Dexter whitepaper
REVENUE MODEL
Dexter's economics begin with trading activity.
Sections 3
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Whitepaper chapter
They should not end as one vague balance number.
#Fee path
| Stage | Meaning |
|---|---|
| Trading activity | The venue processes volume, charges explicit trading fees, records liquidation-related protocol charges when venue rules require them, and separately tracks participant-to-participant funding carry |
| Revenue recognition | Only the protocol-owned portion becomes treasury-side revenue |
| Balance separation | User collateral, insurance reserves, treasury balances, and participation-linked records remain distinct |
| Controlled actions | Treasury actions and any revenue routing move through explicit control paths |
#What becomes protocol revenue
Trading fees can create protocol-owned value.
Liquidation-related charges can also create protocol-owned balances when the venue rules say they should.
Funding carry is different.
It can move value between long and short participants without automatically becoming protocol revenue.
That distinction matters because not every cash movement inside the venue belongs to the protocol.
#What stays separate
User collateral is not protocol revenue.
Treasury balances are not the same thing as insurance reserves.
Income-side participation records are not a substitute for real balance accounting.
Dexter's economics stay readable when each balance keeps one job.