Launches talk about fee splits in the language of a commitment. Sixty percent to the
treasury, thirty to the team, ten held back for buybacks. It reads like a term sheet,
and buyers price it that way: a project that routes most of its fee income back into
the token is worth more than one that routes it into a private wallet. The trouble is
that the sentence is the whole instrument. There is no counterparty, no filing, and
no date by which anyone has to show their work.
Weeks later the split is still quoted by people who were there on day one, and it has
quietly stopped being true. A treasury wallet gets replaced during a multisig handover
and the replacement was never announced. An operations share appears that nobody
remembers voting for. The team share creeps from thirty percent to forty across four
claims, none of which looks unusual on its own. Every one of those movements is public.
All of them are also invisible, because reading them means pulling a token's entire
claim history out of a block explorer and rebuilding the arithmetic by hand.
That gap is the product. The information is not hidden; it is unreconciled. Splitpaid
exists to close the distance between what a project said it would pay and what its
own transaction record shows it actually paid, and to keep closing it for as long as
the token keeps earning fees.