# Emissions Schedule

The core business of the Pacman protocol is leveraged yield farming. As the product becomes more advanced and the number of users increases, the revenue of Pacman finance farmers will depend on the protocol charge fee. In the early stages, Pacman will incentivize early contributors such as lending suppliers, leverage farmers, and governance voters to attract more users and funds.

Pacman's emissions will be divided into three phases, with a different reduction in emissions for each phase.

18,000,000 PAC will be distributed over the course of more than 120 epochs, at a 10%\~1% exponential decay.

<figure><img src="/files/dsNVAxS84dR3UqRx7L47" alt=""><figcaption></figcaption></figure>

$$
Emissions.theory.max = E0\*Coff^t
$$

<table><thead><tr><th>epochs</th><th>t</th><th width="225.66666666666669">E0</th><th>Coff</th></tr></thead><tbody><tr><td>[0,3]</td><td>epochs</td><td>637500</td><td>0.9</td></tr><tr><td>[3,11]</td><td>epochs-3</td><td>464737.5</td><td>0.95</td></tr><tr><td>[11,]</td><td>epochs-11</td><td>308316.3528</td><td>0.99</td></tr></tbody></table>

{% hint style="info" %}
The theoretical PAC emission period is from epoch 66.28 to epoch 87.72.
{% endhint %}

In our design of PAC emissions, we also consider the impact of locking vePAC. Emissions are distributed in a system of decreasing inflation, resulting in a smaller amount of PAC tokens being minted over time.

{% hint style="info" %}
PAC emissions are dependent upon the ratio of `vePAC` to total `PAC` circulating supply: ​

***Emissions.max = Emissions.theory.max \* (1 - vePAC.totalSupply / PAC.totalSupply)***

***We will introduce this function after the 12th Epoch. In the first 0 to 11 epoch：***

***Emissions.max = Emissions.theory.max***

This design ensures that the PAC will have enough liquidity at the beginning and incentivizes users to mint the vePAC. After the 11th epoch, the more PAC users lock-in, the smaller the rewards distributed to Leverage Liquidity Providers. This results in a greater deceleration of emissions and a smaller future total supply.\
\
Also the higher the % of `PAC` locked in relation to the supply, the lower the PAC circulation supply will be in the future.
{% endhint %}


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