Emissions

• $AUM is emitted only from staked asset tokens.

• There is a gamification element to staking. Holders can upgrade their Asset Tokens from a base level to level 3, which will increase yield.

• Holders can select a lock-up period. Longer lockups yield more $AUM per day.

• $AUM is subject to halving cycles based on how the reserve pool drains. In the following table, the trigger and new emissions will be laid out.

  Staking Emissions	Base	Level 1	Level 2	Level 3	No Lock	3 Month Lock	6 Month Lock	12 Month Lock
  Initial	20	25	30	40	+0	+2	+5	+10
  Halving 1 (5.5B $AUM left)	10	12.5	15	20	+0	+1	+2.5	+5
  Halving 2 (3.5B $AUM left)	5	6.25	7.5	10	+0	+0.5	+1.25	+2.5
  Halving 3 (2B $AUM left)	2.5	3.125	3.75	5	+0	+0.25	+0.675	+1.25
  Halving 4 (1B $AUM left)	1.25	1.5625	1.875	2.5	+0	+0.125	+0.3375	+0.625
  Halving 5 (500M $AUM left)	0.625	0.78125	0.9375	1.25	+0	+0.0675	+0.169	+0.3125