Non/Anti-Dilutive Emissions

Liquid staking pools will receive immediate compounded rewards to its position based on the supply inflation generated through purchased bonds.
Each liquid staking position will capture a percentage of supply growth as a function of CNV minted through our fixed-term accrual bonds.
Those in the longest liquid staking position (the 360 day staking) will never be diluted and will increase their share of the market cap when other rewards are considered. This will be reinforced directly in protocol contracts through a staking cap on non-dilutive positions and the minimum price on bonds. These components ensure all liabilities to protocol stakers are accounted for when CNV is minted.
All staking positions will capture immediate compounded rewards to their staking positions through new supply issued on bonds. These rewards will be redeemable at the end of the users staking term.
[Example] If a bonding event creates an increase in the supply of 10%, investors in the longest lock will also see rewards of 10% to their pool; those in the 180 day stake will see a 7.5% increase and so forth. 3.1 Non/Anti-Dilutive

Long term Emissions

Each bonding event creates an available rewards pool of CNV that can be rewarded.
A surplus is generated after anti-dilutive rewards are paid to staking positions. A portion of excess emissions will be allocated to a long- term emissions pool that will be rewarded to stakers over vesting schedule. The remainder will be recycled back into bond issuance to protect treasury backing. Emissions rewarded to stakers will be capped at an aggregate APR controlled by Policy.
This long-term emissions pool will grow over time allowing for continuous rewards to stakers regardless of bonding activity. Staking positions will receive a boost on these rewards according to term length. The longest liquid staking position will receive the highest return while the shortest liquid staking position will receive the lowest return.


After both reward pools are accounted for, a proportion of excess rewards will remain unminted. This factor is controlled by a variable in the protocol contracts to ensure regulation on inflation, price stability, and treasury backing per CNV.

Treasury Dividend

Concave will actively manage its treasury implemented across a number of investment portfolios and product lines.
These are documented in greater detail in later section. The yield return on these strategies will be paid out to liquid stakers in the form of a dividend at defined intervals.
Stakers will receive a boost in their dividend according to staking term length. Dividend payouts will be allocated master chef style (ie. Non- native token) to ensure additional revenue streams for stakers while maintaining long term protocol health.

Secondary Markets

Protocol stakers will receive an NFT that represents their liquid staking position.
On protocol launch, Concave will provide the proprietary marketplace to ensure liquid stakers can trade their positions represented by NFTs. The secondary market helps both the protocol and users reach an equilibrium where everyone benefits - this further incentivizes stakers to choose longer term staking positions.