Of every trading fee, in USDG: 80% funds the coin's perp treasury, 15% goes to the protocol and 5% to Doppler for the market infrastructure. No creator cut. The split is enforced by the coin's fee sink, not by the keeper. On the way back the protocol takes 25% of realized profits, with the other 75% buying and burning supply: the larger part of what the protocol earns still only arrives when the engine wins. No launch fee, beyond gas.
Worst case is bounded by design: isolated margin means a liquidation costs the treasury's allocated collateral, never more. The engine then starts re-accumulating from the next fee.
One honest caveat on exposure: the coin's spot price does not mechanically track its underlying. Exposure reaches holders as realized flows: take-profits that become buybacks and burns, not as a continuously repricing reserve. That looseness is what keeps a liquidation from ever touching the pool.