An institutional order book and capital efficiency layer. Every unit of decentralized volume splits programmatically — ninety-five percent returns to the book, five percent capitalizes a perpetual treasury that underwrites deeper markets for every participant.
| Time | TX ID | Pair | Volume | $CRWA Fee |
|---|
The five percent mechanism is never a tax. It is the Systemic Liquidity Fee — a fixed, bidirectional levy that funds the perpetual treasury underwriting every market Citadel operates.
Every buy and sell settled through the protocol pool is assessed at a fixed five percent. Collection is programmatic, symmetric, and requires no discretionary action.
Captured volume is converted and routed to the Perpetual Treasury, which acquires tokenized real-world assets — index instruments and blue-chip equity — held on-chain as protocol reserves.
Reserves are deployed as backstop liquidity across institutional order books, generating execution fees, funding rates, and ecosystem incentives that return to depositors.
Deposit $CRWA against one of two treasury mandates. Positions are represented by sCRWA staked receipts; yield accrues as [es]CRWA escrowed capital.
Yield is distributed as non-transferable escrowed capital. Conversion to liquid $CRWA is governed by a collateral reservation rule that binds reward extraction to sustained deposit.
[es]CRWA converts one-to-one into liquid $CRWA across a thirty-day linear stream. Accrued value is claimable continuously throughout the term; the schedule is fixed at initiation and cannot be altered thereafter.
Conversion requires ten units of core $CRWA to remain deposited for every one unit of [es]CRWA converted. Reserved collateral is locked for the full duration of the stream.
Connect to the settlement terminal to deposit capital, monitor treasury composition, and manage escrowed positions.
