> ## Documentation Index
> Fetch the complete documentation index at: https://orderly.network/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Staking Information

> Learn how $ORDER staking works, including VALOR mechanics and the treasury share model.

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).

## 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.

## 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:

$TreasuryShare*{staker} = \frac{AvailableValorBalance*{staker}}{ValorCirculatingSupply} \times TotalProtocolTreasuryValue$

Where: *VALOR circulating supply = Total VALOR emitted to date − VALOR burned from redemption*

## 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'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 \$7,234 total (\$5,359 + \$1,875 redeemed). Alice earned \$7,503 -- **\$269 more** -- simply by not redeeming early.

## 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.

<Note>Staking is not allowed for locked team tokens or investor tokens.</Note>