Equations

Buying

An investor who wishes to buy the KEEPER token deposits their assets into the treasury and gets in turn receives KEEPER tokens at price $P_b$

$P_b = (MV_{reserves} + MV_{SPV})/N_{t}$

Here,

$MV_{reserves} =$ Value of assets in treasury reserves

$MV_{SPV} =$ Value of assets held by the SPV

$N_{t} =$ Circulating supply of KEEPER tokens

Selling

You can sell your KEEPER tokens at any time back to the protocol at Ps.

$P_s = P_b*(1-Premium)$

Premium = LCV * Token Debt Ratio (TDR)

LCV = Liquidity Control Variable

$TDR = N_{s,t}/N_t$

Where $N_t$ = number of tokens in circulation $N_{s,t}$= number of additional tokens sold

Staking

The rebase reward rate Rd is the sum of the following two components -

• a fixed rate corresponding to an APY of 15%

• A dynamic reward rate calculated from the selling premium in the current rebase

Rebase occurs daily (24 hours). The APY is calculated from the reward rate as follows -

$(1+R_{d})^{365} = (1 + APY)$

The fixed rate ensures that the APY is always >= 15%.

On every rebase, the reward rate resets back to the fixed APY of 15%, and increases as the selling premium increases in the next 24 hours.