MV-Shares

What MV-Shares are

When you mint a vault, you also mint MV-Shares. They are your claim on the fee router's dividend lane: 35% of every vault fee, which is 7% of a realised gain at the standard 20% fee. That 7% is one slice in two parts: per $100 of realised profit, $4.90 is MV-Share dividends, credited across every share outstanding by share weight at each distribution, and $2.10 is contribution rewards, shared by the vaults that took profit that epoch, pro rata to their profit. Dividends are paid in USDC when you call claim — nothing is sent automatically, and there is no claim deadline.

The mint rate only rises

MV-Shares are minted at a share rate that can never fall. Every seal at target raises it by the gain realised against all shares outstanding, capped at 1% of the current rate per seal; anything above the cap is discarded. That means the earlier you commit, the more shares each dollar buys.

Shares burn when vaults close

When a vault seals or terminates, its MV-Shares burn. Dividends already accrued are settled first, so they stay claimable — only the claim on future distributions ends. While no shares exist at all, the dividend leg of a fee joins the burn, staker and treasury lanes instead.

Boosts: higher targets mint more shares

The ladder is fixed in the vault contract. More ambitious targets mint more shares, so the positions that take the most patience carry the most dividend weight while they wait — what that pays depends on other vaults sealing.