Protocol fee and vault interest fee

In Euler's supply formula, where does the protocol fee appear?

• As a second (1 − protocol fee) factor after the interest fee
• Nowhere, because it is a share of the interest fee rather than a separate cut
• In the borrow APY, which it raises

What does a curator receive when a vault's fees are paid out?

• USDC sent to its wallet as interest is paid
• Vault shares, which keep sharing in the vault's gains and losses until withdrawn
• A separate fee token issued by the protocol