If I understand correctly the mechanics, the exchange trading fees

are going to be distributed to liquidity providers (that base APY) and to gWX holders (that governance reward)

What I don't understant is the way it is split. How much of fees goes to base APY, how much to gov reward ?

Or maybe this is still to be decided and eventually down the road, it will be voted on through governance ?

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Hi ggloadi! You can find the answer right in our FAQ: "What is Base vAPY (Variable Annual Percentage Yield)? How to calculate?" And the Lightpaper: https://waves.exchange/

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