Economics
Where rent goes
| Share | Recipient | How |
|---|---|---|
| 90% | LPs | Accrues per share every slot, claimed with claim_rent |
| 10% | The burn | Swept to the fees vault, spent by crank_burn on LEASE, which is burned |
A million USDC of rent pays 900,000 USDC to LPs and buys 100,000 USDC of LEASE to burn.
Where swap fees go
| Seat | Fee | Recipient |
|---|---|---|
| Held | Set by the holder, 0 to 3% | The holder |
| Held, holder's own swap | 0 | Nobody |
| Empty | 1% | The pool reserves, so the LPs |
Why a bot pays rent
The holder trades first at zero fee and keeps every fee. A bot that would take arbitrage from the pool anyway earns more by holding the seat; competition between bots pushes the rent up toward what the seat is worth to the best of them. That is the paper's result: the auction turns the edge into LP income.
Units
All rent, deposits and the burn are in the pool's quote token (USDC or wSOL) and are shown in that token. Daily figures use about 393,000 slots (0.22 s per slot, measured on mainnet); real slot times vary.
The burn, before launch
LEASE does not exist yet. Burned so far: 0. The first rent starts the burn.