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Epochs and Emissions

An epoch is the recurring period used to coordinate votes, $RAPH emissions, fees and incentives. It is the heartbeat of the protocol: votes cast in one epoch shape the emissions of the next.

Raphael's exact epoch boundary, emission amount, decay, tail-emission rule and rebase formula are determined by the deployed contracts. The application countdown and verified minter state should be treated as authoritative.

Emission allocation​

At an epoch transition:

  1. valid veRAPH votes determine each eligible pool's vote share;
  2. that share determines how much of the epoch's $RAPH emissions its gauge receives;
  3. staked LPs earn a proportional share based on the gauge's accounting rules and their time staked.

A simplified allocation relationship is:

Epool=ELPVpoolVeligibleE_{pool}=E_{LP}\frac{V_{pool}}{V_{eligible}}

where:

  • E_pool is the $RAPH allocated to the pool's gauge;
  • E_LP is the epoch's $RAPH available for eligible LP gauges;
  • V_pool is the valid vote weight allocated to that pool; and
  • V_eligible is the total valid vote weight across eligible pools.

If V_eligible is zero, or if a pool is ineligible, the deployed contracts' fallback rules apply. An LP's realised $RAPH reward also depends on stake size, active-liquidity rules, time and later vote changes.

Rebases​

Some vote-escrow deployments distribute a rebase to reduce dilution of locked voting power. A rebase is not the same as trading revenue and must not be described as risk-free yield.

Operational window​

Vote and reward actions can be restricted near the epoch boundary while contracts or automation finalise the next period. Submit important actions early and check the interface for the current cutoff. Voting covers the practical timing rules.