> For the complete documentation index, see [llms.txt](https://pallasfinance.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://pallasfinance.gitbook.io/docs/pallas-buy-and-sell-fees.md).

# Pallas Buy and Sell Fees

Pallas buy and sell fees are an important component of the PAP.&#x20;

Other protocols utilize selling bonds to support the same functions as Pallas fees, but we believe that approach is riskier.

Selling bonds also costs token holders. It reduces the amount of APY that can be offered and eliminates the ability to offer a stable APY.&#x20;