Business Model

Revenue streams

Stream	At launch (V1)	At scale (V3+)
Performance fee	10% of yield above hurdle	15%
Curation fee	0%	5 bps on AUM
Oracle fees (V3)	.	Flat monthly + per-tx on third-party vaults

50% of performance fees at launch are directed toward TVL growth incentives. TVL first.

Lagoon can activate a protocol fee up to 30% of curator fees. Currently no vault is subject to protocol fees. This is one reason Agama builds its own protocol at V3.

Echelon

AUM	Phase	Revenue	Status
1M	V1	~10k/yr	Bootstrap. Rayls grant covers development
10M	V2	~100k/yr	Product-market fit confirmed. Expand vault pipeline
100M	V3	~500k/yr + oracle fees	Fully self-funded. Independent protocol. Oracle network live
500M	V4	~2.5M/yr + oracle fees + token	agaUSD live. $AGA token

No fundraising required for V1. The Rayls development grant and Nimofast onboarding fees cover the initial build.

V3 revenue model shift

At V1-V2, revenue comes from curator fees on Agama's own vaults. This is real but not defensible: any team can build a competing vault on Lagoon.

At V3, revenue shifts to oracle fees. Every third-party vault that reads private asset NAV through an Agama Node pays oracle fees. This is recurring, infrastructure-level revenue independent of Agama's own AUM. Even if Agama stops curating vaults entirely, the oracle network generates fees.

V1-V2 revenue:
  10% performance fee × vault AUM
  Dependent on Agama's own TVL
  Defensible only through first-mover advantage

V3+ revenue:
  Oracle fees on EVERY vault using Agama Nodes
  Independent of Agama's own TVL
  Defensible through structural moat
  (view key access = non-replaceable)