Docs · 03
FEE SCHEDULE
WHEN THE FEE APPLIES
| Transfer | Fee |
|---|---|
| Wallet → wallet | 0% |
| Wallet ↔ mapped AMM pair | 5% |
| Whitelisted protocol contract | 0% |
| Withdraw stock from a Seat's TBA | 0%, forever |
| Clock in / clock out | 0% (gas only) |
| materialize() | 0% (gas only) |
The 5% is immutable. There is no setter, no governance switch and no upper bound to raise it to, because the only levers left open are add-only pair mapping and whitelisting.
WHERE THE 5% GOES
Sourcesrc/K401FeeSplitter.sol146 lines
| Destination | Share | What it does |
|---|---|---|
| Stock Desk | 50% | Buys tokenized equities for vested Seats |
| Treasury | 30% | Straight into backing, both buckets |
| LP / POL | 15% | Protocol-owned liquidity |
| Buyback | 5% | Funds the standing bid at RFV − 1.5% |
Half the fee stream is spent buying real equities for people who chose to stay vested. That is the point of the whole design: the fee is not extraction, it is the funding line for the RWA accrual.
THE TEAM SHARE DECAYS TO ZERO
The test that proves ittest/FeeSplitter.t.sol100 lines
teamShare(t) = 40% * max(0, 1 - t / 30 days) // of the total 5%
after day 30: teamShare = 0, foreverThe team share starts at 40% of the fee stream and decays linearly to zero over 30 days, taken pro-rata from all four buckets. After day 30 it is zero permanently — there is no function to turn it back on.
Why decay rather than a fixed cut
A permanent team cut is a permanent sell pressure and a permanent reason to distrust the operator. A decaying one funds the launch and then gets out of the way, and because the schedule is on-chain you can verify the countdown instead of taking anyone's word.
BONDS AND THE BUYBACK
Sourcesrc/K401BondDepository.sol238 lines
bond price = max(twap * (1 - BOND_DISCOUNT_BPS), nav())
buyback bid = rfv() * (1 - 1.5%)- Bond price is floored at NAV, not at 1 USDG. Every bond sale is therefore NAV-accretive or neutral, never dilutive.
- Fixed per-epoch capacity as a share of supply. There is no control variable quietly widening the discount when demand is thin.
- LP deposits are valued at the 1 USDG floor price, never at market — the protocol refuses to overpay for its own liquidity.
- 5-day linear vesting on every market.
- The buyback is an inverse bond: a standing, permissionless bid at RFV minus 1.5%, so the protocol quotes both sides around backing.
FEES THAT DO NOT EXIST
- No withdrawal fee on stock held in a Seat's token bound account. This is the strongest thing the vested side has and it is not going to be taxed.
- No performance fee on equity appreciation.
- No unbonding fee. Clocking out costs a 24-hour cooldown, not a haircut.
- No fee on wallet-to-wallet transfers, so moving Seats between your own addresses is free.