Implement block emissions (#551)

* add genesis liquidity implementation * add missing deposit event * fix CI issues * minor fixes * make math safer * fix fmt * implement block emissions * make remove liquidity an authorized call * implement setting initial values for coins * add genesis liquidity test & misc fixes * updato develop latest * fix rotation test * fix licencing * add fast-epoch feature * only create the pool when adding liquidity first time * add initial reward era test * test whole pre ec security emissions * fix clippy * add swap-to-staked-sri feature * rebase changes * fix tests * Remove accidentally commited ETH ABI files * fix some pr comments * Finish up fixing pr comments * exclude SRI from is_allowed check * Misc changes --------- Co-authored-by: akildemir <aeg_asd@hotmail.com> Co-authored-by: Luke Parker <lukeparker5132@gmail.com>
2024-09-28 17:31:08 +00:00 · 2024-08-15 06:12:04 +03:00 · 2024-08-15 06:12:04 +03:00 · cccc1fc7e6
commit cccc1fc7e6
parent bf1c493d9a
36 changed files with 1279 additions and 302 deletions
--- a/Cargo.lock
+++ b/Cargo.lock
@ -7930,6 +7930,7 @@ dependencies = [
 "parity-scale-codec",
 "scale-info",
 "serai-coins-primitives",
+ "serai-emissions-primitives",
 "serai-genesis-liquidity-primitives",
 "serai-in-instructions-primitives",
 "serai-primitives",
@ -8089,6 +8090,32 @@ dependencies = [
 "chrono",
 ]

+[[package]]
+name = "serai-emissions-pallet"
+version = "0.1.0"
+dependencies = [
+ "frame-support",
+ "frame-system",
+ "parity-scale-codec",
+ "scale-info",
+ "serai-coins-pallet",
+ "serai-dex-pallet",
+ "serai-emissions-primitives",
+ "serai-genesis-liquidity-pallet",
+ "serai-primitives",
+ "serai-validator-sets-pallet",
+ "serai-validator-sets-primitives",
+ "sp-runtime",
+ "sp-std",
+]
+
+[[package]]
+name = "serai-emissions-primitives"
+version = "0.1.0"
+dependencies = [
+ "serai-primitives",
+]
+
 [[package]]
 name = "serai-env"
 version = "0.1.0"
@ -8172,8 +8199,8 @@ dependencies = [
 "scale-info",
 "serai-coins-pallet",
 "serai-dex-pallet",
+ "serai-emissions-pallet",
 "serai-genesis-liquidity-pallet",
- "serai-genesis-liquidity-primitives",
 "serai-in-instructions-primitives",
 "serai-primitives",
 "serai-validator-sets-pallet",
@ -8442,6 +8469,7 @@ dependencies = [
 "serai-abi",
 "serai-coins-pallet",
 "serai-dex-pallet",
+ "serai-emissions-pallet",
 "serai-genesis-liquidity-pallet",
 "serai-in-instructions-pallet",
 "serai-primitives",
--- a/deny.toml
+++ b/deny.toml
@ -54,6 +54,7 @@ exceptions = [
  { allow = ["AGPL-3.0"], name = "serai-dex-pallet" },

  { allow = ["AGPL-3.0"], name = "serai-genesis-liquidity-pallet" },
+  { allow = ["AGPL-3.0"], name = "serai-emissions-pallet" },

  { allow = ["AGPL-3.0"], name = "serai-in-instructions-pallet" },

--- a/substrate/abi/Cargo.toml
+++ b/substrate/abi/Cargo.toml
@ -34,6 +34,7 @@ serai-primitives = { path = "../primitives", version = "0.1", default-features =
 serai-coins-primitives = { path = "../coins/primitives", version = "0.1", default-features = false }
 serai-validator-sets-primitives = { path = "../validator-sets/primitives", version = "0.1", default-features = false }
 serai-genesis-liquidity-primitives = { path = "../genesis-liquidity/primitives", version = "0.1", default-features = false }
+serai-emissions-primitives = { path = "../emissions/primitives", version = "0.1", default-features = false }
 serai-in-instructions-primitives = { path = "../in-instructions/primitives", version = "0.1", default-features = false }
 serai-signals-primitives = { path = "../signals/primitives", version = "0.1", default-features = false }

@ -57,6 +58,7 @@ std = [
  "serai-coins-primitives/std",
  "serai-validator-sets-primitives/std",
  "serai-genesis-liquidity-primitives/std",
+  "serai-emissions-primitives/std",
  "serai-in-instructions-primitives/std",
  "serai-signals-primitives/std",
 ]
--- a/substrate/abi/src/emissions.rs
+++ b/substrate/abi/src/emissions.rs
@ -0,0 +1 @@
+pub use serai_emissions_primitives as primitives;
--- a/substrate/abi/src/lib.rs
+++ b/substrate/abi/src/lib.rs
@ -16,10 +16,13 @@ pub mod liquidity_tokens;
 pub mod dex;

 pub mod validator_sets;
-pub mod in_instructions;
-pub mod signals;

 pub mod genesis_liquidity;
+pub mod emissions;
+
+pub mod in_instructions;
+
+pub mod signals;

 pub mod babe;
 pub mod grandpa;
@ -32,8 +35,8 @@ pub enum Call {
  Coins(coins::Call),
  LiquidityTokens(liquidity_tokens::Call),
  Dex(dex::Call),
-  GenesisLiquidity(genesis_liquidity::Call),
  ValidatorSets(validator_sets::Call),
+  GenesisLiquidity(genesis_liquidity::Call),
  InInstructions(in_instructions::Call),
  Signals(signals::Call),
  Babe(babe::Call),
@ -54,8 +57,9 @@ pub enum Event {
  Coins(coins::Event),
  LiquidityTokens(liquidity_tokens::Event),
  Dex(dex::Event),
-  GenesisLiquidity(genesis_liquidity::Event),
  ValidatorSets(validator_sets::Event),
+  GenesisLiquidity(genesis_liquidity::Event),
+  Emissions,
  InInstructions(in_instructions::Event),
  Signals(signals::Event),
  Babe,
--- a/substrate/client/src/serai/dex.rs
+++ b/substrate/client/src/serai/dex.rs
@ -1,12 +1,12 @@
 use sp_core::bounded_vec::BoundedVec;
 use serai_abi::primitives::{SeraiAddress, Amount, Coin};

-use scale::{decode_from_bytes, Encode};
-
-use crate::{Serai, SeraiError, TemporalSerai};
+use crate::{SeraiError, TemporalSerai};

 pub type DexEvent = serai_abi::dex::Event;

+const PALLET: &str = "Dex";
+
 #[derive(Clone, Copy)]
 pub struct SeraiDex<'a>(pub(crate) &'a TemporalSerai<'a>);
 impl<'a> SeraiDex<'a> {
@ -62,17 +62,10 @@ impl<'a> SeraiDex<'a> {

  /// Returns the reserves of `coin:SRI` pool.
  pub async fn get_reserves(&self, coin: Coin) -> Result<Option<(Amount, Amount)>, SeraiError> {
-    let reserves = self
-      .0
-      .serai
-      .call(
-        "state_call",
-        ["DexApi_get_reserves".to_string(), hex::encode((coin, Coin::Serai).encode())],
-      )
-      .await?;
-    let bytes = Serai::hex_decode(reserves)?;
-    let result = decode_from_bytes::<Option<(u64, u64)>>(bytes.into())
-      .map_err(|e| SeraiError::ErrorInResponse(e.to_string()))?;
-    Ok(result.map(|amounts| (Amount(amounts.0), Amount(amounts.1))))
+    self.0.runtime_api("DexApi_get_reserves", (coin, Coin::Serai)).await
+  }
+
+  pub async fn oracle_value(&self, coin: Coin) -> Result<Option<Amount>, SeraiError> {
+    self.0.storage(PALLET, "SecurityOracleValue", coin).await
  }
 }
--- a/substrate/client/src/serai/genesis_liquidity.rs
+++ b/substrate/client/src/serai/genesis_liquidity.rs
@ -62,4 +62,9 @@ impl<'a> SeraiGenesisLiquidity<'a> {
  pub async fn supply(&self, coin: Coin) -> Result<LiquidityAmount, SeraiError> {
    Ok(self.0.storage(PALLET, "Supply", coin).await?.unwrap_or(LiquidityAmount::zero()))
  }
+
+  pub async fn genesis_complete(&self) -> Result<bool, SeraiError> {
+    let result: Option<()> = self.0.storage(PALLET, "GenesisComplete", ()).await?;
+    Ok(result.is_some())
+  }
 }
--- a/substrate/client/src/serai/mod.rs
+++ b/substrate/client/src/serai/mod.rs
@ -198,17 +198,6 @@ impl Serai {
    Ok(())
  }

-  // TODO: move this into substrate/client/src/validator_sets.rs
-  async fn active_network_validators(&self, network: NetworkId) -> Result<Vec<Public>, SeraiError> {
-    let validators: String = self
-      .call("state_call", ["SeraiRuntimeApi_validators".to_string(), hex::encode(network.encode())])
-      .await?;
-    let bytes = Self::hex_decode(validators)?;
-    let r = Vec::<Public>::decode(&mut bytes.as_slice())
-      .map_err(|e| SeraiError::ErrorInResponse(e.to_string()))?;
-    Ok(r)
-  }
-
  pub async fn latest_finalized_block_hash(&self) -> Result<[u8; 32], SeraiError> {
    let hash: String = self.call("chain_getFinalizedHead", ()).await?;
    Self::hex_decode(hash)?.try_into().map_err(|_| {
@ -378,6 +367,28 @@ impl<'a> TemporalSerai<'a> {
    })?))
  }

+  async fn runtime_api<P: Encode, R: Decode>(
+    &self,
+    method: &'static str,
+    params: P,
+  ) -> Result<R, SeraiError> {
+    let result: String = self
+      .serai
+      .call(
+        "state_call",
+        [method.to_string(), hex::encode(params.encode()), hex::encode(self.block)],
+      )
+      .await?;
+
+    let bytes = Serai::hex_decode(result.clone())?;
+    R::decode(&mut bytes.as_slice()).map_err(|_| {
+      SeraiError::InvalidRuntime(format!(
+        "different type than what is expected to be returned, raw value: {}",
+        hex::encode(result)
+      ))
+    })
+  }
+
  pub fn coins(&'a self) -> SeraiCoins<'a> {
    SeraiCoins(self)
  }
--- a/substrate/client/src/serai/validator_sets.rs
+++ b/substrate/client/src/serai/validator_sets.rs
@ -163,7 +163,7 @@ impl<'a> SeraiValidatorSets<'a> {
    &self,
    network: NetworkId,
  ) -> Result<Vec<Public>, SeraiError> {
-    self.0.serai.active_network_validators(network).await
+    self.0.runtime_api("SeraiRuntimeApi_validators", network).await
  }

  // TODO: Store these separately since we almost never need both at once?
@ -178,6 +178,14 @@ impl<'a> SeraiValidatorSets<'a> {
    self.0.storage(PALLET, "PendingSlashReport", network).await
  }

+  pub async fn session_begin_block(
+    &self,
+    network: NetworkId,
+    session: Session,
+  ) -> Result<Option<u64>, SeraiError> {
+    self.0.storage(PALLET, "SessionBeginBlock", (network, session)).await
+  }
+
  pub fn set_keys(
    network: NetworkId,
    removed_participants: sp_runtime::BoundedVec<
--- a/substrate/client/tests/common/genesis_liquidity.rs
+++ b/substrate/client/tests/common/genesis_liquidity.rs
@ -0,0 +1,115 @@
+use std::collections::HashMap;
+
+use rand_core::{RngCore, OsRng};
+use zeroize::Zeroizing;
+
+use ciphersuite::{Ciphersuite, Ristretto};
+use frost::dkg::musig::musig;
+use schnorrkel::Schnorrkel;
+
+use sp_core::{sr25519::Signature, Pair as PairTrait};
+
+use serai_abi::{
+  genesis_liquidity::primitives::{oraclize_values_message, Values},
+  validator_sets::primitives::{musig_context, Session, ValidatorSet},
+  in_instructions::primitives::{InInstruction, InInstructionWithBalance, Batch},
+  primitives::{
+    Amount, NetworkId, Coin, Balance, BlockHash, SeraiAddress, insecure_pair_from_name,
+  },
+};
+
+use serai_client::{Serai, SeraiGenesisLiquidity};
+
+use crate::common::{in_instructions::provide_batch, tx::publish_tx};
+
+#[allow(dead_code)]
+pub async fn set_up_genesis(
+  serai: &Serai,
+  coins: &[Coin],
+  values: &HashMap<Coin, u64>,
+) -> (HashMap<Coin, Vec<(SeraiAddress, Amount)>>, HashMap<NetworkId, u32>) {
+  // make accounts with amounts
+  let mut accounts = HashMap::new();
+  for coin in coins {
+    // make 5 accounts per coin
+    let mut values = vec![];
+    for _ in 0 .. 5 {
+      let mut address = SeraiAddress::new([0; 32]);
+      OsRng.fill_bytes(&mut address.0);
+      values.push((address, Amount(OsRng.next_u64() % 10u64.pow(coin.decimals()))));
+    }
+    accounts.insert(*coin, values);
+  }
+
+  // send a batch per coin
+  let mut batch_ids: HashMap<NetworkId, u32> = HashMap::new();
+  for coin in coins {
+    // set up instructions
+    let instructions = accounts[coin]
+      .iter()
+      .map(|(addr, amount)| InInstructionWithBalance {
+        instruction: InInstruction::GenesisLiquidity(*addr),
+        balance: Balance { coin: *coin, amount: *amount },
+      })
+      .collect::<Vec<_>>();
+
+    // set up bloch hash
+    let mut block = BlockHash([0; 32]);
+    OsRng.fill_bytes(&mut block.0);
+
+    // set up batch id
+    batch_ids
+      .entry(coin.network())
+      .and_modify(|v| {
+        *v += 1;
+      })
+      .or_insert(0);
+
+    let batch =
+      Batch { network: coin.network(), id: batch_ids[&coin.network()], block, instructions };
+    provide_batch(serai, batch).await;
+  }
+
+  // set values relative to each other. We can do that without checking for genesis period blocks
+  // since we are running in test(fast-epoch) mode.
+  // TODO: Random values here
+  let values =
+    Values { monero: values[&Coin::Monero], ether: values[&Coin::Ether], dai: values[&Coin::Dai] };
+  set_values(serai, &values).await;
+
+  (accounts, batch_ids)
+}
+
+#[allow(dead_code)]
+async fn set_values(serai: &Serai, values: &Values) {
+  // prepare a Musig tx to oraclize the relative values
+  let pair = insecure_pair_from_name("Alice");
+  let public = pair.public();
+  // we publish the tx in set 1
+  let set = ValidatorSet { session: Session(1), network: NetworkId::Serai };
+
+  let public_key = <Ristretto as Ciphersuite>::read_G::<&[u8]>(&mut public.0.as_ref()).unwrap();
+  let secret_key = <Ristretto as Ciphersuite>::read_F::<&[u8]>(
+    &mut pair.as_ref().secret.to_bytes()[.. 32].as_ref(),
+  )
+  .unwrap();
+
+  assert_eq!(Ristretto::generator() * secret_key, public_key);
+  let threshold_keys =
+    musig::<Ristretto>(&musig_context(set), &Zeroizing::new(secret_key), &[public_key]).unwrap();
+
+  let sig = frost::tests::sign_without_caching(
+    &mut OsRng,
+    frost::tests::algorithm_machines(
+      &mut OsRng,
+      &Schnorrkel::new(b"substrate"),
+      &HashMap::from([(threshold_keys.params().i(), threshold_keys.into())]),
+    ),
+    &oraclize_values_message(&set, values),
+  );
+
+  // oraclize values
+  let _ =
+    publish_tx(serai, &SeraiGenesisLiquidity::oraclize_values(*values, Signature(sig.to_bytes())))
+      .await;
+}
--- a/substrate/client/tests/common/in_instructions.rs
+++ b/substrate/client/tests/common/in_instructions.rs
@ -10,7 +10,7 @@ use sp_core::Pair;

 use serai_client::{
  primitives::{insecure_pair_from_name, BlockHash, NetworkId, Balance, SeraiAddress},
-  validator_sets::primitives::{Session, ValidatorSet, KeyPair},
+  validator_sets::primitives::{ValidatorSet, KeyPair},
  in_instructions::{
    primitives::{Batch, SignedBatch, batch_message, InInstruction, InInstructionWithBalance},
    InInstructionsEvent,
@ -22,12 +22,12 @@ use crate::common::{tx::publish_tx, validator_sets::set_keys};

 #[allow(dead_code)]
 pub async fn provide_batch(serai: &Serai, batch: Batch) -> [u8; 32] {
-  // TODO: Get the latest session
-  let set = ValidatorSet { session: Session(0), network: batch.network };
+  let serai_latest = serai.as_of_latest_finalized_block().await.unwrap();
+  let session = serai_latest.validator_sets().session(batch.network).await.unwrap().unwrap();
+  let set = ValidatorSet { session, network: batch.network };
+
  let pair = insecure_pair_from_name(&format!("ValidatorSet {set:?}"));
-  let keys = if let Some(keys) =
-    serai.as_of_latest_finalized_block().await.unwrap().validator_sets().keys(set).await.unwrap()
-  {
+  let keys = if let Some(keys) = serai_latest.validator_sets().keys(set).await.unwrap() {
    keys
  } else {
    let keys = KeyPair(pair.public(), vec![].try_into().unwrap());
--- a/substrate/client/tests/common/mod.rs
+++ b/substrate/client/tests/common/mod.rs
@ -2,6 +2,7 @@ pub mod tx;
 pub mod validator_sets;
 pub mod in_instructions;
 pub mod dex;
+pub mod genesis_liquidity;

 #[macro_export]
 macro_rules! serai_test {
--- a/substrate/client/tests/dex.rs
+++ b/substrate/client/tests/dex.rs
@ -1,14 +1,13 @@
 use rand_core::{RngCore, OsRng};
-use scale::Encode;

-use sp_core::{Pair as PairTrait, bounded_vec::BoundedVec, hashing::blake2_256};
+use sp_core::{Pair as PairTrait, bounded_vec::BoundedVec};

 use serai_abi::in_instructions::primitives::DexCall;

 use serai_client::{
  primitives::{
    Amount, NetworkId, Coin, Balance, BlockHash, insecure_pair_from_name, ExternalAddress,
-    SeraiAddress, PublicKey,
+    SeraiAddress,
  },
  in_instructions::primitives::{
    InInstruction, InInstructionWithBalance, Batch, IN_INSTRUCTION_EXECUTOR, OutAddress,
@ -28,33 +27,6 @@ use common::{
 // TODO: Modularize common code
 // TODO: Check Transfer events
 serai_test!(
-  create_pool: (|serai: Serai| async move {
-    let block = serai.finalized_block_by_number(0).await.unwrap().unwrap().hash();
-    let events = serai.as_of(block).dex().events().await.unwrap();
-
-    assert_eq!(
-      events,
-      vec![
-        DexEvent::PoolCreated {
-          pool_id: Coin::Bitcoin,
-          pool_account: PublicKey::from_raw(blake2_256(&Coin::Bitcoin.encode())).into(),
-        },
-        DexEvent::PoolCreated {
-          pool_id: Coin::Ether,
-          pool_account: PublicKey::from_raw(blake2_256(&Coin::Ether.encode())).into(),
-        },
-        DexEvent::PoolCreated {
-          pool_id: Coin::Dai,
-          pool_account: PublicKey::from_raw(blake2_256(&Coin::Dai.encode())).into(),
-        },
-        DexEvent::PoolCreated {
-          pool_id: Coin::Monero,
-          pool_account: PublicKey::from_raw(blake2_256(&Coin::Monero.encode())).into(),
-        },
-      ]
-    );
-  })
-
  add_liquidity: (|serai: Serai| async move {
    let coin = Coin::Monero;
    let pair = insecure_pair_from_name("Ferdie");
--- a/substrate/client/tests/emissions.rs
+++ b/substrate/client/tests/emissions.rs
@ -0,0 +1,257 @@
+use std::{time::Duration, collections::HashMap};
+use rand_core::{RngCore, OsRng};
+
+use serai_client::TemporalSerai;
+
+use serai_abi::{
+  emissions::primitives::{INITIAL_REWARD_PER_BLOCK, SECURE_BY},
+  in_instructions::primitives::Batch,
+  primitives::{
+    BlockHash, Coin, COINS, FAST_EPOCH_DURATION, FAST_EPOCH_INITIAL_PERIOD, NETWORKS,
+    TARGET_BLOCK_TIME,
+  },
+  validator_sets::primitives::Session,
+};
+
+use serai_client::{
+  primitives::{Amount, NetworkId, Balance},
+  Serai,
+};
+
+mod common;
+use common::{genesis_liquidity::set_up_genesis, in_instructions::provide_batch};
+
+serai_test_fast_epoch!(
+  emissions: (|serai: Serai| async move {
+    test_emissions(serai).await;
+  })
+);
+
+async fn send_batches(serai: &Serai, ids: &mut HashMap<NetworkId, u32>) {
+  for network in NETWORKS {
+    if network != NetworkId::Serai {
+      // set up batch id
+      ids
+        .entry(network)
+        .and_modify(|v| {
+          *v += 1;
+        })
+        .or_insert(0);
+
+      // set up block hash
+      let mut block = BlockHash([0; 32]);
+      OsRng.fill_bytes(&mut block.0);
+
+      provide_batch(serai, Batch { network, id: ids[&network], block, instructions: vec![] }).await;
+    }
+  }
+}
+
+async fn test_emissions(serai: Serai) {
+  // set up the genesis
+  let coins = COINS.into_iter().filter(|c| *c != Coin::native()).collect::<Vec<_>>();
+  let values = HashMap::from([(Coin::Monero, 184100), (Coin::Ether, 4785000), (Coin::Dai, 1500)]);
+  let (_, mut batch_ids) = set_up_genesis(&serai, &coins, &values).await;
+
+  // wait until genesis is complete
+  while !serai
+    .as_of_latest_finalized_block()
+    .await
+    .unwrap()
+    .genesis_liquidity()
+    .genesis_complete()
+    .await
+    .unwrap()
+  {
+    tokio::time::sleep(Duration::from_secs(1)).await;
+  }
+  let genesis_complete_block = serai.latest_finalized_block().await.unwrap().number();
+
+  for _ in 0 .. 3 {
+    // get current stakes
+    let mut current_stake = HashMap::new();
+    for n in NETWORKS {
+      // TODO: investigate why serai network TAS isn't visible at session 0.
+      let stake = serai
+        .as_of_latest_finalized_block()
+        .await
+        .unwrap()
+        .validator_sets()
+        .total_allocated_stake(n)
+        .await
+        .unwrap()
+        .unwrap_or(Amount(0))
+        .0;
+      current_stake.insert(n, stake);
+    }
+
+    // wait for a session change
+    let current_session = wait_for_session_change(&serai).await;
+
+    // get last block
+    let last_block = serai.latest_finalized_block().await.unwrap();
+    let serai_latest = serai.as_of(last_block.hash());
+    let change_block_number = last_block.number();
+
+    // get distances to ec security & block count of the previous session
+    let (distances, total_distance) = get_distances(&serai_latest, &current_stake).await;
+    let block_count = get_session_blocks(&serai_latest, current_session - 1).await;
+
+    // calculate how much reward in this session
+    let reward_this_epoch =
+      if change_block_number < (genesis_complete_block + FAST_EPOCH_INITIAL_PERIOD) {
+        block_count * INITIAL_REWARD_PER_BLOCK
+      } else {
+        let blocks_until = SECURE_BY - change_block_number;
+        let block_reward = total_distance / blocks_until;
+        block_count * block_reward
+      };
+
+    let reward_per_network = distances
+      .into_iter()
+      .map(|(n, distance)| {
+        let reward = u64::try_from(
+          u128::from(reward_this_epoch).saturating_mul(u128::from(distance)) /
+            u128::from(total_distance),
+        )
+        .unwrap();
+        (n, reward)
+      })
+      .collect::<HashMap<NetworkId, u64>>();
+
+    // retire the prev-set so that TotalAllocatedStake updated.
+    send_batches(&serai, &mut batch_ids).await;
+
+    for (n, reward) in reward_per_network {
+      let stake = serai
+        .as_of_latest_finalized_block()
+        .await
+        .unwrap()
+        .validator_sets()
+        .total_allocated_stake(n)
+        .await
+        .unwrap()
+        .unwrap_or(Amount(0))
+        .0;
+
+      // all reward should automatically staked for the network since we are in initial period.
+      assert_eq!(stake, *current_stake.get(&n).unwrap() + reward);
+    }
+
+    // TODO: check stake per address?
+    // TODO: check post ec security era
+  }
+}
+
+/// Returns the required stake in terms SRI for a given `Balance`.
+async fn required_stake(serai: &TemporalSerai<'_>, balance: Balance) -> u64 {
+  // This is inclusive to an increase in accuracy
+  let sri_per_coin = serai.dex().oracle_value(balance.coin).await.unwrap().unwrap_or(Amount(0));
+
+  // See dex-pallet for the reasoning on these
+  let coin_decimals = balance.coin.decimals().max(5);
+  let accuracy_increase = u128::from(10u64.pow(coin_decimals));
+
+  let total_coin_value =
+    u64::try_from(u128::from(balance.amount.0) * u128::from(sri_per_coin.0) / accuracy_increase)
+      .unwrap_or(u64::MAX);
+
+  // required stake formula (COIN_VALUE * 1.5) + margin(20%)
+  let required_stake = total_coin_value.saturating_mul(3).saturating_div(2);
+  required_stake.saturating_add(total_coin_value.saturating_div(5))
+}
+
+async fn wait_for_session_change(serai: &Serai) -> u32 {
+  let current_session = serai
+    .as_of_latest_finalized_block()
+    .await
+    .unwrap()
+    .validator_sets()
+    .session(NetworkId::Serai)
+    .await
+    .unwrap()
+    .unwrap()
+    .0;
+  let next_session = current_session + 1;
+
+  // lets wait double the epoch time.
+  tokio::time::timeout(
+    tokio::time::Duration::from_secs(FAST_EPOCH_DURATION * TARGET_BLOCK_TIME * 2),
+    async {
+      while serai
+        .as_of_latest_finalized_block()
+        .await
+        .unwrap()
+        .validator_sets()
+        .session(NetworkId::Serai)
+        .await
+        .unwrap()
+        .unwrap()
+        .0 <
+        next_session
+      {
+        tokio::time::sleep(Duration::from_secs(6)).await;
+      }
+    },
+  )
+  .await
+  .unwrap();
+
+  next_session
+}
+
+async fn get_distances(
+  serai: &TemporalSerai<'_>,
+  current_stake: &HashMap<NetworkId, u64>,
+) -> (HashMap<NetworkId, u64>, u64) {
+  // we should be in the initial period, so calculate how much each network supposedly get..
+  // we can check the supply to see how much coin hence liability we have.
+  let mut distances: HashMap<NetworkId, u64> = HashMap::new();
+  let mut total_distance = 0;
+  for n in NETWORKS {
+    if n == NetworkId::Serai {
+      continue;
+    }
+
+    let mut required = 0;
+    for c in n.coins() {
+      let amount = serai.coins().coin_supply(*c).await.unwrap();
+      required += required_stake(serai, Balance { coin: *c, amount }).await;
+    }
+
+    let mut current = *current_stake.get(&n).unwrap();
+    if current > required {
+      current = required;
+    }
+
+    let distance = required - current;
+    total_distance += distance;
+
+    distances.insert(n, distance);
+  }
+
+  // add serai network portion(20%)
+  let new_total_distance = total_distance.saturating_mul(10) / 8;
+  distances.insert(NetworkId::Serai, new_total_distance - total_distance);
+  total_distance = new_total_distance;
+
+  (distances, total_distance)
+}
+
+async fn get_session_blocks(serai: &TemporalSerai<'_>, session: u32) -> u64 {
+  let begin_block = serai
+    .validator_sets()
+    .session_begin_block(NetworkId::Serai, Session(session))
+    .await
+    .unwrap()
+    .unwrap();
+
+  let next_begin_block = serai
+    .validator_sets()
+    .session_begin_block(NetworkId::Serai, Session(session + 1))
+    .await
+    .unwrap()
+    .unwrap();
+
+  next_begin_block.saturating_sub(begin_block)
+}
--- a/substrate/client/tests/genesis_liquidity.rs
+++ b/substrate/client/tests/genesis_liquidity.rs
@ -1,37 +1,15 @@
 use std::{time::Duration, collections::HashMap};

-use rand_core::{RngCore, OsRng};
-use zeroize::Zeroizing;
+use serai_client::Serai;

-use ciphersuite::{Ciphersuite, Ristretto};
-use frost::dkg::musig::musig;
-use schnorrkel::Schnorrkel;
+use serai_abi::primitives::{Coin, COINS, Amount, GENESIS_SRI};

-use serai_client::{
-  genesis_liquidity::{
-    primitives::{GENESIS_LIQUIDITY_ACCOUNT, INITIAL_GENESIS_LP_SHARES},
-    SeraiGenesisLiquidity,
-  },
-  validator_sets::primitives::{musig_context, Session, ValidatorSet},
-};
-
-use serai_abi::{
-  genesis_liquidity::primitives::{oraclize_values_message, Values},
-  primitives::COINS,
-};
-
-use sp_core::{sr25519::Signature, Pair as PairTrait};
-
-use serai_client::{
-  primitives::{
-    Amount, NetworkId, Coin, Balance, BlockHash, SeraiAddress, insecure_pair_from_name, GENESIS_SRI,
-  },
-  in_instructions::primitives::{InInstruction, InInstructionWithBalance, Batch},
-  Serai,
+use serai_client::genesis_liquidity::primitives::{
+  GENESIS_LIQUIDITY_ACCOUNT, INITIAL_GENESIS_LP_SHARES,
 };

 mod common;
-use common::{in_instructions::provide_batch, tx::publish_tx};
+use common::genesis_liquidity::set_up_genesis;

 serai_test_fast_epoch!(
  genesis_liquidity: (|serai: Serai| async move {
@ -39,78 +17,24 @@ serai_test_fast_epoch!(
  })
 );

-async fn test_genesis_liquidity(serai: Serai) {
-  // all coins except the native
+pub async fn test_genesis_liquidity(serai: Serai) {
+  // set up the genesis
  let coins = COINS.into_iter().filter(|c| *c != Coin::native()).collect::<Vec<_>>();
+  let values = HashMap::from([(Coin::Monero, 184100), (Coin::Ether, 4785000), (Coin::Dai, 1500)]);
+  let (accounts, _) = set_up_genesis(&serai, &coins, &values).await;

-  // make accounts with amounts
-  let mut accounts = HashMap::new();
-  for coin in coins.clone() {
-    // make 5 accounts per coin
-    let mut values = vec![];
-    for _ in 0 .. 5 {
-      let mut address = SeraiAddress::new([0; 32]);
-      OsRng.fill_bytes(&mut address.0);
-      values.push((address, Amount(OsRng.next_u64() % 10u64.pow(coin.decimals()))));
-    }
-    accounts.insert(coin, values);
-  }
-
-  // send a batch per coin
-  let mut batch_ids: HashMap<NetworkId, u32> = HashMap::new();
-  for coin in coins.clone() {
-    // set up instructions
-    let instructions = accounts[&coin]
-      .iter()
-      .map(|(addr, amount)| InInstructionWithBalance {
-        instruction: InInstruction::GenesisLiquidity(*addr),
-        balance: Balance { coin, amount: *amount },
-      })
-      .collect::<Vec<_>>();
-
-    // set up bloch hash
-    let mut block = BlockHash([0; 32]);
-    OsRng.fill_bytes(&mut block.0);
-
-    // set up batch id
-    batch_ids
-      .entry(coin.network())
-      .and_modify(|v| {
-        *v += 1;
-      })
-      .or_insert(0);
-
-    let batch =
-      Batch { network: coin.network(), id: batch_ids[&coin.network()], block, instructions };
-    provide_batch(&serai, batch).await;
-  }
-
-  // wait until genesis ends
-  let genesis_blocks = 10; // TODO
-  let block_time = 6; // TODO
-  tokio::time::timeout(
-    tokio::time::Duration::from_secs(3 * (genesis_blocks * block_time)),
-    async {
-      while serai.latest_finalized_block().await.unwrap().number() < 10 {
-        tokio::time::sleep(Duration::from_secs(6)).await;
-      }
-    },
-  )
+  // wait until genesis is complete
+  while !serai
+    .as_of_latest_finalized_block()
    .await
-  .unwrap();
-
-  // set values relative to each other
-  // TODO: Random values here
-  let values = Values { monero: 184100, ether: 4785000, dai: 1500 };
-  set_values(&serai, &values).await;
-  let values_map = HashMap::from([
-    (Coin::Monero, values.monero),
-    (Coin::Ether, values.ether),
-    (Coin::Dai, values.dai),
-  ]);
-
-  // wait a little bit..
-  tokio::time::sleep(Duration::from_secs(12)).await;
+    .unwrap()
+    .genesis_liquidity()
+    .genesis_complete()
+    .await
+    .unwrap()
+  {
+    tokio::time::sleep(Duration::from_secs(1)).await;
+  }

  // check total SRI supply is +100M
  // there are 6 endowed accounts in dev-net. Take this into consideration when checking
@ -133,7 +57,7 @@ async fn test_genesis_liquidity(serai: Serai) {
  for coin in coins.clone() {
    let total_coin = accounts[&coin].iter().fold(0u128, |acc, value| acc + u128::from(value.1 .0));
    let value = if coin != Coin::Bitcoin {
-      (total_coin * u128::from(values_map[&coin])) / 10u128.pow(coin.decimals())
+      (total_coin * u128::from(values[&coin])) / 10u128.pow(coin.decimals())
    } else {
      total_coin
    };
@ -181,36 +105,3 @@ async fn test_genesis_liquidity(serai: Serai) {

  // TODO: test remove the liq before/after genesis ended.
 }
-
-async fn set_values(serai: &Serai, values: &Values) {
-  // prepare a Musig tx to oraclize the relative values
-  let pair = insecure_pair_from_name("Alice");
-  let public = pair.public();
-  // we publish the tx in set 4
-  let set = ValidatorSet { session: Session(4), network: NetworkId::Serai };
-
-  let public_key = <Ristretto as Ciphersuite>::read_G::<&[u8]>(&mut public.0.as_ref()).unwrap();
-  let secret_key = <Ristretto as Ciphersuite>::read_F::<&[u8]>(
-    &mut pair.as_ref().secret.to_bytes()[.. 32].as_ref(),
-  )
-  .unwrap();
-
-  assert_eq!(Ristretto::generator() * secret_key, public_key);
-  let threshold_keys =
-    musig::<Ristretto>(&musig_context(set), &Zeroizing::new(secret_key), &[public_key]).unwrap();
-
-  let sig = frost::tests::sign_without_caching(
-    &mut OsRng,
-    frost::tests::algorithm_machines(
-      &mut OsRng,
-      &Schnorrkel::new(b"substrate"),
-      &HashMap::from([(threshold_keys.params().i(), threshold_keys.into())]),
-    ),
-    &oraclize_values_message(&set, values),
-  );
-
-  // oraclize values
-  let _ =
-    publish_tx(serai, &SeraiGenesisLiquidity::oraclize_values(*values, Signature(sig.to_bytes())))
-      .await;
-}
--- a/substrate/client/tests/validator_sets.rs
+++ b/substrate/client/tests/validator_sets.rs
@ -6,7 +6,9 @@ use sp_core::{
 };

 use serai_client::{
-  primitives::{NETWORKS, NetworkId, BlockHash, insecure_pair_from_name},
+  primitives::{
+    NETWORKS, NetworkId, BlockHash, insecure_pair_from_name, FAST_EPOCH_DURATION, TARGET_BLOCK_TIME,
+  },
  validator_sets::{
    primitives::{Session, ValidatorSet, KeyPair},
    ValidatorSetsEvent,
@ -326,13 +328,15 @@ async fn verify_session_and_active_validators(
  session: u32,
  participants: &[Public],
 ) {
-  // wait until the active session. This wait should be max 30 secs since the epoch time.
-  let block = tokio::time::timeout(core::time::Duration::from_secs(2 * 60), async move {
+  // wait until the active session.
+  let block = tokio::time::timeout(
+    core::time::Duration::from_secs(FAST_EPOCH_DURATION * TARGET_BLOCK_TIME * 2),
+    async move {
      loop {
        let mut block = serai.latest_finalized_block_hash().await.unwrap();
        if session_for_block(serai, block, network).await < session {
          // Sleep a block
-        tokio::time::sleep(core::time::Duration::from_secs(6)).await;
+          tokio::time::sleep(core::time::Duration::from_secs(TARGET_BLOCK_TIME)).await;
          continue;
        }
        while session_for_block(serai, block, network).await > session {
@ -341,7 +345,8 @@ async fn verify_session_and_active_validators(
        assert_eq!(session_for_block(serai, block, network).await, session);
        break block;
      }
-  })
+    },
+  )
  .await
  .unwrap();
  let serai_for_block = serai.as_of(block);
@ -358,10 +363,10 @@ async fn verify_session_and_active_validators(

  // make sure finalization continues as usual after the changes
  let current_finalized_block = serai.latest_finalized_block().await.unwrap().header.number;
-  tokio::time::timeout(core::time::Duration::from_secs(60), async move {
+  tokio::time::timeout(core::time::Duration::from_secs(TARGET_BLOCK_TIME * 10), async move {
    let mut finalized_block = serai.latest_finalized_block().await.unwrap().header.number;
    while finalized_block <= current_finalized_block + 2 {
-      tokio::time::sleep(core::time::Duration::from_secs(6)).await;
+      tokio::time::sleep(core::time::Duration::from_secs(TARGET_BLOCK_TIME)).await;
      finalized_block = serai.latest_finalized_block().await.unwrap().header.number;
    }
  })
--- a/substrate/coins/pallet/src/lib.rs
+++ b/substrate/coins/pallet/src/lib.rs
@ -159,7 +159,9 @@ pub mod pallet {
    ///
    /// Errors if any amount overflows.
    pub fn mint(to: Public, balance: Balance) -> Result<(), Error<T, I>> {
-      if !T::AllowMint::is_allowed(&balance) {
+      // If the coin isn't Serai, which we're always allowed to mint, and the mint isn't explicitly
+      // allowed, error
+      if (balance.coin != Coin::Serai) && (!T::AllowMint::is_allowed(&balance)) {
        Err(Error::<T, I>::MintNotAllowed)?;
      }

--- a/substrate/dex/pallet/src/lib.rs
+++ b/substrate/dex/pallet/src/lib.rs
@ -194,6 +194,11 @@ pub mod pallet {
  #[pallet::getter(fn security_oracle_value)]
  pub type SecurityOracleValue<T: Config> = StorageMap<_, Identity, Coin, Amount, OptionQuery>;

+  /// Total swap volume of a given pool in terms of SRI.
+  #[pallet::storage]
+  #[pallet::getter(fn swap_volume)]
+  pub type SwapVolume<T: Config> = StorageMap<_, Identity, PoolId, u64, OptionQuery>;
+
  impl<T: Config> Pallet<T> {
    fn restore_median(
      coin: Coin,
@ -373,31 +378,6 @@ pub mod pallet {
    },
  }

-  #[pallet::genesis_config]
-  #[derive(Clone, PartialEq, Eq, Debug, Encode, Decode)]
-  pub struct GenesisConfig<T: Config> {
-    /// Pools to create at launch.
-    pub pools: Vec<Coin>,
-    /// field just to have T.
-    pub _ignore: PhantomData<T>,
-  }
-
-  impl<T: Config> Default for GenesisConfig<T> {
-    fn default() -> Self {
-      GenesisConfig { pools: Default::default(), _ignore: Default::default() }
-    }
-  }
-
-  #[pallet::genesis_build]
-  impl<T: Config> BuildGenesisConfig for GenesisConfig<T> {
-    fn build(&self) {
-      // create the pools
-      for coin in &self.pools {
-        Pallet::<T>::create_pool(*coin).unwrap();
-      }
-    }
-  }
-
  #[pallet::error]
  pub enum Error<T> {
    /// Provided coins are equal.
@ -510,19 +490,15 @@ pub mod pallet {
    ///
    /// Once a pool is created, someone may [`Pallet::add_liquidity`] to it.
    pub(crate) fn create_pool(coin: Coin) -> DispatchResult {
-      ensure!(coin != Coin::Serai, Error::<T>::EqualCoins);
-
-      // prepare pool_id
-      let pool_id = Self::get_pool_id(coin, Coin::Serai).unwrap();
+      // get pool_id
+      let pool_id = Self::get_pool_id(coin, Coin::Serai)?;
      ensure!(!Pools::<T>::contains_key(pool_id), Error::<T>::PoolExists);

      let pool_account = Self::get_pool_account(pool_id);
      frame_system::Pallet::<T>::inc_providers(&pool_account);

      Pools::<T>::insert(pool_id, ());
-
      Self::deposit_event(Event::PoolCreated { pool_id, pool_account });
-
      Ok(())
    }

@ -561,11 +537,14 @@ pub mod pallet {
    ) -> DispatchResult {
      let sender = ensure_signed(origin)?;
      ensure!((sri_desired > 0) && (coin_desired > 0), Error::<T>::WrongDesiredAmount);
-      ensure!(coin != Coin::Serai, Error::<T>::EqualCoins);

-      let pool_id = Self::get_pool_id(coin, Coin::Serai).unwrap();
+      let pool_id = Self::get_pool_id(coin, Coin::Serai)?;

-      Pools::<T>::get(pool_id).as_ref().ok_or(Error::<T>::PoolNotFound)?;
+      // create the pool if it doesn't exist. We can just attempt to do that because our checks
+      // far enough to allow that.
+      if Pools::<T>::get(pool_id).is_none() {
+        Self::create_pool(coin)?;
+      }
      let pool_account = Self::get_pool_account(pool_id);

      let sri_reserve = Self::get_balance(&pool_account, Coin::Serai);
@ -887,9 +866,20 @@ pub mod pallet {
              &to,
              Balance { coin: *coin2, amount: Amount(*amount_out) },
            )?;
+
+            // update the volume
+            let swap_volume = if *coin1 == Coin::Serai {
+              amounts.get(i as usize).ok_or(Error::<T>::CorrespondenceError)?
+            } else {
+              amount_out
+            };
+            let existing = SwapVolume::<T>::get(pool_id).unwrap_or(0);
+            let new_volume = existing.saturating_add(*swap_volume);
+            SwapVolume::<T>::set(pool_id, Some(new_volume));
          }
          i += 1;
        }
+
        Self::deposit_event(Event::SwapExecuted {
          who: sender,
          send_to,
--- a/substrate/dex/pallet/src/tests.rs
+++ b/substrate/dex/pallet/src/tests.rs
@ -1155,16 +1155,8 @@ fn can_not_swap_same_coin() {
  new_test_ext().execute_with(|| {
    let user = system_address(b"user1").into();
    let coin1 = Coin::Dai;
-
    assert_ok!(CoinsPallet::<Test>::mint(user, Balance { coin: coin1, amount: Amount(1000) }));

-    let liquidity1 = 1000;
-    let liquidity2 = 20;
-    assert_noop!(
-      Dex::add_liquidity(RuntimeOrigin::signed(user), coin1, liquidity2, liquidity1, 1, 1, user,),
-      Error::<Test>::PoolNotFound
-    );
-
    let exchange_amount = 10;
    assert_noop!(
      Dex::swap_exact_tokens_for_tokens(
--- a/substrate/emissions/pallet/Cargo.toml
+++ b/substrate/emissions/pallet/Cargo.toml
@ -0,0 +1,61 @@
+[package]
+name = "serai-emissions-pallet"
+version = "0.1.0"
+description = "Emissions pallet for Serai"
+license = "AGPL-3.0-only"
+repository = "https://github.com/serai-dex/serai/tree/develop/substrate/emissions/pallet"
+authors = ["Akil Demir <aeg_asd@hotmail.com>"]
+edition = "2021"
+rust-version = "1.77"
+
+[package.metadata.docs.rs]
+all-features = true
+rustdoc-args = ["--cfg", "docsrs"]
+
+[package.metadata.cargo-machete]
+ignored = ["scale", "scale-info"]
+
+[lints]
+workspace = true
+
+[dependencies]
+scale = { package = "parity-scale-codec", version = "3", default-features = false, features = ["derive"] }
+scale-info = { version = "2", default-features = false, features = ["derive"] }
+
+frame-system = { git = "https://github.com/serai-dex/substrate", default-features = false }
+frame-support = { git = "https://github.com/serai-dex/substrate", default-features = false }
+
+sp-std = { git = "https://github.com/serai-dex/substrate", default-features = false }
+sp-runtime = { git = "https://github.com/serai-dex/substrate", default-features = false }
+
+coins-pallet = { package = "serai-coins-pallet", path = "../../coins/pallet", default-features = false }
+validator-sets-pallet = { package = "serai-validator-sets-pallet", path = "../../validator-sets/pallet", default-features = false }
+dex-pallet = { package = "serai-dex-pallet", path = "../../dex/pallet", default-features = false }
+genesis-liquidity-pallet = { package = "serai-genesis-liquidity-pallet", path = "../../genesis-liquidity/pallet", default-features = false }
+
+serai-primitives = { path = "../../primitives", default-features = false }
+validator-sets-primitives = { package = "serai-validator-sets-primitives", path = "../../validator-sets/primitives", default-features = false }
+emissions-primitives = { package = "serai-emissions-primitives", path = "../primitives", default-features = false }
+
+[features]
+std = [
+  "scale/std",
+  "scale-info/std",
+
+  "frame-system/std",
+  "frame-support/std",
+
+  "sp-std/std",
+  "sp-runtime/std",
+
+  "coins-pallet/std",
+  "validator-sets-pallet/std",
+  "dex-pallet/std",
+  "genesis-liquidity-pallet/std",
+
+  "serai-primitives/std",
+  "emissions-primitives/std",
+]
+fast-epoch = []
+try-runtime = [] # TODO
+default = ["std"]
--- a/substrate/emissions/pallet/LICENSE
+++ b/substrate/emissions/pallet/LICENSE
@ -0,0 +1,15 @@
+AGPL-3.0-only license
+
+Copyright (c) 2024 Luke Parker
+
+This program is free software: you can redistribute it and/or modify
+it under the terms of the GNU Affero General Public License Version 3 as
+published by the Free Software Foundation.
+
+This program is distributed in the hope that it will be useful,
+but WITHOUT ANY WARRANTY; without even the implied warranty of
+MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
+GNU Affero General Public License for more details.
+
+You should have received a copy of the GNU Affero General Public License
+along with this program. If not, see <http://www.gnu.org/licenses/>.
--- a/substrate/emissions/pallet/src/lib.rs
+++ b/substrate/emissions/pallet/src/lib.rs
@ -0,0 +1,460 @@
+#![cfg_attr(not(feature = "std"), no_std)]
+
+#[allow(clippy::cast_possible_truncation, clippy::no_effect_underscore_binding, clippy::empty_docs)]
+#[frame_support::pallet]
+pub mod pallet {
+  use super::*;
+  use frame_system::{pallet_prelude::*, RawOrigin};
+  use frame_support::{pallet_prelude::*, sp_runtime::SaturatedConversion};
+
+  use sp_std::{vec, vec::Vec, ops::Mul, collections::btree_map::BTreeMap};
+  use sp_runtime;
+
+  use coins_pallet::{Config as CoinsConfig, Pallet as Coins, AllowMint};
+  use dex_pallet::{Config as DexConfig, Pallet as Dex};
+
+  use validator_sets_pallet::{Pallet as ValidatorSets, Config as ValidatorSetsConfig};
+  use genesis_liquidity_pallet::{Pallet as GenesisLiquidity, Config as GenesisLiquidityConfig};
+
+  use serai_primitives::*;
+  use validator_sets_primitives::{MAX_KEY_SHARES_PER_SET, Session};
+  pub use emissions_primitives as primitives;
+  use primitives::*;
+
+  #[pallet::config]
+  pub trait Config:
+    frame_system::Config<AccountId = PublicKey>
+    + ValidatorSetsConfig
+    + CoinsConfig
+    + DexConfig
+    + GenesisLiquidityConfig
+  {
+    type RuntimeEvent: From<Event<Self>> + IsType<<Self as frame_system::Config>::RuntimeEvent>;
+  }
+
+  #[pallet::genesis_config]
+  #[derive(Clone, PartialEq, Eq, Debug, Encode, Decode)]
+  pub struct GenesisConfig<T: Config> {
+    /// Networks to spawn Serai with.
+    pub networks: Vec<(NetworkId, Amount)>,
+    /// List of participants to place in the initial validator sets.
+    pub participants: Vec<T::AccountId>,
+  }
+
+  impl<T: Config> Default for GenesisConfig<T> {
+    fn default() -> Self {
+      GenesisConfig { networks: Default::default(), participants: Default::default() }
+    }
+  }
+
+  #[pallet::error]
+  pub enum Error<T> {
+    NetworkHasEconomicSecurity,
+    NoValueForCoin,
+    InsufficientAllocation,
+  }
+
+  #[pallet::event]
+  pub enum Event<T: Config> {}
+
+  #[pallet::pallet]
+  pub struct Pallet<T>(PhantomData<T>);
+
+  // TODO: Remove this. This should be the sole domain of validator-sets
+  #[pallet::storage]
+  #[pallet::getter(fn participants)]
+  pub(crate) type Participants<T: Config> = StorageMap<
+    _,
+    Identity,
+    NetworkId,
+    BoundedVec<(PublicKey, u64), ConstU32<{ MAX_KEY_SHARES_PER_SET }>>,
+    OptionQuery,
+  >;
+
+  // TODO: Remove this too
+  #[pallet::storage]
+  #[pallet::getter(fn session)]
+  pub type CurrentSession<T: Config> = StorageMap<_, Identity, NetworkId, u32, ValueQuery>;
+
+  // TODO: Find a better place for this
+  #[pallet::storage]
+  #[pallet::getter(fn economic_security_reached)]
+  pub(crate) type EconomicSecurityReached<T: Config> =
+    StorageMap<_, Identity, NetworkId, bool, ValueQuery>;
+
+  // TODO: Find a better place for this
+  #[pallet::storage]
+  pub(crate) type GenesisCompleteBlock<T: Config> = StorageValue<_, u64, OptionQuery>;
+
+  #[pallet::storage]
+  pub(crate) type LastSwapVolume<T: Config> = StorageMap<_, Identity, Coin, u64, OptionQuery>;
+
+  #[pallet::genesis_build]
+  impl<T: Config> BuildGenesisConfig for GenesisConfig<T> {
+    fn build(&self) {
+      for (id, stake) in self.networks.clone() {
+        let mut participants = vec![];
+        for p in self.participants.clone() {
+          participants.push((p, stake.0));
+        }
+        Participants::<T>::set(id, Some(participants.try_into().unwrap()));
+        CurrentSession::<T>::set(id, 0);
+        EconomicSecurityReached::<T>::set(id, false);
+      }
+    }
+  }
+
+  #[pallet::hooks]
+  impl<T: Config> Hooks<BlockNumberFor<T>> for Pallet<T> {
+    fn on_initialize(n: BlockNumberFor<T>) -> Weight {
+      if GenesisCompleteBlock::<T>::get().is_none() &&
+        GenesisLiquidity::<T>::genesis_complete().is_some()
+      {
+        GenesisCompleteBlock::<T>::set(Some(n.saturated_into::<u64>()));
+      }
+
+      // we wait 1 extra block after genesis ended to see the changes. We only need this extra
+      // block in dev&test networks where we start the chain with accounts that already has some
+      // staked SRI. So when we check for ec-security pre-genesis we look like we are economically
+      // secure. The reason for this although we only check for it once the genesis is complete(so
+      // if the genesis complete we shouldn't be economically secure because the funds are not
+      // enough) is because ValidatorSets pallet runs before the genesis pallet in runtime.
+      //  So ValidatorSets pallet sees the old state until next block.
+      // TODO: revisit this when mainnet genesis validator stake code is done.
+      let gcb = GenesisCompleteBlock::<T>::get();
+      let genesis_ended = gcb.is_some() && (n.saturated_into::<u64>() > gcb.unwrap());
+
+      // we accept we reached economic security once we can mint smallest amount of a network's coin
+      for coin in COINS {
+        let check = genesis_ended && !Self::economic_security_reached(coin.network());
+        if check && <T as CoinsConfig>::AllowMint::is_allowed(&Balance { coin, amount: Amount(1) })
+        {
+          EconomicSecurityReached::<T>::set(coin.network(), true);
+        }
+      }
+
+      // check if we got a new session
+      let mut session_changed = false;
+      let session = ValidatorSets::<T>::session(NetworkId::Serai).unwrap_or(Session(0));
+      if session.0 > Self::session(NetworkId::Serai) {
+        session_changed = true;
+        CurrentSession::<T>::set(NetworkId::Serai, session.0);
+      }
+
+      // update participants per session before the genesis
+      // after the genesis, we update them after reward distribution.
+      if (!genesis_ended) && session_changed {
+        Self::update_participants();
+      }
+
+      // We only want to distribute emissions if the genesis period is over AND the session has
+      // ended
+      if !(genesis_ended && session_changed) {
+        return Weight::zero(); // TODO
+      }
+
+      // figure out the amount of blocks in the last session
+      // Since the session has changed, we're now at least at session 1
+      let block_count = ValidatorSets::<T>::session_begin_block(NetworkId::Serai, session) -
+        ValidatorSets::<T>::session_begin_block(NetworkId::Serai, Session(session.0 - 1));
+
+      // get total reward for this epoch
+      let pre_ec_security = Self::pre_ec_security();
+      let mut distances = BTreeMap::new();
+      let mut total_distance: u64 = 0;
+      let reward_this_epoch = if pre_ec_security {
+        // calculate distance to economic security per network
+        for n in NETWORKS {
+          if n == NetworkId::Serai {
+            continue;
+          }
+
+          let required = ValidatorSets::<T>::required_stake_for_network(n);
+          let mut current = ValidatorSets::<T>::total_allocated_stake(n).unwrap_or(Amount(0)).0;
+          if current > required {
+            current = required;
+          }
+
+          let distance = required - current;
+          distances.insert(n, distance);
+          total_distance = total_distance.saturating_add(distance);
+        }
+
+        // add serai network portion (20%)
+        let new_total_distance =
+          total_distance.saturating_mul(100) / (100 - SERAI_VALIDATORS_DESIRED_PERCENTAGE);
+        distances.insert(NetworkId::Serai, new_total_distance - total_distance);
+        total_distance = new_total_distance;
+
+        if Self::initial_period(n) {
+          // rewards are fixed for initial period
+          block_count * INITIAL_REWARD_PER_BLOCK
+        } else {
+          // rewards for pre-economic security is
+          // (STAKE_REQUIRED - CURRENT_STAKE) / blocks_until(SECURE_BY).
+          let block_reward = total_distance / Self::blocks_until(SECURE_BY);
+          block_count * block_reward
+        }
+      } else {
+        // post ec security
+        block_count * REWARD_PER_BLOCK
+      };
+
+      // map epoch ec-security-distance/volume to rewards
+      let (rewards_per_network, volume_per_network, volume_per_coin) = if pre_ec_security {
+        (
+          distances
+            .into_iter()
+            .map(|(n, distance)| {
+              // calculate how much each network gets based on distance to ec-security
+              let reward = u64::try_from(
+                u128::from(reward_this_epoch).saturating_mul(u128::from(distance)) /
+                  u128::from(total_distance),
+              )
+              .unwrap();
+              (n, reward)
+            })
+            .collect::<BTreeMap<NetworkId, u64>>(),
+          None,
+          None,
+        )
+      } else {
+        // get swap volumes
+        let mut volume_per_coin: BTreeMap<Coin, u64> = BTreeMap::new();
+        for c in COINS {
+          // this should return 0 for SRI and so it shouldn't affect the total volume.
+          let current_volume = Dex::<T>::swap_volume(c).unwrap_or(0);
+          let last_volume = LastSwapVolume::<T>::get(c).unwrap_or(0);
+          let vol_this_epoch = current_volume.saturating_sub(last_volume);
+
+          // update the current volume
+          LastSwapVolume::<T>::set(c, Some(current_volume));
+          volume_per_coin.insert(c, vol_this_epoch);
+        }
+
+        // aggregate per network
+        let mut total_volume = 0u64;
+        let mut volume_per_network: BTreeMap<NetworkId, u64> = BTreeMap::new();
+        for (c, vol) in &volume_per_coin {
+          volume_per_network.insert(
+            c.network(),
+            (*volume_per_network.get(&c.network()).unwrap_or(&0)).saturating_add(*vol),
+          );
+          total_volume = total_volume.saturating_add(*vol);
+        }
+
+        (
+          volume_per_network
+            .iter()
+            .map(|(n, vol)| {
+              // 20% of the reward goes to the Serai network and rest is distributed among others
+              // based on swap-volume.
+              let reward = if *n == NetworkId::Serai {
+                reward_this_epoch / 5
+              } else {
+                let reward = reward_this_epoch - (reward_this_epoch / 5);
+                // TODO: It is highly unlikely but what to do in case of 0 total volume?
+                if total_volume != 0 {
+                  u64::try_from(
+                    u128::from(reward).saturating_mul(u128::from(*vol)) / u128::from(total_volume),
+                  )
+                  .unwrap()
+                } else {
+                  0
+                }
+              };
+              (*n, reward)
+            })
+            .collect::<BTreeMap<NetworkId, u64>>(),
+          Some(volume_per_network),
+          Some(volume_per_coin),
+        )
+      };
+
+      // distribute the rewards within the network
+      for (n, reward) in rewards_per_network {
+        let (validators_reward, network_pool_reward) = if n == NetworkId::Serai {
+          (reward, 0)
+        } else {
+          // calculate pool vs validator share
+          let capacity = ValidatorSets::<T>::total_allocated_stake(n).unwrap_or(Amount(0)).0;
+          let required = ValidatorSets::<T>::required_stake_for_network(n);
+          let unused_capacity = capacity.saturating_sub(required);
+
+          let distribution = unused_capacity.saturating_mul(ACCURACY_MULTIPLIER) / capacity;
+          let total = DESIRED_DISTRIBUTION.saturating_add(distribution);
+
+          let validators_reward = DESIRED_DISTRIBUTION.saturating_mul(reward) / total;
+          let network_pool_reward = reward.saturating_sub(validators_reward);
+          (validators_reward, network_pool_reward)
+        };
+
+        // distribute validators rewards
+        Self::distribute_to_validators(n, validators_reward);
+
+        // send the rest to the pool
+        if network_pool_reward != 0 {
+          // these should be available to unwrap if we have a network_pool_reward. Because that
+          // means we had an unused capacity hence in a post-ec era.
+          let vpn = volume_per_network.as_ref().unwrap();
+          let vpc = volume_per_coin.as_ref().unwrap();
+          for c in n.coins() {
+            let pool_reward = u64::try_from(
+              u128::from(network_pool_reward).saturating_mul(u128::from(vpc[c])) /
+                u128::from(vpn[&n]),
+            )
+            .unwrap();
+
+            if Coins::<T>::mint(
+              Dex::<T>::get_pool_account(*c),
+              Balance { coin: Coin::Serai, amount: Amount(pool_reward) },
+            )
+            .is_err()
+            {
+              // TODO: log the failure
+              continue;
+            }
+          }
+        }
+      }
+
+      // TODO: we have the past session participants here in the emissions pallet so that we can
+      // distribute rewards to them in the next session. Ideally we should be able to fetch this
+      // information from valiadtor sets pallet.
+      Self::update_participants();
+      Weight::zero() // TODO
+    }
+  }
+
+  impl<T: Config> Pallet<T> {
+    fn blocks_until(block: u64) -> u64 {
+      let current = <frame_system::Pallet<T>>::block_number().saturated_into::<u64>();
+      block.saturating_sub(current)
+    }
+
+    fn initial_period(n: BlockNumberFor<T>) -> bool {
+      #[cfg(feature = "fast-epoch")]
+      let initial_period_duration = FAST_EPOCH_INITIAL_PERIOD;
+
+      #[cfg(not(feature = "fast-epoch"))]
+      let initial_period_duration = 2 * MONTHS;
+
+      let genesis_complete_block = GenesisCompleteBlock::<T>::get();
+      genesis_complete_block.is_some() &&
+        (n.saturated_into::<u64>() < (genesis_complete_block.unwrap() + initial_period_duration))
+    }
+
+    /// Returns true if any of the external networks haven't reached economic security yet.
+    fn pre_ec_security() -> bool {
+      for n in NETWORKS {
+        if n == NetworkId::Serai {
+          continue;
+        }
+
+        if !Self::economic_security_reached(n) {
+          return true;
+        }
+      }
+      false
+    }
+
+    // Distribute the reward among network's set based on
+    // -> (key shares * stake per share) + ((stake % stake per share) / 2)
+    fn distribute_to_validators(n: NetworkId, reward: u64) {
+      let stake_per_share = ValidatorSets::<T>::allocation_per_key_share(n).unwrap().0;
+      let mut scores = vec![];
+      let mut total_score = 0u64;
+      for (p, amount) in Self::participants(n).unwrap() {
+        let remainder = amount % stake_per_share;
+        let score = amount - (remainder / 2);
+
+        total_score = total_score.saturating_add(score);
+        scores.push((p, score));
+      }
+
+      // stake the rewards
+      for (p, score) in scores {
+        let p_reward = u64::try_from(
+          u128::from(reward).saturating_mul(u128::from(score)) / u128::from(total_score),
+        )
+        .unwrap();
+
+        Coins::<T>::mint(p, Balance { coin: Coin::Serai, amount: Amount(p_reward) }).unwrap();
+        if ValidatorSets::<T>::distribute_block_rewards(n, p, Amount(p_reward)).is_err() {
+          // TODO: log the failure
+          continue;
+        }
+      }
+    }
+
+    pub fn swap_to_staked_sri(
+      to: PublicKey,
+      network: NetworkId,
+      balance: Balance,
+    ) -> DispatchResult {
+      // check the network didn't reach the economic security yet
+      if Self::economic_security_reached(network) {
+        Err(Error::<T>::NetworkHasEconomicSecurity)?;
+      }
+
+      // swap half of the liquidity for SRI to form PoL.
+      let half = balance.amount.0 / 2;
+      let path = BoundedVec::try_from(vec![balance.coin, Coin::Serai]).unwrap();
+      let origin = RawOrigin::Signed(POL_ACCOUNT.into());
+      Dex::<T>::swap_exact_tokens_for_tokens(
+        origin.clone().into(),
+        path,
+        half,
+        1, // minimum out, so we accept whatever we get.
+        POL_ACCOUNT.into(),
+      )?;
+
+      // get how much we got for our swap
+      let sri_amount = Coins::<T>::balance(POL_ACCOUNT.into(), Coin::Serai).0;
+
+      // add liquidity
+      Dex::<T>::add_liquidity(
+        origin.clone().into(),
+        balance.coin,
+        half,
+        sri_amount,
+        1,
+        1,
+        POL_ACCOUNT.into(),
+      )?;
+
+      // use last block spot price to calculate how much SRI the balance makes.
+      let last_block = <frame_system::Pallet<T>>::block_number() - 1u32.into();
+      let value = Dex::<T>::spot_price_for_block(last_block, balance.coin)
+        .ok_or(Error::<T>::NoValueForCoin)?;
+      // TODO: may panic? It might be best for this math ops to return the result as is instead of
+      // doing an unwrap so that it can be properly dealt with.
+      let sri_amount = balance.amount.mul(value);
+
+      // Mint
+      Coins::<T>::mint(to, Balance { coin: Coin::Serai, amount: sri_amount })?;
+
+      // Stake the SRI for the network.
+      ValidatorSets::<T>::allocate(
+        frame_system::RawOrigin::Signed(to).into(),
+        network,
+        sri_amount,
+      )?;
+      Ok(())
+    }
+
+    fn update_participants() {
+      for n in NETWORKS {
+        let participants = ValidatorSets::<T>::participants_for_latest_decided_set(n)
+          .unwrap()
+          .into_iter()
+          .map(|(key, _)| (key, ValidatorSets::<T>::allocation((n, key)).unwrap_or(Amount(0)).0))
+          .collect::<Vec<_>>();
+
+        Participants::<T>::set(n, Some(participants.try_into().unwrap()));
+      }
+    }
+  }
+}
+
+pub use pallet::*;
--- a/substrate/emissions/primitives/Cargo.toml
+++ b/substrate/emissions/primitives/Cargo.toml
@ -0,0 +1,23 @@
+[package]
+name = "serai-emissions-primitives"
+version = "0.1.0"
+description = "Serai emissions primitives"
+license = "MIT"
+repository = "https://github.com/serai-dex/serai/tree/develop/substrate/emissions/primitives"
+authors = ["Akil Demir <aeg_asd@hotmail.com>"]
+edition = "2021"
+rust-version = "1.77"
+
+[package.metadata.docs.rs]
+all-features = true
+rustdoc-args = ["--cfg", "docsrs"]
+
+[lints]
+workspace = true
+
+[dependencies]
+serai-primitives = { path = "../../primitives", default-features = false }
+
+[features]
+std = ["serai-primitives/std"]
+default = ["std"]
--- a/substrate/emissions/primitives/LICENSE
+++ b/substrate/emissions/primitives/LICENSE
@ -0,0 +1,21 @@
+MIT License
+
+Copyright (c) 2024 Luke Parker
+
+Permission is hereby granted, free of charge, to any person obtaining a copy
+of this software and associated documentation files (the "Software"), to deal
+in the Software without restriction, including without limitation the rights
+to use, copy, modify, merge, publish, distribute, sublicense, and/or sell
+copies of the Software, and to permit persons to whom the Software is
+furnished to do so, subject to the following conditions:
+
+The above copyright notice and this permission notice shall be included in all
+copies or substantial portions of the Software.
+
+THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR
+IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY,
+FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE
+AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER
+LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM,
+OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE
+SOFTWARE.
--- a/substrate/emissions/primitives/src/lib.rs
+++ b/substrate/emissions/primitives/src/lib.rs
@ -0,0 +1,26 @@
+#![cfg_attr(docsrs, feature(doc_cfg))]
+#![cfg_attr(docsrs, feature(doc_auto_cfg))]
+#![cfg_attr(not(feature = "std"), no_std)]
+
+use serai_primitives::{DAYS, YEARS, SeraiAddress, system_address};
+
+// Protocol owned liquidity account.
+pub const POL_ACCOUNT: SeraiAddress = system_address(b"Serai-protocol_owned_liquidity");
+
+/// INITIAL_REWARD = 100,000 SRI / BLOCKS_PER_DAY for 60 days
+pub const INITIAL_REWARD_PER_BLOCK: u64 = (100_000 * 10u64.pow(8)) / DAYS;
+
+/// REWARD = 20M SRI / BLOCKS_PER_YEAR
+pub const REWARD_PER_BLOCK: u64 = (20_000_000 * 10u64.pow(8)) / YEARS;
+
+/// 20% of all stake desired to be for Serai network
+pub const SERAI_VALIDATORS_DESIRED_PERCENTAGE: u64 = 20;
+
+/// Desired unused capacity ratio for a network assuming capacity is 10,000.
+pub const DESIRED_DISTRIBUTION: u64 = 1_000;
+
+/// Percentage scale for the validator vs. pool reward distribution.
+pub const ACCURACY_MULTIPLIER: u64 = 10_000;
+
+/// The block to target for economic security
+pub const SECURE_BY: u64 = YEARS;
--- a/substrate/genesis-liquidity/pallet/src/lib.rs
+++ b/substrate/genesis-liquidity/pallet/src/lib.rs
@ -1,6 +1,6 @@
 #![cfg_attr(not(feature = "std"), no_std)]

-#[allow(clippy::cast_possible_truncation, clippy::no_effect_underscore_binding)]
+#[allow(clippy::cast_possible_truncation, clippy::no_effect_underscore_binding, clippy::empty_docs)]
 #[frame_support::pallet]
 pub mod pallet {
  use super::*;
@ -15,7 +15,7 @@ pub mod pallet {
  use coins_pallet::{Config as CoinsConfig, Pallet as Coins, AllowMint};
  use validator_sets_pallet::{Config as VsConfig, Pallet as ValidatorSets};

-  use serai_primitives::{Coin, COINS, *};
+  use serai_primitives::*;
  use validator_sets_primitives::{ValidatorSet, musig_key};
  pub use genesis_liquidity_primitives as primitives;
  use primitives::*;
@ -72,6 +72,7 @@ pub mod pallet {
  pub(crate) type Oracle<T: Config> = StorageMap<_, Identity, Coin, u64, OptionQuery>;

  #[pallet::storage]
+  #[pallet::getter(fn genesis_complete)]
  pub(crate) type GenesisComplete<T: Config> = StorageValue<_, (), OptionQuery>;

  #[pallet::hooks]
--- a/substrate/in-instructions/pallet/Cargo.toml
+++ b/substrate/in-instructions/pallet/Cargo.toml
@ -33,12 +33,12 @@ frame-support = { git = "https://github.com/serai-dex/substrate", default-featur

 serai-primitives = { path = "../../primitives", default-features = false }
 in-instructions-primitives = { package = "serai-in-instructions-primitives", path = "../primitives", default-features = false }
-genesis-liquidity-primitives = { package = "serai-genesis-liquidity-primitives", path = "../../genesis-liquidity/primitives", default-features = false }

 coins-pallet = { package = "serai-coins-pallet", path = "../../coins/pallet", default-features = false }
 dex-pallet = { package = "serai-dex-pallet", path = "../../dex/pallet", default-features = false }
 validator-sets-pallet = { package = "serai-validator-sets-pallet", path = "../../validator-sets/pallet", default-features = false }
 genesis-liquidity-pallet = { package = "serai-genesis-liquidity-pallet", path = "../../genesis-liquidity/pallet", default-features = false }
+emissions-pallet = { package = "serai-emissions-pallet", path = "../../emissions/pallet", default-features = false }

 [features]
 std = [
@ -56,12 +56,12 @@ std = [

  "serai-primitives/std",
  "in-instructions-primitives/std",
-  "genesis-liquidity-primitives/std",

  "coins-pallet/std",
  "dex-pallet/std",
  "validator-sets-pallet/std",
  "genesis-liquidity-pallet/std",
+  "emissions-pallet/std",
 ]
 default = ["std"]

--- a/substrate/in-instructions/pallet/src/lib.rs
+++ b/substrate/in-instructions/pallet/src/lib.rs
@ -19,7 +19,6 @@ pub mod pallet {
  use sp_core::sr25519::Public;

  use serai_primitives::{Coin, Amount, Balance};
-  use genesis_liquidity_primitives::GENESIS_LIQUIDITY_ACCOUNT;

  use frame_support::pallet_prelude::*;
  use frame_system::{pallet_prelude::*, RawOrigin};
@ -34,13 +33,21 @@ pub mod pallet {
    Config as ValidatorSetsConfig, Pallet as ValidatorSets,
  };

-  use genesis_liquidity_pallet::{Pallet as GenesisLiq, Config as GenesisLiqConfig};
+  use genesis_liquidity_pallet::{
+    Pallet as GenesisLiq, Config as GenesisLiqConfig, primitives::GENESIS_LIQUIDITY_ACCOUNT,
+  };
+  use emissions_pallet::{Pallet as Emissions, Config as EmissionsConfig, primitives::POL_ACCOUNT};

  use super::*;

  #[pallet::config]
  pub trait Config:
-    frame_system::Config + CoinsConfig + DexConfig + ValidatorSetsConfig + GenesisLiqConfig
+    frame_system::Config
+    + CoinsConfig
+    + DexConfig
+    + ValidatorSetsConfig
+    + GenesisLiqConfig
+    + EmissionsConfig
  {
    type RuntimeEvent: From<Event<Self>> + IsType<<Self as frame_system::Config>::RuntimeEvent>;
  }
@ -209,6 +216,10 @@ pub mod pallet {
          Coins::<T>::mint(GENESIS_LIQUIDITY_ACCOUNT.into(), instruction.balance)?;
          GenesisLiq::<T>::add_coin_liquidity(address.into(), instruction.balance)?;
        }
+        InInstruction::SwapToStakedSRI(address, network) => {
+          Coins::<T>::mint(POL_ACCOUNT.into(), instruction.balance)?;
+          Emissions::<T>::swap_to_staked_sri(address.into(), network, instruction.balance)?;
+        }
      }
      Ok(())
    }
--- a/substrate/in-instructions/primitives/src/lib.rs
+++ b/substrate/in-instructions/primitives/src/lib.rs
@ -79,6 +79,7 @@ pub enum InInstruction {
  Transfer(SeraiAddress),
  Dex(DexCall),
  GenesisLiquidity(SeraiAddress),
+  SwapToStakedSRI(SeraiAddress, NetworkId),
 }

 #[derive(Clone, PartialEq, Eq, Encode, Decode, MaxEncodedLen, TypeInfo, RuntimeDebug)]
--- a/substrate/node/src/chain_spec.rs
+++ b/substrate/node/src/chain_spec.rs
@ -7,7 +7,7 @@ use sc_service::ChainType;

 use serai_runtime::{
  primitives::*, WASM_BINARY, BABE_GENESIS_EPOCH_CONFIG, RuntimeGenesisConfig, SystemConfig,
-  CoinsConfig, DexConfig, ValidatorSetsConfig, SignalsConfig, BabeConfig, GrandpaConfig,
+  CoinsConfig, ValidatorSetsConfig, SignalsConfig, BabeConfig, GrandpaConfig, EmissionsConfig,
 };

 pub type ChainSpec = sc_service::GenericChainSpec<RuntimeGenesisConfig>;
@ -46,11 +46,6 @@ fn devnet_genesis(
      _ignore: Default::default(),
    },

-    dex: DexConfig {
-      pools: vec![Coin::Bitcoin, Coin::Ether, Coin::Dai, Coin::Monero],
-      _ignore: Default::default(),
-    },
-
    validator_sets: ValidatorSetsConfig {
      networks: serai_runtime::primitives::NETWORKS
        .iter()
@ -63,6 +58,18 @@ fn devnet_genesis(
        .collect(),
      participants: validators.clone(),
    },
+    emissions: EmissionsConfig {
+      networks: serai_runtime::primitives::NETWORKS
+        .iter()
+        .map(|network| match network {
+          NetworkId::Serai => (NetworkId::Serai, Amount(50_000 * 10_u64.pow(8))),
+          NetworkId::Bitcoin => (NetworkId::Bitcoin, Amount(1_000_000 * 10_u64.pow(8))),
+          NetworkId::Ethereum => (NetworkId::Ethereum, Amount(1_000_000 * 10_u64.pow(8))),
+          NetworkId::Monero => (NetworkId::Monero, Amount(100_000 * 10_u64.pow(8))),
+        })
+        .collect(),
+      participants: validators.clone(),
+    },
    signals: SignalsConfig::default(),
    babe: BabeConfig {
      authorities: validators.iter().map(|validator| ((*validator).into(), 1)).collect(),
@ -97,11 +104,6 @@ fn testnet_genesis(wasm_binary: &[u8], validators: Vec<&'static str>) -> Runtime
      _ignore: Default::default(),
    },

-    dex: DexConfig {
-      pools: vec![Coin::Bitcoin, Coin::Ether, Coin::Dai, Coin::Monero],
-      _ignore: Default::default(),
-    },
-
    validator_sets: ValidatorSetsConfig {
      networks: serai_runtime::primitives::NETWORKS
        .iter()
@ -114,6 +116,18 @@ fn testnet_genesis(wasm_binary: &[u8], validators: Vec<&'static str>) -> Runtime
        .collect(),
      participants: validators.clone(),
    },
+    emissions: EmissionsConfig {
+      networks: serai_runtime::primitives::NETWORKS
+        .iter()
+        .map(|network| match network {
+          NetworkId::Serai => (NetworkId::Serai, Amount(50_000 * 10_u64.pow(8))),
+          NetworkId::Bitcoin => (NetworkId::Bitcoin, Amount(1_000_000 * 10_u64.pow(8))),
+          NetworkId::Ethereum => (NetworkId::Ethereum, Amount(1_000_000 * 10_u64.pow(8))),
+          NetworkId::Monero => (NetworkId::Monero, Amount(100_000 * 10_u64.pow(8))),
+        })
+        .collect(),
+      participants: validators.clone(),
+    },
    signals: SignalsConfig::default(),
    babe: BabeConfig {
      authorities: validators.iter().map(|validator| ((*validator).into(), 1)).collect(),
--- a/substrate/primitives/src/constants.rs
+++ b/substrate/primitives/src/constants.rs
@ -7,13 +7,16 @@ pub const TARGET_BLOCK_TIME: u64 = 6;

 /// Measured in blocks.
 pub const MINUTES: BlockNumber = 60 / TARGET_BLOCK_TIME;
-pub const HOURS: BlockNumber = MINUTES * 60;
-pub const DAYS: BlockNumber = HOURS * 24;
-pub const WEEKS: BlockNumber = DAYS * 7;
-pub const MONTHS: BlockNumber = WEEKS * 4;
+pub const HOURS: BlockNumber = 60 * MINUTES;
+pub const DAYS: BlockNumber = 24 * HOURS;
+pub const WEEKS: BlockNumber = 7 * DAYS;
+// Defines a month as 30 days, which is slightly inaccurate
+pub const MONTHS: BlockNumber = 30 * DAYS;
+// Defines a year as 12 inaccurate months, which is 360 days literally (~1.5% off)
+pub const YEARS: BlockNumber = 12 * MONTHS;

 /// 6 months of blocks
-pub const GENESIS_SRI_TRICKLE_FEED: u64 = MONTHS * 6;
+pub const GENESIS_SRI_TRICKLE_FEED: u64 = 6 * MONTHS;

 // 100 Million SRI
 pub const GENESIS_SRI: u64 = 100_000_000 * 10_u64.pow(8);
@ -27,3 +30,9 @@ pub const ARBITRAGE_TIME: u16 = (2 * HOURS) as u16;
 ///
 /// We additionally +1 so there is a true median.
 pub const MEDIAN_PRICE_WINDOW_LENGTH: u16 = (2 * ARBITRAGE_TIME) + 1;
+
+/// Amount of blocks per epoch in the fast-epoch feature that is used in tests.
+pub const FAST_EPOCH_DURATION: u64 = 2 * MINUTES;
+
+/// Amount of blocks for the initial period era of the emissions under the fast-epoch feature.
+pub const FAST_EPOCH_INITIAL_PERIOD: u64 = 2 * FAST_EPOCH_DURATION;
--- a/substrate/primitives/src/networks.rs
+++ b/substrate/primitives/src/networks.rs
@ -15,7 +15,9 @@ use sp_core::{ConstU32, bounded::BoundedVec};
 use crate::{borsh_serialize_bounded_vec, borsh_deserialize_bounded_vec};

 /// The type used to identify networks.
-#[derive(Clone, Copy, PartialEq, Eq, Hash, Debug, Encode, Decode, MaxEncodedLen, TypeInfo)]
+#[derive(
+  Clone, Copy, PartialEq, Eq, Hash, Debug, Encode, Decode, PartialOrd, Ord, MaxEncodedLen, TypeInfo,
+)]
 #[cfg_attr(feature = "std", derive(Zeroize))]
 #[cfg_attr(feature = "borsh", derive(BorshSerialize, BorshDeserialize))]
 #[cfg_attr(feature = "serde", derive(Serialize, Deserialize))]
--- a/substrate/runtime/Cargo.toml
+++ b/substrate/runtime/Cargo.toml
@ -61,6 +61,7 @@ dex-pallet = { package = "serai-dex-pallet", path = "../dex/pallet", default-fea

 validator-sets-pallet = { package = "serai-validator-sets-pallet", path = "../validator-sets/pallet", default-features = false }
 genesis-liquidity-pallet = { package = "serai-genesis-liquidity-pallet", path = "../genesis-liquidity/pallet", default-features = false }
+emissions-pallet = { package = "serai-emissions-pallet", path = "../emissions/pallet", default-features = false }

 in-instructions-pallet = { package = "serai-in-instructions-pallet", path = "../in-instructions/pallet", default-features = false }

@ -117,6 +118,7 @@ std = [

  "validator-sets-pallet/std",
  "genesis-liquidity-pallet/std",
+  "emissions-pallet/std",

  "in-instructions-pallet/std",

@ -129,7 +131,10 @@ std = [
  "pallet-transaction-payment-rpc-runtime-api/std",
 ]

-fast-epoch = ["genesis-liquidity-pallet/fast-epoch"]
+fast-epoch = [
+  "genesis-liquidity-pallet/fast-epoch",
+  "emissions-pallet/fast-epoch",
+]

 runtime-benchmarks = [
  "sp-runtime/runtime-benchmarks",
--- a/substrate/runtime/src/abi.rs
+++ b/substrate/runtime/src/abi.rs
@ -89,17 +89,6 @@ impl From<Call> for RuntimeCall {
          send_to: send_to.into(),
        }),
      },
-      Call::GenesisLiquidity(gl) => match gl {
-        serai_abi::genesis_liquidity::Call::remove_coin_liquidity { balance } => {
-          RuntimeCall::GenesisLiquidity(genesis_liquidity::Call::remove_coin_liquidity { balance })
-        }
-        serai_abi::genesis_liquidity::Call::oraclize_values { values, signature } => {
-          RuntimeCall::GenesisLiquidity(genesis_liquidity::Call::oraclize_values {
-            values,
-            signature,
-          })
-        }
-      },
      Call::ValidatorSets(vs) => match vs {
        serai_abi::validator_sets::Call::set_keys {
          network,
@ -138,6 +127,17 @@ impl From<Call> for RuntimeCall {
          RuntimeCall::ValidatorSets(validator_sets::Call::claim_deallocation { network, session })
        }
      },
+      Call::GenesisLiquidity(gl) => match gl {
+        serai_abi::genesis_liquidity::Call::remove_coin_liquidity { balance } => {
+          RuntimeCall::GenesisLiquidity(genesis_liquidity::Call::remove_coin_liquidity { balance })
+        }
+        serai_abi::genesis_liquidity::Call::oraclize_values { values, signature } => {
+          RuntimeCall::GenesisLiquidity(genesis_liquidity::Call::oraclize_values {
+            values,
+            signature,
+          })
+        }
+      },
      Call::InInstructions(ii) => match ii {
        serai_abi::in_instructions::Call::execute_batch { batch } => {
          RuntimeCall::InInstructions(in_instructions::Call::execute_batch { batch })
--- a/substrate/runtime/src/lib.rs
+++ b/substrate/runtime/src/lib.rs
@ -32,6 +32,7 @@ pub use pallet_babe as babe;
 pub use pallet_grandpa as grandpa;

 pub use genesis_liquidity_pallet as genesis_liquidity;
+pub use emissions_pallet as emissions;

 // Actually used by the runtime
 use sp_core::OpaqueMetadata;
@ -51,7 +52,7 @@ use sp_runtime::{
 #[allow(unused_imports)]
 use primitives::{
  NetworkId, PublicKey, AccountLookup, SubstrateAmount, Coin, NETWORKS, MEDIAN_PRICE_WINDOW_LENGTH,
-  HOURS, DAYS, MINUTES, TARGET_BLOCK_TIME, BLOCK_SIZE,
+  HOURS, DAYS, MINUTES, TARGET_BLOCK_TIME, BLOCK_SIZE, FAST_EPOCH_DURATION,
 };

 use support::{
@ -252,6 +253,10 @@ impl genesis_liquidity::Config for Runtime {
  type RuntimeEvent = RuntimeEvent;
 }

+impl emissions::Config for Runtime {
+  type RuntimeEvent = RuntimeEvent;
+}
+
 // for publishing equivocation evidences.
 impl<C> frame_system::offchain::SendTransactionTypes<C> for Runtime
 where
@ -278,7 +283,7 @@ pub type ReportLongevity = <Runtime as pallet_babe::Config>::EpochDuration;

 impl babe::Config for Runtime {
  #[cfg(feature = "fast-epoch")]
-  type EpochDuration = ConstU64<{ MINUTES / 2 }>; // 30 seconds
+  type EpochDuration = ConstU64<{ FAST_EPOCH_DURATION }>;

  #[cfg(not(feature = "fast-epoch"))]
  type EpochDuration = ConstU64<{ 4 * 7 * DAYS }>;
@ -326,9 +331,10 @@ construct_runtime!(
    Coins: coins,
    LiquidityTokens: coins::<Instance1>::{Pallet, Call, Storage, Event<T>},
    Dex: dex,
-    GenesisLiquidity: genesis_liquidity,

    ValidatorSets: validator_sets,
+    GenesisLiquidity: genesis_liquidity,
+    Emissions: emissions,

    InInstructions: in_instructions,

--- a/substrate/validator-sets/pallet/src/lib.rs
+++ b/substrate/validator-sets/pallet/src/lib.rs
@ -15,6 +15,7 @@ use sp_staking::offence::{ReportOffence, Offence, OffenceError};
 use frame_system::{pallet_prelude::*, RawOrigin};
 use frame_support::{
  pallet_prelude::*,
+  sp_runtime::SaturatedConversion,
  traits::{DisabledValidators, KeyOwnerProofSystem, FindAuthor},
  BoundedVec, WeakBoundedVec, StoragePrefixedMap,
 };
@ -262,12 +263,20 @@ pub mod pallet {
    _t: PhantomData<T>,
    prefix: Vec<u8>,
    last: Vec<u8>,
+    allocation_per_key_share: Amount,
  }
  impl<T: Config> SortedAllocationsIter<T> {
    fn new(network: NetworkId) -> Self {
      let mut prefix = SortedAllocations::<T>::final_prefix().to_vec();
      prefix.extend(&network.encode());
-      Self { _t: PhantomData, prefix: prefix.clone(), last: prefix }
+      Self {
+        _t: PhantomData,
+        prefix: prefix.clone(),
+        last: prefix,
+        allocation_per_key_share: Pallet::<T>::allocation_per_key_share(network).expect(
+          "SortedAllocationsIter iterating over a network without a set allocation per key share",
+        ),
+      }
    }
  }
  impl<T: Config> Iterator for SortedAllocationsIter<T> {
@ -275,10 +284,17 @@ pub mod pallet {
    fn next(&mut self) -> Option<Self::Item> {
      let next = sp_io::storage::next_key(&self.last)?;
      if !next.starts_with(&self.prefix) {
-        return None;
+        None?;
      }
      let key = Pallet::<T>::recover_key_from_sorted_allocation_key(&next);
      let amount = Pallet::<T>::recover_amount_from_sorted_allocation_key(&next);
+
+      // We may have validators present, with less than the minimum allocation, due to block
+      // rewards
+      if amount.0 < self.allocation_per_key_share.0 {
+        None?;
+      }
+
      self.last = next;
      Some((key, amount))
    }
@ -309,6 +325,12 @@ pub mod pallet {
  #[pallet::storage]
  pub type SeraiDisabledIndices<T: Config> = StorageMap<_, Identity, u32, Public, OptionQuery>;

+  /// Mapping from session to its starting block number.
+  #[pallet::storage]
+  #[pallet::getter(fn session_begin_block)]
+  pub type SessionBeginBlock<T: Config> =
+    StorageDoubleMap<_, Identity, NetworkId, Identity, Session, u64, ValueQuery>;
+
  #[pallet::event]
  #[pallet::generate_deposit(pub(super) fn deposit_event)]
  pub enum Event<T: Config> {
@ -391,6 +413,11 @@ pub mod pallet {
      Pallet::<T>::deposit_event(Event::NewSet { set });

      Participants::<T>::set(network, Some(participants.try_into().unwrap()));
+      SessionBeginBlock::<T>::set(
+        network,
+        session,
+        <frame_system::Pallet<T>>::block_number().saturated_into::<u64>(),
+      );
    }
  }

@ -490,11 +517,13 @@ pub mod pallet {
      network: NetworkId,
      account: T::AccountId,
      amount: Amount,
+      block_reward: bool,
    ) -> DispatchResult {
      let old_allocation = Self::allocation((network, account)).unwrap_or(Amount(0)).0;
      let new_allocation = old_allocation + amount.0;
      let allocation_per_key_share = Self::allocation_per_key_share(network).unwrap().0;
-      if new_allocation < allocation_per_key_share {
+      // If this is a block reward, we always allow it to be allocated
+      if (new_allocation < allocation_per_key_share) && (!block_reward) {
        Err(Error::<T>::InsufficientAllocation)?;
      }

@ -819,6 +848,21 @@ pub mod pallet {
      total_required
    }

+    pub fn distribute_block_rewards(
+      network: NetworkId,
+      account: T::AccountId,
+      amount: Amount,
+    ) -> DispatchResult {
+      // TODO: Should this call be part of the `increase_allocation` since we have to have it
+      // before each call to it?
+      Coins::<T>::transfer_internal(
+        account,
+        Self::account(),
+        Balance { coin: Coin::Serai, amount },
+      )?;
+      Self::increase_allocation(network, account, amount, true)
+    }
+
    fn can_slash_serai_validator(validator: Public) -> bool {
      // Checks if they're active or actively deallocating (letting us still slash them)
      // We could check if they're upcoming/still allocating, yet that'd mean the equivocation is
@ -966,7 +1010,7 @@ pub mod pallet {
        Self::account(),
        Balance { coin: Coin::Serai, amount },
      )?;
-      Self::increase_allocation(network, validator, amount)
+      Self::increase_allocation(network, validator, amount, false)
    }

    #[pallet::call_index(3)]
				`@ -0,0 +1 @@`
				`pub use serai_emissions_primitives as primitives;`