The market maker's desk, on their chain.
CDL is a share of an onchain market-making desk. The pool is a plain Uniswap v4 pool that anything can route, but its fee breathes like a real desk. Calm tape quotes tight; a wild tape charges wide. Every fee the desk earns burns CDL.
σ is a running estimate of how hard each fill moves the price. A calm pool quotes tight; a wild one charges for the risk of trading against people who know something.
The hook never touches your swap. It writes the pool's stored fee between trades, so every quoter and aggregator reads exactly what you pay. Nothing surprises the router at execution.
All fees accrue to the desk's LP position. harvest() is permissionless: CDL fees burn on the spot, ETH fees buy CDL through the pool and burn it. 20% pays the dev.
The house that made billions quoting your order flow, rebuilt as a public contract on Robinhood's own chain, where the spread it earns burns its own shares.
No oracle. No custom curve. No admin mint. One plain pool, one hook that only reads the tape and sets the stored fee, one permissionless harvest. Third-party LPs welcome, because depth is product.