Revenue Engine
Fee collection, accounting per source, and routing.
- Market activityTrades, wraps, redemptions
- Protocol feesCollected per event
- Reserve engineAllocates against target weights
- AcquisitionsAssets bought, never rotated
The revenue engine is the accounting half of the loop. Each fee is attributed to its source — trading, wrap, unwrap, redemption, and later borrow interest and origination — so revenue can be reconciled by activity type rather than as one opaque number.
Why per-source accounting matters
- It shows whether the Stockpile is funded by real trading or by wrapping churn
- It makes the flywheel falsifiable rather than rhetorical
- It gives the activity terminal a meaningful event taxonomy