# Boardroom

{% hint style="info" %}
Epoch duration is 8 hours. **Every** interaction within the boardroom will lock BTS shares for 6 epochs (48 hours) and BTD claims for 3 epochs (24 hours). 

* If you change your BTS stake you will not be able to claim BTS for 6 epochs and BTD for 3.
* If you claim your BTD from the boardroom you will not be able to claim BTS for 6 epochs and BTD for 3.
  {% endhint %}

**Seigniorage**

After each epoch (8 hours) the protocol mints BTD and distributes it proportionally to all BTS holders who have staked their BTS in the Boardroom. But it only does so when the TWAP (time-weighted average price) of BTD is at $1.01 or higher. The newly minted BTD is then sent to the Treasury (if it is not full) and shared with BTS stakers in the boardroom.

**How to earn Seigniorage rewards**

You need to stake your Bolt Share (BTS) in the Boardroom at <https://boltdollar.finance/>. Every stake made during an epoch will entitle you to the rewards gained during that epoch. But only when the TWAP of BTD is above $1.01.&#x20;

Bolt Dollar has a dynamic expansion rate and shareholders who have staked BTS in the boardroom will receive part of that expansion. Because the height of the rewards scales with the expansion rate the total amount of BTD you receive per BTS per expansion will scale up with 1-3% as well.&#x20;

**Dynamic expansion**

By default, Bolt Dollar has an expansion rate of 3%  but the expansion is variable between 1-3% ($1.01 - $1.03 BTD TWAP). So when the TWAP is at $1.03 or lower, the expansion rate will change from 3% to 1% the closer it gets to $1.01. If the TWAP goes below $1.01 the expansion will halt.&#x20;

&#x20;`if BTD TWAP > $1.01 {Bolt Seigniorage expands  min(3, (BTD_price-1.00)*100)}`&#x20;

**Example:**&#x20;

* During epoch 25 you receive 1.00 BTD per BTS&#x20;
* Bolt Dollar is at $1.05 and expands with 3%
* During epoch 26 you receive 1.03 BTD per BTS

**Contraction**

When Bolt Dollar goes below $1.00 it goes into a contraction phase. Bonds are minted that can be bought with BTD, burning that BTD in the process. More about this is explained in the [bond system.](https://app.gitbook.com/@stonesourcery-1/s/bolt-dollar-draft-gitbook/~/drafts/-MX0rnyxBhKcFWnfpibq/general/tokens-and-protocol/bond-system) Contraction phases are normal in the cycle of an algorithmic stablecoin.&#x20;

**Note:** Minting transactions sometimes take a few minutes to execute. Please confirm that your BTD rewards are shown in the Boardroom before you unstake, or you could forfeit your rewards.


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