# How APR Is Defined for Payout Pools

APR in the Burn-to-Earn and Forfeit-to-Earn pools is not fixed.\
It is an implied APR, derived from:

* Fixed Nova emissions to the pool
* Total USD-denominated value committed to the pool
* Time (annualised)

This is the correct and honest framing.

***

Variables

Let:

* ![](data:image/png;base64,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)= annual Nova emissions allocated to the pool
* ![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAA8AAAAhCAMAAAAxrgE+AAAAAXNSR0IArs4c6QAAAFRQTFRFAAAAAAAAAAA6AABmADo6ADqQAGa2OgAAOjpmOpDbZgAAZpC2Zrb/kDoAkNv/tmYAtpBmttv/tv//25A627Zm27aQ2////7Zm/9uQ/9vb//+2///bQRRfPAAAAAF0Uk5TAEDm2GYAAAAJcEhZcwAAFiUAABYlAUlSJPAAAAAZdEVYdFNvZnR3YXJlAE1pY3Jvc29mdCBPZmZpY2V/7TVxAAAAd0lEQVQoU82PWxbCIAxEJ1WLL6QVFFv2v08hE47uoJ2fkGGScwNsryzUeTaWJIcn8HJyp5Hl9K4lysg+yuXPBgKDkTEUPzxaDYzh49TPulUfdc8yOaZarul40+HfuMFgvdqcGUbTvztN74vv2HSSMwy2eiy59qgvhbwEAb9FK6QAAAAASUVORK5CYII=)= total USD value of all active positions in the pool
* ![](data:image/png;base64,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)= USD value of a specific position
* ![](data:image/png;base64,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)= annual rewards earned by position ![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAgAAAAhCAMAAADTchpHAAAAAXNSR0IArs4c6QAAAD9QTFRFAAAAAAAAAAA6AABmADqQAGa2OgAAOpDbZgAAZrbbZrb/kDoAkNv/tmYAtpA6tv//2////7Zm/9uQ//+2///bidrZ8AAAAAF0Uk5TAEDm2GYAAAAJcEhZcwAAFiUAABYlAUlSJPAAAAAZdEVYdFNvZnR3YXJlAE1pY3Jvc29mdCBPZmZpY2V/7TVxAAAASklEQVQoU2NgoAXgZWQHGyvCzcSD1XxhDkaoEmEOqBJhDmZ+sFohNhYBMEMQqoSBl5ELahymElaI+YKMrCJ8IEtFuBmZOCH6qQoAGKwCCWCz0YcAAAAASUVORK5CYII=)
* ![](data:image/png;base64,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)= annual percentage return

Assume:

![](data:image/png;base64,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)\ <br>

***

Pool-Level APR Formula

![](/files/EJka9kHp3ITfJWdLHmmJ)\ <br>

This is the headline APR users see on the pool.

***

Position-Level APR (Same Result)

For an individual position:

![](data:image/png;base64,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)\
![](data:image/png;base64,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)\ <br>

Which simplifies to:

![](data:image/png;base64,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)\ <br>

(All participants earn the same implied APR, scaled by size and time.)

***

Weekly Epoch Expression (Optional UX View)

Let:

* ![](data:image/png;base64,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)

Weekly return rate:

![](/files/KabW0aBMeB4AvrLZkW4r)\ <br>

Displayed as:

“Current weekly yield: X%”

APR is simply:

![](/files/on503PgFTyiHF7lWZHXN)\ <br>

***

Concrete Example

Assumptions

* Burn Pool allocation: 12.5% of total Nova emissions
* Total Nova emissions: 10,000,000 NOVA / year
* Burn Pool emissions:

![](/files/kVf1ZDEy5RMFkiQPCjps)\ <br>

* Total value burned in pool:

![](data:image/png;base64,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)\ <br>

***

Pool APR

![](/files/a4jGe8FuqSGzCfT9tJ9W)\ <br>

***

User Example

User burns:

![](data:image/png;base64,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)\ <br>

Annual rewards:

![](/files/0Gdyfidim8HJTZSAstXW)\ <br>

APR:

![](/files/THeBktAvapqPRlAtbgxT)\ <br>

***

Key Properties&#x20;

* APR floats automatically
* APR decreases as more value enters the pool
* APR increases as value leaves or burns grow
* Emissions are fixed, APR is market-discovered
* No leverage, no compounding assumptions

***

Payout pool APR is an implied annualised rate derived from fixed Nova emissions and total USD-denominated participation. APR is not fixed, guaranteed, or discretionary. It adjusts automatically as participation changes, while emissions remain constant.


---

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