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Docs · Revenue tokens

Revenue tokens: FAQ and risks

Coming

What can stop a revenue token's income, which risks come from the pool and its quote, and what reel's admin can and can't touch.

Not live yet: this runs in a reel-vaults module that is built and tested but not in the deployed build. The page describes it so integrators can see where it fits; details can change before it ships.

Is there a revenue token on reel now?

No. The Revenue Tokenizer is built in reel-vaults' source but not in the deployed build yet, so anything offered today as a "reel revenue token" is not one. reel has no airdrop and never asks for a seed phrase. Read Security.

What if the pool stops trading?

Then the fee right earns nothing and the token receives nothing. Income comes only from swaps on the pools behind the fee right. Nothing else tops it up.

Can the admin redirect the income?

Not under the spec. The admin can't move user funds, change a pool's parameters, or send any bucket anywhere but its fixed recipient, and can't pause withdrawals, fee collection or claims (PROGRAM.md §10). The admin can change fees for future pools only.

The program's upgrade authority, held by the reel treasury, remains the largest power until it is revoked.

Risks that come from the quote

A revenue token is paid in its pools' quote mints, so it inherits their risks:

  • A quote mint with a freeze authority, as USDC has, can freeze a pool's vault.
  • A Pausable mint stops swaps and withdrawals while paused.
  • A quote with a permanent delegate is only allowed when listed in QuoteListing, because its issuer could move vault funds.

Read Quote tokens and Token-2022 risks.

Can the supply change?

No. Init mints the whole supply once and sets the mint authority to None in the same instruction, and the mint never has a freeze authority. Check both on chain before you rely on a token.

Is a revenue token a security, or advice?

reel doesn't give legal, tax or financial advice, and these pages are not an offer. Rules for income-sharing tokens differ by jurisdiction. Read the Terms.