Business model

Feasy charges one fee: a share of the BTC profit the vault actually earns. There is nothing on deposits, withdrawals or assets held.

Setting	Value
Performance fee, `feeBps`	10% of profit
Cap in the contract	20%
A rise	Waits 30 days, longer than the slowest exit
A cut	Applies at once
Paid to	The Booster, as fBTC shares

On testnet the 10% fee starts on Dec 10, 2026. Until then feeBps is 0 and nextFeeAt shows the date.

How the fee is taken

Every deposit, withdrawal, rebalance, harvest and sync runs a checkpoint. It compares the vault’s raw assets with the total it recorded last time. A gain first wins back earlier losses, and only the rest pays the fee:

\text{fee} = \varphi \cdot \max(0,\ g - d)

$g$ is the gain since the last checkpoint.
$d$ is the deficit, the BTC lost and not yet won back.
$\varphi$ is feeBps.

The fee is minted as fBTC to the fee recipient. Its shares are priced on raw assets, so they take no part of profit that is still unlocking. The rest of the gain reaches holders over 7 days, like any profit.

Only on new highs

Every loss adds to the deficit, and later gains pay it down before any fee. The deficit is kept per share. A deposit or an exit scales it with the share supply, so nobody can erase it by joining or create one by leaving.

So the fee only applies while the share price is above its previous high. Nobody pays on a loss, or on earning a loss back.

Revenue

Revenue is the fee on what the pool earns:

R = \varphi \cdot \text{TVL} \cdot y

At the design settings the BTC yield is about $y \approx 0.368\,(r_s - r_b)$ . That is $(1 - b - s) / \text{CR}$ with a 3% buffer, a 5% sleeve and 250% collateral. See Economics.

TVL	Revenue a year at a 1-point spread	At a 3-point spread
100 BTC	$2.9k	$8.8k
1,000 BTC	$29k	$88k
5,000 BTC	$147k	$442k

BTC is taken at $80k. A depositor keeps the other 90%:

Spread	Depositor BTC yield a year
1 point	0.33%
2 points	0.66%
3 points	0.99%
5 points	1.66%

These are formulas at assumed rates, not forecasts. Feasy runs on Mezo testnet today.

Capacity

Revenue grows with TVL and with Mezo’s savings rate. But the loan side can only grow as far as sMUSD’s income carries it, and Feasy’s own MUSD dilutes that income. At an assumed $0.07–0.2M a year of sMUSD income from outside Feasy, shared by about 1.3M sMUSD held by others on mainnet, a 1-point spread over the 1.1% loan holds up to roughly 70 to 280 BTC of TVL at $80k a BTC. Past that the spread guard stops new borrowing.

The Mezo loop is the upside on top: MEZO from the sMUSD gauge, and veMEZO boosting the vault’s own veBTC.

Where the fee goes

The fee shares sit in the Booster as protocol revenue. Only the vault’s owner can move them out, through its 24-hour timelock. The Booster’s veMEZO lock never leaves it.

Compared with others

Product	Fee
Bitcoin staking validators	3 to 8%
Feasy	10% of profit
Resolv	10% of profit
Convex	17%, capped at 20%
Instadapp Lite	20%
Acre	20%, plus a 0.2% withdrawal fee
Morpho and Euler curators	0 to 50%, usually 0 to 20%

At 10%, Feasy sits between Bitcoin staking validators and active strategy vaults.