2.1.0 - Token Supply

The contract has no set token supply. The total initial supply minted by users through the auction phase deposit functionality will fall within a defined range, determined partially by confined randomness, and partially by referral bonuses.

The 30 day auction phase has an average of five million SWAPP available each day, though some days have randomness involved. This means the total supply available during the auction phase will likely be around 130 million SWAPP. Due to referrer bonuses, there could be up to an additional 10% minted on top of that (i.e. up to 25 million more).

This total supply is then matched by a minted batch that is then sent permanently to Uniswap. The amount of SWAPP sent to Uniswap will be up to 10% less than what was mintable through the auction phase and referral bonuses, due to the foundation reimbursement ETH. Regardless, the ratio of SWAPP/ETH sent to Uniswap will match exactly the ratio of mintable auction phase SWAPP (including referral bonus SWAPP) to LT ETH. This ensures that the initial Uniswap price matches the overall price of the LT.

The total supply of SWAPP in existence after the auction phase and Uniswap provision is subject to auction phase randomness, referral activity, and whether the foundation reimbursement ends up being a full 10% or less due to the hardcoded cap.

For example, if we assume the randomness averages out, assume half of all possible referrer bonuses are earned, and assume the foundation reimbursement cap causes it to be only 5% of the auction phase ETH, then the total initial supply would be:

base-auction-phase-Supply = 130,000,000 SWAPP referrerBonuses = base-auction-phase-Supply * 5% = 6,500,000 SWAPP total-auction-phase-Supply = base-auction-phase-Supply + referrerBonuses = 136,500,000 SWAPP uniswapBatch = total-auction-phase-Supply * 95% =129,675,000 SWAPP. totalInitialSupply = total-auction-phase-Supply + uniswapBatch = 129,675,000 SWAPP


The total token supply will inflate at a rate of 4% per year, starting once the Liquidity Transformer Epoch ends and the Circulation Epoch begins. Some of the new tokens will be minted directly to stakers upon closing a stake, and some minted to stake referrers. If no stakes are closed on a given day, and no stakes scrape interest on that day, no new tokens are actually minted that day, though they are earmarked to be minted later. Once a stake is closed, all tokens the stake had earmarked to it for all past days are then minted at once.