Field.
A reference price you have to pay to hold.
POOL still REF 41.20 BLOCK 12,004,113 HELD 0x3f00…a1c2 RENT 20 percent
The Mark
One slot per pool. A holder, a declared reference, a deposit.
The Mark is held at 41.20 by 0x3f00…a1c2. Rent is 94.0608 USDC per hour. Anyone can take it for 4,120.00 USDC.
| Reference | 41.20 USDC per xSTK |
|---|---|
| Pool | 41.22 +6.0 bps from reference |
| Band | 10 bps each side. Spread 10 bps. |
| Next buy pays | 2.00 bps, band |
| Next sell pays | 8.00 bps, band |
| Holder | 0x3f00000000000000000000000000000000a1c2 |
| Buyout | 4,120.00 USDC |
| Rent | 20 percent per year. 823,972.60 USDC per year. |
| Deposit | 3,386.00 USDC, 36.0 h of rent |
| Unsettled | 0.0000 USDC accrued, 0.0000 carried |
| Auction | 100 to 5 bps over 60 s. Inside the band. |
| Activation | 15 s. Minimum deposit 7.0 d of rent. |
| In range liquidity | 1,000,000,000,000,000,000,000 |
Every dynamic fee pool has a number at its center. StablePair assumes the number is known. FIELD makes it a slot, the Mark, with a holder, a declared reference, and a deposit.
The holder pays rent on the buyout price, the declared reference times a fixed notional, and the rent streams to liquidity inside the band. Anyone can take the Mark by paying the holder that buyout price and declaring their own reference, live after a short delay. Holding the Mark buys nothing except the reference.
Declare high and you pay more rent and are worth more to take. Declare low and you are cheap to hold but cheap to lose. The reference converges on the price its holder is willing to defend with money.
The fee schedule
Fixed spread in the band. Free to widen. An auction to recenter.
Inside the band the pool quotes a bid at the reference less half the spread and an ask at the reference plus half the spread, whatever the pool price. A buy above the reference pays less, a buy below pays more, never outside zero and the full spread.
Outside the band a widening swap is free: the trader is already giving the pool a better price than the reference says it deserves. A recentering swap pays a Dutch auction fee that opens at 100 bps the second the pool leaves the band and decays to 5 bps over a minute. The first taker who accepts the fee captures the arbitrage. The pool keeps the part they paid to go first.
Every swap in a block is classified and priced against the price at the start of that block, never the live price. Splitting a recentering swap into ten pieces pays the same fee ten times, not a cheaper one.
Rent
Twenty percent a year on the buyout, by the second, to the band.
Deposit 3386.0000 USDC, 1.5 days at the current rate. The gauge runs to 30 days. Below 7 days the holder can no longer withdraw. At 0 the Mark lapses and the reference freezes.
Rent is settled on every swap and by anyone at any time. Settled rent is donated to in range liquidity. Because the band is tight, in range liquidity is concentrated liquidity sitting around the reference, which is exactly the liquidity that makes the reference mean something.
LPs are paid twice for being close to the Mark: swap fees inside the band, and rent from whoever holds it. If there is no in range liquidity when rent settles, the rent is held until there is. It is not lost and not returned. When the deposit runs out the Mark lapses, the reference freezes, and the next taker pays nobody.
Ledger
Every change of hands, as a print. Seeded by the block that took it.
Field, block 11,998,020
Reference 0.00 Taken by 0x9b00…4e77 From lapsed Buyout 0.00 USDC REF 0.00 BLOCK 11,998,020 HELD 0x9b00…4e77 SEED 7a1c0000
Field, block 12,001,440
Reference 0.00 (+71.4 bps) Taken by 0x2c00…00d1 From 0x9b00…4e77 Buyout 4,050.00 USDC REF 0.00 BLOCK 12,001,440 HELD 0x2c00…00d1 SEED 3e590000
Field, block 12,004,113
Reference 41.20 (+10,068,390,042.4 bps) Taken by 0x3f00…a1c2 From 0x2c00…00d1 Buyout 4,090.00 USDC REF 41.20 BLOCK 12,004,113 HELD 0x3f00…a1c2 SEED d2b10000
Take the Mark
Pay the holder. Post a deposit. Declare. Live in fifteen seconds.
No pool configured. The field above is a still.
Cost of taking: the buyout paid to the holder, plus your own deposit, plus the rent you will now carry. The minimum deposit is seven days of rent at your declared reference.
Your reference activates after the delay. During it you are the holder, you pay rent, and anyone can take the Mark from you at the old active reference. Nobody can buy the Mark, swing the reference, swap for free, and hand it back in one block.
The only thing a false reference gives you is a different fee schedule. Above the market you pay rent on air and anyone can take you out for real money. Below it you are cheap to take. The notional is set so the buyout is large against the fees a single swap could avoid.
Parameters
The first pool's constants. Not constants of the protocol.
| Band half width | 10 bps |
|---|---|
| Spread inside the band | 10 bps, 5 each side |
| Auction opening fee | 100 bps |
| Auction floor fee | 5 bps |
| Auction length | 60 s |
| Rent | 20 percent per year on the buyout |
| Notional | 100.0000 xSTK |
| Activation delay | 15 s |
| Minimum deposit | 7.0 d of rent |
| Quote token | USDC 0x0000000000000000000000000000000000000000 |
| Base token | xSTK 0x0000000000000000000000000000000000000000 |
| Pool | not configured |
| Hook | not configured |
| PoolManager | not configured |
| Chain | 4663 |
| Permissions | beforeInitialize, afterInitialize, beforeSwap. 0x3080. |