> ## Documentation Index
> Fetch the complete documentation index at: https://docs.centaur.io/llms.txt
> Use this file to discover all available pages before exploring further.
# Fee Usage
> What Centaur does with the operator fees earned by each vault.
Each vault charges a **10% operator fee** under Lighter's public pool mechanics. Centaur does not keep these fees as revenue. Instead, each vault's fees go to one of two uses.
| Vault | Fee usage |
| - | - |
| Black Bull | Buy and burn \$ANSEM |
| Post Fiat | Depositor loss rebates |
| Inverse 1000x | Depositor loss rebates |
| Serenity | Depositor loss rebates |
| Lazy Villager | Depositor loss rebates |
| Kole World | Depositor loss rebates |
## Black Bull: buy and burn \$ANSEM
* Operator fees earned by the Black Bull vault are used to buy \$ANSEM on the open market.
* The purchased tokens are then permanently destroyed using the Solana token program's native burn instruction, which reduces \$ANSEM's on-chain total supply by the burned amount.
* Each burn can be verified on any Solana explorer from its transaction signature and the change in the token's total supply.
The Black Bull vault may itself hold \$ANSEM, so buybacks may support the price of a vault holding. Ansem is not affiliated with Centaur or with this program. See [Disclosures & Disclaimers](/strategies/lighter-pools/disclosures).
## All other vaults: depositor loss rebates
* Operator fees from Post Fiat, Inverse 1000x, Serenity, Lazy Villager, and Kole World fund **random rebates to depositors who have realized losses** in those vaults.
* Recipients and amounts are selected at random, at Centaur's discretion.
Rebates are discretionary and random. They are **not** insurance, not a guarantee against loss, and not a promise of any return. No depositor is entitled to a rebate. The program may be changed, paused, or ended at any time.
## Transparency
Centaur intends to publish fee-usage activity, including buy-and-burn transactions and rebate distributions.