Fixed supply. Real utility: a seat inside a hard strategy cap.
Not a share of PnL. Not a deposit receipt.
01 · Why the token exists
Strategies have a capacity ceiling. Past it, edge dies. The scarce good is the
right to put capital into a working capped vault.
Without $FLEAT, seats become a waitlist — allocation by familiarity.
Stake is the only fair meter.
02 · Utility (non-negotiable)
Seat allocation — proportional claim on vault TVL cap
Operator bond — slashable stake for mandate breaches
Fee discount — long stakers pay lower performance fee (bps), not “boosted APY”
Buyback sink — protocol share of fees buys $FLEAT via TWAP
Governance — fee ceiling, mandates, operator admission, cap formula