Pricing and Fees
Oracle Pricing
Each supported RWA token has a dedicated oracle price feed that provides a live market rate. The contract converts the input asset to USDC using this oracle price, with multiple safety checks:
Staleness threshold
Rejects prices older than a configurable window (minimum 5 minutes)
Price deviation bounds
Optional per-asset circuit breaker that rejects conversions if the oracle price deviates too far from the expected peg
Round completeness
Ensures the oracle has fully reported the current price round
Fee Structure
A spread fee is applied to every redemption, denominated in USDC:
Spread (per asset)
0.05% to 5.00%, configurable
Rate limit
Optional per-transaction cap on USDC output
Fees are not extracted or distributed separately. They remain in the subaccount, increasing the net asset value for all vault depositors automatically.
LP Yield Sources
Liquidity providers earn from two sources:
Spread fees — every instant redemption generates fee revenue that accrues to the vault's NAV
Idle lending yield — USDC not immediately needed for redemptions earns lending yield via the yield layer (e.g., Morpho)
Worked Example
An RWA holder redeems 10,000 USCC. The Chainlink oracle reports a rate of 1.02 USCC per USDC. The configured spread is 10 basis points (0.10%).
USDC equivalent: 10,000 / 1.02 = 9,803.92 USDC
Fee: 9,803.92 x 0.10% = 9.80 USDC
Holder receives: 9,794.12 USDC (instantly, vs. ~32 hours via traditional redemption)
The 9.80 USDC fee stays in the vault, accruing to all LPs
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