No fees on deposits, withdrawals, or yield
Strip does not charge a protocol fee on deposits, withdrawals, or harvested yield. There is no management fee and no performance fee. Principal enters through StripVaults, Principal Tokens represent deposited value, and realized yield follows the fixed routing rule: half compounds back into the vault, half buys and burns STRIP. Yield is not taxed at the protocol level; it is routed. The treasury earns only when the system generates market activity.Swap fees
PT/STRIP pools charge a fixed 0.3% swap fee on every trade. The v4 hook splits the fee inside the pool, on every swap, with no manual claiming and no governance distribution step:
Fees are routed the moment activity happens. The split is enforced by the hook; there is nothing for the protocol to decide later. This split applies to the canonical PT/STRIP pools. The protocol-seeded STRIP/USDC convenience pool is a plain pool with no hook: its fees accrue to the position itself, and it receives no emissions. See PT/STRIP Liquidity.
Two income paths for liquidity providers
The split creates a deliberate distinction. LPs earn the 10% reserve share through their PT/STRIP liquidity, and their staked sWLP competes for STRIP emissions and Lockless Boost. But LPs are not automatically entitled to the 70% stSTRIP flow by providing liquidity alone; they capture it by staking earned or acquired STRIP into stSTRIP. Liquidity earns STRIP. Staked STRIP captures protocol fee flow. This adds a layer of alignment between liquidity provision, STRIP ownership, and protocol activity.The first layer: vault performance sets each budget
The first layer is a measurement: each vault’s productivity, APR × TVL, determines the combined share of every day’s emissions that its two venues receive. Vaults producing more yield per dollar of capital command larger budgets for their venues. This rule comes first because it points incentives at the thing the whole system runs on: realized yield. As vaults grow or yields move, the budgets adjust with them.The second layer: the venue split
The second layer divides each budget between the vault’s two venues: PT staking and staked sWLP (PT/STRIP liquidity). This split never moves emissions between one vault’s venues and another’s; it only shapes how the budget that vault’s performance earned is spent. The split follows the published policy described in full on Launch Phases:- During Genesis, 100% flows to PT staking; the liquidity venues do not yet exist because no participant holds STRIP.
- In the absorption window after claims open, the split moves to roughly half and half, tuned further toward liquidity if depth builds slower than expected.
- In steady state, the split is governed by a depth target: aggregate STRIP reserves across the canonical pools at or above the greater of roughly 21 days of realized claim flow, or 10% of circulating STRIP. When reserves fall materially below the target, individual vaults tilt their internal splits toward their LP venues; when reserves exceed it, splits tilt back toward staking. Vault-level budgets are never touched to chase depth.