Emission Dynamics

The emission rate adapts to gauge utilisation, defined as staked supply divided by total supply.

Emission rate formula

Over a time step $\Delta t$, the protocol mints a quantity proportional to the remaining reserve:

$\mathrm{emissions} = \mathrm{reserve} \cdot \left(1 - e^{-\Delta t \cdot \mathrm{max\_mint\_rate} \cdot \mathrm{rate\_factor}}\right)$

The rate factor aggregates utilisation across all active gauges:

$\mathrm{rate\_factor} = \frac{\sum_g \mathrm{adjusted\_weight}(g)}{\sum_g \mathrm{raw\_weight}(g)}$

For each gauge $g$, the adjusted weight scales the raw governance weight by the square root of that gauge's staking ratio:

$\mathrm{adjusted\_weight}(g) = \mathrm{raw\_weight}(g) \cdot \sqrt{\frac{\mathrm{staked}(g)}{\mathrm{lt\_total\_supply}(g)}}$

Behaviour at limits

When every gauge is fully staked, the rate factor approaches one and emissions run at the maximum decay rate set by governance. When there are no stakers into the gauges, the rate factor approaches zero and emissions throttle proportionally. The emission reserve itself asymptotically approaches zero; there is no fixed end date, only a shrinking remainder. Total YB supply is still hard-capped at 1 billion: minted supply asymptotically approaches that cap and cannot exceed it.

Contrast with CRV

For readers familiar with Curve's CRV schedule, the structural differences are:

	CRV	YB
Schedule	Piecewise: multiplied by $2^{-1/4}$ each year	Continuous exponential decay
Adaptation	Static	Gauge-utilisation-driven
End state	Asymptotic total supply approximately 3.03 billion CRV	1 billion YB hard cap; emission reserve approaches zero

Related

• Tokenomics — veYB, yb-LP, and how emissions enter the token flow.
• Gauges & Emissions — the governance-side view of gauge weighting.
• Dev: YB Token — on-chain token contract.
• Dev: GaugeController — gauge weight registry and voting.