# Appendix B - $SOUL Locking & Circulating Supply Stress Test ## Appendix A - SOUL Locking and Circulating Supply Stress Test This appendix provides a conservative stress analysis of SOUL locking demand relative to circulating supply during the early phases of the Necro League ecosystem. The objective is to demonstrate that Necron Amulet activation mechanics remain functional and sustainable under realistic and adverse conditions. ### A.1 Circulating Supply Assumptions During the first six months following launch, SOUL circulation is intentionally constrained. The following allocations contribute to circulating supply: #### SKULLY Holders Airdrop 15% of total supply (150,000,000 SOUL), subject to consumption penalties on early unlocks. #### Liquidity Provision Initial liquidity deployment equivalent to approximately 9-11 million SOUL at reference pricing. #### Ecosystem / Future Utility Allocation 27% of total supply, subject to a 3-month cliff followed by 39 months of linear vesting, resulting in limited availability during early phases. All other allocations, including the Studio Treasury, remain fully locked during this period. Estimated maximum circulating supply by month six: **≈ 180,000,000 SOUL** ### A.2 Necron Amulet Locking Requirements Necron Amulets require SOUL to be locked in order to become active for selected campaign participation and enhanced ecosystem utility. * locking is optional but required for activation * locked SOUL may be unlocked at any time, subject to consumption penalties * campaign scoring scales with rarity and the square root of locked SOUL * maximum lock caps apply per rarity ### A.3 Minimum Lock Scenario Assuming all Necron Amulets are activated using only the minimum required SOUL: Estimated total locked SOUL: **≈ 65,000,000 SOUL** This represents approximately **36%** of circulating supply by month six. This scenario is considered conservative and sustainable. ### A.4 Expected Usage Scenario Based on projected participant behavior, it is expected that: * all Amulets are activated * approximately half of Amulets lock near their maximum cap * the remainder remain near minimum lock levels Under these assumptions, estimated locked SOUL ranges between: **≈ 130-150 million SOUL** This creates strong but controlled scarcity while preserving sufficient circulating availability across the ecosystem. ### A.5 Theoretical Maximum Scenario A theoretical scenario in which all Amulets lock SOUL at their maximum caps would exceed early circulating supply. This outcome is not practically achievable due to: * limited early circulation * gradual vesting schedules * diminishing returns on additional locked SOUL * competition between participants This scenario serves only as a mathematical upper bound. ### A.6 Design Summary The SOUL locking system is designed to: * operate safely within constrained early circulation * scale naturally as vesting progresses * discourage speculative velocity through consumption mechanisms * avoid reliance on inflation or emissions The system remains robust under conservative, realistic, and stress-tested assumptions. ### Appendix Note This appendix is informational only and does not constitute a prediction or guarantee of future market behavior, campaign participation outcomes, or asset demand. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://necroleague.gitbook.io/whitepaper/appendix-b-usdsoul-locking-and-circulating-supply-stress-test.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.