THE LOG

A trader signs a swap on the LODE/ETH pool. The pool calls our hook before the swap settles. Inside that callback the hook reads the swap amount and takes 5% of it as ETH, regardless of direction.

1. 1
   swap arrives. The pool manager hands the hook a delta and asks what it wants to do.
2. 2
   hook takes 5% in ETH. Settled against the pool manager, not held on a router. The fee is parked on the hook's internal pot for the current round.
3. 3
   ticket logged. The wallet that signed the swap is added to the round's ticket list, weighted by the ETH it paid.
4. 4
   swap settles normally. From the trader's side: one swap, one signature, one fill. The fee is part of the price; the round is the bonus side.

note — there is no off-chain step here. The fee accrual, the ticket log, and the round are all on chain. Anyone reading the hook's storage can reconstruct the current round at any block.

Once block 30 of the round closes, anyone can call roll(roundId) on the hook. Calling it costs gas; the caller is reimbursed a small bounty from the pot so the round always closes on time.

roll requests a random word from Chainlink VRF v2.5. VRF answers on a later block via fulfillRandomWords. That callback is where the work happens.

note — the buyback is just a swap on the same pool the trader used. Anyone watching the pool sees the round's ETH come back through as a single large buy, and the price moves like it would for any other large buy. The hook does not have a secret path; it is a market participant on its own pool.

Of the LODE that comes back through the buyback, ten percent is sent to the zero address. There is no toggle. There is no "burn off" switch. The hook cannot be reconfigured; the proportions are written into the bytecode.

Across a thousand rounds, that ten percent slice compounds. Float shrinks. Holders keep the same number of LODE; the supply they sit inside of gets smaller. The vein gets richer.

verifying — all of this is on chain. The hook's source is verified on etherscan; read the roll, fulfillRandomWords, and the unlockCallback directly.