notes
mechanism
- the bleedcontinuous demurrage(the per-epoch fraction and the half-life)
- the poolwhat is swept each epoch and who is allowed to claim
- the epoch clockhow epochs are bounded and advanced on chain
implementation
- proof of activitywhat counts as active in an epoch
- the renouncementthe fixed rate, the renounced authorities, no off switch
- the programthe solana anchor program and the permissionless crank
theory
- equilibriumvelocity and the long-run split of idle and active supply
- against the whalewhy demurrage falls hardest on dormant balances
- the curvethe tokenomics in charts