orama/whitepaper/APPENDIX_A_EMISSION_CURVE.md

Appendix A: Emission Curve & Halving Schedule

Parameters

• Total supply: 210,000,000 $ORAMA (hard cap)
• Block time: 6 seconds
• Blocks per day: 14,400
• Blocks per year: 5,256,000
• Block reward split: 80% to block proposer, 20% to bonding curve inventory (capped at 21M total to curve)
• Halving interval: Every 2 years (~10,512,000 blocks)

Detailed Emission Table

Era	Years	Block Reward	Blocks in Era	Era Emission	To Miners (80%)	To Curve (20%)	Cumulative Supply	% of Total
1	1–2	100 $ORAMA	10,512,000	105,120,000	84,096,000	21,024,000	105,120,000	50.03%
2	3–4	50 $ORAMA	10,512,000	52,560,000	42,048,000	10,512,000	157,680,000	75.04%
3	5–6	25 $ORAMA	10,512,000	26,280,000	21,024,000	5,256,000	183,960,000	87.52%
4	7–8	12.5 $ORAMA	10,512,000	13,140,000	10,512,000	2,628,000	197,100,000	93.76%
5	9–10	6.25 $ORAMA	10,512,000	6,570,000	5,256,000	1,314,000	203,670,000	96.88%
6	11–12	3.125 $ORAMA	10,512,000	3,285,000	2,628,000	657,000	206,955,000	98.44%
7	13–14	1.5625 $ORAMA	10,512,000	1,642,500	1,314,000	328,500	208,597,500	99.22%
8	15–16	0.78125 $ORAMA	10,512,000	821,250	657,000	164,250	209,418,750	99.61%
9	17–18	0.390625 $ORAMA	10,512,000	410,625	328,500	82,125	209,829,375	99.81%
10	19–20	0.195313 $ORAMA	10,512,000	205,313	164,250	41,063	210,034,688	99.90%

Emission continues halving indefinitely. When the remaining emittable supply is less than the block reward, the block reward equals the remaining supply — ensuring the 210,000,000 hard cap is never exceeded.

Cumulative Supply Over Time

Year 1:   52,560,000 $ORAMA  (25.0%)
Year 2:  105,120,000 $ORAMA  (50.0%)  ← First halving
Year 4:  157,680,000 $ORAMA  (75.0%)  ← Second halving
Year 6:  183,960,000 $ORAMA  (87.5%)
Year 8:  197,100,000 $ORAMA  (93.8%)
Year 10: 203,670,000 $ORAMA  (96.9%)
Year 20: ~210,000,000 $ORAMA (99.9%)

Daily Emission by Era

Era	Daily Total Emission	Daily to Miners	Daily to Curve
1	1,440,000 $ORAMA	1,152,000	288,000
2	720,000 $ORAMA	576,000	144,000
3	360,000 $ORAMA	288,000	72,000
4	180,000 $ORAMA	144,000	36,000
5	90,000 $ORAMA	72,000	18,000

Per-Node Earnings Estimates (Era 1)

Assumes equal Effective Power across all nodes (simplified):

Total Nodes	Daily per Node	Monthly per Node
300	3,840 $ORAMA	115,200 $ORAMA
500	2,304 $ORAMA	69,120 $ORAMA
1,000	1,152 $ORAMA	34,560 $ORAMA
5,000	230 $ORAMA	6,912 $ORAMA
10,000	115 $ORAMA	3,456 $ORAMA

Actual earnings vary by Effective Power (stake × contribution × infrastructure multiplier).

Key Properties

1. 50% emitted in first 2 years — rewards early risk-takers who secure the network when it's most vulnerable.
2. 75% emitted by year 4 — strong incentive to join early.
3. 96.9% emitted by year 10 — after a decade, the network runs primarily on transaction fee revenue.
4. Never reaches 210M exactly — the halving creates an asymptotic approach, just like Bitcoin's 21 million.
5. Predictable at every block — anyone can calculate the exact circulating supply at any block height with simple arithmetic.