Cargo Protocol Overview and Revenue Flow

How a Cargo vault is structured, how money and goods move between holders, originators and buyers, and the full fee schedule.

Cargo is a venue for receipted real-world assets. In each vault, the Vault SPV is the only seller of new shares. Originators supply receipted lots, buyers bid for shares below NAV, and market makers keep the secondary price close to NAV. Cargo earns venue fees on that flow, not a spread on your capital.

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Architecture

Every vault is built from the same layers. The examples in brackets are the Genesis Vault’s.

Layer	What It Does
Goods	Receipted lots in a warehouse or vault under an independent collateral manager (Genesis Vault: lots of 25 t or more)
Title and security	Vault SPV owns every lot; one registered pledge over the goods, held by a security agent for all holders (a pledge with dispossession)
Vault shares	One ERC-3643 share contract per vault, 1 share = 1 unit of the asset; transfers only between whitelisted identities (Genesis Vault: cvCOCOA, 1 share = 1 kg)
Primary market	Genesis curve, then a sealed batch auction at a fixed interval; the SPV is the only seller (Genesis Vault: every 12 days)
Anchor	Creation at NAV + 0.10%, redemption at NAV − 0.10%, Liquidity Bridge at NAV − 1.0%, physical delivery above a set size
Secondary	Bilateral: RFQ to panel market makers acting as principals; permissioned pools are planned
Data	Daily NAV and minute-by-minute iNAV; lot registry; weekly collateral-manager reports hashed on-chain

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How Money and Goods Flow

How goods and money move between the parties, step by step. Solid arrows are goods and actions; dashed arrows are payments. Buyers settle atomically in the auction, and the Vault SPV is paid when the goods are sold to an offtaker.

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Fee Schedule

The venue fees below are the standard schedule, as set for the Genesis Vault. Each vault’s Rulebook confirms its own schedule.

Fee	Rate	Paid By	When
Genesis curve	None	—	—
Listing and servicing	0.50% of NAV	Originator	Once per lot, at first sale
Batch auction	0.25% each side	Buyer and seller	Each sale (panel market makers bid fee-free)
Creation or redemption	0.10%	Authorised participant or redeeming holder	Each creation or redemption
Liquidity Bridge	1.0%	Holder using the bridge	Paid to bridge LPs
Storage, collateral management, insurance	At cost	Originator	Until the goods are sold
Management or storage fee for holders	None	—	—

In the Genesis Vault, over a lot’s life of about 45 days, venue fees come to about 1.35% of the lot: 0.50% listing, plus 0.25% on each side of about 1.5 auction trades (0.75%), plus 0.10% on redemption. That is an estimate, not a fixed charge; lot life differs by asset.

Rule and fee changes take effect after 30 days’ notice, except safety fixes. The binding schedule is in the Rulebook and your signed agreement.