How Concrete's finances work

Concrete runs yield vaults. Users deposit an asset and the vault puts it to work in a strategy. What the strategy earns before fees is the vault's gross yield. Two fees come out of it: a management fee charged on the assets in the vault and a performance fee charged on its yield. What is left is the net yield earned by depositors. Performance fees go to Concrete; management fees go to Concrete and, on some vaults, to a third-party curator that runs the strategy. What Concrete keeps is its protocol revenue.

Vaults sit in three product lines: Earn V1, Earn V2 and Campaign Vaults. Fees are recognized when they are settled onchain; Campaign Vault fees are estimated in the source model. Net yield is net of losses, so a vault that loses value has negative yield.

The model has no operating costs, incentives or treasury data, so net income equals protocol revenue and the tab has no cash flow statement or balance sheet. Concrete vaults run on Ethereum, Arbitrum, Berachain and Katana.