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SWATH
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Solana fee income, settled into one ledger anyone can own.

SWATH buys fee rights from Meteora DAMM v2 positions and pump.fun creators, recovers each vintage’s cost first, and sends half of every surplus to $SWATH in the holder vault. Partner apps’ service revenue is next.Meteora and pump.fun fee rights, cost recovered first, half of every surplus to $SWATH holders.

Open the appFollow one sweep
ReceivedDistributableCost lineCost recovered, to treasury
  • 50%Holder vault
  • 20%Reinvest reserve
  • 20%Buyback (held)
  • 10%Operator share
Cost lineCost recovered
  • 50%Holder vault
  • 20%Reinvest reserve
  • 20%Buyback (held)
  • 10%Operator share

Reading the ledger

Recorded on Solana

Every record on Proof

Every sweep pays back cost before anything is distributable.

Two vintages bought at the same price. The first closes short and books the gap as loss. The second pays its own cost, then that loss, then the provision. Only what is left reaches the holder vault.

  1. ReceivedLamports swept from a right's source vault. Only what landed counts.
  2. Cost recoveredBack to treasury until the vintage's price and direct costs are whole.
  3. Loss coveredLosses already realized by closed vintages are made whole next.
  4. ProvisionTopped up to its target before anything is distributable.
  5. DistributableWhat remains is realized surplus, allocated at the next settle.
Vintage one closes short of its cost Cost recovered Loss booked
Vintage two closes past its cost Cost recovered Loss covered Provision Distributable

Each block is one period’s sweep. Ink returns to treasury as cost, red covers a booked loss, grey tops up the provision, green is distributable.

Distributable surplus splits 50 / 20 / 20 / 10 at every settle.

Settlement closes once per period and anyone can run it. Half goes to the holder vault, where deposited $SWATH claims it by time-weighted stake. A fifth refills the reserve that buys the next rights, a fifth is $SWATH bought on the market and held in the dev wallet, a tenth is the operator share. Rounding remainders carry into the next settle.

Settles
Once per period, by anyone: settle_epoch
Paid in
SOL
Holder claims
From 0.001 SOL

Two kinds of income right, each verified on chain before SWATH pays.

Not a basket of tokens: each right is a dated claim on fees a pool or a coin already pays. SWATH pays for one only in the transaction that reads the route on chain and finds it fixed to that right’s source vault.

Meteora

DAMM v2

Position fees, SOL side

SWATH holds
The position NFT, in the source vault's custody for the term
Provider keeps
LP principal, the non-SOL fee side, and the NFT back at term end
  1. Position account owned by Meteora DAMM v2 and derived from its NFT mint
  2. Position NFT held by the right's source vault, amount 1, no delegate
  3. Pool matches the right; one side is SOL
  4. Fee claims are the only call SWATH makes on the position

pump.fun

Creator fee

Creator fee share, in SOL

SWATH holds
A fixed share of the coin's creator fees, paid to the source vault
Provider keeps
The rest of the fee split and the coin itself
  1. Fee sharing config owned by pump.fun's fee program, status Active
  2. Source vault listed once, with the right's share in basis points
  3. Config locked against edits, or administered by the source vault itself
  4. Bonding curve's creator is that fee sharing config
  1. ProposedTerms and price on chain, nothing paid
  2. AcquiredRoute verified on chain, price paid from treasury
  3. ActiveTerm started; sweeps book income
  4. MaturedTerm ended; shortfall becomes loss, surplus is final

See the income rights in the app

Deposit $SWATH, accrue from the next period, claim in SOL.

The holder vault weighs every deposit by stake-seconds. A deposit counts from the next period; a withdrawal stops new accrual and keeps everything already accrued. Claims pay SOL straight from the holder vault, from 0.001 SOL up. Deposits are what earn the holder share.

Period 5AccruingAccruing on the whole deposit, by stake-seconds.
Period
Set on chain
Weight
Time-weighted stake-seconds
Paid in
SOL
Smallest claim
0.001 SOL

Open My claim

One settle’s buyback in SOL, order by order

This settle’s 20% share, bought and heldOne order every 5 minutes, 0.01 to 0.5 SOL each
SOL waiting to buy SOL spent on $SWATH, held by the dev wallet One market order

A fifth of every settle buys $SWATH on the market, and the dev wallet holds it.

Each settle moves 20% of the distributable surplus into the program’s dev_buy vault. withdraw_dev_buy pays it to the dev wallet named in Config, and a worker turns it into $SWATH in small market orders: bought on the market and held in the dev wallet, and each order is listed in the buyback ledger with its transaction.

Share of each settle
20%
Paid to
Dev wallet
Order size
0.01 to 0.5 SOL
$SWATH bought
Held

Open the buyback ledger

Creator fee burn

A separate mechanism from the buyback above: a fifth of the creator fees from $SWATH trading goes to market orders for $SWATH, and every token those orders return is burned on chain, lowering the mint supply by that amount. Each burn is on Solscan.

Open the burn record

From single-pool rights to the service revenue of whole apps.

The first ledger holds short rights on pool fees and creator fees, each priced, routed and recovered on chain. The same accounts take any income that can be routed to a program vault.

What does a market look like when a partner app’s service revenue settles through the same cost line as a pool fee, and anyone can hold a share of what it realizes?

$SWATH in the holder vault is the claim on half of every surplus this ledger settles, and a fifth of that surplus buys $SWATH on the market.

Open the app
SWATH: Solana fee income, settled into one ledger