> For the complete documentation index, see [llms.txt](https://agent-orange.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://agent-orange.gitbook.io/docs/protocol/tangerine-distribution.md).

# TANGERINE Distribution

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

The amount of new TANGERINE distributed depends on the current circulating supply of TANGERINE.

| Circulating Supply | TANGERINE 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     |