Fees & costs
A complete breakdown of what interacting with Everstrat costs you — protocol fees, the bonding curve premium, performance fees, gas, and slippage.
Testing phase — treat as a test protocol
Everstrat is deployed on Ethereum mainnet (chain id 1), but it is in a testing phase and should be treated as a test protocol. Entry is invite-gated, the software is experimental and unaudited, and deposits are real ETH at real risk. Do not deposit more than you can afford to lose entirely.
Here is everything that affects how much ETH you actually receive relative to what you put in.
Cost breakdown
| Cost | Paid to | Amount |
|---|---|---|
| Protocol fee on deposit | — | None |
| Protocol fee on exit | — | None |
| Entry premium (bonding curve) | Existing EVE holders | Difference between premium price and base price |
| Performance fee | DAO treasury | A configurable bps rate (max 20%) on accrued Uniswap V3 LP trading fees, settled by minting EVE (diluting existing holders) |
| Gas | Ethereum mainnet validators | Standard network gas |
| Slippage | — | Price movement between quote and execution |
No protocol fee on deposit or exit
The Everstrat AMM does not charge a protocol fee when you deposit ETH or when you burn EVE. Your full
deposit is forwarded to the protocol, and the full ETH value of your EVE is redeemed on exit. This is
confirmed in the contract code — there is no fee deduction in the enter() or exit() paths.
The entry premium — a real cost, not a protocol fee
When you deposit, you pay the premium price. With the snapshot's connector weight of 0.9, it is higher than the base price (net NAV / live supply); at weight 1 the prices equal. See Pricing & the bonding curve for the formula and a worked example.
The gap between the premium price you pay and the base price is not money paid to the protocol. It is distributed to all existing EVE holders by slightly increasing the NAV backing each EVE already in circulation. This is how the bonding curve incentivizes early participation and discourages rapid in-and-out cycling. It is still a real cost to you as a new depositor — you are paying above the current redemption value of EVE.
Performance fee
The strategy earns yield from Uniswap V3 trading fees on its LP position. The protocol charges a
performance fee on those accrued trading fees — a configurable bps rate set on the
StrategyManager (capped at 20%, MAX_PERFORMANCE_FEE_BPS = 2000).
Key details:
- The fee applies to accrued Uniswap V3 LP trading fees in the strategy — not to NAV growth, not on a high-water mark. If the strategy has not earned trading fees, no fee accrues.
- The live rate is 15% (
1500bps), enabled through governance decision 014 on 26 September. This was rechecked at the dated deployment snapshot. Governance can set it from 0 to 20%; 0 disables harvesting. - Settlement does not move ETH out of the protocol and does not involve the Converter.
Instead, the StrategyManager mints EVE to the DAO treasury using bonding-curve dilution:
evesToMint = (feeETH × liveSupply) / (totalNAV − feeETH). Live supply excludes the EVE in in-window priced, unprocessed redemption requests. - The result is that existing EVE holders are diluted proportionally — the treasury takes a larger slice of NAV, and every other holder's slice shrinks by the same fraction.
This fee does not appear as a separate charge on your account. You experience it as gradual dilution over time as the keeper harvests. For the full mechanics, see Strategies & yield.
Gas
Every on-chain interaction — deposit, exit submission, and claim — costs gas. Ethereum mainnet gas fees vary with network demand. On a queued exit, you pay gas to submit and to claim. (The keeper pays gas to price and process the batch.)
Slippage
Price can move between the time you request an action and the time it settles:
- On deposit: controlled by
minTokensToMint. If you would receive fewer EVE than your floor, the transaction reverts. - On exit submission:
maxTokensToBurncaps the EVE input for the requested ETH, both for immediate burning and queued escrow. - On queued exit: controlled by
priceTolerance. If the settled price has dropped more than your tolerance, your request is closed for slippage and your EVE is returned.
Neither of these is a fee — they are protections against adverse price movement, not charges.
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