The Fee Key

A Fee Key is the NFT Raydium mints when liquidity is locked with Burn & Earn. The LP tokens go into a lock account owned by Raydium's lock program (LockrWmn6K5twhz3y9w1dQERbmgSaRkfnTeTKbpofwE) and can never be withdrawn by anyone. The Fee Key is a standard, transferable SPL NFT; whoever holds it can call the lock program's collectCpFees and receive the trading fees that locked LP has earned, in both pool tokens.

Why the LP can never be pulled

The lock program has no withdraw instruction for the LP itself. The lock account records locked_lp_amount, the LP supply and the pool's k at the last settlement; the fee a key can collect is the growth of the pool beyond that, paid out without touching the locked principal.

How Tollbooth reads it

For any key, Tollbooth derives the lock account ["locked_liquidity", fee_key_mint], decodes it, reads the CPMM pool's vaults and LP supply, and computes the fees waiting. On 2026-11-10 this read matched Raydium's own position API to the unit on a live key. "Earned since lock" is the LP already claimed plus the LP waiting, valued at the pool's current reserves.

What a key is worth

A key earns only while its pool trades. Each booth shows the fees the key has earned since graduation and the pool's 24 hour volume (Raydium's public pool API), the two numbers that say what the key does today. A Fee Key carries LP fees only; the CPMM creator fee of the pool is a separate stream that goes to the coin's creator.