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Concepts

Currency pools

One pool per stablecoin, shares in that currency, and what pools earn.

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One pool per stablecoin

Each pool holds one token: the USDC pool holds USDC, the EURC pool holds EURC. A payment in that currency is routed into the pool's vault and paid out from there, and what it earns stays in the pool.

USDC poolholds USDCshares count in USDCEURC poolholds EURCshares count in EURCdeposit USDC, withdraw USDCdeposit EURC, withdraw EURC
Each pool holds one stablecoin. You deposit that token, your shares are counted in it, and you withdraw the same token.

Shares

Depositing into a pool mints shares; withdrawing burns them for the same token.

  • The first deposit mints one share per smallest token unit.
  • Later deposits mint amount × shares outstanding ÷ pool balance.
  • A withdrawal pays shares × pool balance ÷ shares outstanding.

Shares are recorded in a position account tied to your wallet and the pool. They aren't a separate token, and they can't be transferred.

What a pool earns

When a payment goes out of a pool, a market route first delivers the payment plus at least 1 basis point more into that pool. After the recipient is paid, everything the route delivered beyond the payment is the pool's earnings.

20% of earnings is set aside as protocol fees, which go to buying $FERRY on the market and burning it; see Token. The rest stays in the pool, which raises the value of every share. Fixing settlements credit their earnings to both of the pair's pools the same way.

Withdrawing

You can withdraw at any time, in whole or in part. Withdrawals stay open even while sends are paused.

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