Skip to main content

​
Capital flow

​
Shield sleeve

The shield sleeve holds Aave V3 aUSDe. Deposits automatically supply the target portion to Aave, and totalAssets() counts both idle USDe and aUSDe.

​
Liquid and hedge sleeve

The vault keeps a liquid target for withdrawals and strategy operations. A separately funded Bybit account can hold a policy-capped ETHUSDT short. Exchange collateral is not transferred from the vault by the smart contract.

​
Profit hardening

External strategy profit only becomes vault profit when the keeper returns USDe and calls hardenProfit. The contract transfers the configured performance fee to treasury, keeps the net profit for shareholders, and rebalances the vault.

​
Business model

MolQ charges:
  • No deposit fee.
  • No withdrawal fee.
  • No fee on unrealized PnL.
  • A 10% fee on realized external profit hardened into the vault.
The contract caps the performance fee at 20%.
Aave interest increases the vault’s aUSDe balance and therefore the value of mqUSDe. The separate performance fee path applies to external alpha profit.