Fees

For meme receipts, see Meme token fees for the default mint, burn, and buyback performance fees, transfer taxes, and a link to referral discounts. The strategy fee splits below can differ from meme fees.

Kestrel transactions can include protocol fees, network fees, and third-party execution costs. Exact fee settings can differ by token.

Protocol fees

The protocol may charge fees when tokens are bought or sold. These are configured on-chain per token and can include:

• A mint fee when buying.
• A burn fee when selling.
• A performance fee on yield generated by the strategy.

Some mint and burn fees may benefit existing token holders. Performance fees may be split between the protocol and the curator for a strategy.

Network fees

Every Solana transaction requires network fees. Some transactions may also include priority fees, especially during periods of congestion.

Third-party execution costs

Some protocol operations can involve swaps, lending markets, or other external protocols. These can introduce costs such as:

• Slippage.
• Protocol fees charged by third-party venues.
• Price impact.
• Failed transaction costs.

Displayed APY

The APY shown for a token is already net of the performance fee. It reflects the yield that accrues to you after that fee is taken — not a headline rate the fee is later subtracted from. There is no additional performance-fee deduction from the displayed estimate, but the estimate is not a return you are assured of receiving.

It is still an estimate. Meme estimates can use short observation periods and reconstructed history as explained in Meme Buybacks risks. Because the underlying rates float, the APY moves over time and is not a promise, guarantee, or fixed rate.

Mint and burn fees are separate: they are one-time costs applied when you buy or sell, not part of the APY, and are shown at the time of the transaction.