Staking & yield
Stake your fund tokens to earn more fund tokens. The rate steps up when the fund trades above NAV, and stakers also share the premium that pool buyers pay.
| Property | Detail |
|---|---|
| You stake | Fund tokens (you receive the fund's staked token) |
| You earn | New fund tokens, added to your stake hourly |
| Lockups / cooldowns | None for tokens you stake yourself. Launch tokens and direct mints carry their own short locks |
| Rate | Set by the fund's premium to NAV, in steps (yield tiers) |
| On top | A share of the Premium Pot, and the Premium Boost for direct minters |
Your staked balance is a share of the staking vault. Yield is added to the vault, so each share is worth more fund tokens over time. Unstake whenever you like and you get the fund tokens back, yield included.
Tier yield
Stakers earn a yearly rate (APR) that depends on how far the fund trades above its NAV. The defaults:
| Fund trades at | Staker APR |
|---|---|
| Below NAV | 0% |
| NAV up to 1.25× NAV | 12% |
| 1.25× to 2× NAV | 24% |
| 2× NAV and above | 48% |
Each fund sets its own tiers (up to eight), and they can change over time; the fund page always shows the live tiers and highlights the current one. The rate is read from the keeper's 30-minute price average, not a single trade, and a stretch of time is always paid at the lower of the rates at its start and end, so one spike can't buy a high rate. Yield is capped at 3% a day whatever the tiers say.
Where it comes from. Tier yield is paid in newly minted fund tokens. Its value comes from the holders who don't stake and from the premium buyers pay; the more of the supply is staked, the more of the headline rate is new tokens rather than new value. That is why the rate only turns on at NAV and climbs with the premium: the yield is paid out of demand.
Pool issuance and the Premium Pot
When buyers push the pool price above NAV (from 1.01× NAV by default), the keeper issues new fund tokens and sells them into the pool:
- About 1% of supply for each doubling of the price below 2× NAV, 2% from 2× to 5×, and 3% above 5×, with at most 5% of supply an hour.
- The USDG from the sale goes to the fund.
- Of the premium over NAV on what was sold, 75% goes into the Premium Pot and 25% stays as backing, raising NAV.
- The Pot drips to all stakers over 7 days. It is variable: it grows when people buy above NAV and falls to zero when they stop.
Worked example
A fund has 1,000,000 tokens, NAV of $1.00, and 500,000 tokens staked. Buyers push the pool from $1.00 to $2.00, one doubling.
| Step | Amount |
|---|---|
| Tokens issued (1% of supply per doubling) | 10,000 |
| Sold at an average of about $1.50 | $15,000 USDG to the fund |
| Premium over NAV | $15,000 − $10,000 = $5,000 |
| To the Premium Pot (75%) | $3,750, as 3,750 fund tokens at NAV |
| To backing (25%) | $1,250, so NAV rises for every holder |
You stake 10,000 tokens, 2% of the stake, so over the next 7 days the Pot adds about 75 tokens to your stake. At the 24% tier, your tier yield over the same week is about 46 tokens (10,000 × 24% ÷ 52).
Premium Boost
Direct minters get a personal boost on top: 75% of the premium they paid, returned as staked tokens over time. See Direct mint and the Premium Boost.
Yield minted on top: curators and referrals
- Curator yield. On top of what stakers earn, the fund mints its curators a share of it (15% by default). Stakers keep their full tier rate; the curators' share is minted in addition. See how curators are paid.
- Referral yield. A fund can also mint a referral share on top (up to 30% of staker yield) to a referral wallet that rewards members whose referral links bring people in. It too is added on top, not taken from stakers.
Staking LP positions
If you provide liquidity to the fund's pool, you can stake a full-range Uniswap v4 position NFT. It earns the staking rate on the fund tokens inside it (the USDG side earns nothing), and you keep collecting your swap fees. Staked LP positions don't vote and earn no bribes.