How it works Not built
Four steps, and the third is the one that matters.
Deposit an asset, hold a Moment, let the hook sweep fees in, redeem at the vault’s own price. Nothing in that is unusual. What is unusual is what step three actually looks like when you watch it.
FLOW
Deposit
Send the pool asset to the Yoke. It goes into a Uniswap v4 position and starts earning the moment it is in range.
Mint
Receive Moments at the current price — total assets over total supply. The first deposit sets it at one; after that it is whatever the vault holds.
Field
The hook sweeps swap fees into the Yoke. This is the step that is not a rate: it happens when somebody trades, in jumps, and the share price steps rather than rises. Property P12 executes exactly this and checks the fee it accrues.
Redeem
Burn Moments for the underlying at the price the vault reports at that block. No queue, no epoch, and no discretion in the arithmetic.
The decomposition
What one yield number is hiding.
Fee income
Real, positive, and arriving in bursts. This is the part every page shows you.
The mark
Price movement on the position, impermanent loss included. Usually netted silently into the same figure — and it is why a share price has to be able to fall.
The area
What going round costs: gas, slippage, range exits. Rarely anywhere at all. The enclosed area of a hysteresis loop is exactly this, which is where the name came from.
A Loop page reports the three separately over a stated window, with the holding time for each. Netting them is what makes a fee stream look like a rate.