> For the complete documentation index, see [llms.txt](https://ipusd.gitbook.io/ipusd-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://ipusd.gitbook.io/ipusd-docs/vault-and-protocol/fees-limits-and-risks.md).

# Fees, Limits, and Risks

### Current fees and limits

| Action                     | Protocol fee               | Current minimum or limit                                                         |
| -------------------------- | -------------------------- | -------------------------------------------------------------------------------- |
| Get or convert back ipUSD  | No additional protocol fee | Startale USD (USDSC) and USDC.e are supported 1:1                                |
| Subscribe                  | None                       | Currently 100 ipUSD on mainnet; the contract-level floor is 1 ipUSD              |
| Cancel subscription        | None                       | At least ten minutes after submission and only while the amount remains unlocked |
| Claim available assets     | None                       | Settlement must be complete; up to 50 eligible records per batch                 |
| Instant Withdrawal         | 5%                         | Cannot exceed live Instant Capacity                                              |
| Standard Withdrawal        | No protocol withdrawal fee | 10 IP Vault shares                                                               |
| Cancel Standard Withdrawal | None                       | At least ten minutes after submission and before Settlement                      |

> The Convert back fee is currently 0 bps. A configurable fee may be applied in exceptional market conditions to protect protocol liquidity and reserves.

Adding a referral code is optional and does not change the Subscription fee or any protocol parameter.

All transactions require Soneium network fees.

Configurable parameters may change through the governance process. Users should review the current interface and onchain state before submitting a transaction.

### Risks

#### Reserve and stablecoin risk

ipUSD depends on its USDSC and USDC reserves. Issuer, freezing, depegging, bridge, and liquidity risks may affect ipUSD.

#### RWA and issuance-structure risk

IP Vault shares are exposed to the underlying fund, asset manager, legal issuer, custody arrangements, reporting quality, and redemption terms.

An onchain token does not remove the legal or operating risks of the underlying investment.

#### Valuation risk

RWAs rely on registered valuation sources. A valuation may be delayed, stale, or change materially, affecting NAV per share, Settlement, or the availability of Instant Withdrawal.

#### Liquidity risk

Total Vault Value is not the same as immediately available liquidity.

Instant Withdrawal may be temporarily unavailable, and Standard Withdrawal may remain queued through several Rounds. The timing of RWA redemptions and returned proceeds affects the liquidity available to the Vault.

Standard Withdrawal may take up to 3–6 months in low-liquidity scenarios, although sufficient available liquidity may allow it to complete sooner.

#### Smart-contract and administrative risk

Multisigs, separated roles, Timelock, Pause, FIFO, and onchain accounting reduce certain risks but cannot eliminate code defects, misconfiguration, upgrades, key-management failures, or third-party integration risks.

#### Return information

Strategy track record is a historical strategy-level metric. Underlying fund return reflects the performance history of Partners Group Evergreen Royalties Opportunities. Target yield is an estimated annual return range for IP Vault. Latest yield reflects the annualised change in IP Vault’s NAV per share since launch.

None of these metrics guarantees future returns, and the value of IP Vault shares may rise or fall.