Fees & LP rebate
eUSD has no mint or redemption fee. Its revenue is the stability fee, and most of it goes back to minters who put their eUSD to work as liquidity on Fables. The protocol's other income is the trading fees of $MONEY.
Where the stability fee goes
Every manager charges 8% a year on the eUSD you minted. The fee is minted to the protocol treasury as eUSD and split three ways:
| Share of the 8% | Goes to |
|---|---|
| Up to 5.5% | The LP rebate: bribes on the eUSD pools on Fables, paid in eUSD |
| 2% | eUSD stakers, through the seUSD vault |
| 0.5% | Protocol fee |
So a minter who provides their eUSD as liquidity on Fables pays about 2.5% net. The app shows both numbers next to the stability fee.
LP rebate on Fables
Fables is a ve(3,3) exchange on Robinhood Chain built on Uniswap v4 hooks. eUSD trades there in eUSD/USDG, SPY/eUSD and ETH/eUSD pools.
Who gets it
Anyone who mints eUSD and provides it as liquidity in a Fables eUSD pool, and stakes that position in the pool's gauge. Unstaked positions keep their swap fees but do not earn emissions, so they do not get the rebate.
- Mint eUSD against any collateral on own.money/mint.
- Provide liquidity with your eUSD in an eUSD pool on Fables.
- Stake the position in the gauge (the last step of the Fables deposit flow, or from Portfolio later). Staked liquidity earns FABLES emissions while it is in range.
How it is paid
The rebate is paid as FABLES emissions, boosted by Own's bribes. On Fables, veFABLES holders vote each week on which pools get emissions, and bribes reward the voters of a pool. Own's treasury posts bribes in eUSD on the eUSD pools, funded by the stability fee (up to 5.5% of the 8%) and by part of the $MONEY trading fees. The bribes draw votes to the eUSD pools, and the votes send FABLES emissions to the people staking eUSD liquidity there.
$MONEY fees
$MONEY trades on the Pons launchpad, paired with SPY. Its trading fees are collected onchain by the MoneyFeeCollector (0xb6bcAFB905CE0648A71F6D43155d5d53a2B08154). Part of the fees buys back $MONEY on Pons, and both the bought-back $MONEY and the rest of the fees, in SPY, go to the treasury.
The treasury uses them for:
- $MONEY staking yield: the reward reserve of the sMONEY vault.
- FABLES bribes: on top of the stability fee, for the eUSD LP rebate.
- Protocol operations.