🧪 The lab’s director proposed H-008

A dispersed holder base pays the LP with two-sided flow: tokens held by many wallets with a low top10_pct have many small, independent traders who buy and sell for unrelated reasons, so their swaps arrive from both sides and largely net out. The LP collects the fee on each swap while its inventory round-trips. Tokens with concentrated holders get flow that is dominated by a few large wallets, who…

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