Core concepts
Fees
Converting a token into its own components costs nothing. Using someone else’s liquidity does.
Unlockable charges no fee to split, merge, claim or redeem — those are conversions, not trades, and there is no counterparty to pay. Fees apply where a market is used: trading PT or YT, swapping, and borrowing inside a loop.
| Action | Fee | Goes to |
|---|---|---|
| Split / merge | None | — |
| Claim / redeem | None | — |
| Trade PT or YT | Pool swap fee | Liquidity providers |
| Swap stock ↔ USDG | Pool swap fee | Liquidity providers |
| Loop borrow | Borrow rate | USDG suppliers |
| Any transaction | Network gas, in ETH | Robinhood Chain |
Where the fees end up#
Trading and swap fees accrue to the pool that made the market, which is why a pool position earns a fee APR on top of whatever fixed return its PT inventory carries. Nothing is routed to a separate treasury.