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STRIP sits at the center of the loop. Supported collateral enters Strip, principal stays liquid through Principal Tokens, and yield is harvested, split, and routed, with half of it going into buying and burning STRIP. This gives STRIP a recurring source of demand tied directly to productive capital.

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Supply

The maximum supply is fixed. The treasury does not stake into stSTRIP and does not compete for the emissions or fee flows that belong to participants. Treasury STRIP may be deployed as unstaked protocol-owned liquidity, such as seeding the canonical PT/STRIP pools and a small STRIP/USDC convenience pool at launch; these positions earn no emissions, and every use of treasury STRIP is disclosed on the transparency dashboard.

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Demand

STRIP is not only emitted to attract deposits. It is also accumulated by the system itself, using the yield generated by those deposits:
  • Routed yield. Half of every realized harvest buys STRIP from the market and burns it.
  • Swap-fee flow. The protocol’s share of PT/STRIP swap fees routes to stSTRIP, rewarding staked STRIP holders in STRIP.
  • Emissions competition. PT stakers and liquidity providers compete for scheduled emissions, and Lockless Boost makes sustained STRIP exposure the most efficient way to compete.

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Two forces, by design

Emissions distribute STRIP; buybacks remove it. Early in the system’s life, emissions dominate: they build the collateral base and deepen PT/STRIP liquidity. As the productive base grows, routed yield grows with it, and buybacks become a larger share of the token’s economic gravity. STRIP is the claim users compete for. PT holders stake to earn it. Liquidity providers supply PT/STRIP liquidity to earn it. Productive collateral routes yield into buying it. Burn removes it. Collateral creates yield, yield creates demand, demand reduces supply, and incentives direct participation back into the system.