> For the complete documentation index, see [llms.txt](https://docs.axiomprotocol.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.axiomprotocol.io/protocol-design/axiom-prime/yield-distribution.md).

# Yield Distribution

Yield accrues automatically to stakers via share price appreciation:

```
sharePrice = totalAssets / totalShares
```

When fees flow into the vault:

1. totalAssets increases
2. totalShares remains constant
3. sharePrice increases
4. All share holders' positions appreciate

Example:

* Vault has 100,000 XRP assets and 90,000 aXRP shares → sharePrice = 1.111
* Protocol earns 5,000 XRP in fees → new sharePrice = 105,000 / 90,000 = 1.167

Yields accrue passively; withdrawing burns shares at current share price.

### Governance by Value

Governance is dictated purely by stake size:

* No governance token.
* Voting weight = USD stake value at snapshot.
* Power derives from liquidity contribution, not speculation.

Admin management:

* `ADMIN_ROLE` (AxiomAccessControl) manages critical updates (upgrades, registry refs).
* Admins can add/remove admins; system prevents removal of last admin.
* Admins can permanently freeze critical dependencies once stable.


---

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