How $HARBOR works

Where the creator tax comes from, who it pays, what the treasury does with its share, and every way it can still lose you money.

Where the tax comes from

Every buy and every sell of $HARBOR carries a fixed 3.33% creator tax, taken out of the trade itself — nothing is minted to pay it. Once Harbor is trading against a real underlying share, that tax settles in the share itself; until then every figure on this site shows as TBA, because there is nothing to settle yet.

Who gets paid, and how

The tax doesn't go straight to holders. It routes through an onchain escrow into a 2-of-3 multisig Safe, which funds a distributor twice a day. From there the split is fixed and can't be changed after launch:

• 40% pays out to every wallet holding $10 or more of $HARBOR at the snapshot, pro rata — nothing to claim, it just arrives.
• 60% is credited to the treasury as stock. It is never sold and never converted back to $HARBOR.

What the treasury does with its share

The treasury holds its stock long-term and puts it to work two different ways depending on the day of the week, rather than letting it sit idle:

• Weekdays — the position backs covered calls, collecting option premium. This leg is deployed but paused until external buyers actually show up on the other side of the trade.
• Weekends — the stock is supplied to StockLend markets, where a borrower has to post collateral worth 130–330% of what they take before they can borrow it.

Why the weekend matters

Chainlink's equity price feed freezes the moment the underlying market closes on Friday and doesn't move again until Monday — but the onchain pool for $HARBOR keeps trading the whole time. That gap can open a real premium between the frozen oracle price and where the token is actually changing hands. Closing that gap is exactly what a weekend borrower is paying the treasury for.

What's shown, and what isn't promised

Every round and every payout gets published on the $HARBOR page — nothing is rounded up and nothing hides behind an estimate; when a leg pays zero, the page says zero. What you won't find anywhere on this site is a projected yield. The payout depends on how much actually gets borrowed and how many calls actually sell in a given week, and both of those move with trading volume nobody controls.

What can go wrong

• The treasury's stock is a real equity position — it can fall in value like any other stock, and 60% of the tax follows it down.
• Borrow fees and call premiums only exist when a counterparty shows up on the other side; if nobody borrows and nobody buys calls, that leg of the payout is zero.
• Regulation of tokenized stock is still unsettled in a number of jurisdictions, and rules can change under the product.
• $HARBOR is a speculative token, not a claim on the underlying company or a share of any fund.