Mechanism

Where the fee comes from

Every pool ZEC trades in charges a fee tier on each swap and credits it to the liquidity positions in range: 0.3% on an Orca whirlpool, 0.2% on Aerodrome Slipstream, 0.25% on PancakeSwap v3. Concentrated-liquidity positions accrue those fees separately from the principal, and they can be collected without withdrawing the liquidity. That collectable accrual is the stream.

Buying the right

The liquidity provider keeps the position. The vault buys the right to collect from it.

1. A provider agrees a price and a term with the vault.
2. They delegate fee collection on the position to the vault's collector on that chain, which is a standard operator approval on Solana and Base and a delegated-claim on NEAR.
3. The registry records the seller, the share the vault bought, and when the term ends.
4. The vault pays ETH up front, then collects the stream every epoch for the term.
5. At term end the seller revokes the delegation and the stream goes back to them.

The vault never holds the principal, so it never carries impermanent loss, and it cannot be rugged by a withdrawal: if the provider pulls liquidity mid-term, the stream stops and the registry drops the pool, but nothing the vault paid for was ever custodied by anyone else.

Eligibility gates

Four gates. Three are answered by the pool itself, one by the indexer:

• A real position. The venue has to be an AMM with LP positions. NEAR Intents settles solver quotes and has neither, so its pools are excluded however much volume they show.
• A known fee tier. Pools that name their tier are trusted. The rest get the venue's usual tier and are flagged ≈ in every table, because a right priced on a guessed tier is a guess.
• Depth ≥ 25 ETH. Thin pools produce thin, spiky fees that pollute the factor. Reserve figures above two hundred million dollars are treated as indexer artefacts and excluded too.
• Age ≥ 7 days. A pool that has traded for a week has a fee history worth pricing; a day-old one is a listing, not a cash flow.

Coming home

Fees are collected in whatever the pool pays: USDC, SOL, wNEAR, cbZEC. Each epoch the keeper swaps them to ETH on the same chain, bridges to Robinhood Chain, and calls harvest on the vault, which books the ETH to NAV with a linear vest. Every leg is a public swap on a public chain, so each harvest can be traced from the position to the vault event that booked it. The keeper board shows the countdown and who ran it.