The veil
The fee on a Mistly pool is a veil of mist, and the veil lifts with the morning. It is thickest in the second a pool dawns, thins in a straight line for one hour, and then holds clear for the rest of the pool's life. It is paid in ETH, only ETH, and everything it gathers goes to one immutable address.
The clock
the line every pool follows
The same line for every dawn, from the same second: the moment the pool is opened. A trade that lands nineteen minutes in pays what the line says at nineteen minutes, whatever the price has done. Nothing thickens the veil again — not a trade, not a price, not a call.
Gathered
read from the veil
- —
- Gathered
- —
- Lifted
- —
- Goes to
held, not yet lifted
over the veil's life
immutable, no setter
Whoever presses this pays the gas. The ETH goes to the address above regardless — there is no recipient argument to give it.
Recent crossings
every router, every pool
Nothing has crossed yet.
Why it lifts
The first minutes of a pool are when a bot with a faster wire than any person has the most to take. A flat fee taxes the patient buyer at noon at the same rate as the sniper at dawn. This one does not: whoever is first through the mist pays the most for the privilege, and a trader who reads the clock can always wait for a thinner veil.
Why ETH
A launchpad paid in the tokens it launches has to sell them, and the only place to sell them is the pool it just charged. This one is paid in ETH on both sides, so the wallet the toll goes to never holds a single drop it would need to dump.
The four shapes
- Buy, exact input. ETH is named. The toll comes off the top before the curve sees it.
- Sell, exact input. Drops are named; ETH comes out. The toll comes off what the curve paid.
- Buy, exact output. Drops are named; ETH goes in. The toll is laid on top of what the curve charged.
- Sell, exact output. ETH is named. The veil asks the curve for a little more and keeps the difference.
The trail sends the first two; the veil prices all four, at the rate of the second they land.