How it works
One curve,
any asset on the other side.
Every pair here runs the same in-house constant-product AMM against virtual reserves, takes in the quote asset its community actually cares about, and migrates itself ontoDeep — our own AMM — the moment it crosses 80 SOL-equivalent. This page is the whole mechanism, nothing held back.
No create fee. Migration to Deep is free too.
Decays with market cap. Split 50/50 protocol · creator, whatever it is.
Identical for every pair, shown in its own asset.
The rest of the supply seeds the Deep pool at graduation.
Overview
The life of a pair
Four moments, and only the first and last need anyone to do anything unusual. Creation is one transaction. Graduation is not a transaction at all — it happens inside somebody else's buy.
Create
Pick the quote asset, upload an image, set the tax and the fee route. One transaction mints a fixed-supply Token-2022 mint, revokes every authority and initialises the curve. There is no create fee.
Trade the curve
The AMM is the only market. Buyers pay the quote asset — or pay SOL and let the router convert — and the constant-product invariant sets the price on every fill. The fee falls as the pair grows: 1.00% at the open, about 0.78% by graduation.
Fill the curve
Progress is the real quote the curve holds, against 80 SOL-equivalent expressed in that pair's own asset. Sells push it back down; nothing else moves it.
Graduate
The trade that crosses the line also opens a Deep pool with the remaining supply and the full quote balance, and burns the LP. Inside that same transaction.
The quote side
Anything can be the other half
On most launchpads the quote side is SOL and the choice ends there. Here the quote side is whichever asset the community is actually about — so the curve prices your token in NVIDIA, in gold, in yen, in BONK. It is the same AMM either way; only the unit changes.
82 listed assets across Stocks · Indices · Commodities · Currencies · Crypto · Memes — plus any mint that clears the custom-asset gate.
One threshold, thirteen orders of magnitude
Every curve graduates at the same 80 SOL-equivalent. What changes is what that looks like in the pair's own asset — so the interface never shows you a SOL number you then have to convert in your head.
NVDAx93.86GLDx46.75SOL80.00All equal to 80 SOL at $214/SOL — $17.1K of real quote in the curve.
Bringing your own asset
The Custom tab in the create flow takes any mint address. An indexer returns the token's metadata plus two signals, and the asset is eligible if either one passes.
Present on Jupiter's verified token list — a human-reviewed registry.
Summed locked LP across the token's pools, so a curve priced in it can actually be exited.
The gate exists because the quote side is what your holders are ultimately exposed to. A curve denominated in something with no exit is a trap, not a market.
The mechanism
The in-house AMM
There is no order book, no market maker and no one on the other side of your trade. There is a pair of reserve numbers and one rule that must hold before and after every fill.
The invariant
quoteReserve × baseReserve = k
A buy adds quote and takes base out; a sell does the reverse. Because their product cannot change, taking tokens out makes the next token more expensive — automatically, continuously, and without anyone quoting a price. That is the entire pricing mechanism.
Virtual reserves seed it
The curve opens holding nothing real. It is initialised with a virtual quote reserve of 30 SOL-equivalent and a virtual base reserve of supply × 1.073 — numbers the program treats as present for the maths but which no one deposited and no one can withdraw.
Which is what gives it an opening price
Without them the first buy would divide by zero. With them, token one costs $5.98e−6 and the curve is a smooth line from there — no launch auction, no price discovery gap, no empty book.
And bounds the whole run
The 0.073 of phantom base — 73.00M tokens that do not exist — is what stops the curve from ever selling the last of the supply. It runs out of graduation before it runs out of inventory.
Reading a fill, step by step
- 01Fee comes off first
The fee for the pair's current market cap — 1.00% at the open, less as it grows — is taken before the curve sees the amount. The curve never touches the fee, so fees do not advance graduation progress.
- 02Quote reserve goes up
Your net amount is added to the quote side. On a SOL-router buy this is the converted quote asset, not the SOL.
- 03Base reserve is solved for
baseReserve = k ÷ the new quoteReserve. There is nothing to look up; it falls straight out of the invariant.
- 04The difference is yours
The tokens that left the base reserve are transferred to you. Your average price is your net in ÷ tokens out — always worse than the price you saw, by exactly the amount you moved the curve.
Curve lab
See it move
The chart below is the live function, not an illustration. Drag the handle, switch the quote asset, simulate an order — every figure is computed by the same code the trade panel uses.
Interactive
The curve, end to end
Drag anywhere on the chart to move the curve to that point. Every number below is the real constant-product math — the same functions the create form and trade panel call.
- Raised
- 21.12 NVDAx
- of 93.86
- Sold off curve
- 402.38M
- 40.2% of supply
- Market cap
- $15.3K
- at the marginal price
- From launch
- 2.56×
- opens at $5.98e−6
- Trade fee
- 0.96%
- opens at 1.00%, falls with market cap
Reserves
30 virtual (hatched, never withdrawable) + 18.0 real — that real part is 21.12 NVDAx actually paid in by buyers. Reserves are shown in SOL-equivalent because that is the unit the invariant is kept in.
Tokens still held by the curve. Buys drain this side, sells refill it.
48.00 × 670.63M = k
Constant through every trade. Only graduation retires it.
Simulate a buy from here
Shaded green on the chart — the stretch of curve this order would eat.
Impact is the gap between the marginal price you see and the average price you actually get — it is not a fee, it is the curve moving underneath your own order. It grows with order size and shrinks as the curve deepens, which is why the same 1 SOL buy costs far more of the supply at 5% filled than at 75%.
Modelled on a 1.00B supply with the platform defaults — virtualQuote=30, virtualBase=supply×1.073, fee=95.6bps at this market cap. SOL is priced at $214 for the USD column.
Costs
What a trade actually costs
Three separate things come out of a buy, and they are often lumped together. They are not the same, only one of them is a fee — and that one is not a flat number.
The trade fee
Charged on both buys and sells, taken off the top, and set by the pair's market cap rather than fixed at launch. It splits 50/50 between the protocol and the creator's chosen route at every point on the curve, and it is denominated in the quote asset, because the curve leg settles in the quote asset.
Price impact
Not a fee and nobody collects it — it is your own order moving the curve underneath itself. Doubling your order size more than doubles it. It shrinks as the curve deepens, which is why the same buy is far cheaper at 75% filled than at 5%.
The buy/sell tax
Optional, chosen by the creator at launch, and fixed forever after. Where it is on, it is not revenue: it buys the quote asset and pays it out to holders. Pairs that carry one show a Pays badge.
The fee is a curve, not a number
A brand-new token is thin, volatile and expensive to make a market in, and the fee pays for that. A token at $100M is none of those things, and a launch-grade fee on it is just a tax on the people who stayed. So the fee decays continuously with market cap — from 1.00% at or below $10k to 0.05% at or above $100M — and it is the same curve on the bonding curve and on the Deep pool it graduates into. Nothing about the fee resets at migration.
It is a curve rather than a bracket schedule on purpose. Brackets put a cliff on every boundary, and a cliff is something to trade against — you would see fills timed to land a dollar the right side of a threshold. A continuous function has no threshold worth gaming.
$6k market cap — below the curve's floor, so every launch starts at the ceiling
about $80k, after 80 SOL eq has gone in
the Deep pool carries on down the same curve
at or above $100M, where the pool competes on spread
On Deep, this curve is an option rather than the default. A pool opened by hand picks a flat tier unless its creator opts into the curve, because a book you run yourself usually wants a fee you control. A pool that arrives by graduation is already on the curve and keeps it.
Where 1 SOL of a launch-day buy goes
Drawn at the opening fee of 1.00%, the widest it ever is. As the pair grows the two fee slices shrink together and the curve's slice grows — by graduation the fee is about 0.78% and 99.22% of the same buy reaches the reserve.
A taxed pair takes its tax from the same top slice, before the curve, and it goes to holders rather than to anyone here. Sells run the identical waterfall in reverse.
Paying in
The SOL router
A curve quoted in NVDAx only accepts NVDAx. Requiring every buyer to go and acquire the quote asset first would kill the pair before it started — so the router does it inside your transaction, and you never hold the intermediate asset.
Both legs are in one transaction. If the curve buy fails, the swap is rolled back with it — you are never left holding an asset you did not want.
Slippage is enforced on the swap and on the curve fill separately, so a thin quote-asset market cannot be used to squeeze the curve leg.
Holders of the quote asset skip the router entirely and buy the curve directly, paying one leg of slippage instead of two.
Creator economics
Where the creator's fee goes
The creator picks a route at launch, and it is fixed from that transaction on. Only the first ever becomes anyone's balance.
Accrues as a claimable balance
The creator's half of the trade fee builds up per pair and is withdrawn on demand to the wallet nominated at launch — the creator's own address, a treasury, or a multisig.
- Balance is held per pair, denominated in that pair's quote asset.
- The destination is fixed at launch; the creator cannot repoint it afterwards.
- “Review & claim all” itemises every pair, asset, amount and USD value before you sign.
Fees are denominated in each curve's quote asset, never in SOL. They are taken on the curve leg, which settles in the quote asset even when the buyer paid in SOL through the router — so a creator with four pairs carries four separate asset balances. The route is chosen at launch and fixed. The only thing the platform can ever change is where a stream points, for community takeovers; it cannot mint supply, and it cannot touch the tax.
Reflections
The buy/sell tax
Separate from creator fees, and the only mechanism on the platform that pays you for doing nothing. Where a creator enables it, every buy and every sell takes a slice, buys the quote asset with it, and distributes it across holders.
On a pair quoted in NVDAx, holding the token pays you in NVDAx. On a gold pair, in gold. The distribution asset is always the pair's quote side, which is the point: the tax turns trading volume into exposure to a real asset.
- Set at launch, between 0% and 3%, then immutable — the tax authority is revoked in the same transaction that mints the token.
- Charged symmetrically on buys and sells.
- Pro-rata by balance. Nothing to claim, nothing to stake, no lock-up.
- Shown live: the pair page carries a 'Holding this pays you' panel with 24-hour figures, and the trade panel tells you what your own order will pay holders.
Tax vs. creator fee
They look alike on a trade receipt and do opposite things.
| Creator fee | Buy/sell tax | |
|---|---|---|
| Who receives it | The creator's route | Every holder |
| Set by | Creator, at launch | Creator, at launch |
| Changeable | No (route can be repointed in a CTO) | No, ever |
| Denominated in | Quote asset | Quote asset |
| Applies to | Every buy and sell | Every buy and sell |
| Typical size | 0.50% → 0.03% | 0% – 3% |
Graduation
It migrates itself
There is no permissionless migrate call to race and no window between crossing the line and being live on Deep. The buy that takes the curve to 80 SOL-equivalent does the migration in its own transaction, and the person who sent it pays for it without meaning to.
22.0% of supply — everything the curve never sold
The whole real reserve, in the pair's own asset
3.1% below the curve's last price
No team wallet, no timelock, nothing to rug
Because the whole thing is atomic, the usual failure modes do not exist here. Nobody can front-run the migration, because there is no migration transaction to see in the mempool. Nobody can grief a pair by leaving it graduated-but-unmigrated. And there is no moment where the curve is closed but the pool is not yet open.
Guarantees
What can never change
Every authority on the mint is revoked in the transaction that creates it. This is true of every launch on the platform without exception, which is why you will not see an “immutable” badge on individual pairs — it would be noise.
| Authority | Status | What that rules out |
|---|---|---|
| Mint | Revoked | No new supply, ever. The number you see is final. |
| Freeze | Revoked | No wallet can be frozen or blacklisted. |
| Metadata / update | Revoked | Name, symbol and image cannot be swapped after launch. |
| Buy/sell tax | Revoked | The tax rate set at launch is the rate forever, including 0%. |
| Fee route | Fixed at launch | Repointable by the platform only for a community takeover — it can move a stream, never mint supply or touch the tax. |
| Curve parameters | Fixed at init | Virtual reserves and the graduation threshold are set at creation and identical across every pair. |
Discover
How the feed decides what's trending
Trending answers “what is accelerating right now”, not “what is biggest” — a volume leaderboard never moves. Every component is a rate of change over a short window, squashed into 0–1, weighted, then modulated by two multipliers.
The six components
5-minute volume rate against the 30-minute baseline
New holders per minute
Gain over the window — downside scores zero
Fills per minute
Percentage of the curve filled per minute
Buy share of volume, centred on 50/50
Recency
1.55×A boost applied to fresh launches, decaying with a 45-minute half-life, so a pair minted ten minutes ago gets a fair hearing against a pair that has been running all day.
Confidence
Geometric meanA trade-count ramp multiplied by a distinct-trader ramp. A pair with three fills and a 900% move scores near zero — this is what stops one wallet wash-trading itself to the top of the feed.
Smoothing & hysteresis
0.35 / 0.015Scores are exponentially smoothed and ranks need to beat the row above by a margin before they swap, so the feed glides instead of strobing.
Rows re-rank in place rather than jumping: each measures its position before the reorder commits and animates from where it was. New pairs expand their own slot open so the feed below slides down at the rate the row grows.
Watch it liveCreating
Launching a pair
Four steps in the interface, one transaction on chain. Everything you choose here is fixed the moment you sign — there is no settings page afterwards.
Quote asset
Pick from the registry or paste any mint into the Custom tab. Eligibility is checked in front of you before you can continue.
Details & image
Name, symbol, description and a token image — an image is required, there is no emoji picker. It is pinned to IPFS with the rest of the metadata and the resulting URI goes into the mint.
Economics
The buy/sell tax rate, and which route your share of the trade fee takes. If you choose the wallet route you nominate the destination address here — your own, a treasury, or a multisig.
Review & sign
Optionally include a dev buy, quoted in tokens against the fresh curve so you can see exactly what percentage of supply it takes. One signature and the pair is live.
What it costs to launch
Nothing. There is no create fee and no migration fee, because the pool your curve graduates into is ours — there is no third-party AMM to pay. You cover network rent for the accounts your token needs and nothing else.
The mint, its metadata, the curve and its vaults. No fee of any kind, no tiers, no allowlist.
Graduation opens the pool at no charge. Every other pool kind is priced by what it costs to run — see the liquidity page.
Solana's rent-exempt balances for the accounts, which are the same whoever creates them.
A dev buy is a normal curve buy: it pays the same fee as anyone else — 1.00%, because it lands at the very bottom of the fee curve — it moves the price for everyone after you, and it counts toward graduation. The create form quotes it in tokens and as a percentage of supply for exactly that reason.
Start a launchStraight answers
Risks and limits
The mechanism removes some risks and cannot touch others. Here is the honest split.
What the design rules out
- Supply inflation — the mint authority is gone.
- A frozen or blacklisted wallet — the freeze authority is gone.
- A rate change after you have bought in — the tax authority is gone.
- A pulled pool after graduation — the LP is burned in the migrating transaction.
- A stalled or front-run migration — there is no migration transaction to race.
- A curve priced in something with no exit — the custom-asset gate blocks it.
What it does not
- Total loss. A bonding-curve token can go to zero and most do. Nothing here is a claim on anything.
- Concentration. A large early buyer — including the creator's dev buy — holds a cheap position that everyone after them is buying above.
- Quote-asset risk. A tokenized stock carries issuer, custody and market risk of its own, and your position inherits all of it.
- Volatility on both sides. When the quote asset moves, your pair's dollar value moves with it, even if the curve has not.
- Anyone can launch anything. Permissionless means no vetting of the token, the name, or the person behind it.
- The contracts are unaudited and not deployed. This interface is a preview.
Loose ends
Questions that come up
Can I sell before graduation?
Yes, at any point. A sell is the same invariant run backwards: tokens go back into the base reserve, quote comes out, and the curve's progress falls. There is no lock-up and no vesting.
Does the fee count toward graduation?
No. The fee is taken before the curve sees the amount, so only the net advances progress. Two curves with the same volume are at the same point.
What happens to the curve after graduation?
It is retired. The Deep pool becomes the only market, and the pair page switches to it. Because that pool is ours, the buy/sell tax, the creator fee routes and the fee curve all keep running after migration — none of them are tied to the bonding curve.
Why virtual reserves instead of a real seed?
So no one has to provide liquidity to start, and so the first buyer is not buying at a price of zero. The virtual side is never withdrawable — it is a constant in the maths, not a balance.
Can the creator change the tax later?
No. The tax authority is revoked in the create transaction, so the rate chosen at launch — including 0% — is permanent.
What is a community takeover?
If a project is abandoned, the platform can repoint the creator's fee stream to a new destination. That is the only lever that exists, and it cannot mint supply, alter the tax, or touch anyone's tokens.
Why is my average price worse than the price shown?
The displayed price is marginal — what the very next token costs. Your order walks up the curve as it fills, so your average sits above it. Larger orders sit further above.
Are the prices on this page real?
The curve maths is. The asset prices and the SOL price are placeholders in this preview build, wired to a price feed before launch.
What does it cost to launch?
Nothing. Creating a token is free and the pool it graduates into is free, because that pool is on Deep rather than a third-party AMM. The protocol's only revenue on a curve is its 50% share of the trade fee, which starts at 0.50% of a trade and falls from there.
Why does the fee change?
Because the risk does. The fee is a continuous function of the pair's market cap — 1.00% at or below $10k, 0.05% at or above $100M — so a thin new token pays for the risk of quoting it and a grown one is not still paying launch rates. There are no brackets, so there is no threshold to trade around.
Does the fee reset when the pair graduates?
No. The Deep pool a curve migrates into keeps the same fee curve and simply carries on down it, so the fee a token charges is one unbroken line from mint to $100M. A pool opened by hand on Deep is different — it takes a flat tier unless its creator opts into the curve.
That's the whole machine.
No hidden lever, no admin key worth having. Launch a pair against anything at all, for free.
Contracts are unaudited and not deployed. Nothing here is financial advice. Tokenized assets carry issuer, custody and market risk; bonding-curve tokens carry total-loss risk. Look around first.