At a glance
Allocation
Vesting
Circulating at launch: early users 3.5% + liquidity 5% + treasury 2% = 10.5%.
Contributor and investor tokens can’t be staked for fee share until they unlock. This keeps early fee distributions with active participants.
Emissions
Privacy-set incentives (300M) decay each year, front-loading rewards while the anonymity set is smallest and most valuable to grow.
Relayer & operator rewards (70M) follow the same 40 / 30 / 20 / 10 curve. As emissions fall, protocol fees are designed to replace them. See Token Flywheel.
Supply sinks
- Buyback and burn: 15% of protocol fees buys VEIL on the open market and burns it; another 60% buys VEIL for sVEIL stakers. See Buyback and burn.
- Slashing: slashed relayer stake is burned.
- Staking lockups: sVEIL unbonding takes 14 days.