# Overview

Chamber is self-funded. The protocol earns revenue from vault activity, holds it in an onchain treasury, and spends it on buybacks, grants, and operations. This section is the reference for how that works.

## What the protocol earns

Chamber takes a **10% cut of every vault fee** — entry, exit, performance, and management. When a vault's fees mint new shares, 10% of those newly-minted shares are sent to the DAO treasury. The manager keeps 90%.

This is the protocol's only source of recurring revenue. Chamber does not charge depositors anything beyond what the vault manager sets.

See [DAO protocol fees](/treasury-and-protocol-economics/dao-protocol-fees.md) for the full mechanic.

## What the treasury holds

Because fees are paid in vault shares, the treasury's position looks like a cross-section of the platform: shares in every fee-earning vault, plus assets accumulated from earlier periods. Some of that is held as DHT, some as stablecoins, some as redemptions into USDC.

Live figures and the full holdings list are on the [Analytics page](https://chamberfi.com/analytics?analyticsType=treasury).

See [Holdings](/treasury-and-protocol-economics/holdings.md).

## What the treasury funds

Three main buckets:

* **DHT buybacks** — a share of revenue is used to buy DHT on the open market and retire it. This is the primary mechanism for returning value to token holders.
* **Grants** — targeted allocations to vault managers, ecosystem builders, and early-access programs (e.g. HyperEVM).
* **Operations** — audits, oracle subscriptions, infrastructure.

See [Revenue and buybacks](/treasury-and-protocol-economics/revenue-buybacks.md) and [Grants](/treasury-and-protocol-economics/grants.md).

## Governance over the treasury

The treasury is controlled by the DHT DAO. Allocation, buyback cadence, and fee parameters can be changed through the [meta-proposal process](/governance-and-token/meta-proposals.md). vDHT holders vote; the 10% protocol fee itself is a governance parameter and can in principle be moved — but has stayed at 10% since launch and is not expected to change.

## Transparency

Everything above is visible onchain. The treasury address, fee splits, and buyback transactions are all verifiable without asking Chamber for anything. The [Analytics page](https://chamberfi.com/analytics?analyticsType=treasury) is the best starting point.


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