Emission and net flow

How much UNITED is emitted each day, and how net ETH flow moves the rate.

Base emission per day, by year (UNITED, at 1.0x)

Base emission at 1.0x, before the rewards pool on top.

Base emission	200,000 UNITED a day at launch: 175,000 in year two, 153,125 in year three
Yearly cut	12.5%, automatic
Who can change the base	No one: the team can neither raise nor lower it
Emission rate (multiplier m)	0.2x to 1.25x at launch, starts at 1.0x, moved by the automatic rule below; policy range 0.2x to 2.5x
Who gets it	Every matured open Printer an equal share; a Fractional Printer a tenth of one share

$$\begin{array}{rl}P(d)& =\mathrm{200,000}\cdot {0.875}^{\lfloor d/365\rfloor }\cdot m_e\\ p(d)& =\frac{P(d)}{N_{\text{open}}}\end{array}$$

P(d) the daily emission on day d. p(d) one Printer's share. N_open the matured open Printers, with each matured Fractional Printer counted as a tenth.

Net flow

ETH in minus ETH out, once per epoch (24 hours).

$$F_e=\sum _{\text{buys}}\mathrm{\Delta }{\text{ETH}}_{\text{in}}+L_e-\sum _{\text{sells}}\mathrm{\Delta }{\text{ETH}}_{\text{out}}$$

L_e License ETH sent to the pool and the vaults in epoch e. Protocol swaps (defence, buyback) are not counted.

• The rate reads only closed epochs, never the price; nothing inside an epoch moves the rate already applied.
• The current epoch's direction is shown live; only settled epochs move the dial.

The emission rate

Emission rate after each closed epoch

Now 1.25xEpochs without net outflow toward the next raise 0 of 2

• No net outflow, zero included: +0.10 after two in a row
• Net outflow: -0.15 at once

A sample run from launch at 1.00x. Add epochs to see the rule move the rate.

Closed epoch	Effect on m
No net outflow, twice in a row (zero net flow counts)	+0.10, up to 1.25x; the count then resets
Net outflow, once	-0.15 at once, down to 0.20x
Otherwise	No change

$$\begin{array}{rl}{m}_{e+1}& =\{\begin{array}{ll}min(m_e+0.10,1.25)& \text{if }{F}_e\ge 0\text{ and }{c}_e=1\\ max(m_e-0.15,0.20)& \text{if }{F}_e<0\\ m_e& \text{otherwise}\end{array}\\ c_{e+1}& =\{\begin{array}{ll}{c}_e+1& \text{if }{F}_e\ge 0\text{ and }{c}_e=0\\ 0& \text{otherwise}\end{array}\end{array}$$

c_e the closed epochs in a row with no net outflow (F_e of zero counts) since the last raise or cut, starting at 0. m starts at 1.00.

• The team can move the multiplier within 0.2x to 2.5x, and the step sizes within the limits in Policies and bounds.

Regime	Expansion	Contraction
Emission rate	+0.10 after two epochs with no net outflow	-0.15 on any epoch with net outflow
Contraction Vault	Stacks ETH	Stacks ETH; buys and burns only on a 10% price drop against 24 hours earlier, whatever the flow
Redemption fee	Near the 2% floor	Climbs as exits cluster, up to 60% (80% for Fractional Printers)
Buyback and burn	35% of taxes	35% of taxes