Skip to main content
A fee-rights position determines who receives one KEK.PRO market’s configured fee-rights allocation. The position applies to that market only. Fee rights are one destination within the protocol-fee flow. They are not a claim on every fee a trader pays. They also do not add a separate fee to a trade.

​
What the position includes

The position does not include control of the token contract, ownership of the liquidity position, guaranteed trading volume, or a guaranteed payout.

​
Who receives the allocation

The configured creator recipient is the fallback. That recipient receives the fee-rights allocation before the first auction and whenever no active position exists.
If one fee collection would exceed the remaining cap, the owner receives only the amount left under the cap. The rest goes to the configured creator recipient.

​
How a round works

1

The creator phase runs

The configured creator recipient receives the fee-rights allocation. A grace period prevents an auction from starting immediately after launch.
2

Holders bid with the launched token

Each bidder locks tokens from that market. The bid must satisfy the active tier’s eligibility rules.
3

The highest eligible token lock wins

The winner’s tokens move into a permanent lock. Losing bidders can reclaim their tokens after settlement.
4

The owner receives the fee-rights allocation

Each eligible fee collection pays the active owner until the payout cap is consumed. Low volume or low fee generation can make payout slow or incomplete.
5

The position ends

The owner stops receiving fees when the cap reaches zero. The position can then close and a new auction round can start.

​
Understand the payout cap

The payout cap limits how much an auction winner can receive. The protocol derives it from the winning token lock’s value at settlement, a configured multiplier, and the active tier ceiling. For example, if a position has a 50-unit cap and has received 18 units, its remaining cap is 32 units. If the owner sells it, the buyer can receive at most those remaining 32 units. A sale does not reset the cap. The cap is a maximum. It is not a promised return, an APR, or a minimum payout.

​
Reselling a position

An owner can list an active position at a fixed price. Listing pauses fee-rights collection. This prevents the seller from collecting fees after a buyer has priced the position but before the sale executes. The buyer receives the same position with its existing payout history and remaining cap. The seller pays the configured secondary-market fee from the sale proceeds.

​
Permanent lock is not a burn

Winning tokens cannot return to circulation. Their on-chain supply does not decrease unless a separate burn executes. Auction timing, bid valuation, payout assets, payout caps, and resale availability are chain-specific. Open the fee-rights guide in your active network tab before you bid.
Last modified on July 29, 2026