> For the complete documentation index, see [llms.txt](https://docs.getrekt.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.getrekt.trade/token-emissions.md).

# token emissions

Losses earn $REKT. The initial marginal rate is **10,000 $REKT per 1 USDC of eligible loss**. The rate halves whenever platform-wide cumulative eligible losses pass another **10,000,000 USDC**.

## What counts as a loss?

Count a position's realized gross loss once, at successful settlement. Cash losses, debt-collateral losses, and the full margin lost in hard-bust liquidation qualify. The basis is measured before fees and referral allocations.

Deposits, withdrawals, trading volume, unrealized PnL, gas, bridge costs, failed transactions, and refunded transfers do not count. Subsequent profits do not subtract from historical losses. Debt loss counts even though it cancels a liability rather than adding new USDC.

## One counter for the whole platform

The counter is cumulative and only advances. LP payouts, staking distributions, withdrawals, and changes in LP equity do not reset it. Multiple markets or Vaults must share the same economic counter; opening a new market must not restart emissions at 10,000.

| Cumulative eligible losses | Marginal reward per USDC | Rewards in that complete 10M interval |
| -------------------------- | ------------------------ | ------------------------------------- |
| 0 to below 10M             | 10,000 $REKT             | 100 billion $REKT                     |
| 10M to below 20M           | 5,000 $REKT              | 50 billion $REKT                      |
| 20M to below 30M           | 2,500 $REKT              | 25 billion $REKT                      |
| 30M to below 40M           | 1,250 $REKT              | 12.5 billion $REKT                    |
| 40M to below 50M           | 625 $REKT                | 6.25 billion $REKT                    |

## Crossing a boundary

Suppose cumulative losses are 9,999,990 USDC and a position loses another 20 USDC. The first 10 USDC earns 10,000 per USDC; the remaining 10 earns 5,000. The total is **150,000 $REKT**.

At exactly 10,000,000 USDC of prior losses, the next eligible loss uses the second epoch's rate. A large loss can cross several boundaries and must be split across all of them. It must not use one rate for its entire amount.

## Rewards do not equal liquidity

A debt loss can earn rewards while the LP has zero cash. It also brings the next halving closer for everyone. Reward supply, cumulative losses, and LP cash are therefore different measurements and must be displayed separately.

The new counter and curve are not yet implemented. The integer design and theoretical supply limit appear in [Mint curve](broken://pages/924b816ae9e73e9b9573ea8c2a455bcd1e3b9187); the repository still uses the older LP-dependent schedule.


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