When a swap lands in the pool, the site sees it within a second. It builds a small block of facts about that one trade: which side it was, how large it was against the depth of the pool, what the wallet holds after it, how much of its bag that wallet has ever sold, how the last 50 trades have leaned, how concentrated the supply is, and how much each route has already received. It sends that block to Jev with one question, and Jev answers with three probabilities that add up to 1. The fee from that trade is divided by those three numbers. Nothing is picked as a winner and nothing is rounded away. The part that goes to holders is divided by weight, and the wallet that made a sell gets none of its own sale. There is no schedule in any of this. A trade is the only thing that makes it move.

The right column describes how the model has tended to answer, not a formula. Nobody wrote a rule that says a sell pays holders. The model reads the facts and answers, and every answer is stored with its trade so anyone can check what it did.

Weight function

Weight is what a wallet holds, multiplied by the share of its bag it has never sold. A wallet that never sold carries its full balance as weight. Selling any part lowers the weight of everything that is left, and buying again raises it. Splitting a bag across many wallets changes nothing, because weight follows balance.

Latest swap, worked through