Stake $OPH. Earn the rebase.

How the machine works

$OPH rebases every epoch (8 hours). Each rebase mints new $OPH directly into every staker's balance at a fixed rate of 0.390% per epoch, compounding three times a day, every day. Compounded across a full year that rate works out to roughly 7,000% APYPre-launch sim — the number only holds if the rate itself holds, which is why the rate is a protocol parameter, not a guarantee.

The APY pays in tokens, not dollars. Supply grows for everyone. The treasury is the floor, coordination is the game.

The (3,3) idea

(3,3) is shorthand for the game the protocol wants everyone to play together: stake and hold, don't sell. If you stake and others stake, everyone's rebase yield and the token's price both hold up — a "3,3" outcome for both of you. If one side sells while the other stakes, the seller wins short-term at the staker's expense (3,1) or (1,3). If everyone sells, nobody wins (1,1). Bonding is the third lever: it lets outside capital buy in below market price, in exchange for growing the treasury that backs every staked token.

Treasury & backing

Every bond sends assets (ETH, USDC, OPH-ETH LP) straight into the treasury shown on the dashboard. The treasury's value divided by circulating supply is the protocol's "backing per $OPH" — the floor price the treasury could in principle defend. Runway is how many epochs the treasury can keep funding rebases at the current rate before it needs fresh bonding demand.

This projection is fiction, and so is every one like it.