> For the complete documentation index, see [llms.txt](https://docs.useicaria.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.useicaria.xyz/resources/business-model.md). # Business model How the venue makes money. What Icaria takes is a small, itemised share of what it delivers: fees on fills, plus a cut of the spread the vaults earn. Nothing else is on the list. No emissions, no payment for order flow, no trading against users, and no data for sale. ## Revenue lines | Line | Rate (initial) | Scales with | | ------------------ | ---------------------- | ----------------------------------------------------------------------- | | Vault swap fee | 2 bps of notional | Volume | | RFQ settlement fee | 2 bps of notional | Block volume | | Vault spread share | 10% of realised spread | Volume × spread, which means it earns most precisely when LPs earn most | All three are `ParamController` values, timelocked, displayed on every ticket and written into every fill event. See [Fees](/protocol/fees.md). ## The arithmetic At 10M USDG of average daily volume and an average all-in half-spread of 12 bps, fees produce roughly 730K USDG a year and the spread share roughly 438K, coming to about 1.2M USDG annually. The same sum at 50M daily volume gives about 5.8M a year. For scale, tokenized equities traded around $9B on-chain across every venue in the first eight months of 2026, so the model works on a modest slice of a market compounding several hundred percent a year. ## Where the volume comes from * **A structural pricing edge on RWAs.** Anchored quotes neither drift nor leak LP value to arbitrage, which lets the venue hold spreads tighter than generic pools do at the same LP return. Where aggregators route, the better quote wins on its own merits. * **The only venue open all hours that prices the session.** Weekend and overnight flow is genuinely there, because the chain's tokens never stop, and Icaria serves it at a disclosed premium rather than refusing it or pricing it wrongly. * **Distribution down the funnel.** Chain users self-custody Stock Tokens straight out of a broker app, and the wallet directory, the aggregators and the API are how you reach them. See [Ecosystem integrations](/robinhood-chain/ecosystem.md). * **Infrastructure compounds.** A wallet or agent that integrates the [API](/architecture/api.md) keeps sending flow afterwards at no further acquisition cost. ## Costs Audits and the bounty, oracle and data services, RPC and indexing, per-attestation fees from the KYC provider, and the team. Fees land in the `FeeCollector` and cover those before anything else, and once the module takes over, the [governance](/transparency/governance.md) log records how the allocation is made. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.useicaria.xyz/resources/business-model.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.