> For the complete documentation index, see [llms.txt](https://docs.blackhole.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.blackhole.xyz/emissions.md).
# Emissions
## Emissions Schedule
The distribution schedule will comprise four distinct phases:
* **Phase 0 - Singularity (epoch 0):** This is the initial phase and will begin with a distribution of 10 million protocol tokens.
* **Phase 1 - Event Horizon (epoch 1-14)** Token distributions will increase by 3% with each new epoch to incentivize early adoption and participation in the protocol.
* **Phase 2 - Accretion Disk (epoch 15-66):** Token distributions will gradually decrease by 1% per epoch to manage inflation and support long-term sustainability.
* **Phase 3 - Hawking Radiation (epoch 67 => ):** The rate of token distribution will be adjusted dynamically. The number of distributions, with respect to the previous epoch, may increase by 1%, decrease by 1%, or remain the same each epoch, based on votes from Supermassive veNFT holders. This governance model empowers stakeholders to influence the token's economic policy and respond effectively to changing market conditions.
The flexibility provided by these adjustments ensures that the protocol can respond effectively to future challenges and opportunities, maintaining a balance between incentivization and stability.
## Rebase
All veNFT holders receive a rebase proportional to protocol token emissions and to the ratio of locked to circulating supply, reducing vote power dilution
The weekly rebase amount is calculated with the following formula:
$$\text{rebase} = \text{weeklyEmissions} \times \left(1 - \frac{\text{veNFT.totalSupply}}{\text{totalsupply}}\right)^2 \times 0.5$$
This rebase formula will reward veNFT holders most when locking rates decrease, incentivizing new lockers to step in.
### Emission Rewards
Each epoch, $BLACK emissions are distributed to liquidity pools proportionally to the votes that the pools receive. veNFT voters receive bribes to allocate their votes to different liquidity pools.
Liquidity providers (LPs) can stake their LP positions to receive a share of the emission reward tokens distributed to each pool proportionally to the size of positions and time staked. These rewards are distributed during the whole epoch and available for claiming as these accrue.
### Foundation Emissions
To ensure the sustainability and continued development of the protocol, a portion of the emissions, specifically 5%, will be directed to the protocol foundation address. This allocation will serve to cover the operational costs incurred by the protocol on an ongoing basis, as well as to provide funding for future development initiatives and enhancements. By dedicating a percentage of the emissions to the foundation, the protocol aims to establish a self-sustaining model that can support its growth and evolution over the long term.
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