Using Opaque
Fees
Where fees come from, where they go, and what is not decided yet.
Not final
The holder share and the fee levels are not set. They will be fixed before launch and then cannot change.
Sources
| Source | Where it goes | Status |
|---|---|---|
| Creator fee on every $OPA trade on Pons, on the curve and in its pool | Fee harvester, then mostly to buy $OPA for the vault, the rest to the team | Soon |
| Flat unshroud fee, paid in $OPA | Stays in the pool as backing, so it goes to everyone still shrouded | In the contract |
| Shroud | No fee | In the contract |
| Relayer fee | Whoever submits the transaction | In the contract, optional |
The pool itself has no fee recipient. Trade fees reach the vault only through the harvester, which buys $OPA and donates it.
How private holders earn
A donation adds $OPA to the vault's backing without minting shares, so every $OPA note's shares are worth more. The pool prices shares like this:
shares = amount * (units + 1e6) / (backing + 1)
tokens = shares * (backing + 1) / (units + 1e6)Anyone can donate to the vault. The virtual offset makes the classic share-inflation attack uneconomic.
Who does not earn
Public $OPA does not earn. It gets price support from buybacks and from a float that shrinks as more $OPA is shrouded. Yield comes only from fees. It can be zero.
Unshroud fee is flat
An exit fee that grew with a note's age would reveal the note's age. Opaque uses a flat exit fee so it reveals nothing. It is a fixed amount of $OPA set at deployment, so a very small exit can be smaller than the fee and is rejected.