Fees in. $HALVD out.

Each trade on a halvd coin pays 1% in BTC. Meteora keeps 20% of that and the coin's fee share takes 60%. The last 20% belongs to the platform, and a single key, the keeper, handles it: 5% of the fee goes to the treasury, 15% buys $HALVD at market and is burned in the next transaction.

Graduation burns too: the few thousand coins a curve leaves unsold are withdrawn and burned. Anyone can burn $HALVD to boost a coin, and those burns land here as well.