FAQ · LLM-drafted · pending final review
What does the Earned Fees & Impermanence panel show? fees vs. holding · per pool
A per-pool (and combined "All pools") read on what The Den's liquidity has actually earned, and whether we've beaten simply holding the tokens.
• Earned fees — the trading fees a position has earned, read from the chain. Toggle This season (since the Season 0 reset) or Stat inception (the chain's lifetime earned-fees counter — everything the position has ever earned). Shown as a total plus its QU side and token side (≈ half each); the token-side ticker also expresses our average per-pool earning in each pool's own token.
• Impermanent loss — the cost of the pool rebalancing as the token's price drifts from our entry, vs. simply holding. Shown as a % (modeled, 2√p ÷ (1+p) − 1) and a QU value. Always a drag — the earned fees above are what offset it.
• Net of fees & IL — earned fees minus impermanent loss: The Den's bottom line vs. just holding, shown as the headline figure — an impermanent gain when positive, an impermanent loss when negative. The rotating note cycles the fee-vs-IL coverage + fee yield. Both sides of Net always measure the same window — the season, or the position's whole life.
Entry price:
This season uses the Season 0 baseline (so it reads ~0 at launch and grows from there).
Stat inception uses our
actual on-chain deposits — every add at its own entry price (read from the add's QU:token ratio), plus the pre-archive opening position valued at its first on-chain price — so it shows the divergence the position has really experienced since we entered. The chart plots fees, IL and net over the selected 7 / 30 / 90-day window.
What is D-Cap? "depth cap" · how the fee bars are coloured
D-Cap = the QU value of every token currently
for sale across both venues — the tokens sitting in the
QSwap pool (its asset reserve)
plus the tokens resting on the
QX ask book — multiplied by the blended QX+QSwap price we already track:
D-Cap = (pool tokens + QX ask-book tokens) × blended price
It's a
sell-side depth gauge — "how much of this token could I actually buy right now" —
not a supply-based market cap (idle wallet holdings aren't counted). It moves with both price and how much is on offer, so it's a live read on tradable liquidity.
Fee bars are coloured by D-Cap tier (flat solid, from our palette):
< 5B
5–50B
50–500B
> 500B QU
What does Pool APY mean? how hard the LP capital works
Pool APY is the LP's annualized
fee return (read on-chain), divided by the current LP pool value (QAV). We estimate "a year of fees" two ways and
average them: a
conservative read (trailing‑90‑day fees ÷ 3 × 12, which assumes a full 90‑day quarter) and the
current run‑rate (average daily fees × 365):
Pool APY = ½ · ( 90d÷3×12 + avg‑daily×365 ) ÷ LP pool value
It measures how productively the QU sitting in the LP earns trading fees. It deliberately ignores token appreciation (that's tracked separately and never annualized). Early on the two estimates differ because the 90‑day window isn't full yet, so the average is a middle ground — they converge as ~90 days of history accrue.
Why are Pool APY and Yield / NFT different? two denominators, two scopes
They measure different things. Pool APY divides the pool's gross annual fees by the LP pool value — how hard the LP capital works. Yield / NFT takes one NFT's total income (its 80% of LP fees + 10% of SC & reward + 10% of token income) and divides by the full treasury-backed value of an NFT — and the treasury is several times the LP alone (it also holds wallet tokens, smart-contract shares and Liquid QU). So Yield / NFT lands well below Pool APY. Neither is wrong: Pool APY = the LP's gross earning rate; Yield / NFT = what one NFT nets across all its income streams against everything backing it.
What is est. annual / NFT? yearly income per NFT
The income one NFT is on track to earn in a year, in QU — the per-NFT monthly earning × 12. It sums the NFT's share of every income stream: its 80% of realized LP fees (ongoing monthly rate), plus its 10% of SC & reward and 10% of token income — each taken from the lifetime total averaged over the months of history so far (≈3 now, growing), a self-maintaining figure that never resets each season. It does not include token/LP appreciation (which is not distributed to NFTs). ⚠️ Because a big one-off token sale counts here, the figure (and the ROI/APY it drives) lifts when a sale lands and then fades as the averaging window widens. An estimate that firms up as history accrues and once real on-chain payouts begin.
What is Backing APY? net income yield per NFT
The income yield on a single NFT's backing: the net income distributed to one NFT over a year (its 80% of LP fees + 10% of SC & reward + 10% of token income) ÷ that NFT's share of the QUM backing. It runs lower than Pool APY because the backing is the whole of QUM — larger than just the fee-earning LP pool. NFT yield is income only (no appreciation is distributed). ⚠️ A one-off token sale temporarily lifts this yield for the season.
What's in QUM (Qubic Under Management)? LP + wallet, valued in QU
Qubic Under Management (QUM) is everything backing the NFTs, valued in QU at current prices: the LP positions (both sides marked to the pool price = LP QAV), plus the project wallet's priced tokens (Token QAV), smart-contract shares (SC QAV), and the raw Liquid QU on hand (the Qubic waiting to be deployed into LP) — together several times the LP alone. Token/SC values use the blended QX + QSwap price; the QU side is the hard backing. The wallet re-prices every 15 minutes, in lockstep with the LP snapshot. The Funding Bucket shown beside it is separate — it's what's built up this season for LP redeployment, and is not added to the QUM total (its value is already counted in the lines above).
What is Per-NFT Backing, and what do "at cap / max" mean? QUM ÷ NFTs · dilution floor
Backing = the notional full QUM (LP both-sides-at-mark + wallet tokens / SC / liquid QU) ÷ circulating NFTs. "Current supply" uses the community NFTs in circulation today; "At cap (6,000)" and "At max (10,000)" divide today's QUM by those higher counts to show a dilution floor — conservative, because every new mint also adds capital that isn't counted here. Cash distribution stays at 0 until the raffle pot (M-BER → 1B) and the shared 390M dev/artist cap are funded — proceeds fund raffle + dev, then flow to LP by design. There is no distress-trigger payout.
What does the QAV Tracker show? QU at work vs required
It compares the QU actually at work in the LP against the QU required to back every circulating NFT at its LP-reserve basis — 900,000 QU per NFT (the slice of each sale's proceeds that seeds LP, not the mint price; team NFTs excluded). The big % is how far above (or below) that required level the treasury sits — a solvency read, not a profit number. Positive = the LP holds more than the circulating NFTs' required backing.
How are fees calculated? read from the chain
We read each pool's earned fees straight from the chain — QSwap's on-chain earned-fees figure — summed across The Den's positions. (Earlier the dashboard derived fees from the constant-product √k invariant, back when QSwap's earned-fees view still reported 0; since it began reporting in mid-2026 — and it matches the √k math — we use the on-chain number directly, keeping √k only as a sanity cross-check.) Fees are price-neutral, so adds, removes and price swings can't inflate them. History is reconstructed from our 15-minute snapshots and builds forward from there.
How do monthly payouts work? trailing 90d ÷ 3 · fees only
Monthly fees = trailing-90-day fee revenue ÷ 3 (read on-chain) — purely trading fees (token/LP appreciation stays compounding in the pool and is not distributed). Of that, NFT holders receive 80% — the other 20% goes to the maintenance fee + reward pool. The NFT share is withdrawn from the LP and sent via QUTIL SendToMany; per-NFT = (NFT share) ÷ circulating NFTs. Actual amounts vary with sell slippage.
Where do NFT sale proceeds go? the proportional split
Every QU of actual on-chain NFT proceeds is split by a fixed proportion: ≈12.8% to the $QST airdrop, ≈5% to the dev/artist commission, ≈12.8% to the raffle giveaway, and the remainder (≈69%) seeds LP, whose fee revenue is distributed to NFT holders. Those rates come straight from the full mint-out plan — $QST 1B, dev 390M, raffle 1B out of 7.79B gross sales — so what's collected so far scales to those totals as the collection mints out. The airdrop / dev / raffle slices are set aside in the treasury (excluded from the Liquid QU shown in QUM) until they're paid. The live breakdown is in the NFT Sales Distribution section.
What is Years to ROI? payback at current earnings · goal ~15y
How many years of current earnings it would take an NFT to repay its mint cost — shown for M-BER (mint 1.42M QU), M-BUN (690K QU) and the Pool. It's mint cost ÷ annual earnings per NFT, now counting the NFT's full income — LP fees + its share of SC & reward + token income (the last two averaged from their lifetime total over the months of history so far) — so it shortens as any stream grows. ⚠️ A big one-off token sale counts, so ROI drops when a sale lands and then drifts back up as that one-off is averaged over a widening window — self-maintaining, no per-season resets. The stated goal is roughly 15 years. (The Pool figure stays on the pool's own fee basis.)
What is Share of Total LP? our slice of all QSwap
Our total LP value ÷ the total liquidity of all the QSwap pools we're in — i.e. what fraction of that liquidity is ours (shown live on the card). It rises whenever we add liquidity and drifts as our pools grow or shrink versus the rest. Separately, the LP chart and the Reinvestment calculator show "avg pool ownership" — a value-weighted average of how much of each individual pool we own (weighted by our money in each). That one answers "how dominant am I within my pools," and being an average it can dip when we spread into pools we own a smaller slice of — which is why the two numbers differ.
How does Maintenance → LP Reinvestment work? the bucket, the deployment curve, the calculator
Each
120-day season the treasury's kept earnings bank into a bucket and redeploy across the pools via The Den's
deployment curve. It fills from four on-chain streams — the
15% maintenance cut of LP fees, the season's
non-fee QU earnings (SC payouts + reward streams), the
~69% LP-reserve slice of NFT proceeds, and the
token income we receive — each counted once at its source (fresh capital + QX trades excluded).
• A full round-trip rebalance costs ~400K QU/pool (4 QSwap ops at 100K each), so all pools set the fill target (12 × 400K = 4.8M). Below it the bucket runs at a deficit (broken down per pool) and climbs each tick; it resets each season.
• Once funded the table flips to the deployment curve: the surplus is spread across the pools by a shaping curve over their rank (by size) — low at the biggest pools, a bump through the mid-rank pools, a dip through the lower-mid, then the largest at the smallest pools. It deliberately concentrates fresh capital in the mid-rank + smallest pools to diversify. The Calculator tab models any amount.
What are the Earnings Streams? how the treasury earns, by source
The treasury earns QU from four on-chain sources; the lifecycle chart shows the
net share it keeps from each (this season + lifetime, all chain-read):
• LP trading fees → 15% (maintenance cut; the other 85% goes to NFT holders + leaderboard) · SC & reward streams → 100% (smart-contract + token-holding rewards paid in QU) · NFT proceeds → ~69% (the LP-reserve slice of QBAY sales) · Token income → 100% (tokens we receive as a holder, plus the odd sale, valued at the pool price).
The kept shares all bank into the LP Funding Bucket for redeployment across the pools. Distributed shares (fees to holders/leaderboard, dev/raffle/$QST on NFTs), fresh capital, and QX trades aren't counted — each stream is counted once at its source.
How is the holder leaderboard ranked? Power = scarcity-weighted
Power is scarcity-weighted holdings — a rarer collection counts for more power per NFT. The board ranks by Power; Paid Out is shown for reference, not used for ranking. Markers show each wallet's % of the maximum possible holdings (50 M-BER / 10 M-BUN). 🏆 = season top-20, 💰 = lifetime top-100 paid (Season 0).
What's the dashed 12-mo avg line on the charts? trailing-year baseline · optional
It's optional — off by default for a cleaner view. Click the "12-mo avg" pill above the LP QAV / Per-Pool charts to toggle it on. When on, the dashed reference line on each series (QAV, Share %, USD) is that metric's trailing 12-month average, so the current value reads against its own recent baseline. We only have a few days of history so far, so it shows "(building x/12)" until a full year accrues. The "current vs 12-mo avg" cards under each chart show the same comparison numerically — those are always visible.