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terminal-activity: a 63.9% take rate is a misattribution, not a price - #3029
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pump.fun's take rate reads 63.9% on the live compare page and on the Robinhood and Base chain tabs. The number comes from one cell: the source reports $910.86 of fees against $1,424.96 of volume on Base, which is 0.0035% of pump.fun's $41.09M day. That cell is also the platform's only fee-bearing chain, so it set the all-chains headline too. The coverage gate added in #3027 withholds the headline, because 0.0035% of volume is far below the 50% floor. It cannot see the per-chain cell, which kept publishing 63.9% on its own. This adds the second half: - A cell whose fees exceed 10% of the volume they sit on is withheld. Measured across the cohort, every honest take rate sits between 0.39% and 2.20%, the highest being maestro on HyperEVM at 4.87%. Ten percent clears that spread by more than double and catches the broken cell by a factor of six. A terminal keeping a tenth of every ticket would have no users, so this is a statement about trading, not a tuned threshold. - The withheld flag on the all-chains row now keys off whether the source reported a fee for the platform at all, not off the totals. With its only fee cell rejected, pump.fun had no totals left and the row went silent, which reads as "charges nothing" on the page. It charges something; we cannot say what. Volume and transaction counts for the rejected cell are untouched. Only the ratio built on an unusable numerator goes away. The methodology now states the ceiling, and the findings bullet that named a day's withheld cells is rewritten as the rule: it claimed pump.fun charges on four chains, which the source stopped reporting.
Flotapponnier
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…ows (#3030) #3029 cleared the take-rate bench. The compare page still showed 63.9%, because the leaderboard board reads a different metric family: terminal_window_take_rate_pct, summed over 1d, 7d and 30d in windows.go, which had neither gate. pump.fun published 63.9% / 11.4% / 0.13% there. The arithmetic is the same defect over three windows. $910.86 of Base fees divided by $1,424.96 of Base volume, while the $40.6M Solana leg reports nothing and is correctly excluded from the ratio. Excluding it is right; using what remains as the platform's rate is not. Both gates now apply to the windows as well as the daily cells: - A day whose fee exceeds 10% of its own volume never enters a window, numerator or denominator. It is the source attributing a fee to the wrong denominator. - The all-chains window needs at least half the platform's volume on measurable days. Per-chain windows are whole by construction, so the floor is not applied there. Both constants move to package scope, since two files now share them and a second copy would be a second thing to forget. Volume, transactions and share are untouched: a dropped day still counts everywhere it is a measurement rather than a ratio. The methodology now states both gates on the leaderboard spec, which previously described only the zero-fee-day rule.
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/compare/fomo-vs-pump-funcurrently publishes pump.fun at a 63.9% take rate, and that page is cited in a Community Note with 11.4K views. The number is wrong, and the same page contains the proof: its own leaderboard row says pump.fun did $41.09M of volume on $910.86 of fees, which is 0.0022%.Where 63.9% comes from, from the gauges:
The source reports a fee for pump.fun on exactly one chain, Base, carrying 0.0035% of its day. $910.86 over $1,424.96 is 63.92%, and because Base is the only fee-bearing chain it also became the all-chains headline.
#3027 added a coverage floor and withholds the headline (0.0035% is far below 50%). It cannot see the per-chain cell, which kept publishing 63.9% on its own. This is the second half.
The ceiling. A cell whose fees exceed 10% of the volume they sit on is withheld. Across the whole cohort on 2026-10-17:
Ten percent clears the real spread by more than double and catches the broken cell by a factor of six. A terminal keeping a tenth of every ticket would have no users, so this is a statement about trading rather than a tuned threshold. It withholds 2 cells and touches no other platform.
Withheld, not silent. With its only fee cell rejected, pump.fun had no totals left, so the all-chains withheld flag stopped firing and the row went quiet, which reads as "charges nothing" on the page. The flag now keys off whether the source reported a fee for the platform at all. It charges something; we cannot say what.
Volume and transaction counts for the rejected cell are untouched. Only the ratio goes away.
Copy. The methodology now states the ceiling. The findings bullet that named a day's withheld cells claimed pump.fun charges on four chains, which the source no longer reports, so it is rewritten as the rule instead of a snapshot.
Gates: 253 specs valid,
gofmtclean,go build,go vet, and the full harness suite including a new test that asserts both the per-chain cell and the headline are withheld while a plausible platform keeps its rate on every chain.Needs a VPS redeploy of
ocb-terminal-activityto take effect; the container is still on the pre-#3027 image.