Emissions

New WRN is minted every weekly epoch on a fixed, programmatic schedule. Each epoch's mint is split three ways:

• Base emission → gauge rewards distributed to LPs via gauges, directed by voting.
• Rebase emission → dilution protection for bWRN lockers: adds WRN to the bWRN vault, increasing the WRN backing per share.
• Protocol Sustainability emission → tops up the Operations Reserve (treasury). See WRN.

Issuance starts from an initial supply of 1,000,000,000 WRN (see WRN) and expands each epoch to fund these incentives.

Emission phases

The base emission follows a three-phase curve. Each phase sets the base emission as a percentage of the current total supply, so absolute issuance compounds as supply grows.

Phase	Weeks	Behaviour
Growth	1 – 56	Starts at 0.5% of supply in week 1 and the base amount compounds at +2% per week, until it reaches the 1% of supply cap.
Decay	57 – 166	After the peak, the base amount decays at −1% per week.
Tail	167 onward	A permanent floor of 0.2% of supply per week (≈10.95% yearly).

The schedule peaks at week 57, where the base emission reaches ~15.08M WRN (a total weekly mint of ~17.72M WRN) before entering the decay phase.

Per-epoch mint

Each epoch's total mint is the base emission plus a rebase and a Protocol Sustainability emission derived from it:

$\text{Rebase} = \text{Base} \times \frac{(\text{Lock Rate})^2}{2}$

$\text{Sustainability} = \text{Base} \times r_{sustain}$

$\text{Total mint} = \text{Base} + \text{Rebase} + \text{Sustainability}$

With the launch parameters below, the rebase equals Base × 0.125 (12.5% of the base emission) and the Protocol Sustainability emission equals Base × 0.05 (5% of the base emission).

Parameter	Value	Role
Initial weekly emission rate	0.5% of supply	Base emission in week 1.
Weekly growth rate	+2% / week	Compounds the base amount during the Growth phase.
Peak emission cap	1.0% of supply	When the base reaches this, the phase switches to Decay.
Weekly decay rate	−1% / week	Compounds the base amount down during the Decay phase.
Tail emission floor	0.2% of supply	Permanent minimum base emission (Tail phase), ≈10.95% yearly.
Lock rate (bWRN supply ÷ WRN supply)	0.5	Assumed share of WRN locked as bWRN; sets the rebase size.
Protocol Sustainability rate	5% of base	Tops up the Operations Reserve (treasury).

The rebase provides dilution protection for bWRN holders by adding WRN to the deposit-only vault, increasing the WRN backing per bWRN share over time. See bWRN for the vault mechanics.

Modeled multi-year supply

The outlook below is modeled from the launch parameters, figures are illustrative, since realized issuance each epoch depends on the live supply. Assumes a constant 0.5 lock rate.

Year	Phase at year-end	Cumulative issued (≈)	Total supply (≈)	× initial
Initial (TGE)	—	—	1.00B	1.00×
1	Growth (peak)	0.614B	1.614B	1.61×
2	Decay	1.27B	2.27B	2.27×
3	Decay	1.72B	2.72B	2.72×
4	Tail	2.04B	3.04B	3.04×
5	Tail	2.39B	3.39B	3.39×

Year 1 is the only year that begins from the fixed initial supply, so its split is worth stating exactly. New issuance in year 1 is 614.4M WRN — 61.44% inflation on the initial supply, and 38.06% of the resulting 1.614B year-1 supply:

Stream	Year 1	% of Y1 supply
Base emission — gauge rewards to LPs	522.9M	32.39%
Rebase — bWRN locker dilution protection	65.4M	4.05%
Protocol Sustainability — Operations Reserve top-up	26.1M	1.62%
Total new issuance	614.4M	38.06%

Modeled figures

These projections come from the launch emissions model. They are not a guarantee of future supply, actual issuance each epoch is computed from the live supply at that epoch.

How emissions are directed

bWRN holders vote on which eligible pools receive emissions.

• Gauges are the unit through which emissions reach a pool's LPs.
• Voting determines how each epoch's emissions are split across gauges.
• Liquidity Rental lets external protocols fund vote incentives to attract votes for their pools.