Emissions & Rebase

Initial emissions projections are based on 52 epochs (1 year) and start at 2,250,000 FNX.

The RISE: Emissions will increase by 1.5% each epoch for the first 8 epochs. This increase will serve as an accelerant to liquidity deposits, trading volume and revenue generation for the entire ecosystem.

Maturation: FNX emissions will enter a programmed decay of 1% per epoch. This will ensure that Fenix can maintain stable liquidity as the protocol matures, whilst providing a decline in inflation.

Zero Inflation Rebase Through the RISE incentives, protocols and users will be able earn veFNX rewards according to new locks and voting incentives deposited on Fenix. These veFNX bonuses operate as a rebase mechanism for protocols and users. Fenix will be the first ve(3,3) system to deploy a performance based and non-inflationary rebase model that takes the best from rebasing (dilution protection) and adds buybacks to make it even better.

Fenix is targeted to achieve an average rebase rate of 15% for new lockers and will change according to market conditions (between 10–30%). This model significantly enhances capital efficiency by providing dilution protection that is sourced from circulating supply as opposed to new minting, and protects from excessive veFNX supply inflation over time to maintain the highest possible APRs for voters.