How it works

Trading a bonding curve generates fees. The share set at launch is swept by a keeper and deposited into the token's vault as SOL, then paid out to whoever is staked.

The reward asset is therefore one the vault cannot print. The rate you see describes SOL that traders actually paid, which also means it floats: heavy volume raises it, a quiet week lowers it.

Volume fixes the size of the pool, so the only question is how it gets divided. Your share is your balance scaled by the term you pick — a one-year lock draws five times what the same balance draws at seven days, out of the same pool.

The result is an upward-sloping curve by construction. Capital willing to be there in a year is paid more than capital passing through, and it is off the market for as long as it stays.

You can leave whenever you like. Unstaking early returns every token you staked — the vault never touches principal — and forfeits the yield you have accrued but not yet claimed.

That forfeited SOL does not go to the creator or the protocol. 90% of it is pushed straight back through the vault and lands with whoever is still staked at that instant. The remainder funds the keeper.

So the APY is not static — it steps up each time somebody exits early. A vault under pressure pays its remaining stakers more at precisely the moment holding is hardest.

Fees arrive continuously and distribute in batches. Between distributions the vault's float sits in liquid staking rather than doing nothing, which puts a floor of roughly 7.8% under every vault even on a day with no volume at all.