How it charges
Most people hear "a hook that charges the impatient" and nod without knowing what that means onchain. There is a specific, mechanical thing happening on every swap. This is only that.
The hook keeps two running totals of the ETH that has crossed the pool, one per direction. Both decay linearly to zero over 180 seconds, computed from the clock rather than stored per swap. A burst two minutes old is mostly forgotten; a burst four minutes old is gone entirely.
The gap between them, over their sum, is the imbalance. Zero means balanced. Ten thousand basis points means the pool has seen one direction and nothing else inside the window.
- Your side is the crowded one. You pay a premium scaled to the imbalance, from nothing at balanced up to the 3% ceiling at fully one-sided.
- Your side relieves it. You pay no premium at all. Only the pool's own fee applies.
- The pool is balanced. Nobody pays a premium, because there is no urgency to price.
The premium is not a number a team sets. It rises and falls with the live imbalance, swap by swap, and it is capped in the bytecode with no function anywhere able to raise it.
The premium only exists when there is genuine one-sided pressure. In normal balanced trading there is nothing to charge and the fee stays at base. The hook cannot manufacture a premium out of a calm market, because the premium is a direct function of an imbalance that is not there.
- The premium is paid to liquidity providers, by donation into the pool. It is not a yield on the token and holding HORO does not entitle you to it.
- How much there is to collect depends entirely on how impatient the market actually is. A quiet week pays close to nothing, and no part of this mints a token to hide that.
- There is no oracle, no keeper and no dial turned by hand. Just the pool's own imbalance.