Across 2026, protocol activity came almost entirely from markets outside the emissions program, with over $160M in DEX volume and TVL at ~$40M.
Background
In recent epochs, SPECTRA issuance had reached a point where it cost more than it returned, diluting holders relative to the fees the protocol was already generating. Emissions had also decoupled from performance, with new supply flowing to gauges set apart from where trading and liquidity concentrated.
SGP-20 addressed this by pausing the mint. As of 2 July 2026, weekly SPECTRA emissions are reduced to zero, with epoch 80 the last to carry them. Activity continues at zero-emission cost, and holders retain an undiluted share of supply.
This completes the direction set by SGP-19. Where SGP-19 redirected half of weekly emissions to a DAO-controlled Liquidity Wallet, SGP-20 stops new issuance entirely: gauge emissions, the Liquidity Wallet allocation, and the rebase all move to zero.
The protocol operates as usual. The only change is that no new SPECTRA is issued: gauge emissions, the SGP-19 Liquidity Wallet allocation, and the rebase all move to zero. Everything else stays in place, and the sections below cover what that means for holders and for the interface.
The rebase ends with emissions. Every veSPECTRA position now holds a stable, undiluted share of supply, as zero issuance leaves it free from inflation.
Locks, governance, voting rights, and treasury fee accrual all continue exactly as before. Governance power over the DAO and the revenue it accrues remain fully in place.
With emissions at zero, the mechanics that distributed them no longer have a function. The Incentivize and Gauge pages in the Spectra interface are now disabled, since there are no emissions to direct and no gauge votes to cast while issuance is paused.
This is an expected result of the proposal. Protocol governance continues as before, and every other part of the app operates normally.
The change touches newly issued supply and nothing else.
For liquidity providers: the share of pool swap fees and the underlying yield of LP positions are unaffected. No lock, balance, fee share, or governance right is reduced by this change.
A future SGP can re-enable issuance if the context justifies it.
The DAO continues to accrue revenue, unchanged by this proposal. Work on the broader tokenomics direction is taking shape and will be shared through the governance forum.
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