TRIBE Liquidity Mining Emission Schedule

Status: Submitted by OA, pending execution

Overview: This post details the emission schedule for the TRIBE rewards program. Currently, the TribalChief is emitting 75 TRIBE per block. Emissions will gradually taper until the rewards program end date of 4/1/2023.

TLDR: Over the next 17.5 months, the TRIBE emitted per block by the TribalChief will decrease from 75, to 6 in the final month. This will hit the inflation target of 200,000,000 total TRIBE for rewards program incentives. Aave and Saddle rewards, which total 5,000,000 TRIBE and are not part of the TribalChief distribution, were included in this figure.

Reward Program Types:

Tribal Chief Programs

The simplest rewards programs leverage the TribalChief staking contract which allows new pools to be created to incentivize users to stake a standard ERC20 token. This is the preferred way to create new rewards streams and liquidity mining programs. Each new program dilutes other programs inside of the TribalChief as each pool gets rewards based on their share of the total allocation points. This is the preferred way to distribute rewards and currently handles most rewards distributions.

External Programs

Alternatively, rewards programs can be created outside of the TribalChief if there is an incompatibility between the staked asset and the TribalChief. Reasons for incompatibility include but are not limited to: rebasing tokens, LP shares with no tokens at all, or using 3rd party staking solutions. Aave needed this program created as aTokens rebase and are thus incompatible with the TribalChief. Rewards programs outside of the TribalChief have a lump sum of TRIBE allocated to them. However, when these programs are created, they are not part of the TribalChief emissions and do not dilute the TribalChief rewards. As such, the amount of TRIBE distributed by the TribalChief must go down every time a rewards program like this is created so that emissions schedules stay intact. Once these programs are set up, there needs to be a way to calculate how much has been spent on them and how much of their remaining lump sum they have to spend. The current amount spent from the lump sum is known as pro rata rewards. Pro rata rewards represent TRIBE emissions that have been paid proportionally out of a lump sum.

Aave and Saddle Rewards Programs

There are currently two outstanding rewards programs happening outside of the TribalChief, one is on Aave and the other is on Saddle. Aave’s program has a total of 4,000,000 TRIBE distributed over 6 months and Saddle’s program has a total of 1,000,000 TRIBE distributed over a year. In order to accurately account for how these tokens get spent over time, calculations show how many TRIBE have been distributed in each program up until the present. The following section shows the formulas and how much TRIBE has been distributed so far in both Aave and Saddle. Rewards distributed so far as a part of Saddle and Aave’s program are referred to as pro-rata emissions.

All formulas are calculated with the assumption of new ethereum blocks every 13.3 seconds which means there will be 6496 blocks per day.

Pro rata emissions are calculated with the following formula:

Pro Rata Emissions = prorated number of days / program length in days * total Tribe reward amount

Tribe per block rate for fixed amounts is calculated with the following formula:

Tribe Per Block = total rewards / (total days * 6496 blocks/day)

Saddle Liquidity Mining

Steps used to calculate the prorated emissions until October:

prorated emissions = 111 days / 365 days * 1,000,000 = 304,109
Pro Rated Saddle Emissions Until October Saddle Start Date Saddle End Date Total Rewards Days
304,109.59 06/11/2021 6/11/2022 1,000,000 365

Aave Liquidity Mining

Steps used to calculate the prorated emissions until October:

prorated emissions = 5 days / 182 days * 4,000,000 = 109,890 Tribe
Pro Rata Aave Emissions Until October Aave Start Date Aave End Date Total Rewards Days
109,890.11 09/25/2021 03/25/2022 4,000,000 182

Remaining Aave and Saddle Rewards

There are currently 4,586,001 TRIBE left to distribute in the Aave and Saddle program.

Aave Prorated Emissions + Saddle Prorated Emissions =109,890 + 304,109 = 413,999

remaining Tribe = Aave Total Liquidity Mining Rewards + Saddle Total Liquidity Mining Rewards - Prorated Rewards

= 5,000,000 - 413,999

= 4,586,001 Tribe

Total Emissions

Currently, there have been 88,404,397 TRIBE emitted in rewards programs. This figure is composed of staking emissions from the old staking contract, TribalChief emissions, and the prorated Aave and Saddle emissions.

Pro Rata AAVE Emissions Until October Pro Rated Saddle Emissions Until October
109,890.11 304,109.59
TribalChief Emissions Until October Old Staking Emissions
12,235,500.00 75,491,161.43

These Emissions sum to 88,140,661 TRIBE that have already been emitted, thus giving us 111,859,339 TRIBE left for distribution. However, there is still 4,586,001 TRIBE that will be paid out from the Saddle and Aave programs, so there are actually 107,273,338 TRIBE left to distribute. This brings us to our emissions schedule in the TribalChief.

Month Total Tribe Emitted Tribe Per Block Tribe Per Month
October 14,450,892.87 75 → 71.25 14,450,892.9
November 27,123,214.30 64.13 12,672,321.4
December 38,528,303.59 57.71 11,405,089.3
January 48,792,883.94 51.94 10,264,580.4
February 58,031,006.26 46.75 9,238,122.3
March 66,252,935.13 41.60 8,221,928.9
April 73,406,013.24 36.20 7,153,078.1
May 79,486,129.64 30.77 6,080,116.4
June 84,654,228.58 26.15 5,168,098.9
July 89,047,112.67 22.23 4,392,884.1
August 92,781,064.16 18.89 3,733,951.5
September 95,954,922.92 16.06 3,173,858.8
October 98,652,702.86 13.65 2,697,779.9
November 100,945,815.81 11.60 2,293,113.0
December 102,894,961.83 9.86 1,949,146.0
January 104,551,735.93 8.38 1,656,774.1
February 105,959,993.93 7.13 1,408,258.0
March 107,157,013.22 6.06 1,197,019.3

With these emissions from the TribalChief, the requirements are satisfied as 200,000,000 TRIBE get emitted over 2 years.

Final Note

The numbers outlined in this post estimating emissions are non-final. The target of 200,000,000 TRIBE emissions is final. There can be variance in emissions due to block times, time of TRIBE per block update, and new rewards programs being added outside of the TribalChief.

Any new External Programs will prorate the rewards across the remainder of the staking rewards duration, regardless of whether their duration is the entirety or a subset.