The model
A key is a liquid position in one person's market. Buying walks the price up the curve. Selling walks it down. The contract is always the counterparty.
The same supply always produces the same next-key price.
Every market can be bought or sold without waiting for an order.
Reserve, supply and fees are visible in contract state.
The 13% split
The fee is charged on buys and sells, then divided atomically inside the same transaction.
Locked in the vault. This is what a seller gets back when they walk the curve down — it is not a fee, it is the position itself.
Accrues to whoever the account belongs to, from the very first trade — even before they have claimed it.
Split between everyone holding that account's keys, in proportion to how many they hold. This is what makes a key pay while the person stays quiet.
Keeps the lights on. Sent straight to the treasury on every trade.
The split is not a dashboard calculation. It is enforced by the market contract at settlement.
Worked example
Buying one key when 10 keys are already out.
A round trip costs about 26%. The system rewards conviction, not high-frequency churn.
Price curve
Early keys price uncertainty. Later keys price proven demand. The step between them is public before anyone trades.
Key one belongs to the face and cannot be sold. It anchors the curve so the next key can never become free again.
Incentives
Attention becomes an asset.
Their share accrues before they claim and remains withdrawable afterward.
Holding has cash flow.
Every trade in that face's market contributes to the holder pool.
The network funds itself.
Protocol fees power rewards and the long-term operation of faces.