Every $FEDUP trade pays a small fee. The fund turns that fee into real, tokenized US Treasury bills and puts them in a public vault. Here is every step, and what stops each one from going wrong.
The fund is a Solana program. It signs the swaps itself and has no withdraw function.
On pump.fun, and on PumpSwap after it graduates, every buy and sell pays a creator fee in SOL. pump.fun's fee sharing sends 100% of it to the fund's fee account, fees, not to a team wallet.
Anyone can call distribute. The program splits the SOL itself: 55% for T-bills, 5% to buy back and burn $FEDUP, 40% to the team.
The keeper asks for a buy. The program wraps the treasury's SOL and swaps it through Jupiter, the main Solana exchange router, signing as the treasury itself. Jupiter picks the best route, today through two Orca pools.
USDY is Ondo Finance's tokenized note, backed by short-term US Treasuries and bank deposits. Its price rises a little every day as the interest builds up.
The bills land in the vault. Every day, 2% of the bills not yet paid out become the coupon, shared by lock weight. It is published around midday UTC, ready to collect by 14:00 UTC, then withdrawn to your own wallet whenever you want.
What the fund would get for USDY right now on Jupiter, mainnet. Read live, nothing is bought.
Of every SOL the fund receives.
No fine print hidden below this.
The coupon depends on trading. The bills earn interest every day, but most of what holders collect comes from trading fees. When trading slows, coupons get smaller.
USDY has rules. It is not offered to US persons, and Ondo can block addresses. If the vault were ever blocked, the bills would stay in the vault until the issue is solved.
A rate is a record, not a promise. The FEDUP rate on the home page is measured from what was actually paid on-chain over the last 30 days.
More in the questions.