| Staked LPs (gauges) | 100% of base emission | Distributed to staked LP positions in each gauge, proportional to gauge vote weight |
| Team / Treasury | Up to 5% (additional mint on top) | Minted separately by setTeamRate — the gauge allocation is not reduced |
| veVRT Rebases | Separate mint | Additional VRT minted for veVRT holders as anti-dilution compensation |
Total VRT minted per epoch = base emission × up to 1.05 (gauges + team additional mint + rebases).
The team rate (up to 5%) is set in the Minter contract at deployment and cannot be increased. All team emission funds are used exclusively for protocol development, infrastructure, and operating costs.
How Gauges Direct Emissions
Each liquidity pool can have an associated gauge — a smart contract that receives a weekly allocation of VRT and distributes it to LP positions staked within it.
Emission flows as follows each epoch:
Weekly Base Emission (e.g. 10,000,000 VRT)
│
├── 100% → All active gauges
│ (split proportional to veVRT vote weight)
│ │
│ └── Each gauge distributes its share
│ to staked LPs within that pool
│ (proportional to staked liquidity)
│
├── Up to 5% → Team wallet ← additional mint, not deducted from gauges
│
└── Variable → veVRT rebases ← separate additional mint
Total tokens created per epoch: base emission + team mint (≤5%) + rebases. Gauges always receive 100% of the base emission.
Only pools with whitelisted tokens can receive gauge incentives. The Governor address manages the token whitelist to prevent spam tokens from entering the voting system.
Epoch Cycle
| Step | Timing | Description |
|---|---|---|
| Voting open | Thu 00:00 UTC | veVRT holders allocate voting weight across gauges |
| Voting closes | Wed 23:59 UTC | Final vote tally snapshot taken |
| Epoch transition | Thu 00:00 UTC | New VRT minted; distributed to gauges by vote weight |
| Rewards claimable | Immediately after distribution | Staked LPs claim emissions; voters claim fees and bribes |
Votes carry over to the next epoch by default. veVRT holders can update their allocations at any point during the voting window.
Rebases
All locked veVRT holders may receive rebases — a separate conditional VRT mint that counteracts dilution from weekly emissions.
Why Rebases Exist
When new VRT is emitted to gauges, the total VRT supply increases, diluting the proportional share of everyone holding locked VRT. Rebases counteract this by minting additional VRT into all locked positions proportionally.
When Rebases Are Paid
The protocol compares the ratio of total VRT supply to locked VRT against a hardcoded threshold in the Minter contract each epoch:
- Ratio below threshold → rebase is minted and paid to all locked veVRT holders
- Ratio above threshold → no rebase is paid that epoch
As more VRT gets locked (higher proportion locked vs. total), the ratio falls and rebases are more likely to activate. As locked share declines, the ratio rises and rebases may not be paid.
What Rebases Are Not
Rebases are anti-dilution protection, not a source of returns. If total supply increases by 10% and a locked holder receives 10% more tokens, their proportional claim on future fee distributions is unchanged. No new economic value is created — existing value is preserved.
| Participant | Receives Rebase? | Fee Distributions? | Voting Incentives? |
|---|---|---|---|
| veVRT voter | Yes (if ratio condition met) | May receive — 10% (unstaked pools) or up to 100% (staked pools) | May receive (if deposited) |
| veVRT locker (non-voter) | Yes (if ratio condition met) | No | No |
| LP (unstaked) | No | May receive — 100% if no active gauge voting; 90% if gauge has active votes | No |
| LP (staked in gauge) | No | No | May receive VRT emissions |
VRT Fed — Democratic Monetary Policy
At approximately Week 70-100, when weekly emission reaches ~9,000,000 VRT, the VRT Fed activates. This mechanism replaces the hardcoded 0.99× coefficient with democratic governance over the emission rate.
How It Works
Each VRT Fed voting period, veVRT holders vote on one of three outcomes:
| Vote Option | Effect |
|---|---|
| Increase | Weekly emission rate increases by a predefined step |
| Maintain | Weekly emission rate unchanged |
| Decrease | Weekly emission rate decreases by a predefined step |
The option with the majority of veVRT voting power wins and takes effect in the following emission period.
What Changes at VRT Fed Activation
| Before VRT Fed | After VRT Fed |
|---|---|
| Emission follows 0.99× hardcoded coefficient | Emission rate set by veVRT holder vote |
| No governance input on monetary policy | Community controls inflation rate |
| Predictable, mechanical deflation | Adaptive, demand-responsive supply |
Significance
VRT Fed activation marks the protocol's transition to fully community-governed monetary policy. After this point, the founding team has no privileged role in emission decisions. Emission control belongs entirely to active veVRT holders — participants with the greatest long-term stake in the protocol's health.
Minter Contract
All emission logic is encoded in the Minter contract deployed on Base:
| Property | Detail |
|---|---|
| Contract | 0xDc1dE416DdaD4c9e8328F30aE88E2392d5b551f7 |
| Network | Base (Chain ID: 8453) |
| Upgradeable | No — immutable |
| Emission start trigger | Automatic upon Points Program completion |
| Team rate ceiling | 5% (setTeamRate) — cannot be increased after deployment |
| Coefficient change | Not possible — hardcoded at deployment |
The Minter contract is publicly verifiable on BaseScan.
Design Principles
Conservative launch. Zero emission during the Points Program gives the protocol time to build liquidity and price discovery before VRT inflation begins.
Growth phase. The 3% weekly compounding during Initiation creates strong early incentives that attract and retain liquidity providers during the protocol's most critical growth period.
Stability plateau. The Elevation phase locks emission at peak for 10 weeks — high enough to sustain liquidity depth, stable enough to avoid accelerating dilution.
Long-tail deflation. The 1% weekly decline in Perfection is gradual enough to maintain meaningful rewards for years while progressively reducing annual inflation.
Democratic exit from mechanical policy. VRT Fed ensures the protocol is not permanently bound to a coefficient decided at launch — the community can adapt supply policy as market conditions evolve.
Last updated: August 2026 — Version 1.2
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