Fees

Armada charges a protocol fee at only two points: when you shield (deposit) and when you withdraw yield. Everything else inside the pool — private transfers, unshielding, lending into the vault — carries no protocol fee. All fee parameters are set by governance.

Operation	Protocol fee
Shield	Armada take + integrator fee (see below)
Yield withdrawal	15% of the yield earned
Private transfer	None
Unshield	None
Lend into the vault	None

Separately, a relayer may charge to submit your transaction — that is a market fee paid to the relayer, not a protocol fee.

The shield fee

Shielding is the one everyday deposit that carries a protocol fee. It has two parts:

shield fee = Armada take + integrator fee

The fee is inclusive — it's taken out of the amount you deposit. Shield $1,000 at a 0.50% total fee and you receive a shielded note worth $995.

• Armada take goes to the protocol treasury. At launch it is 50 bps (0.50%), and it steps down with the volume an integrator drives — to 40 bps (0.40%) once that integrator passes $250k in cumulative volume. Governance can adjust the rate and add tiers; the take is hard-capped at 10%.
• Integrator fee goes to the app or product that brought the deposit (an "integrator"), if there is one. If you shield directly with no integrator, you pay only the Armada take.

How the two parts interact — and how an integrator's cut can grow without the user paying more — is covered in Integrator fees.

The yield fee

Withdrawing from the shielded-yield vault charges a yield fee of 15%, taken only from the yield you earned — never from your principal. Earn $100 of yield and $15 goes to the treasury, $85 to you. The fee applies on withdrawal only; lending in is free. Like the shield fee, the rate is governable (bounded between 1% and 50%).

What's free

Private transfers and unshields carry no protocol fee — moving value inside the pool and exiting it are free. Lending shielded USDC into the vault is also free; the yield fee is charged only when you withdraw.

Who sets the fees

Every fee parameter above is controlled by governance. Any fee change, up or down, requires an Extended proposal, the higher governance bar. No operational role can change fee rates unilaterally.