> ## Documentation Index
> Fetch the complete documentation index at: https://docs.cashmere.exchange/llms.txt
> Use this file to discover all available pages before exploring further.
# Goat Strategy
> The treasury's liquidity book: a quarter of revenue put to work in tokenized equities, with every fee it earns returned to holders.
## What it is
Goat Street pays holders a share of revenue as it arrives. Goat Strategy is what happens to the
part that does not go out immediately: instead of sitting idle in the treasury, it is deployed as
concentrated liquidity in the tokenized-equity pools on Robinhood Chain — STONKBROKER, SPY, MU,
NVDA and others — and every trading fee those positions earn is routed back to holders.
The result is a second revenue stream that does not depend on secondary-market activity. Royalty
only arrives when someone sells a goat. Liquidity fees arrive whenever anyone trades the underlying
equity, which happens continuously.
**25% of royalty and platform revenue** is routed to the Goat Strategy treasury and deployed.
The half that goes straight to the reward pot is untouched — this comes out of the treasury's
own share.
**100% of the trading fees** those positions earn goes to activated holders, split by the same
weight as every other distribution. The treasury keeps none of it.
## Two returns, two destinations
A liquidity position produces two different things, and they are never added together.
| | Where it goes |
| ----------------------------------------------------------------------------------------- | ---------------------------------------------------- |
| **Trading fees** — what the pool pays for providing liquidity. Only ever rises. | **100% to activated holders.** |
| **Capital P\&L** — what the position itself is worth as the price moves. Rises and falls. | **Stays in the treasury**, and funds floor buybacks. |
That split is the whole design. Holders are paid the part of the return that is monotonic and does
not depend on which way an equity moved; the part that swings with the market stays where the risk
is being carried, and is what the treasury spends bidding for goats.
It is also exactly how the book is reported: fees and capital appear as separate columns on the
dashboard, never combined into a single yield.
## The flywheel
```mermaid theme={null}
flowchart TD
ROY["Marketplace royalty"] --> SPLIT["Revenue split"]
PLAT["Cashmere platform revenue"] --> SPLIT
SPLIT -->|"to the reward pot"| POT["Goat Street distributor"]
SPLIT -->|"25%"| TRE["Goat Strategy treasury"]
TRE --> LP["Concentrated liquidity positions
STONKBROKER · SPY · MU · NVDA"]
LP -->|"trading fees — 100%"| POT
LP -->|"capital P&L — stays"| TRE
TRE -->|"buys goats off the floor"| FLOOR["Floor buyback"]
POT -->|"split by weight"| HOLD["Activated holders"]
FLOOR --> NFT["Goat Street NFTs"]
LP -.->|"backs"| NFT
NFT -->|"secondary sales"| ROY
```
Each loop makes the next one larger. Revenue funds the book; the book earns fees; the fees pay
holders and the treasury bids for goats off the floor; a collection that pays more and has a firmer
floor trades more; trading produces royalty, which funds the book again.
## Why concentrated liquidity
A liquidity position earns a share of the fees a pool collects, in proportion to how much liquidity
it provides at the price where trading is actually happening. Concentrating capital into a narrow
band around the current price multiplies that share for the same amount of money — which is the
whole reason a treasury of this size can earn a meaningful yield in pools far larger than itself.
It also introduces the two risks that govern everything on the next page: a range only earns while
the price is inside it, and a position that has moved with the price is worth something different
from simply having held the two assets. Both are measured, both are published, and neither is
hidden inside a headline yield.
The book is live and readable at any time —
[app.cashmere.exchange/goat-strategy](https://app.cashmere.exchange/goat-strategy). Every figure
on that page is read from the chain when it loads. Nothing is entered by hand and nothing is
stored.
## What is enforced and what is policy
**Be precise about what kind of promise this is.** The Goat Street distributor is a contract: once
revenue reaches it, the split by weight is arithmetic that no one can alter.
**Routing revenue into Goat Strategy, and routing the fees back out, are operational commitments
rather than contract-enforced flows.** The treasury is an ordinary wallet, positions are opened
and closed by the team, and the returning fees are sent to the distributor by the same hands.
Treat them as [roadmap](/goat-strategy/roadmap) with a live implementation, not as mechanism.
Holding a goat gives you no equity, no shareholder rights, and no claim on the treasury or the
assets it holds. See [Terms](/goat-street/terms).
## The parts
Which pools, how ranges are set, and what is measured on-chain before capital moves.
What the book holds, what floor buybacks are for, and what backing does and does not mean.
Automated range management, and opening the same tooling to anyone who wants to run a strategy.
The collection these fees are paid to, and how weight is calculated.