The Token

$MRN Tokenomics

$MRN is the governance and productivity token of the Marian protocol. Its supply is fixed, its emissions are curve-bounded, and its long-run velocity is compressed through a 4-way sink: locking, buybacks, fee burn, and insurance escrow.

Max Supply

1,000,000,000

hard-capped

Genesis Circulating

84,000,000

8.4% at TGE

Terminal Emission

reached year 10

Burn Rate

1.2% APY

avg. buyback burn

Allocation

Bucket	Allocation	%	Cliff	Vesting
Community Emissions	500,000,000	50.0%	None	10-year decay curve
Ecosystem / LPs / Airdrops	150,000,000	15.0%	None	Discretionary, 5-year cap
Insurance & Safety Module	80,000,000	8.0%	None	Locked in insurance vault
Team & Founders	150,000,000	15.0%	12 months	Linear over 36 months
Early Investors (Seed + A)	80,000,000	8.0%	6 months	Linear over 24 months
Treasury (DAO-controlled)	40,000,000	4.0%	None	Streams unlocked by governance

Genesis unlock schedule

Circulating supply at TGE is intentionally low (8.4%) to align long-term with dividend and fee revenue. The unlock schedule below shows the cumulative circulating figure at the end of each year, assuming no additional community emissions beyond the base curve.

Year	Emissions	Vested unlocks	Cumulative circulating	% of max
Y0 (TGE)	0	84.0M	84.0M	8.4%
Y1	72.5M	70.0M	226.5M	22.7%
Y2	64.6M	97.5M	388.6M	38.9%
Y3	57.5M	37.5M	483.6M	48.4%
Y4	51.2M	0	534.8M	53.5%
Y5	45.6M	0	580.4M	58.0%
Y7	36.2M / y	0	693.0M	69.3%
Y10	0 (terminal)	0	1,000M	100.0%

Emission curve

Weekly community emissions follow an exponential decay tuned so that 50% of emissions have been distributed by month 42 and 95% by year 8. The curve is defined by:

E_w = E_0 · e^(−λ · w)

where:
  E_0  = 1,850,000  MRN     (week 1 emission)
  λ    = ln(2) / 200
  Σ E_w  (w=1..520)  =  500,000,000  MRN

E_w is the MRN emitted in week w. λ ≈ 0.00347 per week (half-life ≈ 200 weeks).

Sinks — where $MRN goes

Lock sink. veMRN requires locking $MRN for 6–48 months. At steady state we model 62% of circulating $MRN to be locked, based on comparable ve-protocols (Curve 51%, Velodrome 71%).
Buyback-and-burn. 10% of protocol fees purchase $MRN on the open market and permanently burn it. Modeled at 1.2% of supply / year at $500M TVL.
Insurance escrow. The 8% insurance allocation is not tradable; it is only released to make lenders whole after a bad-debt event.
Fee capture. Lockers receive 70% of protocol revenue in USDC — this doesn't burn $MRN but raises its expected NPV, extending average lock duration.

Steady-state velocity

Circulating(Y5)        = 580,400,000
   − Locked (62%)      = 359,848,000
   − Team escrow       =  50,000,000
   − Cumulative burns  =  34,000,000

Effective float        = 136,552,000  MRN   (≈ 13.7% of max supply)

Effective float — the tokens actually available to trade — at Year 5 baseline.

Design intent

A tight float paired with fee capture creates a monotonically improving fundamental ratio: protocol revenue grows with TVL, effective supply shrinks with burns and locks, and locker yield rises. This is the single knob the DAO tunes over the long run.

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Protocol Architecture

Emissions Schedule