The fee

• 2.5% right after launch
• Falls to 1.25% by graduation
• The 1.25% trading fee applies too

When it applies

• Any ETH you take out of a coin before it graduates
• Both Claim (ETH the ladder sold) and Cash out (selling the rest)
• Not after graduation

Why

• It makes quick flips of new coins costly
• Holders who wait pay less, and nothing after graduation