Two ways to stand with the machine.
Reward-pool emissions
PAPER/SPY and PLATE/SPY liquidity deposited in the protocol's reward pool receives post-genesis emissions in addition to swap fees. The PLATE emission allocation is 53 million over two years, opening from day 7 and split across two markets:
| Market | Share of emissions |
|---|---|
| PAPER/SPY liquidity | 60% |
| PLATE/SPY liquidity | 40% |
PLATE/SPY is a separate market from the canonical PAPER/SPY pair, and oPLATE exercise pricing is measured against it. It opens with protocol liquidity at genesis end, when its emissions start; it is not part of the published genesis pools.
On days 8–28 the same two markets also share the 70,000 PAPER taper: 40% to PAPER/SPY liquidity and 60% to PLATE/SPY liquidity.
Emissions arrive as oPLATE, an option on PLATE rather than PLATE itself. Turning it into PLATE means exercising it, which costs SPY. Read the oPLATE option.
A PAPER/PLATE recycler market has been discussed but is not deployed and carries no emission share.
Clamping PLATE
PLATE holders can clamp PLATE into the press (deposit it into the press). If PAPER holds above the expansion threshold and a run qualifies, the protocol prints PAPER to clamped PLATE. The threshold is 1.01×, and a qualifying run prints the full per-run maximum.
Clamp timing: two clocks and a decay
Clamping starts two clocks, both measured in runs:
- Withdraw lockup: 4 runs (24 hours). You cannot withdraw clamped PLATE until this passes.
- Reward window: opens at 2 runs (12 hours), closes at 8 runs (48 hours). You cannot claim printed PAPER before the window opens. Once it opens, an unclaimed reward decays on a straight line to zero as the window closes: claim early in the window and you get it in full; wait past run 8 and there is nothing left to claim.
Adding more PLATE to a clamp, or claiming printed PAPER, restarts both clocks. It does not erase a reward already decaying: whatever share the decay curve currently allows is locked in as claimable, the rest is forfeited, and the withdraw and reward clocks then start again from that point. Topping up or claiming resets your timing every time.
When a print reaches clamped PLATE
How much of a print reaches clamped PLATE depends on whether RECEIPT is fully covered:
- If the reserve behind RECEIPT redemption already covers all outstanding RECEIPT, clamped PLATE receives the whole print, less the DAO, dev, and team share (read Published Parameters).
- If it does not, 65% of the print is minted into that reserve instead, to work toward covering the outstanding RECEIPT; clamped PLATE receives the other 35%, less the DAO, dev, and team share.
So a print's size and what a clamp position receives can differ: outstanding RECEIPT debt comes first.
Reward-pool emissions and clamping do not produce a projected return, and neither is a promised amount.