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A. Proposed measurement and fee model

This appendix defines a proposed measurement framework. Protocol v1.1.0 does not record issuer fulfillment, real-world discharge, or every data field required below.

Event and stock definitions

For voucher class j, cohort or period t, and a disclosed valuation method m:

  • O_{j,t,m}: value of outstanding eligible commitments at the measurement boundary.
  • X_{j,t,m}: value of completed Pool swaps during the period.
  • P_{j,t}: units validly presented to the issuer for redemption.
  • F_{j,t}: presented units with separately evidenced issuer fulfillment.
  • G_{j,t}: fulfilled units with a discharge record preventing reuse.

O cannot be inferred from token supply alone. A measurement policy must identify the responsible issuer and exclude, as applicable, issuer-held inventory, burned units, expired units, discharged units, test balances, inaccessible balances, and tokens whose terms do not create an outstanding third-party commitment.

Each valued measure must publish the unit, source, valuation method, timestamp, and treatment of divergent Pool exchange rates. An on-chain transfer can support X or presentment evidence; it does not by itself establish F or G.

Cohort-based fulfillment measures

For a cohort of valid redemption presentments:

FulfillmentRate = FulfilledPresentments / ValidPresentments

DischargeCompleteness = DischargedFulfillments / FulfilledPresentments

Use the same closed or mature cohort in each numerator and denominator. Report rejected, withdrawn, expired, disputed, partially fulfilled, corrected, and still-open presentments separately.

FulfillmentLatency = median(t_fulfilled - t_presented)

HoldingDuration = median(t_presented - t_acquired)

Fulfillment latency measures issuer service after presentment. Holding duration is a separate measure and must not be labelled redemption latency.

Distinct velocity measures

A proposed commitment-discharge velocity may be calculated only where O and fulfilled value use the same valuation method:

V_commit,t = FulfilledValue_t / AverageOutstandingEligibleCommitmentValue_t

A Pool swap-activity measure is separate:

V_swap,t = PoolSwapValue_t / AverageMeasuredPoolInventoryValue_t

Neither value proves social impact, issuer capacity, profitability, or cash convertibility.

Proposed network revenue

Let:

  • PF_t be gross Pool fees generated during the period;
  • NR_t be the proposed network rake actually received as a disclosed share of those Pool fees;
  • RF_t be separate proposed routing or service fees actually received; and
  • χ_t be the measured share of received revenue that is eligible and convertible for a stated cash-denominated use after costs and policy constraints.

From the proposed network-budget perspective:

ProposedNetworkRevenue_t = NR_t + RF_t

CashUsableNetworkRevenue_t = χ_t × (NR_t + RF_t)

Do not add PF_t to NR_t: the rake is a transfer from gross Pool fees and would otherwise be counted twice. Current Protocol v1.1.0 instead supports an additional protocol fee; its receipts must be reported separately from this proposed rake model.