Reserve & hypothetical cover
What the reserve holds, how it grows, and why it cannot currently pay bonds.
Balance: 1.527 BTC (152,669,889 sats) mirrored (distribution 286)
Hypothetical cover: 5.52 cycles mirrored (distribution 286). The reserve cannot currently pay out: that requires a SIP.
How it grows
The reserve receives 15% of what remains after bonds (pox-5 L2190). When no STX is staked it receives the whole remainder. In a shortfall there is no remainder, so it stays flat.
Why it cannot pay bonds
transfer-from-reserve (pox-5 L2696) is private and never called. The SIP authors confirmed in the forum discussion that the reserve is accrual-only during PoX-5.
Definitions
hypothetical cover = reserve ÷ (2 × obligation per interval), in cycles (two intervals per cycle), truncated to two decimals.- State: "not drawing" when the latest deposit is positive, "flat" when it is zero.
Sources
| Figure | Label | Source |
|---|---|---|
| Reserve | onchain | get-reserve (pox-5 get-reserve-balance) |
| Hypothetical cover | onchain | get-reserve-cover-cycles |
| Deposit and state | mirrored | calculate-rewards event → reserve-deposit |