Protocol-Owned Value
Router fees, harvested vault assets, and Governor-owned Uniswap v4 liquidity.
Router fees
The Router charges 10 basis points on matched taker output. DGP-003 changed the fee recipient from the legacy STATE vault to the 2DEEP Governor, so fees now become protocol-owned assets under direct 2DEEP governance.
The Router owner can change both recipient and rate, subject to its 100 basis-point maximum. Because Rewarder Factory V3 owns the Router, a change requires a governance action through the Factory ownership path or a prior return of Router ownership to the Governor.
Harvested vault assets
DGP-003 removed all redeemable USDG and NVDA from the legacy STATE vault. It converted the harvested NVDA into USDG through the canonical Uniswap v3 NVDA/USDG pool, with a minimum output equal to 90% of the 30-minute TWAP quote.
The migration could use harvested assets only within fixed repayment top-up limits: 1,000 whole USDG and 5 whole NVDA. Any failure in book takeover, flash repayment, conversion protection, token deployment, or liquidity initialization reverted the full governance execution.
USDG/2DEEP liquidity
The migration initialized a fresh, hookless Uniswap v4 USDG/2DEEP pool at $0.01 with a 10 basis-point pool fee and tick spacing of 20. Up to 1 million USDG was provisioned across three positions:
| Share | Approximate price range |
|---|---|
| 40% | $0.001–$0.01 per 2DEEP |
| 40% | $0.005–$1.00 per 2DEEP |
| 20% | Full width |
The three position NFTs are owned by the 2DEEP Governor. Swap fees accrue inside the positions until governance collects them. Position ownership gives governance control over liquidity removal, fee collection, and future reallocation.
No remaining fee-vault loop
The former path—Router fees to STATE, then redeemValue, redeemAssets, or buyFees—is no longer the live fee model. Those legacy contracts and methods remain deployed, but the Router does not currently direct protocol fees to that vault.