2.3 - Emissions

NEST tokens distributed to LPs each epoch. Directed by governance. Scheduled to peak and taper.

Emissions are NEST tokens distributed to liquidity providers every epoch. They are separate from trading fees — emissions are the LP reward mechanism, while fees are the governance reward mechanism.

20M

NEST / week (Epoch 1) +1.5%

+1.5%

Per epoch, first 12 epochs (bootstrapping)

−1%

Per epoch, epoch 13+ (maturation)

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How emissions are distributed

• Each epoch, veNEST holders vote to allocate emission share across pools

• A pool's share of emissions = its share of total vote weight

• If a pool receives 10% of all votes, it receives 10% of that epoch's emissions

• LPs in that pool share those emissions proportionally to their deposit size

No votes = no emissions. If a pool receives zero vote weight in an epoch, it receives zero emissions. LPs in unvoted pools earn nothing from emissions that epoch.

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Emission schedule phases

Phase 1 — Bootstrapping (epochs 1–12): emissions increase +1.5% each epoch to build initial liquidity depth.

Phase 2 — Maturation (epoch 13+): emissions decrease −1% each epoch toward a long-term sustainable rate, preventing infinite dilution while maintaining LP incentives.

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Approximate emission schedule

Epoch	Approx. NEST / week	Phase
1	20,000,000	Bootstrapping
3	~20,600,000	Bootstrapping
6	~21,530,000	Bootstrapping
9	~22,500,000	Bootstrapping
12	~23,380,000	Peak
15	~22,680,000	Maturation
20	~21,600,000	Maturation
30	~19,600,000	Maturation

LPs claim accumulated emissions from the Dashboard on the app. Emissions accumulate continuously and can be claimed at any time. Always refer to the live epoch dashboard for current figures.