| Performance fee | Your choice, 10–30% (HWM-protected, per-LP cost basis) |
| Fee split | 90% manager / 5% protocol / 5% insurance (pre-Phase 3, insurance share rolls to protocol) |
| Manager stake | 5% of expected initial TVL, locked 3 months, visible on-chain |
| Initial TVL cap | 50K–250K, sized to track-record strength |
| TVL cap review | Quarterly, based on proven on-chain performance |