Economics
Fees
One venue fee applies to every fill, taken from the input side before pricing. Two numbers in the Venue account define it:
fee_bps: the fee on the input amount, at most 1,000 (10 percent). The launch setting is published on the disclosures page.venue_share_bps: the part of that fee that belongs to the venue, 0 to 10,000. The rest stays in the pool's reserves and belongs to the liquidity providers.
math::quote computes fee = ceil(amount_in × fee_bps / 10,000) and venue_fee = floor(fee × venue_share_bps / 10,000). The venue's part accrues in pool.venue_fee_stock and pool.venue_fee_quote and is moved to the fee recipient by collect_fees, which anyone can call. The LP part never leaves the vaults; it raises the value of every LP unit and is realised on remove_liquidity.
Liquidity providers
LPs deposit both sides in the pool's ratio and hold LP units from a 6-decimal mint owned by the pool. Their return is the LP share of fees, net of the usual loss from the pool's price moving against them. Under the order, an LP that quotes only into TSV pools for its own account is exempt from the dealer definition; it is still subject to the order's disclosure and recordkeeping conditions and must be admitted to the venue and allowlisted by the issuer.
Caps and what they mean for volume
| Tier | Symbols | Monthly cap per stock | Throttle |
|---|---|---|---|
| 1 | up to 75 | 0.25 percent of prior-month consolidated ADV | from 90 percent used, a single fill is at most 1 percent of the cap |
| 2 | up to 250 | 2.5 percent of prior-month consolidated ADV | same |
In shares, the cap is small. FWDI's September 2026 ADV on Nasdaq was 2,273,683 shares, so the Tier 1 cap for October is 5,684 shares per month. GLXY's was 4,851,336, a cap of 12,128 shares. These are the numbers the landing board shows, read from Nasdaq's daily volumes; the keepers post the NYSE consolidated figure on chain.
No venue token
A securities venue issues no token of its own. There is no buyback, no burn and no emission. The treasury block on the landing page shows zeros and says so.
Costs the operator carries
- The NYSE Consolidated Volume Summary is licensed data.
- Keepers must run reliably against exchange notices.
- A US entity, a 30-day operating notice, records kept in the US, and SEC examination on request.
- Program rent on Solana, recoverable if a program is ever closed.