> For the complete documentation index, see [llms.txt](https://minotaur-money.gitbook.io/minotaur.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://minotaur-money.gitbook.io/minotaur.money/protocol/monetary-policy.md).

# Monetary Policy

**Initial Supply**: DAO: 50,000, Presale: 40,000, Liquidity: 8,000, Airdrop + Incentives: 2,000

**Reward Rate**: 0.5%; this is the amount of total supply minted every rebase period as staking rewards. This value will change, likely downward

**Rebase frequency**: 28800 seconds (8 hours)

**Bond Control Variable (BCV)**: 300 initially, then changes (likely upward) according to market conditions; controls the pricing of bonds/minting (higher value = higher prices)

**Deflation Control Variable (DCV)**: 300 initially, then changes (likely downward) according to market conditions; controls buyback pressure (higher value = more buying)

**Vesting Term (seconds)**: 432000; bonded tokens are vested over 5 days

**Fee (basis points)**: 10000; the minter and protocol receive equal numbers MINO

**Max Payout (/1000):** 1000; the maximum payout as a proportion of the deemed value \* bond price (this means that approximately 1% of the current supply can be minted in a given bond transaction)

* In the protocol's initial state, all other variable values are Wonderland defaults


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