The Demand Flywheel

SBT demand compounds across multiple independent vectors simultaneously. Supply reduction operates from two tracks regardless of which phase the protocol is in. No single vector dominates; the flywheel strengthens as each component grows.

More exchange volume
        │
        ├── More market fee revenue (wETH, wSOL, wBTC, wUSDT)
        │         │
        │         └── Phase-gated distribution:
        │               Phase 1 (<$1M/day)  → 100% treasury
        │               Phase 2 ($1M–$10M)  → 60% treasury · 30% SBT LP rewards · 10% burn
        │               Phase 3 ($10M+/day) → 30% treasury · 40% SBT LP rewards · 30% burn
        │
        ├── More native taker fee income to LPs
        │   (deeper pools → better rates → more users)
        │
        ├── LP SBT emission rewards (from 17.5% allocation, declining schedule)
        │         │
        │         └── SBT distributed to LPs proportional to pool share
        │             → deeper liquidity → better rates → more volume
        │
        ├── Unallocated LP emission burn (year-end, independent of volume)
        │         │
        │         └── Unused annual allocation burned → supply reduction from day one
        │
        └── More RDPoS governance participation
            (SBT held to vote for witnesses and proposals)
                    │
                    ▼
            More value captured by SBT holders
                    │
                    ▼
            Deeper SBT/asset pools → better rates
                    │
                    ▼
            More bridge participants → more volume

Supply Reduction: Two Independent Tracks