Fees & Revenue

How csUSDL generates protocol revenue and aligns long-term value capture with the growth of the Coinshift economy.

Revenue Streams

Coinshift generates protocol revenue through two primary streams, all enforced transparently onchain:

1. USDL Minting Fee Share

Through a direct partnership with Paxos International, Coinshift earns up to 0.2% on all USDL minted via the csUSDL platform.

📈 Example: A 20 bps share on $16 billion AUM would generate $32 million per year in revenue.

This model aligns Coinshift’s growth with USDL adoption and creates a stable revenue base.

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2. Vault Performance Fee

Coinshift may charge a performance fee — a share of the interest borrowers pay to access wUSDL from the vault. csUSDL currently charges 0%, encouraging capital inflow and growth.

In the future, SHIFT holders will govern this parameter. The target range is 5–10% of borrower interest.

📈 Example: At a 10% performance fee on a 2% borrow APY, Coinshift earns an effective 0.2% on AUM — or $32 million annually at $16B AUM.

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Current Fee Structure (csUSDL)

Fee Type	Rate	Description
Mint Fee	0%	No fee when minting csUSDL
Redemption Fee	0%	No fee when redeeming csUSDL
Performance Fee	0% (governed)	Set by governance. Target range: 5–10% of borrow interest
AUM Fee	0.2% annualized	Charged on idle wUSDL held in the vault

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Strategic Revenue Alignment

Coinshift’s revenue model is designed to grow alongside csUSDL adoption and vault usage:

• As more users mint USDL via Coinshift, stable revenue grows through the minting fee share.

• As vault utilization increases, performance fees scale with lending demand.

This value flows back to the network through the SHIFT token economy. Governance may direct protocol revenue toward:

• SHIFT buybacks and burns to reduce token supply

• Treasury accumulation for future development and stability

• Contributor incentives and partner programs that increase adoption

The more csUSDL is used, the more value is generated — and the more SHIFT reflects that growth.