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Tokenomics

YB is a ve-token. Total supply is hard-capped at 1 billion. 300 million of the total supply is reserved for YB token emissions released through gauges. Voting power, gauge direction, and revenue share accrue only to veYB (locked YB).

Distribution​

The 1B cap is split across 11 categories. All cliffs and vesting schedules below are counted from the deployment date.

CategoryAllocation% of supply
Liquidity Incentives300,000,000 YB30.000%
Team250,000,000 YB25.000%
Ecosystem Reserve125,000,000 YB12.500%
Investors121,000,000 YB12.100%
Curve Licensing75,000,000 YB7.500%
Protocol Development Reserve74,000,000 YB7.400%
Public Sale25,000,000 YB2.500%
YB Pair Rewards12,500,000 YB1.250%
Early LPs11,250,000 YB1.125%
Curve Governance5,000,000 YB0.500%
Initial YB DEX Liquidity1,250,000 YB0.125%
Total1,000,000,000 YB100%
YB supply distribution across 11 categoriesYB supply distribution across 11 categories

YB distribution by category.

Vesting schedules​

CategoryAllocationVesting
Liquidity Incentives300MReleased through gauges on a decay curve whose speed depends on how well-staked the gauges are. See the emission curve.
Team250M2-year linear vest with a 6-month cliff from deployment. During the cliff, claimed tokens must be locked into veYB; if locked as a permalock, the resulting NFT is non-transferable until the cliff ends.
Ecosystem Reserve125M50M unlocked at TGE. Remaining 75M vests linearly over 2 years from deployment.
Investors121M2-year linear vest with a 6-month cliff from deployment. Same claim-to-lock restriction during the cliff as the team allocation.
Curve Licensing75MReleased proportionally to LP emissions: whenever X% of the 300M emission reserve is minted, the same % of this 75M allocation becomes claimable by the Curve DAO.
Protocol Development Reserve74M1-year cliff from deployment, then 1-year linear vest.
Public Sale25MFully unlocked at TGE.
YB Pair Rewards12.5M1-year linear vest from deployment.
Early LPs (Season 1)5.625M4,046 addresses received an immediate, variable allocation capped at 5,000 YB per address. The immediate allocation totals 736,861.424624554 YB; the remaining 4,888,138.575375446 YB vests linearly over 12 months. Total: 5,625,000 YB.
Early LPs (Season 2)5.625MDistributed only to migrated LPs. ~1.8 BTC equivalent in YB compensates LPs who switched staked/unstaked during migration. The remainder distributes in four tranches — immediate (early-adopter), then 6, 9, and 12 months — pro-rata by LP share at each date among holders still in the pool.
Curve Governance5MFully unlocked at TGE.
Initial YB DEX Liquidity1.25MFully unlocked at TGE.

The emission curve​

Circulating supply ramps as cliffs expire and gauge emissions release from the 300M reserve. The reserve decays asymptotically toward the 1B cap — emissions slow over time but never push total supply past the hard cap.

YB emission schedule over time, asymptoting toward the 1B capYB emission schedule over time, asymptoting toward the 1B cap

Cumulative YB supply by category over time.

Cliff claim-to-lock rule​

During the 6-month cliff for team and investor allocations, claimed tokens can only be routed into veYB (not held as free YB). For permalocks, the resulting veYB NFT is non-transferable during the cliff. This keeps early-phase voting power committed rather than liquid.

Governance access during the cliff​

YB allocated through a CliffEscrow proxy gives the recipient governance access before the cliff expires: the recipient can lock into veYB, vote on gauge weights and proposals, and claim the veYB share of protocol fee distributions. The only restriction is on the underlying YB itself, which cannot be transferred out of the escrow until the cliff's unlock time. Incentive alignment is preserved (tokens stay locked) without withholding the recipient's voting rights during the vesting period.