Are there fees involved?

RAY performance is measured in “Alpha”, or the incremental yield generated in excess of a benchmark rate that is publicly accessible using a naive allocation strategy. The Compound protocol yield is currently used as the benchmark reference rate.

20% of the Alpha generated by RAY is contributed programmatically to a separate capital pool. This is currently held by the authors of the initial RAY token but will be distributed to capital providers and authors of yield-generating smart contracts that enhance the performance for the pool.