# fees pre bond

While a token is still trading on the bonding curve (i.e. `graduated == false`), the fee model is **simple, inline, and always in USDC**.

## Rate

| Component    | Rate      | Destination                                         |
| ------------ | --------- | --------------------------------------------------- |
| Protocol fee | **0.50%** | `protocolFeeRecipient` (treasury EOA)               |
| Creator fee  | **0.50%** | `creatorFeeRecipient` (chosen at deploy, immutable) |
| **Total**    | **1.00%** | —                                                   |

Set in `BondingCurveV2.sol`:

```solidity
uint256 public constant SWAP_FEE_BPS    = 100;  // 1.00%
uint256 public constant PROTOCOL_FEE_BPS = 50;  // 0.50% to treasury
// creator fee = SWAP_FEE_BPS - PROTOCOL_FEE_BPS = 50 = 0.50%
```

## How the fee is taken

In `_buyFor` (called by `buy` and `initialBuy`):

```solidity
usdc.safeTransferFrom(payer, address(this), usdcAmount);   // gross in

(uint256 netUSDC, uint256 protoFee, uint256 creatorFee) = _splitFees(usdcAmount);
if (protoFee   > 0) usdc.safeTransfer(protocolFeeRecipient, protoFee);
if (creatorFee > 0) usdc.safeTransfer(creatorFeeRecipient,  creatorFee);

// rest of the curve math uses netUSDC
```

In `sell`:

```solidity
// curve already has the USDC from LT.redeem
(uint256 netUSDC, uint256 protoFee, uint256 creatorFee) = _splitFees(usdcGross);
require(netUSDC >= minUSDCOut, "slippage");
if (protoFee   > 0) usdc.safeTransfer(protocolFeeRecipient, protoFee);
if (creatorFee > 0) usdc.safeTransfer(creatorFeeRecipient,  creatorFee);
usdc.safeTransfer(msg.sender, netUSDC);
```

## Properties

* **Same transaction.** Both fee recipients are paid before the trade completes. No off-chain process, no claim step, no delayed batch.
* **In USDC.** Not in token. The fee asset doesn't depend on the token's price.
* **No accumulation, no "pending fees" surface.** Earnings are spendable the instant a trade lands.
* **Treasury can be rotated.** Factory owner can call `setProtocolFeeRecipient(newAddr)`, but this **only affects tokens created after the change**. Curves already deployed have a snapshot of `protocolFeeRecipient` from their constructor.
* **Creator recipient cannot be rotated.** The address baked into the curve at deploy is `immutable`.

## Worked example — $100 USDC buy

```
usdcAmount  = $100.00
protoFee    = $100 × 50  / 10_000 = $0.50  →  treasury
creatorFee  = $100 × 100 / 10_000 - $0.50 = $0.50  →  creator
netUSDC     = $100 - $1 = $99.00
```

After fee split:

* Treasury earns **$0.50**.
* Creator earns **$0.50**.
* Curve mints LT against the remaining **$99** and gives the buyer the appropriate tokens.

## Worked example — sell 5,000,000 tokens

Assume the curve quotes `usdcGross = $20.00` for that token amount.

```
protoFee   = $20 × 50  / 10_000 = $0.10  →  treasury
creatorFee = $20 × 100 / 10_000 - $0.10 = $0.10  →  creator
netUSDC    = $20 - $0.20 = $19.80
```

After fee split:

* Treasury earns **$0.10**.
* Creator earns **$0.10**.
* Seller receives **$19.80**, after the LT.redeem brought $20 back from the keeper.

## Where to inspect on-chain

Each `Bought` and `Sold` event emits `usdcIn`/`usdcOut`, but the actual fee transfers are visible as two `Transfer` events on the USDC contract per trade:

```
Transfer(curve, protocolFeeRecipient, protoFee)
Transfer(curve, creatorFeeRecipient,   creatorFee)
```

Searching USDC Transfers `from = curve` filtered by trade tx hash is the cleanest audit path.


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