78 lines
3.3 KiB
Markdown
78 lines
3.3 KiB
Markdown
# 11: Commitment-Based Issuance
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## Source
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- **Novel construction** inspired by:
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- MycoFi paper: "subscription-based bonding curves", "myco-mortgages"
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- Commons Stack augmented bonding curves
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- Proof-of-contribution systems (Coordinape, SourceCred)
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## Rationale for MYCO
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Financial bonding curves only recognize capital. But the MycoFi ecosystem values labor, sustained commitment, and community building equally. Commitment-based issuance creates parallel minting channels that don't draw from financial reserves — they recognize non-financial value contributions.
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Three channels:
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### 1. Labor / Proof-of-Contribution
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- Oracle or peer review attests to contribution units
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- Code, governance participation, community building
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- Rate-limited per period with cooldowns
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- Unclaimed contributions decay (use-it-or-lose-it)
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- Governed conversion rates (tokens per contribution unit)
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### 2. Subscription / Recurring Pledges
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- Recurring payments (e.g., $10/month) create continuous mint streams
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- Better rate than spot bonding curve (subscriber premium)
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- Loyalty multiplier grows with duration (up to 2x for long-term patrons)
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- Predictable inflow for the reserve
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- Three tiers: Supporter ($10/mo), Sustainer ($50/mo), Patron ($200/mo)
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### 3. Staking / Time-Weighted Lockup
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- Lock $MYCO or approved assets for T time units
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- Bonus minting: `amount * base_rate * lockup_multiplier(T)`
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- Concave multiplier: `sqrt(T)` curve (diminishing returns)
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- Max 3x multiplier for 1-year lockup
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- Early withdrawal forfeits 50% of unvested bonus
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- Creates demand-side pressure and long-term alignment
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## Integration with Reserve System
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Commitment channels mint $MYCO **without adding to financial reserves**. This means:
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- They dilute the backing ratio (more supply, same reserves)
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- The P-AMM redemption curve accounts for this (backing ratio < 1 triggers discounts)
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- Flow dampening applies to commitment minting too (rate limits)
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- The system has governance-controlled caps on total commitment minting
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The key insight: commitment-minted tokens are backed by **ecosystem value** (labor, loyalty, commitment) rather than financial reserves. The reserve tranching layer treats "commitment value" as a separate vault type alongside financial vaults.
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## Parameters
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### Labor
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| Parameter | Default | Effect |
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|-----------|---------|--------|
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| tokens_per_unit | 3-10 | Conversion rate per contribution type |
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| max_units_per_period | 20-100 | Rate limit |
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| period_length | 30 days | Period for rate limits |
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| cooldown | 1-7 days | Min time between claims |
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| decay_rate | 0-0.1 | Annual decay of unclaimed units |
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### Subscription
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| Parameter | Default | Effect |
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|-----------|---------|--------|
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| payment_per_period | $10-200 | Recurring payment amount |
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| base_mint_rate | 1.5-2.0x | Premium vs spot rate |
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| loyalty_multiplier | up to 2x | Grows with subscription duration |
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| loyalty_halflife | 90-180 days | How fast loyalty builds |
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### Staking
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| Parameter | Default | Effect |
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|-----------|---------|--------|
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| base_rate | 5% APR | Base staking reward |
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| max_multiplier | 3x | Max bonus for longest lockup |
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| max_lockup | 365 days | Maximum lockup duration |
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| multiplier_curve | sqrt | Shape of lockup bonus curve |
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| early_withdrawal_penalty | 50% | Forfeited bonus on early exit |
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## Implementation
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See `src/commitments/labor.py`, `src/commitments/subscription.py`, `src/commitments/staking.py`
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