What you get, what you don't, and what can go wrong. If something here is unclear, it is our fault, not yours.
A token on Solana whose trading fees buy tokenized US Treasury bills, and whose holders who lock it collect the interest as a coupon every day.
No. FEDUP has nothing to do with the Federal Reserve, the US Treasury or any government. "Fed up" is a pun on rates that keep going up.
Yes: the vault holds USDY, a token from Ondo Finance backed by short-term US Treasuries and bank deposits.
The exact route is on How we buy T-bills.
Yes. The vault is a public Solana account. Its address is at the bottom of every page, and any Solana explorer shows what it holds.
Every day the coupon file is published around midday UTC. After a one-hour challenge window it is ready by 14:00 UTC, and you collect your share with one click on the home page, in the "Your desk" section.
Each day, 2% of the bills in the vault that are not paid out yet become the coupon. Your share is your lock weight divided by everyone's lock weight. The more trading, the more bills in the vault, the bigger the coupon. The lock desk on the home page gives an estimate.
In T-bills (USDY), not in $FEDUP. They sit in your position until you withdraw them to your wallet, whenever you want.
Every file is public, with the proofs, and the calculation code is open. Anyone can recompute it from the on-chain locks. A file cannot pay out more than the vault holds, and a wrong one can be cancelled during the challenge window.
The files: coupon proofs.
You lock $FEDUP for 7, 30 or 90 days. Longer locks count more: ×1, ×1.5 and ×2.5. Locks made in the first 24 hours after launch count double. When the lock ends, you get 100% of your tokens back.
No. That is what makes the lock count. The coupons you already earned stay yours and can be withdrawn at any time.
Each lock flies a flag that you pick. The Nations board ranks countries by their share of the day's coupon. It is just for fun: your flag changes nothing in what you earn, and you can change it at any time.
Yes. $FEDUP is a token and its price can fall to zero. The coupon does not protect you from that. Only buy what you can afford to lose.
It can get much smaller. Most of it comes from trading fees, so if trading stops, coupons shrink to the interest the vault earns on its own.
USDY is not offered to US persons, and its issuer can block addresses. If that happened to the vault, the bills would stay locked in it until the issue was solved.
No independent audit yet. The program has a full automated test suite, and its T-bill and burn paths were tested against real Jupiter and pump.fun pools on a copy of mainnet. Treat it as new software.
Tokenized T-bills are not offered to US persons. Check the rules where you live before taking part.