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Staking Mechanics

  • Circle Admins stake $P2P to operate merchant networks. Their stake is slashable, and a portion of their rewards is locked as an insurance buffer.
  • Merchants stake USDC as working capital for order fulfillment. Their capacity is bounded by their stake.
  • Delegators stake USDC into a Circle's pool to earn a share of merchant rewards. Governance voting power comes from staked $P2P (one staked $P2P equals one vote), with standard on-chain delegation.