Accounting

Reading the Explorer

Every event type in the ledger and what it means.

The Exploreris the protocol's ledger. Every movement of value — fees in, fees out, acquisitions, airdrops, redemptions, and dividends — appears there as a typed event. This page explains how to read it.

Event types

Six event types cover everything the protocol does. Each has a fixed meaning and a consistent from → to route.

Event	Route	Meaning
`Fee collected`	Trader → Treasury	The 3% tax was taken from a buy or a sell.
`Fee distributed`	Treasury → Holder	Collected fees were paid out to a holder.
`Stock acquired`	Treasury → Pool	Treasury funds bought an equity position and added it to the pool.
`Airdrop`	Pool → Holder	A fractional position was distributed to an eligible holder.
`Redemption`	Holder → Pool	A holder returned a position in exchange for $SWA supply.
`Dividend`	Pool → Holder	Income received from an issuer was passed to a position holder.

The route tells you the direction of value. Anything with Treasury or Pool on one side is protocol-side; anything with a truncated address on the other is a participant.

Reading a row

Column	What it tells you
Time	Relative age of the event. Hover the value for the exact timestamp.
Event	One of the six types above, colour-coded by category.
Asset	Ticker and tier of the position involved.
From → To	Counterparties. Protocol addresses are labelled, holders truncated.
Amount	Units moved — fractional shares for positions, $SWA for supply movements.
Value	Value at the time of the event. Not marked to market since.
Transaction	Onchain hash. The auditable reference for the row.

Filtering

The filter bar narrows the ledger four ways, and they compose:

Event type. Multi-select. Deselect everything except Dividend to isolate the income stream, or Fee collected to audit the tax rate.
Tier. Restricts to events touching positions in one tier.
Search.Matches ticker, company name, or address fragment. Paste a wallet prefix to isolate one participant's history.
Sort. Any sortable column, ascending or descending. Sorting by value surfaces the largest movements.

The side panels

Top recipients (24h)

Ranks participant addresses by total value received in the last day across airdrops, dividends, and fee distributions. Large balances rank highly — this is the visible consequence of balance-weighted distribution, not a leaderboard of skill.

Most distributed stocks

Ranks pool positions by cumulative value distributed. Heavily-backed positions dominate, which is the backing-weighting described in Synthetic ETF made visible.

The live indicator

The pulsing square marks the feed as live. New events animate in at the top as they occur. If it is not pulsing the feed is static — reload the page.

Caveats

The chain is the source of truth

The Explorer is an interface over protocol data. Rows can be delayed, cached, or incorrectly rendered. Every row carries a transaction hash for exactly this reason — when a figure here matters, verify it against the chain rather than trusting the display.

Values are historical. The value column shows the value at the moment of the event and is never revalued. A position airdropped a month ago is not worth what the row says today.
Not a tax statement. The ledger is complete but is not structured for tax reporting and does not account for your cost basis. See Risks.
Addresses are truncated. Two addresses can share a visible prefix and suffix. Use the full hash to distinguish them.