Your earnings, plainly

Start here if you have never supplied a pool before. This section covers what you own after a deposit, when each kind of earning shows up, and where to read what you have made.

What you own

When you deposit, you put in both tokens of the pair at the pool's current ratio and receive shares. A share is a fixed slice of everything the pool holds. Nothing is paid out to you on a schedule and there is no reward to claim. Instead, the pool grows, and your slice of it is worth more tokens than you put in. You collect by withdrawing, which burns your shares and pays you both tokens in the pool's ratio at that moment. You can withdraw at any time except in the same block you deposited.

When swap fees arrive

Between trades a Twofold pool keeps no liquidity inside Uniswap. When a swap arrives, the hook places the pool's reserves as concentrated positions around the current price, the swap executes against them and pays the pool's fee, and the hook pulls every position back, fee included, all inside that one transaction. So fees land the instant a trade happens, trade by trade. There is no fee balance sitting somewhere waiting to be collected. Each fee is in the reserves, and in your shares, the moment the swap confirms.

When the USDG yield arrives

After every trade and every deposit, the hook moves the pool's idle USDG into the Steakhouse USDG vault, a Morpho lending vault, where it earns interest from borrowers second by second. Only the USDG side rests there. The stock or ETH side sits as a plain balance, because nothing on this chain borrows those assets, so a vault for them would pay nothing. The interest is counted in the pool's reserves at every moment through the vault's share price, so your position reflects it continuously, not weekly or monthly. When you withdraw, the hook pulls what it needs back out of the vault to pay you.

Who takes a cut

Nobody, at the pool level. The hook charges no fee of its own, and Uniswap's protocol fee on these pools is zero. The operator contract can only ever touch the small seed it deposited itself when each pool was opened, so it cannot reach your share of the fees or the interest.

How to see what you have made

Open Pools with your wallet connected. My positions shows, for each pool, how many of each token your shares are worth right now, and under it an Earned so far line: what you would get out today, plus anything you already withdrew, minus everything you put in, per token. That figure is exact and comes from the deposit and withdrawal events the hook logs on chain. The line also gives a rough split of how much of the USDG side is vault interest. The contract does not separate interest from fees, so that part is an estimate made from the vault's share price at the time of each of your deposits; whatever is left is swap fees and price movement.

What can go against you

Two things. First, impermanent loss: if the pair's price moves a lot after you deposit, the pool's ratio moves with it and the two tokens you get back can be worth less than holding them would have been, exactly as in any AMM. Second, the vault: if Steakhouse pauses withdrawals, the hook may have to wait to pull USDG back out. The equity pools are small today, so their fee income is small in absolute terms; what the pair traded in the last 24 hours is shown in the pool table above.