LACUNARY

The fee split. Meteora takes a protocol share of the trading fee before the partner and creator legs are separated, and the partner leg is a different account from the creator leg. Every figure quoted on this site refers to the creator leg alone, which is the one hundred basis points the mechanism actually receives, and never to the full two hundred basis points a trade pays. The difference is not ours, we cannot reach it, and it is nowhere counted in anything on this site.

The reference is a choice. Everything else in the design is either a runtime constant or a consequence of one, but the ten percent reference was picked by a person looking at a distribution. It is named as a judgement in Methods and it is named again here because a paper that buries its one arbitrary parameter has not been honest about what it is. What can be said in its defence is only that it was fixed before deployment and cannot be revisited, which is the difference between a judgement and a lever.

Timing discretion. Whoever calls the settlement chooses which window is measured. Proposition 1 bounds what that is worth, the caller receives nothing for calling, and both outcomes stay inside the coin. It remains a discretion and it is listed here rather than left in a footnote because a reader who found it independently would be right to wonder why it was not mentioned.

Why not a chosen schedule. A halving, a decay curve or a fixed emission is a number someone typed. It may be a good number and it is still a preference presented as a law. Reading a figure the network produces without being asked replaces the preference with a measurement, and the measurement cannot be argued with because nobody supplied it. This is the whole reason the design exists and it is worth stating separately from the mechanism that implements it.

What happens when nobody calls. The fee accumulates, the cycle does not advance, nothing unwinds and no position is at risk while it waits. This is stated in the paper and stated again here because it is the single most important property of the design and the one a reader is most likely to assume is being glossed over.

How the figures were computed. Figures 1, 2 and 4 are generated from one simulation of equations (1) and (2) and a sample of observed windows. Figure 3 reads live from chain. The prose, the tables and the curves draw on the same source, so if a parameter changes every number on the site changes with it. No figure is drawn by hand and no value is illustrative.

Addresses. The program, the Token 2022 program, the Meteora dynamic bonding curve program and the DAMM v2 program, each linked to Solana Explorer. Naming the token program is worth doing precisely because it is the one that can carry transfer hooks and fees, and this mint carries none of them.