Tokenomics
The YB supply splits into 11 allocations. The largest, Liquidity Incentives, is the emission reserve, which gauges release over time. The distribution table gives the size of each allocation, and the vesting table gives its release terms. For the maximum supply and who can mint YB, read Supply structure in YB token.
Distribution
The distribution table gives the size of each allocation and its share of the supply.
| Category | Allocation | % of supply |
|---|---|---|
| Liquidity Incentives | 300,000,000 YB | 30.000% |
| Team | 250,000,000 YB | 25.000% |
| Ecosystem Reserve | 125,000,000 YB | 12.500% |
| Investors | 121,000,000 YB | 12.100% |
| Curve Licensing | 75,000,000 YB | 7.500% |
| Protocol Development Reserve | 74,000,000 YB | 7.400% |
| Public Sale | 25,000,000 YB | 2.500% |
| YB Pair Rewards | 12,500,000 YB | 1.250% |
| Early LPs | 11,250,000 YB | 1.125% |
| Curve Governance | 5,000,000 YB | 0.500% |
| Initial YB DEX Liquidity | 1,250,000 YB | 0.125% |
| Total | 1,000,000,000 YB | 100% |
The distribution chart shows the same split by category.
YB distribution by category.
Vesting schedules
Most schedules start at deployment (15 September 2025). The Ecosystem Reserve vest and the Early LPs (Season 1) vest start on 15 October 2025. Each allocation's schedule is in its vesting contract. For the address of each vesting contract, read DAO, governance, and vesting in Contract addresses.
The vesting table gives the release terms of each allocation. Where a row names an amount smaller than the allocation, the terms apply only to that amount. A dash (—) means that the docs state no release terms for that allocation.
| Category | Allocation | Vesting |
|---|---|---|
| Liquidity Incentives | 300M | The emission reserve. Gauges release it on a decay curve. The speed depends on how well-staked the gauges are. |
| Team | 250M | 2-year linear vest from deployment. Recipients with a cliff hold their YB in a CliffEscrow until the cliff ends. |
| Ecosystem Reserve | 125M | 75M of the allocation vests linearly over 2 years from 15 October 2025. |
| Investors | 121M | 2-year linear vest from deployment. The cliff rules are the same as for the team allocation. |
| Curve Licensing | 75M | Released in proportion to liquidity provider (LP) emissions. When emissions reach X% of the 300M emission reserve, the Curve DAO can claim the same percentage of this 75M allocation. |
| Protocol Development Reserve | 74M | 1-year cliff from deployment, then a 1-year linear vest. |
| Public Sale | 25M | — |
| YB Pair Rewards | 12.5M | 1-year linear vest from deployment. |
| Early LPs (Season 1) | 5.625M | The Season 1 vesting contract holds 4,888,138.575375446 YB of this allocation. It vests linearly over 12 months from 15 October 2025. |
| Early LPs (Season 2) | 5.625M | — |
| Curve Governance | 5M | — |
| Initial YB DEX Liquidity | 1.25M | — |
The emission curve explains how fast gauges release the emission reserve, and Cliff rules explains what a CliffEscrow allows.
The emission curve
Circulating supply grows as cliffs end and gauges release emissions from the 300M reserve. The reserve decays toward zero, so cumulative emissions approach 300M but do not reach it.
The rate factor sets the speed of the decay. It measures how fully the voted gauges are staked: it is 1.0 when every voted gauge is fully staked, and lower when they are partly staked. At a rate factor of 1.0, the reserve decays with a 4-year time constant: about 22% of the remaining reserve each year. A rate factor below 1.0 slows emissions. For how staking sets the rate factor, read How emissions are routed in Gauges and emissions.
The schedule chart shows the cumulative YB supply of each category over time.
Cumulative YB supply by category over time.
Cliff rules
During the cliff of a team or investor allocation, your YB stays in your CliffEscrow contract. The escrow still gives you governance access. From it, you can lock into veYB with any lock duration, vote on gauge weights and proposals, and claim the veYB share of admin fees.
The restriction applies to assets that leave the escrow. Until the cliff ends, you cannot transfer or approve the YB. You also cannot transfer the veYB NFT out of the escrow, whatever the lock type. With recover_token, you can send out tokens that are not YB, such as claimed fee tokens.
Related
- YB token: the token details, the supply cap, and the minting rules.
- veYB: lock mechanics and what locking gets you.
- Gauges and emissions: how votes route the emission reserve to gauges.
- Emission dynamics: the math of the decay curve.