Security · who enforces what, and how to check
Walk the perimeter
What is enforced and by whom, who holds the money and the keys, what is not finished, and how to check any payout against the chain.
Not live yet. Nothing is live yet. No coin has launched and no real money has moved. No mainnet transaction is sent until a legal check is complete.
FM5/01What is enforced, and by whom
Enforced by Raydium's programs, on new coins
- The trading fee on new coins' curves: 2% on every trade, 1.75% to the pad's fee vault on Raydium (claimed by the pad's fee wallet) and 0.25% to Raydium. There is no opening sniper fee on them. Raydium's program charges it at the rate and to the wallet set in the pad's platform config, and the team's admin key can change both.
- The bonding curve of new coins, and graduation to a Raydium CPMM pool once 85 SOL is raised.
- Liquidity of a graduated new coin locked through Raydium's LP lock. The pad's fee wallet holds that lock and can claim the fees it earns.
- After graduation Raydium's pool fees apply; see the coin's page.
Enforced by Meteora's programs, on coins launched there earlier
- The sniper fee: buys in a coin's first 30 seconds pay a fee that starts at 50% and falls to the coin's own fee.
- Liquidity locked for good once a coin graduates to a full Meteora pool.
- The bonding curve itself: the starting price, the price as people buy and sell, and graduation.
Carried out by our bot from a team wallet, on coins of both venues; not enforced on chain
- The six-way split of trading fees: holders of that coin 30%, traders 15%, supply drop 10%, buy and burn 25%, coin creator 10%, team 10%.
- Holder payouts every 10 minutes, larger the longer you hold.
- Trader rebates every Friday, and the weekly supply drop.
- Creator pay: paid with the normal payouts, or 3 days later on an approved developer coin. If a developer leaves a reviewer's notice unanswered for 7 days, the unpaid delayed fees go to the coin's holders.
- The burn: 25% of fees buys $TRENCH and burns it.
- A public ledger line, with its transaction, for every payment.
On coins launched on Raydium LaunchLab: the burn share is held, and nothing is bought or burned with it, until the pad's own coin has graduated. Limited by our launch form only, not on chain: a creator's first buy, at 3% of supply. After launch a creator buys like anyone else. Each coin page shows what the creator's wallet bought at launch, and the bundle check shows the wallets linked to it. The team can change these rules. Any change is posted here with its date before it takes effect.
Coming in phase two
- The same rules move into our own on-chain program. It is built and tested, and is not live yet.
- The pots sit in the program, not in a team wallet.
- The six-way split is enforced by our program.
- Creator pay, including the developer coin delay, is carried out by our program.
FM5/02Wallets, programs and keys
- Team fee walletPhase one. Every trading fee arrives here, and our bot pays every share out of it. The team controls this wallet.
- 3SgqJqA5yLLiroGbeXc8Yo3cGJtPA1NS5xxuFnZ763ce
Signal from the depot
Pre-launch: nothing is live yet. Our addresses are published here before the first launch.
To be listed, each with a link to the explorer: rewards program, buy-and-burn program, treasury, upgrade authority, keeper, guardian, team wallet, platform token mint, sol curve config, usdc curve config, zec curve config. Until then there is nothing of ours on chain to check, and this page will not pretend otherwise.
Built on
- Raydium LaunchLabThe curve new coins launch on, under this site's platform config. Run by Raydium, not by us.
- LanMV9sAd7wArD4vJFi2qDdfnVhFxYSUg6eADduJ3uj
- Raydium CPMMThe pool a new coin moves to at graduation, its liquidity locked through Raydium's LP lock. Run by Raydium, not by us.
- CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C
- Meteora Dynamic Bonding CurveThe curve every coin launches on. Run by Meteora, not by us.
- dbcij3LWUppWqq96dh6gJWwBifmcGfLSB5D4DuSMaqN
- Meteora DAMM v2The pool a coin moves to at graduation, with its liquidity locked. Run by Meteora, not by us.
- cpamdpZCGKUy5JxQXB4dcpGPiikHawvSWAd6mEn1sGG
FM5/03What each key can do
The team fee wallet
Every trading fee arrives here. The team controls it. Our bot pays every share out of it and posts each payment on the ledger with its transaction. Nothing on chain limits what this wallet can send.
The bot
Runs on the team's machine. It works out each payout list, sends the payments and writes the ledger. If it stops, payouts wait until it runs again.
Rule changes
The team can change these rules. Any change is posted here with its date before it takes effect.
Phase two keys
In phase two the pots sit in our program. The bot key can only pay posted rounds, a watcher key can pause a round that looks wrong, and the upgrade authority is the key you trust most. Each key is listed here when the program goes live.
No user key is ever asked for or held on a server. In phase one the pots sit in a wallet the team controls, not in a program account. In phase two they move into our program, which gets an independent security review before it holds real money.
FM5/04Known limits
Phase one is not enforced on chain
The fee split, payouts, rebates, drops, burns and creator pay are carried out by our bot from a team fee wallet the team controls. You can check every payment on the ledger, but nothing on chain makes the bot pay. The team can change these rules. Any change is posted here with its date before it takes effect.
The 3% first-buy limit is our form's, not the chain's
Our launch form builds a first buy of at most 3%. A launch made without our form can skip it, and after launch a creator can buy more from one wallet or several. The coin page shows what the creator's wallet bought, and the bundle check shows the wallets linked to it.
Burns on non-SOL pairs are not converted yet
The burn share of USDC and ZEC pairs accrues in a burn bucket. Turning it into the platform token needs a guarded swap route per asset, which is not in version 1.
No refund for a coin that misses a minimum
If a coin never gains traction, buyers are not refunded. A refund mechanism may come later.
Paying fees to holders carries legal risk
Sharing fees with holders carries more securities-law risk than burning alone. Mainnet stays blocked until a legal check is done.
One server
The store behind this site is a set of files on one machine. It needs replacing with a shared store before more than one server runs.
Stock tokens depend on their issuer
The issuer of a stock token can pause, freeze or take back its token, which can stop or drain the payout pot for coins paired with it. Stock pairs are not live.
FM5/05How to verify a payout
- 01
Download the round's list
Every round on a coin page, on the rations page and in the ledger has a List link. It is a JSON file with the round and one line per wallet: index, wallet, amount in base units.
- 02
Check each payment
Each payment in the round has a line on the ledger with its transaction. Open it in the explorer: it should show the team fee wallet paying that wallet that amount.
- 03
Check the total
The amounts in the list must add up to the round's total. The total should match the round's share of the fees the ledger shows arriving.
- 04
Recompute the root
leaf = sha256( 0x00 ‖ round address ‖ index as 4 bytes, little-endian ‖ wallet ‖ amount as 8 bytes, little-endian ). node = sha256( 0x01 ‖ smaller child ‖ larger child ), the two children sorted by their bytes; an odd node at the end of a level moves up unchanged. The top hash must equal the root shown beside the round.
- 05
What phase two adds
In phase two each round's root is also stored in the round's account on chain, our program pays only what the root allows, and a round can never be larger than its pot.