> ## Documentation Index
> Fetch the complete documentation index at: https://docs.momentrates.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# For investors

> The problem, the design, how Moment earns, and what to measure.

Moment turns yield-bearing assets into a market for time: holders choose when they earn, liquidity is shared across maturities, and the protocol earns fees on yield and taker trades.

## The problem

Yield-bearing assets pay whatever they pay, for as long as you hold them. Holders can't lock a known result by a date, or concentrate exposure into a window they believe in. Their only lever is to hold or sell.

Existing yield-trading designs split each asset into separate tokens per maturity, each with its own pool. Liquidity is fragmented across maturities, positions expire, and users have to roll.

## Why time-sliced yield

Moment treats a position as one **TimeBalance**: the balance laid out from Now to ∞. Every trade reshapes it. Built on the **TBT (TimeBound Token)** standard, the TimeBalance adds time to what ERC-4626 already tracks: quantity and yield.

That gives users three things split designs struggle with:

* **One position per asset.** Nothing expires and nothing needs rolling.
* **Any window.** Exposure can start later than today, not only "now to maturity".
* **Prepaid leverage.** No margin, no funding and no liquidations.

Pricing is oracleless. Yield is read from the vault itself, and rates are set by the market.

## How liquidity is shared

Time is cut into periods between maturities, and all maturities sit in one **AMM Book**. A trade to a far maturity steps through every earlier period in order. So liquidity in an early period serves every trade that reaches past it.

![A far-maturity trade routing through every earlier period](https://mintcdn.com/moment-0fa29e7e/5c4BULtyWxFid-gy/images/shared-liquidity.gif?s=8ac21a8467c9a2ca479a8c52392f2b7a)

One book: early periods serve every later trade.

Liquidity providers place one-sided limit orders or two-sided recursive quotes. Makers keep their full spread.

## Revenue

| Line | Rate | Applies to |
| - | - | - |
| Performance fee | 5% of yield and vault extras | All holders, traders and LPs |
| Taker fee | 0.5%, multiplicative on the rate | Every taker fill: Fixed, Leverage or Close |

The taker fee is charged on premium, the interest value traded, not on notional. A Fixed taker receives the maker's rate scaled down by 0.5%; a Leverage taker pays it scaled up by about 0.5%. Makers pay no fee on their fills. Wrapping and unwrapping carry no Moment fee. All protocol fees go to the protocol owner. See [Fees](https://docs.momentrates.xyz/good-to-know/fees.md).

## Headline metrics

| Metric | What it measures | How |
| - | - | - |
| **TVL in TBT** (headline) | Total value held in TimeBound Tokens, in wallets and bins | Present value, never raw TBT units added across windows |
| **TVL in LP** | TBT inside bins only | Present value |

Raw TBT units mislead. A short window of 2,500 TBT can be worth only a few dollars, so the metrics always use present value.

TVL in LP need not be high. Because liquidity is shared across maturities, a small amount of LP liquidity can serve large Fixed trades.

> [!NOTE]
>
> **Design target, not a measured result:** at a 6% rate, about 10K USDS of LP liquidity can serve a two-month, 1M USDS Fixed trade. See the worked example in [How it works](https://docs.momentrates.xyz/for-builders/how-it-works.md#capital-efficiency-illustrative).

## Status

There are no live metrics dashboards yet. For what can go wrong, see [Risks and security](https://docs.momentrates.xyz/good-to-know/risks-and-security.md).

> [!NOTE]
>
> This page describes how the protocol is designed. It is not investment advice or an offer of any asset.


## Related topics

- [How it works](https://docs.momentrates.xyz/for-builders/how-it-works.md)


This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.