It’s exactly how it is written the docs. The mecha... @QuipTalk

Answer: The mechanism works by increasing rewards for all gauges when inflation is high. This will result in higher APR's, making it more attractive to be an LP and lock PLY. This will in turn reduce the circulating supply, which will then reduce the inflation rate. In other words, the mechanism incentivizes locking PLY to control the gauge emissions, which in turn decreases the circulating supply and reduces inflation. This helps to ensure that the PLY token remains stable and its value is not eroded by inflation.

It’s emissions based on locking/circulating supply, same principles