Redemption Economics
What redemption does to supply, NAV and the remaining holders.
Effect on remaining holders
A redemption removes a proportional slice of the Stockpile and a proportional slice of supply, so the claim per remaining token is unchanged — except for the retained redemption fee, which stays with the protocol and slightly improves it.
ts
burnedNet = burned × (1 - 1.00%)
share = burnedNet / supply
// remaining holders keep the fee differential