Redeeming printers

Each License redeems its newest Printer first. Redeeming mints that Printer's share of the License's balance, minus a redemption fee.

Redemption fee by share of open value redeemed in the last 7 epochs

At 3.1% redeemedPrinter fee 7.6%Fractional Printer fee 12.2%

• Printer, 2% to 60%
• Fractional Printer, 5% to 80%

Each kind is measured on its own track. Move the slider to read both fees.

Kind	Fee range	Measured on
Printer	2% to 60%	Printer value redeemed in the trailing seven epochs, over open Printer value
Fractional Printer	5% to 80%	Fractional Printer value redeemed, over open Fractional Printer value

• Low on a quiet week; rises steeply when many leave at once.
• Quadratic: slow at first, then steep.
• Below 1% the fee is close to 2%. At 10% or more it hits the ceiling.
• A large redemption pays the average fee across the range it moves.
• The fee is set when you redeem, not when you joined.

$$\begin{array}{rl}x& =\frac{\sum _{i=0}^6{R}_{e-i}}{V_{\text{open}}}\\ \text{fee}(x)& =2\mathrm{\%}+58\mathrm{\%}\cdot min{(\frac{x}{10\mathrm{\%}},1)}^2\\ {\text{fee}}_{\text{frac}}(x_{\text{frac}})& =5\mathrm{\%}+75\mathrm{\%}\cdot min{(\frac{x_{\text{frac}}}{10\mathrm{\%}},1)}^2\end{array}$$

R Printer value redeemed in an epoch. V_open value of all open Printers. x_frac the same measure on Fractional Printers only.

Where the fee goes

Where a redemption fee goes

Every redemption fee

70%

30%

• Burned70%
• Stayers of the same kind30%

The same split at every fee level. Leaving together is expensive; stayers are paid.

Share	Destination
70%	Burned
30%	Stayers of the same kind: a Printer fee is shared equally by the Printers that stay open, a Fractional Printer fee by the Fractional Printers that stay open

Redeeming the last Printer

• It burns the License and ends its share of emissions and network rewards.
• Your place in the network stays on record: buy a License again and you resume where you were.