How RWA Vaults Work

Vault Extensibility

The mantraUSD RWA Vault is the first deployment of Fluxtra's RWA Vault infrastructure, not a one-off. The vault architecture is asset-agnostic: any tokenized yield-bearing instrument can be wrapped in a dedicated vault using the same pattern — deposit the underlying tokenized asset, receive a yield-bearing receipt token that accrues returns onchain. Additional vaults will follow as new RWA issuers deploy on MANTRA Chain. The mechanics below describe the mantraUSD vault as the reference implementation.

The Yield Chain

RWA Vault yield flows through several layers before reaching you:

US Treasury Bills
        ↓ yield
M0 Protocol (T-bill framework)
        ↓ backs mantraUSD 1:1
mantraUSD (MANTRA Chain stablecoin)
        ↓ deposited by user
Fluxtra RWA Vault
        ↓ choose receipt token
  ┌─────────────────┬─────────────────┐
  ↓                                   ↓
wmantraUSD-Yld                  wmantraUSD-Pts
(T-bill yield, boosted)        (Flux Points, fixed pool)

Each layer is non-custodial and transparent. The T-bill backing, the mantraUSD peg, and the vault mechanics are all verifiable onchain.

The Two Receipt Tokens

Depositors choose one of two vault tokens at deposit time. Each token encodes a different strategy.

wmantraUSD-Yld (Yield Vault)

• Non-rebasing appreciating redemption rate, starting at 1:1 with mantraUSD.
• Rate increases as T-bill yield accrues, net of M0 and Fluxtra fees.
• Receives a boost above the base T-bill rate, because yield that would otherwise accrue to Points Vault depositors is redirected here.
• Earns no Flux Points.

wmantraUSD-Pts (Points Vault)

• Fixed 1:1 redemption rate with mantraUSD. Share price does not appreciate.
• Accrues Flux Points from a fixed weekly allocation.
• Points-per-dollar dilutes as more capital enters; concentrates as capital exits.
• Mid-week withdrawal triggers a 1:1 proportional point deduction on your PV balance. Withdraw 30% of your shares mid-week, lose 30% of your accumulated PV points for that week. Prior-week points are retained.
• Earns no T-bill yield.

Neither vault earns both.

Deposit and Withdrawal

To earn T-bill yield:

1. Acquire mantraUSD (via QuickSwap or bridge + swap)
2. Deposit mantraUSD into the Yield Vault on Fluxtra
3. Receive wmantraUSD-Yld at the current redemption rate

To earn Flux Points:

1. Acquire mantraUSD
2. Deposit mantraUSD into the Points Vault on Fluxtra
3. Receive wmantraUSD-Pts at 1:1

To exit:

1. Return your wmantraUSD-Yld or wmantraUSD-Pts to the vault
2. Receive mantraUSD (at the appreciated rate for Yld, at 1:1 for Pts)
3. Swap mantraUSD for other assets if desired

There is no lock-up period. Withdrawals are available at any time. Yield Vault withdrawals have no penalty. Points Vault withdrawals within an active week trigger the 1:1 point deduction described above.

APY Formula (Yield Vault)

Net APY to wmantraUSD-Yld depositors passes through three fee layers: the M0 Protocol fee, Fluxtra's performance fee, and Fluxtra's management fee.

Net APY ≈ (Nominal T-bill Rate − M0 Fee) × (1 − Performance Fee) − Management Fee

Where:

• Nominal T-bill Rate is the yield on eligible collateral held by M0 Protocol, published live on the M0 Dashboard.
• M0 Fee is the spread between the nominal T-bill rate and M0's minter rate, covering M0's stablecoin infrastructure.
• Performance Fee is charged by Fluxtra on yield (currently 5%).
• Management Fee is charged by Fluxtra on TVL (currently 0%).

Worked example (M0 data, April 20, 2026): Nominal T-bill rate 3.59%, minter rate 3.33% (implying a 26 bps M0 fee), Fluxtra's 5% performance fee, 0% management fee. Expected net APY ≈ 3.16%.

The Yield Vault's effective APY is further lifted by the yield redirected from Points Vault depositors. The realized boost depends on the Yld/Pts allocation at any given time.

Redemption Rate Mechanics (Yield Vault)

Like stMANTRA, wmantraUSD-Yld uses an appreciating (non-rebasing) redemption rate. You receive wmantraUSD-Yld at the current rate when you deposit; the rate increases over time as T-bill yield accrues. When you withdraw, you receive more mantraUSD than you put in.

No manual reward claims. No staking actions. Yield is automatic.

Protocol Fee

Fluxtra charges a 5% performance fee on T-bill yield net of the M0 Protocol fee, and 0% management fee on TVL. Performance fees are deducted before net yield is reflected in the wmantraUSD-Yld redemption rate.

Principal is never subject to performance or management fees.

Protocol governance will activate once $XTRA launches.

mantraUSD and M0 Protocol

mantraUSD is MANTRA's yield-bearing stablecoin, pegged to USD and backed by US T-bills via M0 Protocol. M0 is an institutional-grade stablecoin framework backed by Paradigm and Ribbit Capital, also used by Consensus-owned MetaMask to power its mUSD stablecoin.

The T-bill backing means mantraUSD does not rely on DeFi lending demand or protocol emissions for yield. The source of return is a US government obligation.

More on mantraUSD: docs.mantrausd.com

Risk Considerations

RWA Vaults carry a different risk profile than crypto-native DeFi:

• Smart contract risk — the vault and mantraUSD contracts could contain bugs.
• Stablecoin peg risk — mantraUSD should remain pegged to USD, but like any stablecoin, depeg events are possible.
• M0 Protocol risk — yield flow depends on M0's infrastructure functioning correctly.
• Rate risk — T-bill rates are set by central bank policy and can decrease. If rates fall, Yield Vault APY falls accordingly.
• Allocation risk (Points Vault) — Flux Points value depends on the future $XTRA conversion rate, which is not announced ahead of time. A Points Vault position is a bet on $XTRA exposure at the expense of forfeited T-bill yield.

These risks are generally lower than high-APY crypto-native yield strategies, but not zero.