Opening fee
Worked on 1 SOL of principal, from the market config on chain
FENRO token
Holding FENRO lowers the opening fee of every loan you take. Interest is set by each lender and is the same with or without the Fee Pass.
Checked by the market inside the transaction that opens your loan
Fee Pass opens with the FENRO token
Once the FENRO token address is published, the market registers it and reads your FENRO in the same transaction that opens a loan. There is nothing to sign up for.
Worked on 1 SOL of principal, from the market config on chain
Opening fees are where FENRO's service revenue comes from
Service revenue
Opening fees
Paid by the borrower inside the take transaction, into a fee vault kept apart from every loan's principal and collateral. A separately agreed rematch adds its own fee.
Weekly costs
Up to 40% of the week's fees
RPC, indexing, hosting and security, recorded per week. Costs above the cap come out of the team share.
Settled every week
Net service revenue
Fees received minus applied costs, settled after each week closes at Monday 00:00 UTC.
Not revenue: a lender's principal, the flat interest and the collateral move only between the borrower and the lender of that loan. They do not pass through the fee vault, the Holder Vault or Reserve Buys.
Three uses, one revenue source
Hold FENRO, pay a lower opening fee on every loan.
Stake FENRO; after the warm-up it claims a share of net service revenue every week, in SOL and USDC.
A fixed share of net service revenue buys FENRO on market into the dev wallet, which holds it. Every buy is on Solscan.