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Everything that affects what you pay and how you exit, in one place. IX-CORE follows OpenZeppelin’s ERC-4626 fees pattern, so a preview* call always equals the actual result — there is no hidden slippage.

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Fee schedule

These are the testnet defaults. All four parameters are admin-settable, capped at 100%, and change through governance; the current on-chain values are always readable on the vault contract.

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How the management fee works

The management fee is streamed, not charged in lumps: on every deposit, redeem, and parameter change (and on an explicit pokeFees()), the vault mints a tiny number of shares to the fee recipient pro-rata to the time elapsed since the last accrual. The effect is a smooth, predictable dilution rather than a periodic deduction — and because it is settled before any parameter change, a rate change never applies retroactively.

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Redemption terms

IX-CORE redeems at NAV. Because a liquid token sits on top of illiquid hardware, payout is tiered:
1

Instant, up to available cash

If the amount owed is within availableCash (vault balance minus the reserve floor), you’re paid immediately.
2

Queued, FIFO

Larger exits burn your shares now and join a first-in-first-out queue. Your NAV is locked at redemption time; only the cash timing is deferred.
3

Funded from the vault + smoothing reserve

A keeper processes the queue (processQueue), or you pull your own request (claim) once the vault balance plus the smoothing reserve can cover the head of the queue.
  • No lock-up. There is no minimum holding period; redemption is constrained only by available liquidity.
  • No secondary market yet. An AMM listing for instant secondary exit is a pre-mainnet roadmap item; until then, redeem-at-NAV is the exit.
  • FIFO fairness. A later, smaller request cannot jump an earlier, not-yet-fundable one.

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Migration terms (former BNB holders)

Holders of the retired BNB-era token convert into IX-CORE once, via a one-time Merkle claim on Base, value-for-value at NAV. Claims are open until a published deadline; unclaimed shares are swept to the treasury after the window closes. Ongoing distributions are not Merkle-based — see Ownership & IX-CORE.
All figures are simulated testnet values today. Fee parameters, redemption mechanics, and terms are finalized for mainnet at the audited Phase-2 redeploy.