Docs · Revenue tokens
Revenue tokens
ComingLock a fee right a reel pool pays, and mint a fixed supply of tokens whose stakers share its income: how reel-vaults' Revenue Tokenizer works and the pieces it builds on.
What a revenue token is
A revenue token turns a right to income into something people can hold and trade. Someone who owns a fee right on a reel pool, such as a launch or an LP position, locks it behind a token. The token's supply is minted once, and every staker's share of the fee right's income is their share of the staked supply.
On hookr this is the HookRevenue Tokenizer. On reel it is the Revenue Tokenizer, the tokenizer module of reel's periphery program, reel-vaults. See its catalog entry at Revenue Tokenizer.
Status on reel
tokenizer module is built and tested in reel-vaults' source, not in the deployed build yet. It arrives with an upgrade at the same address. No revenue token exists on reel yet. The Revenue Router, a split usable as royalty_to, is reel-vaults' router module (live).The tokenizer's accounts, instructions and limits are specified in PROGRAM.md §19 and the SDK's sdk/vaults/tokenizer.ts. It stands on fee rights the reel program already pays: launch ownership and LP positions. Each one is paid by a fixed path that nobody can redirect, the admin included (PROGRAM.md §10).
The pieces
| Piece | What it does | Status |
|---|---|---|
| Fee right | Earns income from a pool: LP fees, a bucket, a royalty ledger | In the reel program |
| Lock | Holds the fee right for a term or forever: LaunchLock, PositionLock, or a recipient frozen at PoolInit | In the reel program |
| Claims | ClaimLedger per wallet and mint, paid from the mint's claims vault by Claim | In the reel program |
| Revenue Router | A split PDA with up to 8 payees, usable as royalty_to | In reel-vaults |
| Revenue Tokenizer | Takes the fee rights, mints the token, streams income to stakers | reel-vaults, coming |
| The token's own market | A pool for the revenue token itself | A plain SPL token: any venue that lists SPL tokens |
One tokenization
The steps below are reel-vaults' tokenizer instructions (PROGRAM.md §19).
- Hold a fee right. A reel LP position, or a live, unlocked launch you own: each pool of it you register is one right (its launch position's LP fees and its OWNER bucket).
- Mint the supply.
Initmints a fixed SPL Token supply (decimals up to 9) into the stake vault as your stake and revokes the mint authority in the same instruction. It fixes a treasury leg of at most 5%, a release period of up to 14 days, and a term: forever, or at least 7 days with areturn_toaddress. - Hand the right over. Send
PositionTransferorLaunchTransfernaming the tokenizer's authority, thenAddRightaccepts it. Up to 8 rights, paying in up to 4 quote mints. - Pass income on. Anyone runs
Sync: the tokenizer collects through reel, sends the leg to reel's treasury and streams the rest to stakers over the release period. StakersClaimper income mint; unstaked tokens earn nothing. - Return or keep. After a finite term ends, anyone sends
Returnand the rights go back toreturn_to, which accepts them. A forever term never returns.
Read next
- What you can tokenize: each fee right in the reel program and how it moves.
- How pools pay it: every stream a swap pays, and which ones a revenue token could receive.
- Terms and endings: the lock primitives a term would use.
- FAQ and risks: what can stop income, and what a holder should check.
- The app pages Revenue tokens and Tokenize will list tokens and take new ones once the tokenizer ships.