Fees

Protocol Fees

MORE Vaults does not currently collect fees and has not activated the fee switch. Only MORE DAO can activate the fee switch via an on-chain vote. All protocol fees are and will be calculated as a percentage of vault fees taken by vault owners.

Vault Fees

MORE Vaults will support five fee types, of which only one, performance fees, is currently available to vault owners. Vault owners may set fees regardless of whether the DAO fee switch is on. Each vault owner decides which fees apply to their vault and at what rate, subject to the caps set by governance.

Fee	When taken	Paid in	Default	Current availability to strategists
Management	Every call of submitActions()	Newly minted shares	0 bps	No
Performance	On profit over last high‑water mark	Accounting asset skim	0 bps	Yes
Transaction	Each strategy call that moves assets	Accounting asset skim	0 bps	No
Deposit	Each deposit at batch finalisation	Accounting asset skim	0 bps	No
Withdraw	Each withdrawal during redeem()	Accounting asset skim	0 bps	No

Management Fees

This fee type is not yet available. A management fee is a continuous charge on the vault’s total value under management. When enabled, the fee accrues block‑by‑block and is paid in shares that are minted to the fee recipient during each accounting sync. This fee is optional. A vault owner may leave it at zero to keep the vault cost‑free for depositors.

Performance Fees

Performance fees skim a percentage of net profit since the last high‑water mark. The fee is calculated upon the execution of submitActions() and paid in newly minted shares. Vault owners are free to configure a rate, but are subjected to fee caps set by DAO governance.

Transaction Fees

This fee type is not yet available. A transaction fee takes a small cut of every strategy call that moves assets. The fee is deducted in‑line and routed to the fee recipient before the rest of the assets continue through the transaction. Like management fees, transaction fees remain at zero unless the vault owner activates them within the scope of DAO governance-enforced caps.

Deposit Fees

This fee type is not yet available. A deposit fee deducts a fixed percentage of each user’s incoming assets at the moment their batch is finalised. The skimmed amount is transferred directly to the fee recipient. Shares are minted only for the net amount. Vault owners might use deposit fees to discourage rapid in‑and‑out farming or to cover onboarding overhead.

Withdrawal Fees

This fee type is not yet available. Withdrawal fees work the same way as deposit fees in reverse. When a user calls redeem(), the vault calculates the assets owed, deducts the fee, and transfers the remainder. Because the fee is applied after the exit timelock, users always know the exact net amount they will receive. Strategists can set this fee to offset slippage or liquidity provider penalties incurred during large exits.

Fee Negotiations

When the DAO turns on the fee switch it also decides what share of each vault’s fees flows to the protocol treasury. Because the split is set per vault and per fee type, vault owners can negotiate fees before or after activation.