reel pools

One pool, one market

A reel pool is one constant-product market between a base token and a quote token, over the full price range. Its curve is rb · eq = k, where rb is the base reserve and eq is the quote reserve plus a virtual quote. The virtual quote lets a launch open with tokens only, at a chosen price; it scales with shares, so adding or removing liquidity doesn't move the price, and it can never be withdrawn. A sell can never pay out more quote than the pool really holds.

The curve reads tracked reserves, not vault balances, so tokens sent straight to a vault change nothing. A pool may also have a deposit cap, a per-pool setting the admin can set or clear.

Fees live outside the reserves

LP fees don't sit in the reserves. They add to a fee-growth counter per share, and each position keeps a checkpoint. When a position's shares change, or its owner collects, the program settles shares × Δgrowth. So a position collects fees without touching its principal, and a locked position keeps earning.

When a pool opens, the first MIN_SHARES (1,000) are locked forever and belong to no position. LPs’ shares of arbitrage recapture and King of the Pool releases are streamed into fee growth over release_secs; any add restarts that window, so liquidity added just in time only gets what streams after it joins.

What is frozen when a pool opens

PoolInit writes the pool's PoolParams: the base LP fee, the protocol share, the bitmask of Hook Blocks and every block setting, plus the keys the blocks name (royalty recipient, payee, oracle, sibling pool, advisory accounts). It also copies the integrator rate from the root or the listing. Nobody can change these afterwards, the admin included.

Two things can move after opening, both disclosed: the admin can change a pool's deposit cap, which only gates new deposits, and the fee keeper can move a Managed fee inside the cap the pool froze. See the admin model.

What a pool can carry

Where the money goes

Charges that aren't LP fees accrue in ten buckets on the pool, each with one fixed recipient. BucketCollect is permissionless: anyone can send it, and the program only pays the bucket's own recipient.