HORSE Token - horse.fun

Overview

HORSE is the protocol token with:

Emission

Volume-linkedScales with entry volume, capped per race

Distribution

By entry volumeProportional to participation

Deflation

Burns + buyback10–50% jackpot burns + 1% buyback-and-burn

Emission

HORSE is not minted at a fixed rate. Each race mints an amount that scales with that race’s entry volume, capped so that no single oversized race can mint a disproportionate amount:

E = \min\left(c \times B,\; E_{\text{cap}}\right)

where

B

is the total entry volume of the race,

c

is the emission coefficient (HORSE minted per SOL of volume), and

E_{\text{cap}}

is the per-race cap. The coefficient $c$ only ever decreases: it steps down at pre-announced cumulative-volume milestones (halving-style), so emission per SOL is richest in the protocol’s earliest phase and tightens as it matures. Milestones depend only on total historical volume — never on the current race or any trailing window — so the cost of minting a token is the same at every moment and cannot be gamed by timing activity to quiet periods.

Emission Schedule

Phase	Cumulative entry volume	$c$ (HORSE per SOL)	Per-race cap	Max phase emission
Bootstrap	0 → 50,000 SOL	0.5	25 HORSE	25,000 HORSE
Growth	50,000 → 1,000,000 SOL	0.2	10 HORSE	190,000 HORSE
Mature	beyond 1,000,000 SOL	0.1	5 HORSE	open-ended (terminal phase)

Each cap equals $c \times 50$ : a single race at the ~50 SOL organic design scale emits in full, while abnormally large races hit the cap
Mature is the terminal phase — $c$ never steps down again
Phase transitions are triggered purely by total historical volume crossing the milestone

Above the cap, extra volume mints nothing but still funds the buyback — organic growth beyond the design scale translates into net buy pressure rather than into supply. The emission of each race is distributed to all participants in proportion to their entry volume:

\text{Your Tokens} = E \times \frac{\text{Your Entry Volume}}{\text{Total Race Volume}}

Below the cap this simplifies to Your Tokens = c × Your Entry — you earn exactly c HORSE per SOL committed. Example (bootstrap,

c = 0.5

Race volume: B = 20 SOL  →  E = 0.5 × 20 = 10 HORSE (below the 25 cap)
Your entry: 10 SOL (50% of volume)

Your tokens = 10 × (10 / 20) = 5 HORSE

Because emission tracks real volume, supply is endogenous: it grows only as fast as genuine activity — there is no fixed daily or annual issuance, and the cap prevents artificially inflated races from minting disproportionately.

Distribution

Tokens are distributed to all participants (winners and losers), proportional to entry share. Below the per-race cap, each player earns c HORSE per SOL committed, linearly — during bootstrap (c = 0.5):

Enter 10 SOL → Earn 5 HORSE
Enter 50 SOL → Earn 25 HORSE

Your share depends only on your percentage of total entry volume, not on race outcomes.

Burn Mechanism

When a player wins a jackpot, a portion of their staked HORSE tokens — the same balance snapshotted at entry close that determined their boost — is permanently burned:

Jackpot Type	Burn Rate
Blazing Hoof (normal)	10%
King’s Run (super)	50%
Both (same race)	60% (additive, on the original balance)

Example:

You have staked: 2,000 HORSE tokens
Win King's Run

Burn: 2,000 * 0.50 = 1,000 tokens
Remaining: 1,000 tokens

Why Burns Matter

Creates deflationary pressure on supply
Rotates the jackpot advantage over time — winners consume their stake and must rebuild
Winners buy back HORSE to restock, adding buy pressure
Targets staked tokens, so it cannot be dodged

Token Utility

HORSE has a single purpose: boosting your jackpot share. When a jackpot triggers, it is split among players who backed the winning horse, in proportion to their entry, boosted linearly by their staked HORSE:

\text{score}_u = b_u \times (1 + \lambda R_u), \qquad \text{Your Share} = \text{Jackpot} \times \frac{\text{score}_u}{\sum_{\text{winners}} \text{score}}

$b_u$ = your entry on the winning horse
$R_u$ = your staked HORSE, snapshotted at entry close
$\lambda$ = boost coefficient (protocol parameter, calibrated so a typical staker earns an order of magnitude more per unit entered than a non-staker)

The entry is the ticket, tokens are the multiplier. A winner with no staked HORSE still receives their entry-proportional base share — the formula never pays zero to a committed winner. The boost is linear: each additional staked token adds the same increment, with no point of diminishing returns. And a dust entry earns a dust share regardless of token holdings. Example (illustrative

\lambda = 1/200

Jackpot triggers; you backed the winning horse.
Your entry: 100 SOL, staked HORSE: 1,500
Your score = 100 × (1 + 1,500/200) = 100 × 8.5 = 850

A non-staker entering the same 100 SOL scores 100 —
your stake multiplies your share 8.5×.

Staking

HORSE must be staked to boost jackpot shares. Staking is live and permissionless:

No lock-up: stake or unstake at any time
Snapshot at entry close: what counts for a race is your staked balance the moment its entry phase closes — stake changes made during the race phase apply only from the next race
Boost and burn read the same value: the frozen snapshot determines both your jackpot share and the burn on a win
Unstaking finalizes after settlement: a withdrawal requested while a race is in flight executes only after that race settles — no one can see a jackpot trigger on-chain and pull their stake ahead of the burn

Once entries close, they are final: everyone’s boost and burn are fixed by their position at the close, using exactly the information available to all.

Buyback and Burn

A fixed 1% of every race’s entry volume funds a buyback of HORSE. This is the protocol’s primary source of non-speculative token value: it turns game activity into steady buy pressure and gives HORSE a value floor tied to real volume rather than sentiment alone. The buyback operates in three phases:

Seed (before the pool exists)

With no market to buy from, the allocation accumulates as SOL. This reserve seeds the initial liquidity pool — the protocol bootstraps its own liquidity from game activity, with no founder capital.

Deepen (early market)

For an initial period after the pool opens, the allocation delivers its buy pressure as protocol-owned liquidity — deposited into the pool rather than burned. Pool depth grows with volume, damping the price impact of every flow while the market is at its thinnest.

Burn (steady state)

The allocation purchases HORSE from the pool and permanently burns it. Purchases execute continuously rather than in lumps, to avoid price spikes and front-running.

Both the buyback and the emission scale with volume, so the buyback offsets issuance by construction — the balance is set by the chosen rates, independent of the activity level.

Token Launch and Liquidity

HORSE has no team or insider allocation. The only supply minted in advance is a premint reserved entirely for seeding the initial liquidity pool; every other token enters circulation through play, via the volume-linked emission.

Parameter	Value
Premint (liquidity seed)	500,000 HORSE — reserved entirely for the pool
Initial pool SOL	500 SOL — drawn entirely from the accumulated buyback reserve, no external capital
Launch price	0.001 SOL per HORSE — set mechanically by the seed-to-premint ratio

Bootstrap to launch: until the pool exists, the 1% buyback allocation accumulates as SOL. The reserve reaches the 500 SOL seed exactly when cumulative entry volume crosses 50,000 SOL — the same milestone that ends the bootstrap emission phase — so the pool opens as the protocol enters its growth phase. The launch price is fixed mechanically:

p_{\text{launch}} = \frac{\text{pool SOL}}{\text{premint}} = \frac{500}{500{,}000} = 0.001 \text{ SOL}

The token launches entirely from game activity — no founder capital and no insider supply. After launch, the buyback first deepens the pool as protocol-owned liquidity, then switches to continuous buy-and-burn; the market sets the price.

Supply Dynamics

Emission: variable — scales with entry volume, capped per race. Sinks:

Buyback-and-burn (1% of volume): the dependable, volume-funded supply sink
Jackpot burns (10% normal / 50% super of winners’ staked tokens): a secondary sink that depends on staking behavior

Both the emission and the buyback scale with volume, so the buyback offsets issuance by construction — the balance is set by the chosen rates, independent of the activity level.

No fixed supply target. Net supply growth is moderated by the volume-funded buyback and the jackpot burns.

Token Accumulation

Your token earnings depend on your percentage of race volume:

Small Player
Moderate Player
Whale

Consistently enter ~1-2% of race volumeResult: Steady token accumulation, builds long-term jackpot equity

Actual token earnings depend on YOUR percentage of race volume, which varies based on other players’ activity. No fixed predictions possible.

Strategic Considerations

Maximize Tokens

Goal: Build the largest staked balanceStrategy:

Enter consistently (volume matters, not wins)
Play many races and stake what you earn
Don’t focus on winning — tokens are distributed to all participants

Result: A large staked balance means a larger jackpot share when you eventually win

Preserve Tokens

Goal: Avoid burns while playingStrategy:

Back horses less likely to win 1st
Focus on 2nd/3rd place strategies
Keep accumulating tokens but rarely become eligible for jackpots

Trade-off: Miss jackpot opportunities to preserve tokens

Jackpot Hunting

Goal: Win jackpots frequentlyStrategy:

Back favorites (highest 1st place probability) with a meaningful stake
Accept 10-50% burns as the cost of winning
Rebuild your staked balance between jackpots

Result: Frequent jackpot wins but lower long-term token accumulation

Value Proposition

For New Players

Start earning tokens immediately
Build holdings through consistent play
Even a small staked balance contributes to your jackpot share

For Long-Term Players

A large staked balance is a significant jackpot advantage
Jackpot share scales with entry × (1 + λ·staked HORSE)
Rewards loyalty and sustained participation

For Whales

Large entries = large token earnings per race (up to the cap)
Can accumulate and stake tokens quickly through volume
But burns also affect large holders more

One formula: your share is proportional to entry × (1 + λ × staked HORSE). Entry factor (the ticket):

Linear skin-in-the-game — a real entry on the winning horse is required
Blocks “dust sniping”: a negligible entry earns a negligible share
Pays a base share even with zero stake — no committed winner is shut out

Staked-token factor (the multiplier):

Linear boost — each additional staked token adds the same increment, no diminishing returns
For any meaningful stake the boost dominates: serious stakers effectively compete on entry × λ·staked HORSE
Maximizes both your share and the tokens placed at risk for the burn

Optimal: combine a meaningful entry on the winning horse with a consistently accumulated, staked HORSE balance.

Frequently Asked Questions

Do tokens expire?

No. Tokens persist in your account indefinitely unless burned through jackpot wins.

Do I have to stake to benefit?

You always get your entry-proportional base share of a jackpot — but staked HORSE multiplies it, and typical stakers earn an order of magnitude more per unit entered. Staked tokens are also what the burn applies to. Earning HORSE from playing and staking it are separate steps; staking has no lock-up, and what counts for each race is your staked balance when its entries close.

What if I never win a jackpot?

Tokens continue accumulating with zero burns. Over time you build a larger staked balance that yields bigger shares IF/WHEN you eventually win a jackpot.

Are burns mandatory?

Yes. Burns happen when claiming jackpot payouts. It’s the protocol’s deflationary mechanism, alongside the continuous buyback-and-burn.

Next Steps

Jackpots

How staked tokens boost jackpot shares

Economic Analysis

Advanced token economics

Start Playing

Begin earning HORSE tokens!

​Overview

Emission

Distribution

Deflation

​Emission

​Emission Schedule

​Distribution

​Burn Mechanism

​Why Burns Matter

​Token Utility

​Staking

​Buyback and Burn

​Token Launch and Liquidity

​Supply Dynamics

​Token Accumulation

​Strategic Considerations

​Value Proposition

​For New Players

​For Long-Term Players

​For Whales

​How Your Jackpot Share Is Calculated

​Frequently Asked Questions

​Next Steps

Jackpots

Economic Analysis

Start Playing

Overview

Emission

Emission Schedule

Distribution

Burn Mechanism

Why Burns Matter

Token Utility

Staking

Buyback and Burn

Token Launch and Liquidity

Supply Dynamics

Token Accumulation

Strategic Considerations

Value Proposition

For New Players

For Long-Term Players

For Whales

How Your Jackpot Share Is Calculated

Frequently Asked Questions

Next Steps