Trading fees fund a vault. It pays holders in proportion to how far under they sit, and how long they stay there.
| Checkpoint | Depth | Paid | Cumulative |
|---|
Accounting is per lot, not per wallet. Each buy opens its own lot with its own basis and its own clock.
Your basis is the lower of your fill and the 24-hour average, so nobody can mint a fake loss by buying into a thin pool. clamped
There is no waiting period. The moment the average sits below your basis, the lot is earning. no delay
Every second the daily average sits below your basis, the lot earns weight by size and depth. per second
Cleared balances are pushed at the next checkpoint. Selling consumes your deepest lots and destroys their weight. automatic
Accrual is continuous. Every thirty minutes the protocol closes a checkpoint and sends what is owed. Nobody signs a claim.
A payment only goes out when it is worth more than it costs to send, so a wallet is paid at the first checkpoint where its balance clears the greater of one dollar or twenty times the network fee. Below that it keeps accruing. Network cost never exceeds five percent of any payment.
Fig. 1 Settlement stepsPaid balance steps at each checkpoint. Accrual underneath is continuous, and the gap never exceeds one interval.
A position down 90% accrues about 3.2 times the rate of one down 10%, not nine times.
The curve is flattened on purpose. Manufacturing a deep drawdown costs more than proportionally, because holding a pool below fair value means funding every arbitrageur who buys the discount. A reward growing more slowly than that cost is one nobody can profitably fake.
Fig. 2 Shape functionHalf-saturation at d = 0.35. The rate is capped by construction, so no depth pays unboundedly.
| Parameter | Value |
|---|---|
| Trade fee, each side | 4.00% |
| Fee split, vault / treasury / liquidity | 50 / 35 / 15 |
| Settlement checkpoint | 30 min |
| Distribution | pushed |
| Dust floor | max($1, 20× fee) |
| Reserve release per checkpoint | 0.038% |
| Basis | min(fill, 24h avg) |
| Accrual delay after purchase | none |
| Accrual price window | 24 h |
| Shape half-saturation d₀ | 0.35 |
| Per-wallet cap, rolling 7 days | 2.0% |
| Lot consumption order on sale | deepest first |