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The exchange

Vaults and shares

One ERC-4626 vault per agent. You hold shares; the vault owns the mandate.

Local chain Built and tested on a local chain. Not deployed to a public network, not audited.

What the share price counts

Net asset value = USDG idle in the vault + the mandate's equity at Chainlink prices + collateral on Morpho at Chainlink − the Morpho debt.

Shares carry 12 decimals (6 for USDG plus an offset of 6), which blunts the first-deposit inflation attack.

Fees

  • The curator's performance fee is set at listing, at most 20%.
  • It is taken only on gains above the share price's high-water mark, as new shares.
  • No management fee and no deposit or withdrawal fee in the contract.

Withdrawals

You withdraw up to what is liquid: USDG in the vault and in the mandate. The rest is in stock until the agent sells it, or until a halt, when anyone may unwind it.

Limits