> borrower pays flat fee at close (1.5–5% by tier/class) > split on-chain, hard-bounded: 40.00% $BOWLINE staker vault (USDG) 40.00% THE POOL. Plain USDG in, share price up 10.00% referrer of record 10.00% bad-debt reserve (fee-funded backstop) > seed liquidity: $BOWLINE fees from the Virtuals launch are deposited into this pool > no emissions. no lockups. no claim step. > withdrawals limited to un-lent cash · utilization cap 80%