> For the complete documentation index, see [llms.txt](https://docs.fast.poker/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.fast.poker/economics/emission.md).

# $FP emission and refinement

$FP is created by SNG play. Cash games never mint $FP.

## No allocation supply

There is no:

* Presale.
* Airdrop.
* Team allocation.
* Investor unlock.
* Public sale.
* Private sale.
* Liquidity-mining bootstrap.

Every $FP that exists traces back to tournament play.

## Raw $FP

SNGs create Raw $FP, not immediately liquid SPL supply.

Raw $FP is an owed balance held by the protocol. It can be refined into Liquid $FP later.

## The five-layer emission pipeline

Emission starts with a per-seat amount by format:

| Format   | Base Raw $FP per seat |
| -------- | --------------------: |
| Heads-up |                    40 |
| 6max     |                   120 |
| 9max     |                   180 |

The format base is multiplied by the table's seat count and tier factor:

| Tier     | Factor |
| -------- | -----: |
| Copper   |   0.1x |
| Bronze   |   0.2x |
| Silver   |   0.5x |
| Gold     |     1x |
| Platinum |     2x |
| Diamond  |     4x |
| Black    |    10x |

The full order is:

1. Format base per seat x seats x tier factor.
2. Liquid-supply decay.
3. Demand-controller multiplier.
4. Capped idle-pool revival boost.
5. Royal funding, followed by the format's player-payout rule.

The funded amount is snapshotted for the tournament so settlement does not recalculate against a later supply or demand state.

## Royal funding

10% of gross Raw $FP emission funds the Royal Jackpot. The remaining 90% is the player pool.

## Player-pool distribution

| Format          | Current rule                                                                                |
| --------------- | ------------------------------------------------------------------------------------------- |
| Native heads-up | Winner receives 100% of the player pool.                                                    |
| 6-max/9-max     | Final blind level applies maturity; final Flat Bounty points split the matured player pool. |

For 6-max/9-max, maturity is 25% at display Level 1, 50% at Level 2, 75% at Level 3, and 100% from Level 4 onward. It scales the whole player pool, not individual points. Withheld Raw $FP is not minted.

## Decay

Emission decays as Liquid $FP circulating supply grows.

The curve follows:

```
multiplier = (1 - circulating / 1,000,000,000) ^ 1.2
```

The multiplier is implemented as a 100-bucket interpolation table with a 5% floor. This 5% supply-decay floor is one layer of the pipeline; it is not the demand-controller floor.

## Demand controller

The on-chain `EmissionCtrl` blends a fast and slow signal from recent SNG entry fees. At the target signal, emission runs at 50% of the supply-decayed base. Quiet conditions recover toward 100%; heavier activity reduces the multiplier toward the configured minimum.

As of 2026-07-17, mainnet uses:

| Parameter                   | Live value |
| --------------------------- | ---------: |
| Target SNG fee signal       |      1 SOL |
| Demand multiplier at target |        50% |
| Minimum demand multiplier   |        10% |
| Fast retain per hour        |        90% |
| Slow retain per hour        |        99% |
| Fast/slow blend             |  50% / 50% |
| Sub-knee exponent           |        3/4 |
| Per-settlement inflow cap   |  2x target |

The program can be governed to a deeper floor, but 0.1% is not the current live mainnet setting. This signal currently records SNG fee flow, not all cash-game rake.

## Idle-pool revival

Each of the 21 format/tier cells has a `PoolIdle` account. If a cell has not run a game, its next emission can receive a linear boost of up to 50% of its current governed base after 24 hours. Per-pool and rolling global caps limit the boost. The boost is calculated from the governed base, not the original 1x base.

## Refinement

Raw $FP becomes Liquid $FP only when the holder refines.

Refinement charges a 10% tax:

| Portion | Destination                               |
| ------- | ----------------------------------------- |
| 90%     | Refiner receives Liquid $FP               |
| 10%     | Other Raw $FP holders receive it pro-rata |

This creates two effects:

1. Liquid supply expands only when a holder chooses to refine.
2. Patient Raw holders earn from other holders refining first.

## Liquid $FP

Liquid $FP is the transferable SPL token form. It can be held, transferred, sold, used where supported, or burned into Burned $FP.

## Burned $FP

Burning Liquid $FP creates permanent Burned $FP weight. Burned $FP earns a pro-rata share of future protocol revenue deposits.

See [Burn-to-Earn](/economics/staker-pool.md).