Stable Token
Stable platform (STE) and governance (veSTE) tokens - By Stable Labs
STE is Stable's platform token, which is used in its time-locked staked version as a governance token that aggregates all the use cases to itself, which we will discuss in the veSTE section.
The distribution of STE follows a linear inflation schedule with Defi mining and a structured vesting schedule for team members, treasury, advisors, and investors, which have varying lockup periods, ranging from 4 to 12 months, with linear daily vesting from 3 to 4 years following the cliff period.
The maximum supply of STE that will ever be circulating is 3,500,000,000 tokens, and all the tokens will be circulating after TGE+120 months, with token distribution as follows:
STE has 40% of the circulating supply, distributed through a liquidity mining program (gauges) across the DeFi ecosystem to liquidity providers in Stablecoin and RWA pools (where our stablecoins and RWAs are paired, or at least one asset is paired) across the DeFi ecosystems in supported protocols like Curve, Uni, Ballancer, or Trader Joe.
This distribution to each pool is based on the gauges voted by our governance on a bi-weekly basis, where veSTE holders will vote on what % of weekly emissions will go towards a particular pool. 17,67% of the DeFi Mining pool will be distributed in the first year. Each following year, the inflation will decrease by 13,57%. The inflation will run for exactly 120 months from its initial launch, after which it will stop since it will be fully depleted.
In this example, gauges are distributed to the 4 different pools, each on a different protocol, and will receive STE token rewards with gauge weight as follows: Curve: 0.24, Balancer: 0:36, Uniswap: 0.1, Trader JOE: 0.3.
The gauge weight represents % of rewards distributed to pools and changes bi-weekly based on governance voting.
If, for example, the bi-weekly emission is 1,000,000 STE, and Trader Joe's pool with stAPPL/stUSD received a gauge weight of 0.36, the pool will get 1,000,000*0.36 = 360,000 STE tokens during the valid period.
Emissions will be distributed to users in pools based on multipliers in the same way as CurveDAO does.
boost = Usr_Weight/(0.4*UsrLP)
User weight, in simpler terms, is determined by combining "0.4*User LP tokens in the pool" and "0.6*Total LP tokens in the pool" while considering the ratio of "User veSTE" to "Total veSTE."
The smaller of the two calculated values is the final "Usr_Weight."
Usr_Weight=min(0.4*UsrLP+0.6*TotalLP*(UsrVeSTE/TotalVeSTE), UsrLP)
The program's inflation will begin with 247,377,439 tokens minted in the first year, followed by a yearly cut in emission each year by the multiplier of ~ 0.8646 (rounded to 4 decimal places) until reaching the maximum supply of 1.4 billion tokens. At that point, Defi mining inflation stops. With each reduction in inflation, a new mining epoch starts.
Individual users' APR in the chosen pool that is receiving defi mining gauges can be calculated by this formula:
APR=((EmmisionPerS*SecondsInYear*Usr_Weight/total_Weight*STEprice)*gauge_weight)/(UsrLP*LP_tokenPrice*virtual_price)
In simple terms, this formula represents the Emission of STE per year multiplied by the ratio of user weight to the total weight, which is then multiplied by the STE token price.
Then, the result is multiplied by gauge weight and divided by the value of LP tokens supplied by the user.
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