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FeeManager

The FeeManager contract handles fee configuration and revenue distribution between the protocol treasury and vault curators.

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Fee Parameters

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Revenue Split

All collected fees are split between two recipients:
  1. Protocol Treasury — minimum 20% of all fees
  2. Curator Wallet — up to 80% of all fees (set at vault creation)
For oracle-driven vaults (politician trackers), 100% goes to the protocol treasury.

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Share Dilution

Management and performance fees are collected by minting new vault shares to fee recipients. This dilutes all shareholders proportionally:
These shares are split according to the revenue split ratio and sent to the protocol treasury and curator wallets.

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High-Water Mark

Performance fees use a high-water mark (HWM) mechanism:
  • The HWM tracks the highest share price ever achieved
  • Performance fees are only charged on gains above the HWM
  • After a drawdown, no performance fees are charged until the previous high is exceeded
  • This prevents double-charging investors who experience losses