The minimum fee

When it applies

A new token's pool must pay the protocol something. If none of its blocks does, PoolInit sets the minimum fee (bit 22) itself. The creator doesn't choose it and can't turn it off.

It binds when a new token's pool runs none of: Arb recapture, LP Rewards, Auto Burn, an Anti-Snipe tax, Dynamic fees, Storm Fee, Swap Cut, Exit Clock or Sandwich Guard. Running any one of them replaces it. Pools of an existing token never pay it.

How much

min_fee_pips is copied from the config when the pool opens: 1,000 pips (0.1% of each swap) in the spec's initial config, and at most 1% if the admin changes it, for future pools only. It goes 100% to the protocol cut, so the integrator and referrer splits apply to it like any other protocol income.

Example

Sample settings, not live data. A new token's pool with no blocks, only a 0.3% base LP fee. A 1 SOL buy pays 0.003 SOL to LPs and 0.001 SOL minimum fee; the curve receives 0.996 SOL. Add LP Rewards to the same pool and the minimum fee is gone: reel is paid by its share of LP Rewards instead.

Why it exists

reel is paid through block fees. Without a floor, a new token's pool could leave out every block that pays the protocol and trade on reel for nothing. The minimum is small, fixed when the pool opens, and listed in the pool's parameters like every other charge.