Daybreak can charge a fee on minting and on redeeming. Each series commits a fee cap on-chain at creation, SetCore.fee_cap_bps, and it can never change. A code-level ceiling of 300 bps bounds every cap. The current rate for a set is shown on the mint page.
Launch fees
Daybreak starts with a 1% mint fee and a 1% redeem fee. Both sit under each series' cap and follow the notice rule below if they change.
Changing a fee
The set admin schedules a new rate with at least 24 hours' notice (216,000 slots). Once scheduled, the change is immutable: it cannot be replaced or cancelled, and the next change on that side can only be scheduled after it activates. The mint side and the redeem side are independent.
Where fees go
Fees accumulate inside the vault, junior to backing, and are periodically moved to the treasury.
Pool fees
Secondary-market liquidity is a separate layer from the primary, and fees can differ from pool to pool. The pools Daybreak seeds at launch open at a 30 bps half-spread. Other liquidity providers set their own terms.