Protocol fees

Aureus does not generate gold yield: PAXGy does. Aureus earns when that yield is traded through it. The more gold yield changes hands, the more the protocol earns.

Planned model

Fee levels are not set yet, and no protocol fees are charged on testnet. The model below describes where revenue would come from, not specific rates.

Revenue sources

Source	How it works	When
Trading fees	Every PT or YT swap pays a fee, split between liquidity providers and the protocol.	Mainnet (Phase 2)
Yield fee	A small share of the yield that YT holders collect.	Mainnet (Phase 2)
Institutional execution	Fees on RFQ trades for larger notionals.	Institutional markets (Phase 4)

What drives revenue

• Trading volume in PT and YT across maturities.
• Amount of gold yield held as YT, since the yield fee applies to it.
• Institutional flow once the RFQ and professional market makers are live.

Why users would pay

Each fee is paid for something users cannot get by holding PAXGy alone: yield paid upfront, a locked rate, exposure to gold rates, or execution at size.

Liquidity providers

LPs earn their share of the trading fees on the pools they supply. No token rewards are promised. See Liquidity and pools.