Three lines in, one order out.
Fees accrue continuously and settle weekly through a fixed waterfall. No party can reorder the tiers or hold back a settlement.
In order of prominence.
| Line | Source | Paid by | Accrual |
|---|---|---|---|
| 01 | Feed subscriptions | Other protocols consuming the feed | Per subscription term, in advance |
| 02 | Venue fees | Borrowers and liquidated positions | Interest reserve factor and liquidation penalties |
| 03 | Launchpad fees | Issuers and launch pair flow | At issuance and per routed trade |
The buyback and burn is funded partly by subscription revenue from other protocols, not only by the protocol’s own users. Line 01 is external revenue: it arrives whether or not anyone trades here.
The waterfall.
Run weekly, in this order, with no treasury discretion at any tier.
Insurance fund, to target
Every settlement first tops the insurance fund back up to its target size. Nothing below this tier is paid until the target is met.
Buyback and burn
The remainder above the insurance target funds an on-chain TWAP buyback with published interval, slice size and slippage bound. Purchased supply is burned in the same transaction.
Operator rewards
Paid pro rata to operators that signed in-band attestations during the settlement week, weighted by uptime and inversely by deviation rate.
Stakers and referrers
The final tier is split between staked positions and referral attribution. Distribution is mechanical: no committee sets the split at settlement time.
Settlement runs weekly through this fixed order. There is no treasury discretion at any tier.
How the remainder is split.
| Tier | Rule | Share of remainder |
|---|---|---|
| 1 | Insurance fund topped up to target | Up to 100% until target |
| 2 | TWAP buyback, burned on execution | 40% |
| 3 | Operator rewards, uptime and deviation weighted | 30% |
| 4 | Distributed to stakers and referrers | 30% |
These are mechanisms, not outcomes. The protocol states how a settlement is divided; it does not state, project, or imply any return, yield, or rate for any participant.
Buyback parameters (interval, slice size, maximum slippage and venue) are published before each settlement window and executed on-chain, so the full execution is verifiable after the fact.