Fees

All SEAL protocol fees launch at 0%. The later swap and private-margin defaults below are policy targets after sufficient trading volume, not active rates or automatic switches. Network gas, lending interest, flash-loan premiums, DEX fees and optional execution-service charges are separate.

Activation and authority

The volume threshold, measurement window and deployment scope must be published before scheduling the later defaults. They have not yet been selected. Fees remain zero until that policy is adopted and the onchain notice completes. There is no onchain volume oracle or automatic activation; volume is a governance commitment. Contract caps are technical limits, not the intended rates.

The guardian multisig schedules increases. Every increase waits fourteen days; replacing a proposal restarts the full delay. Decreases apply immediately and pending changes can be cancelled. Activation is permissionless only after the notice expires. Public margin remains free under the planned policy, although its contract permits a separately noticed increase within its cap.

ProtocolFees has five rate kinds and optional per-asset yield overrides. Overrides share the 10% yield cap and the same increase delay. An override remains explicit when the default changes. Effective changes increment the policy version and invalidate outstanding swap authorizations; scheduling alone does not. MarginFees has separate private and public closing rates, and each closing action signs its own maximum fee.

Production uses one guardian Safe for asset admission, swap routes, fee proposals and fee receipts. It cannot pause user assets or recover them administratively. The guardian address is immutable across the pool, swap adapters and margin fee policy. Its signers and threshold can change through the Safe’s existing quorum; the fee recipient cannot be replaced independently.

What is charged

Yield fees apply to additional underlying Aave token units earned above the adjusted loss-recovery baseline, not principal or recovery of earlier losses. Custody assets have no performance fee. Applying the default yield rate first checkpoints every eligible reserve at its old effective rate. Applying an individual rate checkpoints only that reserve, including any gains during its zero fee period. Existing fractional earned fees retain their accounting treatment. Embedded wstETH appreciation is not separately priced in stETH or USD.

A deposit charges floor(grossPoolDeposit * depositBps / 10000) and deposits the remainder into the vault. Only the remainder earns shares. For an authorized relayed deposit, the adapter first deducts its separately signed execution fee; the pool fee applies to the amount actually received by the pool. Accrued deposit fees remain in a separate underlying ledger and can be claimed only to the current guardian. A blocked guardian does not prevent deposits.

A public withdrawal charges each withdrawn asset independently: floor(redeemedUnderlying * withdrawalBps / 10000). The recipient receives the redeemed amount minus that privacy fee and any separately authorized intent service reimbursement. Minimum receipts apply after both deductions. Fees remain outside vault backing in a separate guardian ledger; a later pull pays only the designated guardian. A blocked guardian does not block user withdrawals. Zero fees cause no extra token transfer. The pool has no administrative pause.

Both ends of a stablecoin swap must have the immutable stablecoin flag set at registration. Names, symbols, intermediate routing assets and current market prices do not select the tier. Other pairs use the other-assets tier. Each logical swap charges floor(input * tierBps / 10000) once, irrespective of DEX hop count. DEX liquidity fees and price impact are additional. Swap fees accrue for later guardian withdrawal.

The pool recognizes only the canonical immutable adapters created through its fee policy's linked SwapAdapterFactory for exemption from ordinary exit fees and from deposit fees on mandatory redeposits. These must atomically re-deposit purchased tokens and input change. SEAL does not deploy a general external action adapter; merely implementing a compatible interface grants no exemption. Public intent service payouts from swaps additionally accrue floor(relayerReimbursement * withdrawalBps / 10000) to prevent using a large reimbursement to evade exit fees. This component is disclosed separately in quotes. Users may still choose an ordinary exit followed by an external trade; in-pool swap fees cannot prevent that economic alternative.

Margin settlement

CLOSE and REDUCE charge floor(actualGrossCollateralWithdrawn * marginBps / 10000), in the withdrawn collateral token. The base is the actual amount returned by Aave before debt settlement, not net equity or an oracle-valued position. A partial reduction pays only on the collateral it withdraws. Underlying debt-settlement swaps do not also pass through the SEAL swap-fee adapter.

The account enforces the signed maxProtocolFee; user minimum receipts apply after protocol and execution fees. Exceeding a limit reverts the whole action, including debt changes and nonce consumption. Each batch step is charged independently, and failure of any step reverts the batch. Pending-shield closes deduct the fee once; later shielding or withdrawal of those settled proceeds is free of another margin fee.

Margin adapters accrue fees in a separate ledger. Anyone can trigger collection, but only the configured guardian receives accrued amounts. Unrelated token balances cannot be swept. A blocked guardian transfer does not block closing a position.

Revenue examples

These figures use fee-bearing volume for the same period and assume the later defaults have been activated. Launch revenue from SEAL protocol fees is zero.

Combined revenue is 0.05% of regular swap input plus private-margin closing collateral, plus 0.01% of stablecoin swap input. Public margin contributes zero. Do not count a margin debt-settlement swap again. These are gross protocol fees before guardian expenses; token-denominated receipts need a consistent USD valuation.

Funding activity and privacy

Protocol revenue is intended to fund useful actions inside the pool, including subsidized private payments, claims, settlement and transaction submission. The objective is to reduce participation costs and support sustained activity by independent users. Guardian spending is a governance policy: the contracts collect fees but do not earmark them, set an allocation percentage or automatically execute funded actions. Any budget, eligibility rules and service reimbursements must be published separately.

More transactions do not imply proportionally more anonymity. A useful increase requires additional plausible, indistinguishable candidates for the particular observer and spend. Guardian controlled accounts, repeated self transfers and activity whose inputs are known to a cooperating operator may add little or no uncertainty. Timing, asset, public amount, input kind, service metadata and participant collusion still constrain the effective set. Funding should favor genuine use and broad participation; reports should distinguish actions funded from independently supported privacy measurements. No reward or token issuance is implemented.

Intent service quotes

A small execution fee to cover gas applies. Review the current quote before submitting your intent for execution. This fee is separate from onchain protocol fees. Direct submission pays network gas without an execution service charge.