With the $THEO launch arriving, I thought it was time to provide my best overview of everything you’ll need to know to understand the protocol. Here are my top 10 favourite pieces of FUD and other subtle details you may have missed!

$THEO is an inflationary token with an uncapped supply. This means that over time, more and more THEO will be minted into existence. So, how does this happen and will that dilute holders? Let's take a look.

First, during the 6-month whitelist and lockup event there will be 10% inflation on every purchase made. This is because a portion of all whitelist proceeds are being set aside to seed a liquidity pool so that THEO can be traded on the open market once it unlocks (after the 6-month period). For every purchase transaction, you'll be able to see an extra 10% minted. This will be paired with the reserved proceeds for the LP.

This is technically still dilution but the funds aren't lost since Theopetra still holds the LP tokens. It's two sided, because on the one hand it provides some liquidity back to the WL buyers, on the other it's THEO liquidity for excess demand. The results of this depend on the demand for $THEO and how Theopetra exits from that position, which will only be done when the LP can remain healthy on its own. Those proceeds can then be sent into the REAT ecosystem as with any other $THEO mint.

28% of the total $THEO supply is reserved for founder shares plus an 8% ecosystem wallet to be used for future development, for a total of 36%. Of that 28% supply, founder @mel_anic’s 7% allocation will be donated directly back into the protocol, as well as the bulk of his net worth. This leaves 21% amongst the rest of the team.

But this begs the question, how can you know what the final diluted value of an inflationary token is before you get there?

The vesting contracts actually monitor the current supply and rebalance vested tokens to match the current market cap, so effectively what this means is that 21% is produced as inflation at the time those tokens unlock. This concludes at 18 and 36 months, with core members and therefore the vast majority of total allocation in the 36-month category. Once withdrawn, these tokens will no longer produce inflation and the founders supply will be capped. Meanwhile, that additional 8% ecosystem wallet is held for future applications where more supply may be required.

Who are these “shadowy insiders”? Builders, community participants, and the ecosystem as a whole. $THEO is a purely community-based project, and there are no strings attaching us to VC firms at all! 8% of the 21% founders share will be reserved for the ecosystem wallet to keep building onward as Theopetra expands over time. The remainder is split between contributors who got it built, and our original 250 community board members who all receive a modest allocation.

If you've been involved in other token launches, we all know how VCs behave with their early shares. They are what they are and they do help get projects off the ground, but that's not how we're doing things here.

Again, @Mel_Anic has committed his share of founders' tokens (7%) and additionally his T-homes equity to REAT as a living trust.

THEO receives its yield in the form of ETH rebates from our partner REAT. REAT is focused on creating affordable, ownable housing in today's market. The rental income and real estate cash flows are what produce on-chain yield, so when properties are acquired as more THEO is minted, the yield steps up with it as well.

Theopetra is aiming to be the largest miner of REAT, which means that when new THEO is minted that capital gets transferred over to STX and used to mine REAT through PoXL.

Since it's on the Stacks network, Theopetra will be Stacking the REAT it mines in order to generate STX rewards, which will then be converted to ETH and sent back to the top 4,000 locked $THEO stakers as rebates quarterly.

The top 4,000 and staking mechanics are separate from the whitelist lock, and will roll out as the first tokens are unlocked 6 months from launch (for anyone choosing the 6-month lock option during the first day of the whitelist).

In case this explanation seems a bit complicated, I'm going to break it down a little further by taking a look at...

REAT is a play on the word/abbreviation REIT, standing for “Real Equity for America Today”.

Now that we have to keep track of two token models, we need to know how REAT is distributed and how it fits together with THEO.

REAT is a token on Stacks network that will be launching in 6 weeks, and it's distributed according to the PoXL mining mechanism. This means that when a miner commits STX, they have a chance at minting new REAT tokens. The STX that was committed gets redistributed according to a split of 80% to the REAT community, 15% to fund affordable housing, and 5% to T-Homes operating expenses such as padding the debt waterfall of their non-agency RMBS. This includes THEO's holdings in the 80%.

Wait, another partner? Why?

T-Homes is the third partner in our real estate network, and they provide the ability to scale our housing network using institutional capital so that we are not solely dependent on what we can raise in crypto.

@BowTiedBernard and @BowTiedRam have better overviews of T-Homes than I could hope to write, so be sure to take a look at their threads. Similarly, @topshelfmg has an excellent overview of the interactions between these systems:

https://twitter.com/bowtiedram/status/1563625350860607488?s=21&t=YAyiv8ThCiY7noGTXccBlg

https://twitter.com/bowtiedbernard/status/1565882101605736449?s=21&t=YAyiv8ThCiY7noGTXccBlg

https://twitter.com/topshelfmg/status/1564366195083644932?s=21&t=YAyiv8ThCiY7noGTXccBlg

Back to REAT.

Compared to a REIT there are a few key differences.

Normally, a REIT will just print new shares as it takes on new investment, and typically return ≈ 90% of their revenue to shareholders with 10% going to operating costs.

It's as close to a 1:1 relationship as you can get in a real estate fund because they tend to be very efficiently valued by the market.

REAT, because it uses PoXL to redistribute real estate revenues, does not track the underlying real estate 1:1 because it has two sources of growth: increased mining, and its own revenue. This also means that REAT actually has two sources of yield going to its Stackers, because 80% of new mining activity will go to the community.

This might sound a bit like the snake eating its own tail, a cornerstone of unsustainable yield, so we need to go over what the difference is between REAT's floor yield and speculation.

This is important to understand.

REAT is not a REIT and does not directly track real estate, but what it does do is provide a sustainable floor yield from its existing properties.

All REAT mining activity will increase its ability to acquire new properties and increase this floor yield but not all yield will be from real estate. Existing Stackers benefit from growth in the real estate network, as well as from the network's performance.

So, when cash flows increase and the floor yield rises from income generated from the properties, the present value of REAT will rise relative to the value of those future cash flows.

But hang on, if a Stacker knows the mining price of the token is below the present value of future cash flows AND they know that this will drive more mining activity, what do they become?

A speculator.

So long as the network is capable of more growth, mining activity also drives speculation. But as with any speculation: this can become unsustainable. This is where the difference comes in.

Before you ever participate in REAT, ask, is this yield from speculation, or is it coming from their assets? Does the present value reflect future cash flows, or does it reflect future speculation? Know the difference.

Okay, so why choose to distribute 80% to the community if it leads to speculation? Where does that fit into the design?

Choosing to redistribute 80% is first and foremost a way to reward the community, it ensures that those who contribute to REAT's success see the rewards of those actions. It's also an aspect that allows REAT to compete with other real estate investment vehicles.

On top of that, as the price rises it increases REAT's ability to capitalize and acquire new properties, as the investment percentage stays consistent throughout fluctuations in price. This accelerates the growth of future cash flows, and ensures that the floor yield increases in step with growth through speculation.

Here's the kicker: the floor will continue being the floor after speculators dry up and the price evens out.

REAT is able to take advantage of speculation in the short term to increase its floor yield in the long term. This is the value of REAT and THEO, and what I believe makes them incredible treasury assets.

REAT is also a nonprofit charity, able to receive donations like any other. Though unlike other nonprofits, 100% of these donations go towards furthering the mission by purchasing additional properties for affordable rentals and T-Homes.

This finally brings us back to THEO. Remember THEO? This is a post about THEO.

THEO is minted in a similar fashion to REAT, in this case it's done using a discounted purchase through THEO's built in markets.

Pre-launch, these are fixed prices on a schedule, but once this event ends it will be done using a dynamically priced market that adapts to the current demand.

Discount buys are locked for a set period of time, with longer periods offering more of a discount. Meanwhile the capital is immediately deployed into REAT to turn the real estate flywheel.

Dynamic and adaptive. Okay. What does that mean?

Discount buy prices are controlled by three main factors: Yield, spot price fluctuations, and demand. Demand causes the price to shift based on how frequently discount buys occur. More discount buys and the discount shrinks, less buys and the discount grows.

The spot price and yield are factored in through control variables, where the difference from the last recorded value is used to tune the control variable up or down and adjust the price in tandem. These variables and their sensitivity can be tailored depending on market conditions, as well as discounted buys’ lock periods.

These control variables are helpful for a few reasons. First, yield can fluctuate due to real life circumstances and operations such as turnover rates, occupancy, or defaults. As such, a single discount rate may not reflect the current operational reality behind the asset.

Second, the price is factored in to control volatility.

Remember, THEO benefits from a larger REAT network which means higher rebates from property income. Volatility goes both ways, so on the downside the policy variable tightens the discount in order to avoid reinforcing a downward trend, and on the upside loosens to capture part of the appreciation as expansion to the real estate network.

The control variable accepts a positive or negative value and applies it to the discount. Quite similar to REAT, this allows THEO to capitalize on price appreciation and increase PVFCF.

If you've got a keen eye, you might notice that THEO is on Ethereum, and REAT is on STX, so how is that yield communicated across chain?

Through the multisig owned mirror table, of course.

Earlier this year Balaji Srinivasan proposed a tool called a mirror table, essentially an on-chain copy of a standard cap table. We took a lot of inspiration from this while building THEO and it's actually intricately tied with policy automation for the discounts.

https://balajis.com/mirrortable/

Right now we use it to report yield, but it can expand in the future to include as much real estate data as can be reported, all of which are already a part of the standard disclosures and audit reports required by the real estate holding entities.

Ideally this table will also include acquisition schedules as well as everything else operationally which impacts the income generated from the properties.

As the real estate network expands, this will be a major priority to make our discounts an efficient tool and to make our protocol as trustless and transparent as possible.

A Pro Forma model has been built for the ground up for this system, and will be released once the first property has been decided on. This will largely depend on the scale of the whitelist event, and different properties are under consideration at different price points.

THEO token uses staking for several key mechanisms, but ultimately it's important to remember that this is inflationary. Staked tokens will accrue more THEO at a set rate on an inflation schedule that will diminish over the next five years. Inflation gets a bad reputation, but it's a highly useful policy tool, especially during times of rapid growth.

To carry over the example to the real world, central banks tend to target an inflation rate of 2%, though their success with that varies. However, this is mostly true of developed economies. When an economy is undersized and has room for growth, often the bank will target a higher inflation rate to stimulate investment.

When that investment corresponds with an increase in material productivity, meaning there are higher quantities of goods and services in the economy, it results in rapid economic growth without destabilizing the value of the currency because there is greater value being produced in the economy.

I see THEO's situation as fundamentally similar. There is enormous room for growth in its material productivity, which is to say income generated from REAT's properties, and so by stimulating it with early inflation, it rewards the community who provided capital for that initial growth.

Back to the details, there are two kinds of staking, an unlocked tranche and a 12-month locked tranche. Locked staking has much higher inflation, and it is the only THEO tier that is eligible for ETH rebates. Unlocked staking is more flexible, but doesn't share in that exposure. Remember that if you want rebates, only the top 4,000 locked staked wallets are eligible.

This is another key detail that will eventually provide deflationary counter-cycles and ideally provide exit liquidity for holders. Once there are 4,000 wallets locked and staked, the game begins. The marginal value of being wallet 4,000 and not 4,001 is enormous: the entire proportional share of the ETH rebates at that size.

Therefore, it provides an incentive to wallets at risk of not receiving rebates to acquire enough THEO to secure their share, and incentivizes wallets looking to receive rebates to acquire enough to unseat them.

Discount buys are locked, generally for a minimum of two to six weeks, and rebates are determined quarterly. As such, in the weeks leading up to the rebates the only source of THEO that is relevant is the open market.

I suspect we'll see some very interesting frontrunning and MEV for those precarious wallet rankings in those final moments, but of course this dynamic will only be in play once there are more than 4000 hodlers! I look forward to seeing the results of these events play out in practice.

If you're wondering about those rebates by now, they start Q1 2023 and continue on a quarterly basis. If you'd like to do a bit of planning, I'd highly recommend you check out our calculator here:

https://calculator.theopetralabs.com

One last important detail, know where the cliffs are! Over the next several years, there will be major unlocks that will suddenly introduce a lot more THEO to the market. It's best to understand exactly when these are, why they are, and how this can potentially impact the price.

The biggest cliff events will likely be the initial 6, 12, and 18 month unlocks from the pre-launch event.

After that, some founders vesting will begin to occur starting at month 12 from launch, and continue vesting every month afterward until the schedules conclude at either month 18 and 36.

We're looking at building a Dune dashboard to make this much easier to visualize, but you can also check the website's dashboard to get a rough estimate of quantities locked.

We've gone over the impacts from speculation, inflation, and the push-pull dynamics with the floor yield. But what about black swan events?

Here's the summary:

Institutional scaling continues, fundamental value remains in hard assets, floor yield continues. We keep building.     Cheers.

**********************************************************************************

Thanks for making it this far! If you have more questions, you can reach us anytime in our public discord.

https://discord.gg/kUUeyPkwSv

I'd also highly recommend you read our whitepaper, which is available here:

https://docs.theopetralabs.com/

With the $THEO launch arriving, I thought it was time to provide my best overview of everything you’ll need to know to understand the protocol. Here are my top 10 favourite pieces of FUD and other subtle details you may have missed!

$THEO is an inflationary token with an uncapped supply. This means that over time, more and more THEO will be minted into existence. So, how does this happen and will that dilute holders? Let's take a look.

First, during the 6-month whitelist and lockup event there will be 10% inflation on every purchase made. This is because a portion of all whitelist proceeds are being set aside to seed a liquidity pool so that THEO can be traded on the open market once it unlocks (after the 6-month period). For every purchase transaction, you'll be able to see an extra 10% minted. This will be paired with the reserved proceeds for the LP.

This is technically still dilution but the funds aren't lost since Theopetra still holds the LP tokens. It's two sided, because on the one hand it provides some liquidity back to the WL buyers, on the other it's THEO liquidity for excess demand. The results of this depend on the demand for $THEO and how Theopetra exits from that position, which will only be done when the LP can remain healthy on its own. Those proceeds can then be sent into the REAT ecosystem as with any other $THEO mint.

28% of the total $THEO supply is reserved for founder shares plus an 8% ecosystem wallet to be used for future development, for a total of 36%. Of that 28% supply, founder @mel_anic’s 7% allocation will be donated directly back into the protocol, as well as the bulk of his net worth. This leaves 21% amongst the rest of the team.

But this begs the question, how can you know what the final diluted value of an inflationary token is before you get there?

The vesting contracts actually monitor the current supply and rebalance vested tokens to match the current market cap, so effectively what this means is that 21% is produced as inflation at the time those tokens unlock. This concludes at 18 and 36 months, with core members and therefore the vast majority of total allocation in the 36-month category. Once withdrawn, these tokens will no longer produce inflation and the founders supply will be capped. Meanwhile, that additional 8% ecosystem wallet is held for future applications where more supply may be required.

Who are these “shadowy insiders”? Builders, community participants, and the ecosystem as a whole. $THEO is a purely community-based project, and there are no strings attaching us to VC firms at all! 8% of the 21% founders share will be reserved for the ecosystem wallet to keep building onward as Theopetra expands over time. The remainder is split between contributors who got it built, and our original 250 community board members who all receive a modest allocation.

If you've been involved in other token launches, we all know how VCs behave with their early shares. They are what they are and they do help get projects off the ground, but that's not how we're doing things here.

Again, @Mel_Anic has committed his share of founders' tokens (7%) and additionally his T-homes equity to REAT as a living trust.

THEO receives its yield in the form of ETH rebates from our partner REAT. REAT is focused on creating affordable, ownable housing in today's market. The rental income and real estate cash flows are what produce on-chain yield, so when properties are acquired as more THEO is minted, the yield steps up with it as well.

Theopetra is aiming to be the largest miner of REAT, which means that when new THEO is minted that capital gets transferred over to STX and used to mine REAT through PoXL.

Since it's on the Stacks network, Theopetra will be Stacking the REAT it mines in order to generate STX rewards, which will then be converted to ETH and sent back to the top 4,000 locked $THEO stakers as rebates quarterly.

The top 4,000 and staking mechanics are separate from the whitelist lock, and will roll out as the first tokens are unlocked 6 months from launch (for anyone choosing the 6-month lock option during the first day of the whitelist).

In case this explanation seems a bit complicated, I'm going to break it down a little further by taking a look at...

REAT is a play on the word/abbreviation REIT, standing for “Real Equity for America Today”.

Now that we have to keep track of two token models, we need to know how REAT is distributed and how it fits together with THEO.

REAT is a token on Stacks network that will be launching in 6 weeks, and it's distributed according to the PoXL mining mechanism. This means that when a miner commits STX, they have a chance at minting new REAT tokens. The STX that was committed gets redistributed according to a split of 80% to the REAT community, 15% to fund affordable housing, and 5% to T-Homes operating expenses such as padding the debt waterfall of their non-agency RMBS. This includes THEO's holdings in the 80%.

Wait, another partner? Why?

T-Homes is the third partner in our real estate network, and they provide the ability to scale our housing network using institutional capital so that we are not solely dependent on what we can raise in crypto.

@BowTiedBernard and @BowTiedRam have better overviews of T-Homes than I could hope to write, so be sure to take a look at their threads. Similarly, @topshelfmg has an excellent overview of the interactions between these systems:

https://twitter.com/bowtiedram/status/1563625350860607488?s=21&t=YAyiv8ThCiY7noGTXccBlg

https://twitter.com/bowtiedbernard/status/1565882101605736449?s=21&t=YAyiv8ThCiY7noGTXccBlg

https://twitter.com/topshelfmg/status/1564366195083644932?s=21&t=YAyiv8ThCiY7noGTXccBlg

Back to REAT.

Compared to a REIT there are a few key differences.

Normally, a REIT will just print new shares as it takes on new investment, and typically return ≈ 90% of their revenue to shareholders with 10% going to operating costs.

It's as close to a 1:1 relationship as you can get in a real estate fund because they tend to be very efficiently valued by the market.

REAT, because it uses PoXL to redistribute real estate revenues, does not track the underlying real estate 1:1 because it has two sources of growth: increased mining, and its own revenue. This also means that REAT actually has two sources of yield going to its Stackers, because 80% of new mining activity will go to the community.

This might sound a bit like the snake eating its own tail, a cornerstone of unsustainable yield, so we need to go over what the difference is between REAT's floor yield and speculation.

This is important to understand.

REAT is not a REIT and does not directly track real estate, but what it does do is provide a sustainable floor yield from its existing properties.

All REAT mining activity will increase its ability to acquire new properties and increase this floor yield but not all yield will be from real estate. Existing Stackers benefit from growth in the real estate network, as well as from the network's performance.

So, when cash flows increase and the floor yield rises from income generated from the properties, the present value of REAT will rise relative to the value of those future cash flows.

But hang on, if a Stacker knows the mining price of the token is below the present value of future cash flows AND they know that this will drive more mining activity, what do they become?

A speculator.

So long as the network is capable of more growth, mining activity also drives speculation. But as with any speculation: this can become unsustainable. This is where the difference comes in.

Before you ever participate in REAT, ask, is this yield from speculation, or is it coming from their assets? Does the present value reflect future cash flows, or does it reflect future speculation? Know the difference.

Okay, so why choose to distribute 80% to the community if it leads to speculation? Where does that fit into the design?

Choosing to redistribute 80% is first and foremost a way to reward the community, it ensures that those who contribute to REAT's success see the rewards of those actions. It's also an aspect that allows REAT to compete with other real estate investment vehicles.

On top of that, as the price rises it increases REAT's ability to capitalize and acquire new properties, as the investment percentage stays consistent throughout fluctuations in price. This accelerates the growth of future cash flows, and ensures that the floor yield increases in step with growth through speculation.

Here's the kicker: the floor will continue being the floor after speculators dry up and the price evens out.

REAT is able to take advantage of speculation in the short term to increase its floor yield in the long term. This is the value of REAT and THEO, and what I believe makes them incredible treasury assets.

REAT is also a nonprofit charity, able to receive donations like any other. Though unlike other nonprofits, 100% of these donations go towards furthering the mission by purchasing additional properties for affordable rentals and T-Homes.

This finally brings us back to THEO. Remember THEO? This is a post about THEO.

THEO is minted in a similar fashion to REAT, in this case it's done using a discounted purchase through THEO's built in markets.

Pre-launch, these are fixed prices on a schedule, but once this event ends it will be done using a dynamically priced market that adapts to the current demand.

Discount buys are locked for a set period of time, with longer periods offering more of a discount. Meanwhile the capital is immediately deployed into REAT to turn the real estate flywheel.

Dynamic and adaptive. Okay. What does that mean?

Discount buy prices are controlled by three main factors: Yield, spot price fluctuations, and demand. Demand causes the price to shift based on how frequently discount buys occur. More discount buys and the discount shrinks, less buys and the discount grows.

The spot price and yield are factored in through control variables, where the difference from the last recorded value is used to tune the control variable up or down and adjust the price in tandem. These variables and their sensitivity can be tailored depending on market conditions, as well as discounted buys’ lock periods.

These control variables are helpful for a few reasons. First, yield can fluctuate due to real life circumstances and operations such as turnover rates, occupancy, or defaults. As such, a single discount rate may not reflect the current operational reality behind the asset.

Second, the price is factored in to control volatility.

Remember, THEO benefits from a larger REAT network which means higher rebates from property income. Volatility goes both ways, so on the downside the policy variable tightens the discount in order to avoid reinforcing a downward trend, and on the upside loosens to capture part of the appreciation as expansion to the real estate network.

The control variable accepts a positive or negative value and applies it to the discount. Quite similar to REAT, this allows THEO to capitalize on price appreciation and increase PVFCF.

If you've got a keen eye, you might notice that THEO is on Ethereum, and REAT is on STX, so how is that yield communicated across chain?

Through the multisig owned mirror table, of course.

Earlier this year Balaji Srinivasan proposed a tool called a mirror table, essentially an on-chain copy of a standard cap table. We took a lot of inspiration from this while building THEO and it's actually intricately tied with policy automation for the discounts.

https://balajis.com/mirrortable/

Right now we use it to report yield, but it can expand in the future to include as much real estate data as can be reported, all of which are already a part of the standard disclosures and audit reports required by the real estate holding entities.

Ideally this table will also include acquisition schedules as well as everything else operationally which impacts the income generated from the properties.

As the real estate network expands, this will be a major priority to make our discounts an efficient tool and to make our protocol as trustless and transparent as possible.

A Pro Forma model has been built for the ground up for this system, and will be released once the first property has been decided on. This will largely depend on the scale of the whitelist event, and different properties are under consideration at different price points.

THEO token uses staking for several key mechanisms, but ultimately it's important to remember that this is inflationary. Staked tokens will accrue more THEO at a set rate on an inflation schedule that will diminish over the next five years. Inflation gets a bad reputation, but it's a highly useful policy tool, especially during times of rapid growth.

To carry over the example to the real world, central banks tend to target an inflation rate of 2%, though their success with that varies. However, this is mostly true of developed economies. When an economy is undersized and has room for growth, often the bank will target a higher inflation rate to stimulate investment.

When that investment corresponds with an increase in material productivity, meaning there are higher quantities of goods and services in the economy, it results in rapid economic growth without destabilizing the value of the currency because there is greater value being produced in the economy.

I see THEO's situation as fundamentally similar. There is enormous room for growth in its material productivity, which is to say income generated from REAT's properties, and so by stimulating it with early inflation, it rewards the community who provided capital for that initial growth.

Back to the details, there are two kinds of staking, an unlocked tranche and a 12-month locked tranche. Locked staking has much higher inflation, and it is the only THEO tier that is eligible for ETH rebates. Unlocked staking is more flexible, but doesn't share in that exposure. Remember that if you want rebates, only the top 4,000 locked staked wallets are eligible.

This is another key detail that will eventually provide deflationary counter-cycles and ideally provide exit liquidity for holders. Once there are 4,000 wallets locked and staked, the game begins. The marginal value of being wallet 4,000 and not 4,001 is enormous: the entire proportional share of the ETH rebates at that size.

Therefore, it provides an incentive to wallets at risk of not receiving rebates to acquire enough THEO to secure their share, and incentivizes wallets looking to receive rebates to acquire enough to unseat them.

Discount buys are locked, generally for a minimum of two to six weeks, and rebates are determined quarterly. As such, in the weeks leading up to the rebates the only source of THEO that is relevant is the open market.

I suspect we'll see some very interesting frontrunning and MEV for those precarious wallet rankings in those final moments, but of course this dynamic will only be in play once there are more than 4000 hodlers! I look forward to seeing the results of these events play out in practice.

If you're wondering about those rebates by now, they start Q1 2023 and continue on a quarterly basis. If you'd like to do a bit of planning, I'd highly recommend you check out our calculator here:

https://calculator.theopetralabs.com

One last important detail, know where the cliffs are! Over the next several years, there will be major unlocks that will suddenly introduce a lot more THEO to the market. It's best to understand exactly when these are, why they are, and how this can potentially impact the price.

The biggest cliff events will likely be the initial 6, 12, and 18 month unlocks from the pre-launch event.

After that, some founders vesting will begin to occur starting at month 12 from launch, and continue vesting every month afterward until the schedules conclude at either month 18 and 36.

We're looking at building a Dune dashboard to make this much easier to visualize, but you can also check the website's dashboard to get a rough estimate of quantities locked.

We've gone over the impacts from speculation, inflation, and the push-pull dynamics with the floor yield. But what about black swan events?

Here's the summary:

Institutional scaling continues, fundamental value remains in hard assets, floor yield continues. We keep building.     Cheers.

**********************************************************************************

Thanks for making it this far! If you have more questions, you can reach us anytime in our public discord.

https://discord.gg/kUUeyPkwSv

I'd also highly recommend you read our whitepaper, which is available here:

https://docs.theopetralabs.com/