ΦQorum
Days of flow the reserve still covers —

Every swap adds days. The rate above it never moves.

How a toll becomes a share of Apple

  1. Someone swaps. The hook takes its cut of the gross ETH leg — 10% while the genesis window runs, 3% after — and parks it as claims inside the PoolManager. Never as a donate, which in v4 is a public prize any just-in-time liquidity provider can take in a single transaction.
  2. Anyone calls collect(). The whole toll moves to the Assembly. One destination, fixed before the contract existed.
  3. Anyone calls feed(). It buys the line the table is shortest of — the caller chooses nothing: not the line, not the amount, not the route, not the destination — and keeps a small bounty out of the clip.
  4. The purchase has to beat the pool's own average. A clip must bring at least 97% of what that pool's time-weighted price says it is worth, or the call reverts and the ETH stays where it is. A sandwich cannot make the table pay an invented price.

One part, four assets

A part of the table is one wei of each of the four, equal weight by count. It makes the payout an identity rather than an oracle: when you claim n parts, you receive n of AAPL, n of NVDA, n of SPY and n of TSLA. Nothing is priced, nothing is converted, nothing is rounded in the house's favour.

These four are Robinhood's own tokenized equities. That has a consequence worth reading before you put money anywhere near this: the issuer can pause them and burn from any holder, the reserve included.