LPs
90% of the rent, every slotThe bots that farm your pool
pay you rent first
LEASE is an AMM on Solana whose manager seat is auctioned without end. Whoever holds it pays the pool's LPs rent every slot, sets the swap fee up to 3% and trades free.
Swaps come inTraders and bots pay the seat holder's fee, never more than 3%.
The seatIts holder pays rent every slot, about 0.22 seconds.
The LPs' pool90% of every slot's rent lands here, in gold.
0.22 s
Rent paid from the seat holder to the LPs, every slot.
+10%
The least a new bid must beat the current rent by.
3%
The highest fee a holder can set. Its own swaps pay 0%.
Designed in the open
am-AMM
the auction-managed AMM, by researchers from Columbia, Paradigm and Uniswap Labs. LEASE builds it on Solana.
Austin AdamsWhetstone Research
Ciamac C. MoallemiColumbia University, Paradigm
Sara ReynoldsUniswap Labs
Dan RobinsonParadigm
Three sides meet in every pool
The seat holder
0% on its own swapsTraders
Never more than 3%Any Solana token can open a pool, priced in USDC or SOL. Sign with the wallet you already use.
SOL
USDC
BONK
WIF
JUP
Phantom
Solflare
Try a bid
Example pool
Bid for the seat of a SOL and USDC pool
... SOL and 100,000 USDC, priced at SOL $... live from 
Hyperliquid. The current holder pays 0.000600 USDC a slot. This card runs the program's rules; LEASE has no live pools before launch.
$247.59
a day to the pool's LPs at your rent, 0.5% a year of the pool's value
Beats the holder by 17%. You prepay 0.6300 USDC, 900 slots of rent, and take the seat 900 slots after your bid lands, about 3.3 minutes. The holder gets the rest of its deposit back.
Fees
What a $1,000 swap pays
The holder sets the fee anywhere from 0% to 3% and keeps it. A change applies from the next slot, so it cannot jump in front of a swap.
$0
The holder's own swap
$10
No seat holder, all to LPs
$30
The cap, the most anyone pays
Why LEASE
Rent before the race.
The bots pay first.
On a normal pool the fastest bot takes the arbitrage and the LPs eat the loss. Here the right to that flow is auctioned, so its value reaches the LPs as rent before anyone trades.
Outbid by 10%.
Then wait 900 slots.
A winning bid prepays 900 slots of rent and takes the seat about 3.3 minutes later, so nobody can grab one volatile moment. Queued bids cannot be cancelled, so the timer cannot be gamed.
90% to LPs.
10% burns LEASE.
With no seat holder a pool charges 1% and all of it stays with the LPs. The cap, the delay, the raise and the split are constants in the program, with no admin key over them.
The burn
A tenth of every slot's rent buys LEASE on 
Raydium and burns it, through a crank anyone can call. LEASE does not exist before launch, so every count here is zero. The first slot of rent starts the burn.
0 LEASE
Burned forever$0
Rent spent buying LEASE0%
Of the supply removedTwo ways into a pool
Provide liquidity
Add to a pool and take your share of the rent every slot you stay in, plus 1% of every swap while the seat is empty.
Add liquidity
Bid for the seat
Name a rent, a fee up to 3% and a deposit of 900 slots of rent. Win, and every other swap's fee is yours while you trade free.
Bid for the seat