Fees and the PLM token
Where the money comes from
Plume takes two fees. Both are shown to you before you ever confirm a transaction, and neither touches the collateral invariant.
A premium fee, taken when an option is bought. The buyer pays the same listed premium either way; a percentage of it goes to the protocol instead of entirely to the writer. This is the standard take-rate model — Plume earns a slice of activity, the way an exchange earns a slice of volume.
A settlement fee, taken only from winning positions. When an option pays out — through exercise or expiry — a percentage of that payout goes to the protocol instead of entirely to the holder. Losing positions are never charged anything beyond what they already risked.
Within those ceilings, rates are adjustable, and they launch well below them. This isn't a policy; it's a check written into the code, and you can read it.
Why this doesn't change the safety story
The settlement fee comes only out of the holder's share of a payout — never out of the writer's collateral. The full payoff formula is computed exactly as written, and exactly that amount leaves the writer's locked collateral. The fee only decides how that already-departing amount is split: most of it to the holder, a slice to the protocol. The writer's side of the ledger is identical whether the fee exists or not.
The premium fee is simpler still: it's a split of a cash payment between two recipients, and never touches collateral at any point. Every proof on the invariant page holds without modification. A fee is a redirection of value that was already moving — not a new claim on anything previously safe.
What you see, and when
Fees are shown before you act, not disclosed afterward. Writing shows the premium fee alongside projected income. Buying, exercising, or claiming a settled position shows the settlement fee alongside the payout you're about to receive. Nothing is deducted silently.
PLM
Plume's token is Plume (PLM), deployed on Robinhood Chain at:
0x45634dF4e5232Af27914A57f2CA3460F81bc35Eb
Total supply is 10,000,000 PLM — fixed at launch, nothing mints more. Of that, 7,500,000 (75%) is circulating and 2,500,000 (25%) is allocated to reserves. Burns reduce the total from there and never come back.
Fees collected by the protocol flow into a treasury contract and split two ways: part funds operation, and part is reserved for one purpose only — buying PLM on the open market and burning it, permanently and verifiably reducing total supply. The ratio can change over time; what cannot change is where each side goes. The revenue destination is fixed at deployment, and once funds are reserved for burning, their only exit is through a burn. Every distribution and every burn lands on-chain where anyone can audit it.
PLM carries no staking, no yield, no voting, no governance, no privileged claim on anything. Its entire mechanism is scarcity, produced by real usage: more activity means more fees, more fees means more buying pressure on a fixed and shrinking supply. A deliberately simple model — its only job is to go down in supply as Plume gets used, and that job is simple enough to verify by reading the numbers on-chain.