Fees
One fee on $RENT trading funds the vault. Holders pay none.
What you pay as a holder
Depositing and cashing out cost nothing beyond gas. The vault charges no entry fee, exit fee, management fee or performance fee, and the contract has no function that could take one from its USDG.
At an unchanged price, the only difference between what you put in and what you take out is ERC-4626 rounding of at most 0.000001 USDG, and that fraction stays in the vault.
The rates that fund the vault
| Item | Rate | Where it is set or shown |
|---|---|---|
| $RENT creator fee | 1% of every $RENT trade on Pons 2 | RULES.tokenFeeBps = 100 in site/js/config.js. Pons 2 applies the fee. |
| Operator share | 0% of the converted USDG | RULES.operatorBps = 0 in site/js/config.js, and the operator_bps column of every Roll. |
| Conversion | At market | The claimed ETH is swapped to USDG once a month. The Roll records the rate. |
The creator fee
Every buy and every sell of $RENT on Pons 2 pays a creator fee. The fee accrues in ETH on Pons until the operator claims it into the owner wallet. The operator claims during the month, converts the ETH to USDG and adds the USDG to the vault on rent day. That is the vault's only income.
The rate belongs to Pons 2. The site's configuration records it as 1% so the site can show it. If Pons 2 applies a different rate, site/js/config.js is changed to match and the site shows the new figure.
The fee is charged on trades whichever way they go, so what matters to the vault is how much $RENT changes hands. A month with heavy trading pays more than a quiet one, whatever the $RENT price does.
The operator share
The operator keeps 0% of the converted USDG. Each Roll's settlement row states the rate as operator_bps and the amount as operator_cut, and two identities tie them together:
operator_cut= floor(usdg_received×operator_bps÷ 10,000)usdg_to_vault=usdg_received-operator_cut
With operator_bps at 0, the cut is 0.000000 and every USDG the swap produced goes into the vault. A change to the rate would show in operator_bps on the next Roll, and you could check the cut against it.
Conversion
The fee arrives in ETH and the vault holds USDG, so the operator swaps the month's claimed ETH to USDG on Robinhood Chain before rent day. The Roll records usdg_received, the USDG the swap delivered, so any cost inside the swap is already reflected in that figure. The rate in the Roll is usdg_received divided by eth_converted, truncated at six decimals.
Worked example
Sample month 1, from the sample fee data: a vault holding 1,000,000 USDG against 1,000,000 vRENT, and $RENT trading that paid fees on 27 days. These are illustrative figures, not results.
| Line | Value |
|---|---|
| ETH claimed, in 5 claims | 1.845187000000000000 |
| USDG received from the swap | 5,756.983440 |
| Rate, USDG per ETH | 3,120.000000 |
| Operator share | 0 bps, 0.000000 USDG |
| USDG to the vault | 5,756.983440 |
| Vault USDG | 1,000,000.000000 to 1,005,756.983440 |
| Price | 1.000000000000 to 1.005756983440 |
The price rose by 5,756.983440 USDG divided by 1,000,000 vRENT. Roll format lists the precision of every figure.