Appendix C: Economic Parameters
This appendix consolidates the fixed economic and network parameters of the Specter Protocol.
Token Specification
| Parameter | Value |
|---|
| Token name | GHOST |
| Genesis supply | 1,000,000,000 GHOST |
| Hard cap | 1,500,000,000 GHOST |
| Emission cap | 500,000,000 GHOST |
| Tail emission floor | 0.5% annual |
| Decimals | 18 |
| Smallest unit | aghost (1 GHOST = 10^18 aghost) |
Genesis Allocation
| Category | Amount (GHOST) | Percentage |
|---|
| Validator & Network Rewards | 300,000,000 | 30.0% |
| Ecosystem & Grants Fund | 180,000,000 | 18.0% |
| Core Team & Contributors | 150,000,000 | 15.0% |
| Community & Airdrops | 100,000,000 | 10.0% |
| Foundation Treasury | 90,000,000 | 9.0% |
| Seed Investors | 90,000,000 | 9.0% |
| Strategic Round | 50,000,000 | 5.0% |
| Relayer Incentives | 40,000,000 | 4.0% |
| Total | 1,000,000,000 | 100.0% |
- Validator & Network Rewards — Block rewards, staking incentives, and validator bootstrapping over the network's lifetime.
- Ecosystem & Grants Fund — Developer grants, ecosystem growth, hackathons, integration bounties, and partnership incentives.
- Core Team & Contributors — Founding team and early contributors, subject to daily linear vesting with zero TGE unlock.
- Community & Airdrops — Direct community distribution, airdrops, and engagement reward programs.
- Foundation Treasury — DAO-controlled reserve for long-term protocol needs, governance-approved spending only.
- Seed Investors — Early backers who funded initial development, subject to daily linear vesting with zero TGE unlock.
- Strategic Round — Strategic partners and infrastructure providers, subject to daily linear vesting with zero TGE unlock.
- Relayer Incentives — Dedicated pool for IBC relayer compensation, distributed on a per-packet basis.
Emission Schedule
| Year | Rate | Emitted (M) | Cumulative (M) |
|---|
| 1 | 12.0% | 120.0 | 1,120.0 |
| 2 | 8.0% | 89.6 | 1,209.6 |
| 3 | 6.0% | 72.6 | 1,282.2 |
| 4 | 4.5% | 57.7 | 1,339.9 |
| 5 | 3.5% | 46.9 | 1,386.8 |
| 6 | 2.5% | 34.7 | 1,421.5 |
| 7 | 2.0% | 28.4 | 1,449.9 |
| 8 | 1.5% | 21.7 | 1,471.7 |
| 9 | 1.0% | 14.7 | 1,486.4 |
| 10 | 1.0% | 14.9 | 1,501.2 |
After Year 10, emission settles at the 0.5% tail emission floor.
Network Parameters
| Parameter | Value |
|---|
| Chain ID | 5446 |
| Block time | ~5 seconds |
| Consensus | CometBFT (Cosmos SDK v0.53+) |
Validator Parameters
| Parameter | Value |
|---|
| Minimum validators | 50 |
| Target validators (Year 1) | 150 |
| Minimum self-delegation | 100,000 GHOST |
| Maximum commission rate | 20% |
| Commission change delay | 72 hours |
| Unbonding period | 21 days |
| Downtime slashing | 0.01% of stake |
| Double-sign slashing | 5% of stake |
Relayer Parameters
| Parameter | Value |
|---|
| Relayer incentive pool | 40,000,000 GHOST |
| Distribution model | Per-packet rewards |
| Minimum relayer bond | 10,000 GHOST |
| Fee recapture rate | 50% |
| Minimum success rate | 95% |
Governance Parameters
| Parameter | Value |
|---|
| Proposal deposit | 10,000 GHOST |
| Voting period | 7 days |
| Quorum | 33.4% |
| Pass threshold | 50% + 1 |
| Veto threshold | 33.4% |
| Execution timelock | 48 hours |
| Foundation multisig | 5-of-9 (security-critical only) |
| Multisig dissolution | Month 24 |
Ghost Protocol Parameters
| Parameter | Value |
|---|
| ZK verification gas | ~220,000 |
| Merkle tree depth | 20 |
| Merkle tree capacity | ~1,048,576 commitments (2^20) |
| Root history size | Last 100 roots |
| Commitment cooldown | 5 seconds per address |
| Policy gas cap | 100,000 gas (staticcall) |
Parameter Notes
- ZK verification gas (~220k) — The cost of verifying a single Groth16 proof on-chain via the EIP-197 pairing precompile. This is the dominant gas cost of a redemption transaction.
- Merkle tree depth (20) — A depth of 20 supports approximately one million commitments per vault instance. Additional vault instances can be deployed if capacity is exhausted.
- Root history (100 roots) — The contract stores the last 100 Merkle roots. A proof generated against any of these roots remains valid, giving users a window of approximately 500 seconds (100 blocks at ~5 seconds each) to submit their proof after generating it.
- Commitment cooldown (5 seconds) — Limits each address to one commitment per block, preventing spam and reducing the effectiveness of timing-based deanonymization attacks.
- Policy gas cap (100,000) — Reveal policy contracts are invoked via
staticcall with a hard gas limit of 100,000. This prevents policies from performing unbounded computation or causing out-of-gas reverts in the main redemption transaction.