The numbers

Every trade pays the pool’s fee, and the locked liquidity earns all of it, which each launch splits 80% to its creator and 20% to the protocol — at the default 1% fee, 0.80% of volume to the creator and 0.20% to the protocol. The protocol's share goes to the buyback sink, which at the close of each round buys the King of the Hill coin and burns it. Fees count from the trade that paid them — collected, or still waiting in a position — and are valued at today’s prices. Volume is worked out from those fees: every swap pays the pool’s rate on what goes in, so what the liquidity earned says what went through.