Reflects the role of the S token as a token uniquely used for purchasing block space (paying gas fees) in the Sonic network.
[1] = ƒ(block_throughput, fee_total)
block_throughput — the block throughput (therefore also a measure of the blockspace available for purchase)fee_total — the total amount of fees collected over a given period of timeReflects the indirect future cashflow distributed to all token holders via the deflation mechanism. Deflation occurs as a result of burning half of the fees from transactions made to applications that do not participate in FeeM.
[21] = ƒ(fee_total_not_fee_m, s_total)
fee_total_not_fee_m — the total amount of fees from transactions to non-FeeM-participant apps collected and burned over a given period of times_total — the total amount of S in circulationReflects the token owner's exposure to temporary token lock-up (as a result of staking for running a validator or delegating to one) and the associated slashing risk in the event of validator misbehavior.
[7] = ƒ(staking_period, amount_staked, price_at_staking)
staking_period — the duration of the lock-up periodamount_staked — the amount of tokens locked up by the userprice_at_staking — the price of the locked token position at the moment of locking; defines the locked value together with the lockedReflects the admission of validators with sufficient self-stake into the active set.
[4] = ƒ(self_stake, thresh)
self_stake — the self-stake of a validatorthresh — the minimal self-stake at which the validator is permitted to participate in the active validators' setReflects rewards earned by validators, composed of direct stake-based emissions (with a target APR) and a portion of fees from transactions to both apps participating and not participating in the FeeM scheme.
Observe that the distribution of rewards over stake within a single validator's stake is not entirely uniform, as 15% of the delegators' rewards are retained as a validator's fee.
[22] = ƒ(total_stake, self_stake, stoken_stake_rate, fee_tips)
total_stake — the total stake of the validatorself_stake — the self-stake of the validatorstoken_stake_rate — the portion of S that is currently staked; hereby the target APR is determinedfee_tips — the cashflow derived from transaction-derived tipsReflects the stake delegation to a validator (can be up to 14x of the validator's self-stake).
[83] = ƒ(target_self_stake)
target_self_stake — the self-stake of the recipientReflects the yield for delegators, derived as a proportional (less a fee of 15%) allocation from the delegatee's rewards.
[24] = ƒ(delegated_stake, total_stake, validator_income)
delegated_stake — the size of the stake delegated by the user to the delegateetotal_stake — the total stake of the delegatee validatorvalidator_income — the totality of the delegatee validator's rewardsReflects the benefits derived from exercising control over the protocol parameter, treasury allocation, and other voting outcomes.
[3] = ƒ([82], user_vote_allocations, user_strategy_representation)
user_vote_allocations — the representation of allocations of UP by the user in the voting roundsuser_strategy_representation — the representation of the user's governance outcome preferencesReflects the indirect future cashflow generated by deflation due to the burning of the unused ongoing funding emissions.
[23] = ƒ(ongoing_funding_emissions, ongoing_funding_used)
ongoing_funding_emissions — the amount of ongoing funding emissions emitted in a yearongoing_funding_used — the amount of ongoing funding emissions utilised in a year