Boardroom Staking & Stabilisation Mechanism
- 1.Epoch duration: 8 hours
- 2.There is a 1% tax fee per stake. The unstake fee is 1% during expansion and 5% during the contraction period. These fees will be used to buy back PES.
- 3.Deposit / Withdrawal of SPES into/from Boardroom will lock SPES for 9 epochs and PES rewards for 3 epochs.
- 4.PES rewards claim will lock staked SPES for 9 epochs and the next PES rewards can only be claimed 3 epochs later.
- 5.Distribution of PES during Expansion70% as Reward for Boardroom SPES Stakers 20% goes to DAO fund 5% goes to Insurance 5% goes to the DEV fund
- 6.Epoch Expansion: The first epoch will be the bootstrap phase with a rate of 1.5% no matter what PES's price is.After the bootstrap phase, the current expansion cap is based on PES supply, if there are bonds to be redeemed, 10% of minted PES goes to the treasury until its sufficiently full to meet bond redemption. If there is no debt it will follow max capped expansion rate.MAX Expansion rate based on PES supply:80,000 or less: 1.5% Cir.Supply
- 7.DollarExpansionRate = min(MAX_ExpansionRate,twap-1.01)
EG: twap =1.02
MAX_ExpansionRate = 3.5%
pse = 1.02-1.01=0.01 = 1%
DollarExpansionRate = min(3.5%, 1%) = 1%
After 80,000: For each and every 25% increase in Cir.Supply of PES after 80,000, the max expansion rate will be reduced by 3% (See table below for detailed information)
Epoch number refers to the current epoch in which Pegasus protocol is in.
- 1.Next Seigniorage indicates a countdown timer to the next epoch. (Each epoch duration lasts for 8 hours)
- 2.APR refers to the simple returns in USD value relative to the amount of SPES staked (USD value).
Note: APR fluctuates from time to time and is dependent on certain factors such as:
- Price of PES
- Price of SPES
- Amount of SPES staked in Boardroom (Locked Value)
The Boardroom will not mint any PES (NO REWARDS ON BOARDROOM) while TWAP < 1.001 METF
The debt Phase describes the early stages of expansion that start from contraction where there are Bonds to be Redeemed.
65% of Expansion during the Debt Phase is allocated to the Treasury Fund to prepare for the BPES Redemption. This amount is still reserved whether or not BPES holders are redeeming bonds or not.
Once PES in treasury is sufficiently full to meet all circulating bond redemption, expansion rates will resume to normal.
BPES emitted per epoch during contraction periods can be found in Regulations.