Fees, by leg

The five revenue lines#

A fee is a protocol fee if and only if it is destined for the protocol treasury, and every protocol fee passes ProtocolFeeSplitter on the way. Two revenue lines are deliberately not protocol fees and must never be counted as one.

The trade-fee path, end to end#

One fee, taken once on the curve, split at four hops. Every hop has an event carrying the wei of each leg, so no leg has to be inferred.

BondingCurve.tradeFeesAccrued
  └─ claimTradeFees()  →  TradeFeesClaimed(tradeFeeSplitter, amount)
       │  [after graduation the same money arrives instead as]
       └─ LaunchLiquidityLocker.FeesCollected.ethForwardedNow
            └─ TradeFeeSplitter.receive()
                 →  FeeSplit(source, kind, amount, toCreator, toKol, toLedger)
                      ├─ toCreator → CrewSplitter (or the creator's recipient directly)
                      ├─ toKol     → KolSplitter.FeeReceived.amount
                      └─ toLedger  → ReferralLedger.creditFor()
                                       →  FeeReceived(payer, source, referrer, amount,
                                                      referrerShare, treasuryShare, rateBps)
                                            ├─ referrerShare → the referrer
                                            └─ treasuryShare → claimTreasury()
                                                 →  TreasuryClaimed(treasury, amount)
                                                      → ProtocolFeeSplitter.receive()
                                                          →  FeeRouted(from, counted, amount,
                                                                       toLiquidity, toTreasury,
                                                                       meterAfter, label)

The arithmetic, verbatim from the contracts:

// TradeFeeSplitter.receive()
toCreator = amount * terms.creatorShareBps / 10_000;
toKol     = amount * terms.kolShareBps     / 10_000;
toLedger  = amount - toCreator - toKol;      // remainder by subtraction; division dust lands here

// ReferralLedger._creditFee()
rateBps       = rateBpsOf(referrer);
referrerShare = amount * rateBps / 10_000;
treasuryShare = amount - referrerShare;      // dust to the treasury

The metric entries#

Caveats that change the number#

Prediction-market fees#

The market fee is not taken per stake. It is one cut of the whole pot at settlement:

// ParimutuelMarket._feeAmount()
if (voided || totalYes == 0 || totalNo == 0) return 0;    // refund mode: zero fee, both legs
return (totalYes + totalNo) * feeBps / 10_000;

One figure this makes impossible#

There is no single marketing-revenue number. One side is wei paid up front at launch; the other is a settlement-time share of a market’s own currency with no accumulator anywhere. Any one figure covering both would silently add currencies — see figures we do not publish.

Creation fees — flat, and split four ways#

Creating something costs a flat dollar, not a share of what it raises. A hundred-ETH launch and a two-ETH launch pay the same. The two creation fees are charged by different contracts, in different currencies, and they are split differently — they are not one series and must not be summed.

Each leg is an independent floor division and the residual is an explicit dust — at most three base units — which is never re-attributed to a leg and stays with the factory. The whole split is in one log:

MarketCreationFeePaid(marketId, currency, payer,
                      fee, openingStakePerSide, jackpot, protocol, dust)

// and in every one of them, exactly:
openingStakePerSide * 2 + jackpot + protocol + dust == fee + seedTopUp

// seedTopUp is non-zero only on a discounted or voucher creation (MarketSeedToppedUp):
// the seeds are sized by the full price, the other legs by what was paid.

The jackpot leg comes out of the platform’s half rather than off the top, which is why the two seed legs are untouched by it. If no price can be obtained at all, a launch reverts — with UsdPriceOracleUnset when no oracle is configured, or with the oracle’s own EthUsdPriceUnavailable(cachedFeed, cachedUpdatedAt, cachedMaxAge, liveFeed, liveUpdatedAt, liveMaxAge, nowTime) when neither the cached feed nor the live aggregator can answer. Setting the LAUNCH_CREATION price to zero in PricingRules short-circuits the oracle entirely and is the documented outage hatch.