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description: Here is how BUL is distrubuted
---

# BUL DISTRIBUTION

At the beginning of every epoch, if the time-weighted average price (TWAP) of BUL is greater than 1.01, new BUL will be minted in the Boardroom.

The amount of new BUL distributed depends on our position above peg and also the current circulating supply of BUL.

| Circulating Supply | Max BUL Minted  |
| ------------------ | --------------- |
| 500k or less       | 4.5% expansion  |
| Up to 1M           | 4% expansion    |
| Up to 1.5M         | 3.5% expansion  |
| Up to 2M           | 3% expansion    |
| Up to 5M           | 2.5% expansion  |
| Up to 10M          | 2% expansion    |
| Up to 20M          | 1.5% expansion  |
| Up to 50M          | 1.25% expansion |
| 50M+               | 1% expansion    |

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