Manage Fees

Vault V2 supports two fee types that are configured directly on the vault:

Management fee: a continuous fee charged on vault assets over time.
Performance fee: a fee charged on the vault's positive performance.

Unlike previous versions, there is no external rewards registry or curator registration. Fees are managed directly by the vault and accrue automatically as newly minted vault shares.

Since vault shares represent ownership of a yield-bearing vault, fee receivers are compensated in vault shares rather than the underlying collateral.

Management Fee

The management fee can be configured through setManagementFee.

vault.setManagementFee(fee, receiver);

Where:

fee is the management fee rate.
receiver is the address receiving the newly minted vault shares.

Only addresses with the appropriate permission can update the management fee.

Performance Fee

The performance fee can be configured through setPerformanceFee.

vault.setPerformanceFee(fee, receiver);

Where:

fee is the performance fee rate.
receiver is the address receiving the newly minted vault shares.

Only addresses with the appropriate permission can update the performance fee.

Fee Accrual

Fees accrue automatically through the vault's accounting logic. Whenever the vault updates its accounting, it calculates any accrued management and performance fees and mints the corresponding amount of vault shares to the configured fee receivers.

Because fees are paid in vault shares, the vault does not need to withdraw collateral from adapters or other yield-generating strategies. Instead, the fee receiver becomes a shareholder of the vault, while the ownership of existing depositors is diluted proportionally.

Realizing Fees

There is no separate fee claiming process in Vault V2.

Fee receivers obtain vault shares automatically as fees accrue. These shares behave like any other vault shares and can be redeemed or withdrawn through the standard vault withdrawal flow, subject to the vault's withdrawal conditions and available liquidity.