RATCHET Not launched
A pipeline. A trade pays a fee, the fee becomes SPYB, and a splitter sends it down three pipes: a thin one to Flap, the thickest one into the reserve vault, and a middle one to holders. A return pipe runs from the vault back to a holder: redeem. TRADE 3% FEE SPYB SPLIT FLAP RESERVE HOLDERS REDEEM HAND BACK RATCHET, TAKE A SHARE

Every trade pays 3%. Most of it goes underneath.

Under today's configuration, the fee is converted into SPYB and split three ways, and the biggest share is set aside for the reserve.

A $100 trade, split.

Of the $3.00 fee, Flap takes 10% first; 70% of the rest goes to the reserve and 30% to holders.

A bar for a $100 trade with its $3.00 fee cut off the end and enlarged below: $0.30 to Flap, $1.89 to the reserve, $0.81 to holders.
$0.30Flap
$1.89The reserve
$0.81Holders, as S&P 500 dividends

Fees land when dispatched.

Fees wait in Flap's tax box until anyone calls dispatch(); then the reserve's share moves in.

A tax box holding SPYB, a dispatch button anyone can press, and an arrow into the reserve vault
The reserve's share of a trade: 1.89% on the bonding curve, about 1.88% after graduation for the smallest swap, about 1.35% for one a hundred times largerON THE CURVE 1.89%SMALLEST SWAP about 1.88%SWAP A HUNDRED TIMES LARGER about 1.35%

After the bonding curve, each conversion is a swap, so the share shrinks with its size. Measured on a fork; the pool moves, so these are not constants.

The settings.

Under today's configuration. The tax and the reserve and holder legs are fixed at launch; Flap's cut is set by Flap.

Where the 3% goes, under today's configuration
LegOf a $100 tradeSetting
Tax on every buy and sell$3.00300 bps
Flap, taken first and set by Flap$0.301000 bps
The reserve$1.897000 bps
Holders, as dividends$0.813000 bps