> ## Documentation Index
> Fetch the complete documentation index at: https://docs.speculate.trade/llms.txt
> Use this file to discover all available pages before exploring further.

# What is XP?

> Your share of the $SPEC supply

Every competition you enter earns **XP**. But XP isn't a badge or a leaderboard vanity stat. It's your claim on the **\$SPEC** token supply.

Think of it as a pool: Speculate sets aside a **Token Pool** of \$SPEC for a Season, and XP is how that pool gets divided up. The more XP you hold relative to everyone else, the bigger your slice.

## The formula

Your payout is proportional, plain and simple:

$$
\text{Your } \$SPEC = \left(\frac{\text{Your XP}}{\text{Total XP}}\right) \times \text{Token Pool}
$$

<Note>
  There's no fixed exchange rate for XP. Your \$SPEC allocation depends entirely on your share of the total XP earned by every trader that Season — not on a price you can look up in advance.
</Note>

## Three principles

XP works the same way for every trader, every Season. Three things to hold onto:

* **Proportional** — your share of the Token Pool always equals your share of total XP. Double your XP relative to the field, double your allocation.
* **Cumulative** — XP adds up as you play. Every competition entered and every social action counted adds to your running total. Nothing resets mid-Season.
* **Convertible** — at the end of the Genesis phase, all accumulated XP is converted trustlessly into \$SPEC and distributed straight to your wallet. No claims process to fumble, no manual redemption.

## Tracked per Season

XP resets and accrues fresh with each **Season**. Your total is always Season-scoped — it's the currency of the current competitive cycle, not a lifetime score.

Within each Season's XP pool, the split is weighted toward actually trading:

| Source                   | Share of XP pool |
| ------------------------ | ---------------- |
| **Competition activity** | \~90%            |
| **Social activity**      | \~10%            |

Competing is the main event. Social activity — the other \~10% — rewards you for growing the platform around your trading, but it will never outweigh actually being in the arena.

<CardGroup cols={2}>
  <Card title="How to earn XP" icon="trending-up" href="/rewards/earning">
    The specific actions — competition and social — that add to your XP total.
  </Card>

  <Card title="Elite tiers" icon="crown" href="/rewards/tiers">
    How your XP and activity unlock tiered status and perks.
  </Card>

  <Card title="The $SPEC token" icon="coins" href="/rewards/spec-token">
    What \$SPEC is and how the Genesis phase conversion works.
  </Card>

  <Card title="Referrals" icon="user-plus" href="/rewards/referrals">
    Earn XP by bringing other traders onto Speculate.
  </Card>
</CardGroup>