NAMI has a defined initial allocation and a dynamic emission policy.

After TGE, emissions do not follow a predetermined schedule.

The d(3,3) model determines the emission level for each epoch based on the economic performance of the protocol.

Emissions are then allocated across Liquidity Providers, Rebase, and the 10% Bonus.

New emissions are offset by NAMI permanently removed from supply through wveNAMI, new Infinite veNAMI positions, Rebase, and RBE buybacks.

Initial Allocation → Initial Valuation → First Emission → Dynamic Emissions → Emission Allocation → Net Supply Change.

Initial Allocation

NAMI's initial TGE allocation amounts to 1.2 million NAMI-equivalent, divided between NAMI and Infinite veNAMI.

The 1.2M figure represents the TGE allocation, not the circulating NAMI supply.

Allocation | Infinite veNAMI | NAMI | %
Multichain Liquidity | 0 | 150,000 | 12.50%
Genesis Phase | 70,000 | 40,000 | 9.17%
Incentives | 300,000 | 0 | 25.00%
Recursive Buyback Engine | 100,000 | 0 | 8.33%
Blockchain Foundations | 40,000 | 0 | 3.33%
Presale Airdrop | 34,000 | 26,000 | 5.00%
SwapX Airdrop | 40,000 | 0 | 3.33%
Protocol Reserve | 200,000 | 0 | 16.67%
Ecosystem Partners | 180,000 | 20,000 | 16.67%
Total | 964,000 | 236,000 | 100%

Most of the initial allocation is represented as Infinite veNAMI.

Creating an Infinite veNAMI position permanently removes the underlying NAMI from supply.

1,200,000 TGE Allocation splits into 964,000 veNAMI (80.33%) and 236,000 NAMI (19.67%). The veNAMI share leads to Underlying NAMI Burned, since creating an Infinite veNAMI position permanently removes the underlying NAMI from supply.

NAMI Initial Valuation

NAMI launches with an Initial Reference Price of $5.00 per token.

Applied to the 1.2M TGE allocation, this establishes a $6.0M reference valuation at launch.

Of the 236,000 NAMI allocated in liquid form, up to 150,000 are progressively introduced into market liquidity during the three-week Genesis Phase.

Liquidity is initially concentrated on Base for launch and subsequently introduced on Ethereum and Robinhood toward the end of Genesis.

This creates a launch structure in which most of the initial allocation is represented through veNAMI, while only a limited portion of NAMI enters circulation at launch.

Emission Schedule

The First Emission

NAMI's first emission is not derived from a predetermined percentage of the TGE allocation.

Before the end of Epoch 0, it is calibrated using economic data recorded during the Genesis Phase, including TVL, trading volume, swap fees generated, and the price of NAMI, together with the bootstrap parameters defined for launch.

Genesis Data covers four metrics recorded during the Genesis Phase: TVL, Volume, Swap Fees, and NAMI Price. All four are evaluated together in the Bootstrap Evaluation, which determines the Epoch 0 Emission. This emission is then distributed during Epoch 1.

The resulting value establishes the protocol's first emission level based on the economic activity reached during Genesis.

The emission associated with Epoch 0 is distributed during Epoch 1 according to the allocation determined by votes cast during Epoch 0.

The first emission follows a launch-specific distribution: 90% Liquidity Provider Emissions, 0% Rebase, and 10% Bonus.

Dynamic Emissions

From the first emission onward, NAMI does not follow a predetermined emission schedule or a structural decay curve.

NAMI does not have a predetermined terminal supply. Each epoch, the d(3,3) model evaluates the economic performance of the protocol and determines whether emissions should increase, remain stable, or decrease.

Each approved emission becomes the reference point for the following epoch, allowing the policy to adapt progressively to protocol conditions.

Each emission is determined at the close of an epoch and distributed during the following one.

No share of recurring emissions is reserved directly for the team.

Emission Allocation

Once the total emission for an epoch has been established, it is distributed across three components:

Total NAMI Emissions are distributed across three destinations: Liquidity Providers, Rebase, and the 10% Bonus.

The 10% Bonus remains fixed, while the allocation between Liquidity Provider Emissions and Rebase varies dynamically based on the Lock Ratio.

The Lock Ratio determines how emissions are distributed, not how many NAMI are emitted.

This is the share allocated to liquidity providers and distributed through Nami's Voting System.

Its percentage corresponds to the remaining portion of emissions after Rebase and the 10% Bonus.

Rebase is the dynamic share allocated to Infinite veNAMI positions and varies based on the Lock Ratio.

The higher the Lock Ratio, the lower the share allocated to Rebase.

A fixed 10% of each emission is reserved for the Dual Liquidity Rewards Bonus.

The Bonus rewards liquidity providers who choose to receive a larger share of their rewards as wveNAMI, allowing them to claim up to 110% of the base emission reward.

New NAMI supply originates on Ethereum. Emissions allocated to other supported chains are transferred through Nami's burn-and-mint architecture, preserving a single coordinated supply across the ecosystem.

Gross Emissions vs Net Supply Change

Gross emissions do not necessarily correspond to the net change in supply.

During each epoch, new emissions are offset by NAMI permanently removed from circulation through Infinite veNAMI, wveNAMI, Rebase, and RBE buybacks.

Gross NAMI Emissions flows down into Net Supply Change. Permanent NAMI Removal flows up into Net Supply Change. Permanent NAMI Removal is itself fed by four sources: Infinite veNAMI, wveNAMI, Rebase, and RBE.

A NAMI is considered permanently removed when it can no longer return to circulation. Standard veNAMI positions are excluded from this calculation.