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Staking $ORDER earns you VALOR, which represents your share of the Orderly protocol treasury. Rather than paying stakers with inflationary token emissions, Orderly distributes real yield funded by 30% of protocol net revenue (primarily trading fees).

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Important note on staking yields

VALOR represents your share of future protocol revenues. The system rewards long-term holders and penalizes short-term behavior:
  • Staking $ORDER gives you daily VALOR emissions and strengthens your share over time.
  • Constantly burning VALOR or resetting your position results in far lower APR than holding and compounding.
  • You can unstake at any time without burning VALOR — you simply stop receiving new emissions.
  • Your existing VALOR stays intact (only exposed to dilution), which is better than burning your share and starting from zero.

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How VALOR works

VALOR is the only way to claim a share of the protocol treasury. The only way to earn VALOR is to stake $ORDER or esORDER. Key parameters:
  • Hard cap: 1 billion VALOR
  • Emission: 100% linearly emitted to stakers over 200 epochs (5M VALOR per epoch)
  • Non-transferable: VALOR is a measure of staking position, not a tradable token
  • Deflationary: VALOR is permanently burned when redeemed for treasury assets
Your treasury share is calculated as: TreasurySharestaker=AvailableValorBalancestakerValorCirculatingSupply×TotalProtocolTreasuryValueTreasuryShare_{staker} = \frac{AvailableValorBalance_{staker}}{ValorCirculatingSupply} \times TotalProtocolTreasuryValue Where: VALOR circulating supply = Total VALOR emitted to date − VALOR burned from redemption

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Example

Alice and Bob each hold 1% of total staked $ORDER from day one, so they each own 1% of circulating VALOR. End of epoch X:
  • Circulating VALOR: 16M | Treasury: $500,000
  • Alice’s share: 5,000∣Bob′sshare:5,000 | Bob's share: 5,000
Bob redeems 60,000 VALOR:
  • Bob receives $1,875 from the treasury
  • Treasury drops to $498,125
  • Bob’s VALOR: 100,000 | Alice’s VALOR: 160,000
End of epoch X+1 (after $250,000 new revenue added):
  • Circulating VALOR: 20.94M | Treasury: $748,125
  • Both earn 50,000 new VALOR from staking
  • Bob’s VALOR: 150,000 → share: $5,359
  • Alice’s VALOR: 210,000 → share: $7,503
Result: Bob earned 7,234total(7,234 total (5,359 + 1,875redeemed).Aliceearned1,875 redeemed). Alice earned 7,503 — $269 more — simply by not redeeming early.

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Why long-term staking pays more

  • VALOR is scarce and deflationary. Each redemption burns VALOR and increases the remaining holders’ share.
  • Unstaking stops your VALOR emissions while other stakers continue earning, diluting your share.
  • Holding VALOR longer means you benefit from future treasury growth. Redeeming early realizes past gains but forfeits future upside.
  • As Orderly grows and trading volume increases, more revenue flows into the treasury each epoch.
Staking is not allowed for locked team tokens or investor tokens.