FULL SAIL · THE RELAUNCH CASE

Thin liquidity.
More fees per dollar.

Full Sail’s history shows that a smaller liquidity pool can earn a larger share of trading fees. The relaunch combines that performance with adaptive pricing, productive liquidity and new assets from Blast.

01 / PERFORMANCE

More fees per dollar.

Six months across five Sui DEXes.

Daily trading fees per $1,000 of liquidity

+84%vs Bluefin

Seven-day rolling rate · Sep 4, 2025–Mar 13, 2026

Full Sail$1.35

Bluefin$0.73

Cetus$0.73

Momentum$0.30

FlowX$0.15

Full-window rates · Data & method ↗

MANIFEST: more fees per dollar.

Daily fees per $1,000 liquidity

+78%vs Bluefin

Full Sail$4.31

Bluefin$2.42

$0$5

USDC vs SUI pairs · matched operating window

Comparison dates & full history ↗

Major pairs and launch assets.

Full Sail’s share · selected Sui pools

ETH: 3 pools · BTC/SUI: 4 · Dates, pool windows & sources ↗

02 / HOW FEES ADAPT

Price scarce liquidity.

Fees rise with volatility and liquidity use, within set limits.

Volatility +
liquidity use→Fee controller→Adaptive
trading fee

Where liquidity sits. How fees change.

Concentrated liquidity and dynamic fees can work together.

Basic AMM

A pool prices the trade.

Capital covers every price; much sits away from current trading.

Example: Uniswap v2 · fixed fee

CLMM

Focus capital in a price range.

Chosen ranges increase depth per dollar. Out-of-range capital stops earning. Full range is possible.

Example: Uniswap v3 · concentrated liquidity

DAMM

Adapt the trading fee.

Fees respond to market conditions. Liquidity placement varies by implementation.

Full Sail and Meteora use different implementations.

DLMM

Place liquidity in price bins.

LPs fund price bins; swaps cross them as needed. Meteora adds volatility-based fees.

Example: Meteora DLMM · discrete prices

Full Sail combines CLMM liquidity with a dynamic fee controller.

Upgradeable controller · Formula & design ↗

03 / LP ECONOMICS

From market activity
to monthly fees.

Turnover measures how often pool liquidity trades each day.

Pool liquidity×Daily turnover×30 days=Monthly volume

Monthly model · your $1M SUI + $1M USDC
0.18% average fee · 80% to LPs / 20% to operator · you supply the pool.

Bear

Stress: 57% below the historical monthly low.

Daily turnover: 0.5×
Monthly volume: $30M
Gross pool fees: $54.0K
Your LP fees: $43.2K
Operator revenue: $10.8K

Base

15% below the historical monthly low.

Daily turnover: 1×
Monthly volume: $60M
Gross pool fees: $108.0K
Your LP fees: $86.4K
Operator revenue: $21.6K

Bull

Within history; below November and February.

Daily turnover: 2×
Monthly volume: $120M
Gross pool fees: $216.0K
Your LP fees: $172.8K
Operator revenue: $43.2K

Observed daily turnover · SUI/USDC

Full Sail · complete months, Oct 2025–Feb 2026

Oct 1.47×Nov 2.64×Dec 1.95×Jan 1.17×Feb 2.14×

At $2M, these cases require 1.06× / 2.13× / 4.25× January’s $28.2M volume. Demand must scale with liquidity.

Adjust liquidity & turnover →

Historical basis & calculations ↗

04 / BUSINESS ECONOMICS

What scale earns
for the business.

1× daily turnover · 0.18% average fee · 20% to the operator

Average TVL	Monthly volume	Operator / month
$500K	$15M	$5,400
$1M	$30M	$10,800
$2.5M	$75M	$27,000
$5M	$150M	$54,000
$10M	$300M	$108,000
$25M	$750M	$270,000
$50M	$1.5B	$540,000

Before costs and partner splits. Proportional trading demand assumed; not forecasts.

Lower-fee sensitivity & three-year projections ↗

05 / BLAST + FULL SAIL

Launchpad + DAMM.
A business beyond launch.

Bags: launchpad → bonding curve → DAMM v2 → shared fees.

After launch: 5.8× the fees.

Meteora partners · Solana · Jan–Jun 2026

85% of partner gross fees came after graduation.

5.3× fees per traded dollar.

DLMM vs PumpSwap · H1 2026

Gross fees per $1M traded. Pump.fun-origin tokens; reported DLMM rate versus PumpSwap benchmark.

Separate comparisons, not proof of DAMM outperformance. Partner fees fell 84.5% in Q2. Full history, comparisons & sources ↗

Blast supplies assets. Full Sail earns from trading.

Major pairsSUI · BTC · ETH

Blast.fun launchesVolatile launch assets

Full SailAdaptive-fee trading

LP + operator fees

THE RELAUNCH CASE

Rebuild around
productive liquidity.

Retain major-pair trading, bring new assets through Blast, and earn from the activity that follows. Full Sail’s history supports the opportunity; reliable operations and sustained trading will determine its scale.

Relaunch follows the August vault incident and September sunset. Relaunch review ↗