Senate

The Senate is where users can stake OSHARE to earn emissions of OWL during expansion phases. An expansion phase is when the OWL:MOVR time-weighted average price (TWAP) is greater than 1.01.

Locking

One of the most important things to know about the Senate is that OSHARE staked there are locked for 6 epochs, including the one taking place at the time. An epoch lasts for 6 hours, which means the shares will be locked for 5 epochs x 6 hours + time remaining on current epoch = 30–36 hours until they can be withdrawn.

Additionally, any OWL rewards earned are locked for 3 epochs, 12–18 hours from the last reward claim, deposit, or withdrawal.

Any action you take with the Senate — depositing, withdrawing, or claiming rewards — will reset the clocks for claiming rewards and withdrawal. This means it will be another 12–18 hours until you can claim and another 30–36 hours until you can withdraw.

If you wish to claim rewards and withdraw during the same epoch, use the CLAIM & WITHDRAW button, which withdraws all shares and all rewards. You’re free to restake part of your shares immediately if you don’t intend to withdraw all of them.

Expansion phases

An expansion phase is when the OWL:MOVR time-weighted average price (TWAP) is greater than 1.01.

The TWAP is calculated at the change of each epoch. For Athena an epoch lasts 6 hours. A new epoch begins after 6 hours have passed and the allocateSeigniorage function is successfully called on the Treasury contract. This calculation decides other functions of the Treasury as well.

Contraction phases

So far we’ve talked about the Senate and its rewards, however there are times when staked OSHARE may not be earning. These are the contraction periods when TWAP is below 1.

In order to keep the price of OWL pegged to MOVR, if its price falls below MOVR’s price, OWL emissions are halted. Because of this, no OWL rewards are paid out to OSHARE stakers in the Senate until peg is regained.

Debt phases

Once peg is regained, OWL emissions resume, however the Senate will not be printing at full power yet. The Treasury has a responsibility to pay back bond holders who bought during contraction, so 65% of OWL emissions will be sent there until all debt obligations are met.

This cuts into the Senate’s rewards, so APR will drop for a time. However the normal rate of earning will resume once the Treasury holds enough to repay its debts.