Conversion ratio and circulating supply
4.24 bINT → INT conversion ratio
bINT settles to INT at a flat 1:1 ratio. Each unit of contribution carries the same conversion value across the emission horizon, independent of when it was earned.
A flat ratio keeps the conversion value predictable and removes any timing advantage between earlier and later contribution. Because each bINT draws exactly one INT, the User Rewards rail (64.35 billion INT, 4.17) absorbs more contribution before the cap is reached than a higher early ratio would.
Settlement is off-chain (4.4): the engine converts eligible bINT each epoch and the user claims the resulting INT from the audited distributor. bINT v2 does not apply a later global soft-cap or pro-rata reduction. Source budgets, purchase-group quotas, and user ceilings are enforced when the reward is written; granted bINT remains intact.
Circulating supply affects the payment component of new receipt rewards, not the bINT → INT settlement ratio. The sourced hidden-cost percentage is multiplied by an explicitly supplied circulation coefficient. Receipt total and foreign-exchange conversion are not used in this reward component. The coefficient is versioned with the reward policy and is separate from the fixed 1:1 claim rule above.
4.25 Settlement controls
bINT earned before an epoch window closes settles in that epoch after it has reached the eligible locked state; Epoch 9 starts_at is derived from the actual Epoch 8 closing record. The trust layer (03) acts before accrual — quality assessment and duplicate detection run as each receipt is processed, so anomalous contributions are handled before they reach the ledger.
A cumulative ceiling bounds the total INT the contribution layer can ever distribute (the User Rewards rail, 4.17); the independent verifier (4.17) enforces this invariant each epoch. These parameters are managed in the operations layer and are calibrated to balance user experience with protocol safety.
4.26 Circulating supply model
Circulating INT grows from three primary inflows: User Rewards settlement, Liquidity unlocks, and periodic Airdrop distributions (4.18). It shrinks through buy-back-and-burn (4.9) and corporate data-access burns.
The table below projects circulating supply under three MAU growth scenarios. These are modeling projections, not commitments.
| Year | Low MAU scenario | Base MAU scenario | High MAU scenario |
|---|---|---|---|
| Pair launch | Not published | Not published | Not published |
| 1 | 3,500,000,000 | 5,200,000,000 | 7,400,000,000 |
| 2 | 5,100,000,000 | 8,800,000,000 | 14,000,000,000 |
| 3 | 7,000,000,000 | 13,200,000,000 | 21,500,000,000 |
| 5 | 11,500,000,000 | 22,500,000,000 | 36,000,000,000 |
| 10 | 24,000,000,000 | 42,000,000,000 | 58,000,000,000 |
| 15 | 38,000,000,000 | 60,000,000,000 | 72,000,000,000 |
Assumptions
- No launch-float or initial-liquidity estimate is published while no public trading pair is open. Airdrop distributions enter circulation only as periodic participation-based events (4.18) after their on-chain distribution.
- Low MAU: MAU stays in the 0–10K band for the first two years, reaching 100K by year 5.
- Base MAU: MAU reaches 100K in year 1, 1M by year 3, 5M by year 5.
- High MAU: MAU reaches 1M in year 1 and sustains 5M+ from year 3.
- All scenarios assume the buy-back-and-burn mechanism is active from year 2 onward, removing a percentage of circulating supply annually. The burn rate is a function of data-product revenue and treasury policy.
- Staking is not active at launch (4.6); the model does not count staking locks as a circulation sink during v1.
These projections illustrate the relationship between adoption velocity and supply expansion. Actual circulating supply depends on settlement behavior, burn execution, and user growth patterns that cannot be predicted with certainty.