Economics | Tenrai Docs

Supply

	TRAI
Maximum supply	200,000,000

One TRAI is 100,000,000 atoms. No more than the maximum supply can ever exist, and burns lower what does.

GET /v1/economics/supply reports where the issued TRAI sits at the finalized head:

Field	Meaning
`max_supply`	200,000,000 TRAI
`minted`	Everything issued so far
`burned`	Everything burned so far
`total_supply`	`minted` less `burned`: what exists
`circulating_supply`	Spendable coins: all unspent outputs, without stake and reserves
`bonded`	Stake that counts for validators
`unbonding`	Stake on its way back to its owners
`work_reserve`, `stake_reserve`	Rewards earned but not yet paid out, see The value equation
`unscheduled_emission`	Emission still to come

So total_supply = circulating_supply + bonded + unbonding + both reserves.

Emission

Emission follows cut height, not wall-clock time. An interval is 34,560 cuts, one day at the target pace. Each interval pays out 0.3 % of the emission still to come, so it emits 99.7 % of the one before.

	Per cut	Per day
First interval	15.625 TRAI	540,000 TRAI
After one year	about 5.2 TRAI	about 180,000 TRAI
After two years	about 1.7 TRAI	about 60,000 TRAI

A reduction of 0.3 % a day halves emission roughly every 231 days. About two thirds of the emission are out after one year.

Emission over the first four years. The last atom follows on day 12,650, after about 34.6 years.

Until the last atom

Each interval's amount is counted in whole atoms, and the remainder of the division carries over to the next interval. The emission therefore does not fade out forever: it ends with the last atom on day 12,650.

Emission paid out	Day	At the target pace
50 %	231	about 7.6 months
90 %	767	2.1 years
99 %	1,533	4.2 years
99.9 %	2,300	6.3 years
99.99 %	3,066	8.4 years
All but the last TRAI	6,327	17.3 years
All, the last atom	12,650	34.6 years

After day 12,650, all 200,000,000 TRAI are issued and no new TRAI are created. Miners and stakers then earn the transaction fees alone. The days are intervals of 34,560 cuts; if cuts come slower than every 2.5 seconds on average, the same days take longer in wall-clock time.

GET /v1/economics/emission shows the current subsidy and when the next reduction comes, and unscheduled_emission in GET /v1/economics/supply what is still to come.

The split

Every cut's subsidy is split in half, and so is every transaction fee:

Half	Goes to
Work	The miners whose blocks the cut pays
Stake	The staking pool of the current interval

Where each cut's subsidy and fees go, and when each side is paid.

Fees are not burned and not minted. They move from the payer to miners and stakers.

How miners are paid

Each cut schedules its work half for the cut's anchor. When that anchor's registration window closes, 96 cuts later, the amount is divided equally among the work blocks registered for the anchor. A block adds the work half of the fees it carried.

If an anchor registered no block, its subsidy is not lost. It carries over to the next anchor that has work.

Because the amount is shared, one block's reward depends on how many blocks were found for the same anchor: about 125 at the target rate, which makes roughly 0.0625 TRAI per block in the first interval.

How stakers are paid

The stake half of every cut, subsidy and fees, collects in a pool for the interval. When the interval ends, the pool is paid out over the following cuts, in proportion to principal, to the positions as they stood when the interval began. Each position gets a normal output to its reward address.

Only positions of committee members that signed enough share the pool: a member must appear in finalized cut certificates in at least 9 of the interval's 12 attendance windows. A validator keeps the full reward of its own bond and may charge 0 % to 10 % of its delegators' rewards, in steps of 0.1 %. A new rate takes effect 14 epochs after it is announced; the rate at the start of an interval applies to the whole interval.

GET /v1/economics/estimate/staking?amount= returns the expected reward per day for an amount.

Burns

TRAI leaves the supply in two ways:

Burn	Amount
Equivocation	The proven validator's self-bond, plus 10 % of every delegation to it that can still be slashed
Burn address	Every transaction output paid to the burn address. The output is never created

burned in the supply document counts both, and total_supply is what was minted less what was burned. A mining or staking reward paid to the burn address is not burned this way: it stays an output that no key can spend.

The value equation

Every cut checks that nothing appeared or vanished:

Text

outputs + bonded + unbonding + work reserve + stake reserve + burned = minted

The reserves hold what is earned but not yet paid: block rewards waiting for their payout and the staking pool of the running interval. The root of the output set commits the sum of all outputs, so that total can be shown with a single proof.