Fees
Overview
This document explains the fee structure for users depositing SOL, existing staked accounts and Liquid Staking Tokens (LSTs) into the Pye Core smart contracts. On the trading front, although manifest.trade does not inherently charge any fees, Pye interfaces with the Manifest order book using a custom wrapper to capture maker and taker fees.
Protocol Fees
Deposit Fees
The following fees are only applied by the Pye protocol.
Base Deposit Fee: A percentage fee
%
taken from the initial deposit amountApplied to both SOL and LST deposits
Calculated before validator delegation or LST lockup
Applies to both PT & YT
Pye's deposit fees and trading fees will be made public closer to launch. In the meantime, this document explains how the fee strcuture is distributed between Pye and the underlying validators.
Standard Validator Fees
Staking Fees
The following fees are the standard fee structure applied by valdiators. Pye bonds exist as a layer on top of the validator yield after fees. Important to mention these fees are not shared with Pye.
Validator Commission:
Standard validator commission charged by validator
Taken from staking rewards before distribution
Protocol Validator Fee:
Additional fee layer (typically 10% of the rewards generated)
Taken from post-validator commission rewards
Deposit Fee Summary
The following is a breakdown of an example of a one year bond that will showcase deposit fees as well as any validator commissions that would be generated during the term assuming a fixed 8% APY, and a 10% fee from the validator and 30 bps on Pye's deposit fees.
PT
100 SOL
100 pSOL
0.30 pSOL
0.00 pSOL
99.7 SOL
YT
0
400 ySOL
1.20 ySOL
**40.00 ySOL
7.19 SOL
**Note that validator fees are taken separate from the yield tokens
Trading Fees
Manifest's core protocol operates as a feeless foundation, allowing direct peer-to-peer trading without any protocol-level charges. However, Pye has created custom markets through wrapper programs that introduce fee structures while leveraging Manifest's underlying trading infrastructure.
Spot Trading Fee Rates
Taker Fees
Maker Fees
Wrapper-Based Markets
A quick summary explaining how Pye is leveraging wrapper to deploy custom markets. For more information you can read the The Orderbook Manifesto, containing more information.
The wrapper program acts as an intermediary layer between users and the core Manifest protocol
Developers can implement custom fee logic within their wrapper
Users interact with the wrapper program rather than directly with Manifest
The wrapper handles the actual trade execution on Manifest while applying its fee structure
Collected fees can be distributed according to the wrapper's programmed rules
This architecture enables:
Market creators to design sustainable business models
Custom fee structures based on specific market needs
Revenue generation while preserving Manifest's feeless core
Co-existence of both free and fee-based markets on the same protocol
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