How it works

01 Questions holders ask

02 Built for devs. Designed for hodlers.

A memecoin bought and sold in a real stock, on Raydium's own curve, whose graduated pool pays every holder in that stock from both of its fee streams — no tax on the token, a creator who still earns, and every number read from an account rather than a docs page. This page is the reference: what happens on chain, what the site holds and signs, and what it never does. Read it before you sign anything.

A launch, in one line. Raydium's LaunchLab program, opened from the creator's wallet; buyers' stock sits in that program, we hold none of it; at the fill Raydium's crank locks the pool and its fees flow to our payout wallet, which pays holders on the creator's signed schedule.

03 What “priced in a stock” means

Every trading pair has a base asset and a quote asset. On Solana the quote is almost always SOL or USDC, so a memecoin's chart is a memecoin/SOL chart. Here the quote is a tokenized equity instead — an SPL token whose issuer maintains its peg to a real share price (xStocks), a pre-IPO exposure token (PreStocks), or a crypto asset from the catalogue. A pool quoted in a crypto asset pays its holders in that token, not in stock.

The consequence is that the token's chart is denominated in that stock: holders buy in with NVDAx rather than SOL, and the pool's value moves with both the token and NVIDIA. It gives holders no claim whatsoever on the underlying company — a quote-asset choice, not a security issuance.

04 A launch: the curve road, end to end

1. The launch. From your wallet, three prompts: a message that files the token and takes its address, one transaction, and a message that records the curve with the site and fixes your buy, the ladder and the payout rules. The transaction calls Raydium's LaunchLab program from your wallet: it creates the mint, mints the whole supply of 1,000,000,000 into the curve's vault, opens the curve priced in the stock you chose, and leaves no mint authority and no freeze authority. If you chose a buy, it is the next instruction in the same transaction, at the opening price, before anyone else's, and every token it lands moves to the payout wallet for the ladder. The site holds none of the supply. The site puts no money in.

2. Trading on the curve. The program prices every trade from its own reserves and sells 79.31% of the supply as the price climbs. Buyers pay in the stock, and that stock sits in Raydium's program, not with the site. Every curve trade pays 1.1% in the stock: 0.5% to you, paid by the program into a vault only your key can claim from; 0.25% to Raydium; 0.35% to the site, for its running costs. Each rate is a field of the site's platform account on Raydium. The launch page reads them back as it loads and, if they ever differ from the numbers written here, turns red and pauses launches. Holding is counted from the first day: the watcher snapshots the curve's holders on every pass, so a wallet that bought on the curve enters the first paying round with its OG weight already climbing, and a flipper with none.

3. The fill. The curve is full when what buyers have paid reaches the trigger written in the pool account. The page shows both numbers, read from that account, so no docs page can move the line. From that moment the program takes no more trades and the page says “filled, waiting for Raydium's crank”. A curve nobody fills stays open: Raydium's program never closes one and never refunds it, and what is on it backs the curve price for anyone who sells, unless the stock's issuer pauses the stock.

4. The crank. Raydium's own crank wallet, RAYpQbFNq9i3mu6cKpTKKRwwHFDeK5AuZz8xvxUrCgw, opens the pool — not the site, not you. It moves what buyers paid and the 20.69% of the supply the curve did not sell into a Raydium CPMM pool, locks every LP token into Raydium's lock program, and mints the pool's Fee Key to the site's payout wallet. Usually within minutes; about half an hour at the longest seen. Nothing needs signing by anyone.

5. The locked pool. It sits on the Raydium tier the platform picked: a 0.25% fee to the liquidity position, plus a 1% creator fee taken in the stock only. Raydium makes the pool with the payout wallet as its creator, so both streams come to the payout wallet. Locked means: locked in Raydium's lock program, which has no release instruction in the bytecode deployed today; Raydium can upgrade it, and holds the only key that could. The locked amount has never moved on any pool here. The site adds no fee to a swap in the pool; its part comes out of what reaches the payout wallet, below.

6. The two fee streams, the site's part, and the payout schedule. The site's worker harvests both streams — the liquidity position's fee through the Fee Key, the creator fee because Raydium names the payout wallet as the pool's creator. Of every $1,000 swapped, $11.60 reaches the payout wallet: the 1% creator fee less the 5% of it Raydium routes away, $9.50, and the 0.25% LP fee less the 16% of it Raydium keeps, up to $2.10. The site keeps 0.35% of the traded amount — $3.50 of that $11.60 — as its payout worker's rule, not a program fact, stated on every round's record; the rest is split by the policy you signed at launch, holders first (90% by default, never under your category's floor), then your team. Per $10,000 of a day's volume: $35 to the site, about $73 to holders in the stock, with no tax on the token and no token taken from any wallet to pay it — the creator fee arrives in the stock, and the LP fee's token half is the pool's own, converted through the pool. Holders are paid pro rata, in the stock, on the schedule you signed at launch: as often as every 15 minutes, 6 hours if you set nothing. You set the split at launch and can re-sign it only in holders' favour, never against them. There is no top-N list, and the only minimum balance is one you publish yourself; a payout under $1 is kept for its holder until it reaches $1. Every payout is a receipt with its transaction and the weight it was paid at, on the token's page and its paid ledger. The creator-fee stream is never paid by selling the token.

7. What the site holds and signs, and what it never holds. The site runs one wallet of its own, the payout wallet, whose key is on the site's server. It holds the Fee Key; the ladder's tokens — your buy, moved there in the launch transaction; fees claimed from the pool and waiting for the next round; team vesting; payouts filed as claims; and payouts under $1 kept for their holders until they reach $1. It signs every payout. They are held by the site's payout wallet under the ladder you signed and released to holders on its public conditions — a market cap reached and held, each rung a receipt with its transaction. A custody, not a program rule: the payout wallet's key is the site's. It never holds the supply, the stock buyers pay on the curve, or the pool: those are in Raydium's program, from your wallet.

05 A token you already have: the pair road

The road. An existing token cannot be a curve's base — Raydium's curve mints the token it sells and cannot take one that exists — so a token brought here is paired into an ordinary Raydium CPMM pool, and you open it yourself. Two transactions from your wallet, after a swap from SOL for any side your wallet is short of. The first transaction opens the pool on Raydium's 1% tier with both sides from your wallet: your token, and the stock you picked, priced at the token's market price. The second locks the whole position in Raydium's lock program and hands its Fee Key to the site's payout wallet, with a memo that carries your rules: the site reads it back from the chain, switches payouts on and saves your rules, with no extra prompt. If the site cannot read the memo, one message does it instead. The token's supply is untouched: no reissue, no new supply.

Who holds what. Your token and your stock go from your wallet straight into the pool; the site never holds either. Only the Fee Key — the right to harvest the pool's fees, never the liquidity — reaches the payout wallet. The site puts in no money, and there is nothing to send it: the token and the stock go from your wallet into the pool in the transaction you sign, and Raydium's pool-creation fee and the rent, about ~0.2 SOL, are yours. You choose how much stock to put behind the pool, from $50 upward; the wizard sizes the token side to the same value at the opening price and shows both figures, and your wallet's balances against them, before you sign.

The fees. 5% of the stock you put in goes to the site, in the pool transaction. It is the site's take at the pairing, and the only thing that leaves your wallet for the site: it comes off the stock side because that side has a dollar value, and it rides in the same transaction as the pool, so the pool cannot be opened without it. It is set by the site's fee constant and shown here before you sign. The site's other take on this road is out of the pool's fees, not out of your wallet: of what the Fee Key harvests, it keeps 0.35% of every trade's value before your holders' and your team's split — from graduation on a starter pool, where nothing is harvested before — a rule of its payout worker, not of any program, printed on every round's record. Of every $1,000 swapped in the pool, $8.40 reaches the Fee Key — the 1% fee less the 16% of it Raydium keeps — and $3.50 of that is the site's; at the default split about $4.41 of it is your holders'.

Payouts, on this road. Holders are paid from the first round when the pool opens with $10,000 of locked liquidity behind it; under that it is a starter, whose fees pay holders nothing until it graduates. The decision is made once, on the depth the pool opens with, and stored: a later depth never changes it. On a starter nothing is harvested — in a Raydium pool an unharvested fee is depth, so every trade's fee stays in the pool as liquidity and every buy adds to the stock side — until it has $10,000 of locked liquidity behind it, and until then its fees pay holders nothing. The depth still moves with the market: sells and a falling price thin it, so fees alone rarely get a pool to the line. Jupiter does not route a pool under about $4,000 deep once its token is 30 days old, so trades through Jupiter skip an old coin's starter: about $3,000 of stock gets a pool routed, and $5,500 opens it over the line. That is the whole line: no market cap takes part, because a cap can be printed on a thin pool for pocket change, and a token brought here usually has one already. On the round that crosses the line the fees built up are harvested and locked back into the pool, with the new position's Fee Key in the payout wallet. From the round after — from the first round, on a pool that opened over the line — the payout wallet harvests the position's fee through the Fee Key, keeps the site's 0.35% of every trade's value, and pays your holders the rest in the stock on the schedule you signed — with the same tools as a launch: the split, the schedule, baskets and milestones. A token that crosses the line stays graduated through any drawdown, and every wallet holding at that moment is credited a streak of 3 rounds, never less than the one it has already earned. The revival page leads with the depth, because it is the money standing behind the price.

The opening price. A launchpad token starts with no price, so whatever the first pool says is correct by definition. Your token already trades somewhere. If the new pool opens at a different implied price, arbitrageurs buy the cheap side and sell into the expensive one until the two agree — out of your own liquidity. The wizard opens on the token's market price by default, prices the gap before you sign when you name a price instead, and refuses an opening more than 20% off a market price the site trusts.

06 The three live pairs

GETSTONKED, CHIKI, CLAUDECO were opened by the site on its own stock, before the curve existed, and sit on Raydium's 0.25% tier, all of it to the liquidity position. None of their fees is the site's: they keep the split they had before the rule above, holders and team only. A pool the site opens permissionlessly carries no creator fee: enabling one needs a permission Raydium grants to specific operators, which the site does not have. Wherever a pool is on a page, the fee you read is that pool's own live rate, read from its config account; the flat figures on this page are about a new curve or a new pool, nothing else.

07 How a round pays

The take. A pool is enrolled so that the whole fee is harvested on a schedule, converted into the paired stock where it arrived in the token, the site's 0.35% of every trade's value set aside and printed on the record — from graduation, on a starter pool, where nothing is harvested before — and 90% of the rest by default paid to holders pro rata — with no further action from the creator and no bill sent to them. Raydium only lets a locked position's fees be harvested, which is the program's rule, not a policy here. Open a harvest transaction and you will see the word Withdraw in it — that is the lock calling the CPMM to take the fees the position has earned. What it cannot reach is the principal: the lock caps every collection at the growth above the amount it holds.

The site's part. On a pool under this policy — one a curve graduated into, or one opened on the pair road — the payout wallet keeps 0.35% of the traded amount out of each harvest — from graduation, on a starter pool — worked out from the harvest and the tier's rates, before the holders' and the team's split. It is a rule of the site's worker and not a program fact: Raydium sends the whole of a pool's fees to the payout wallet, and what the site kept is printed on every round's record beside what holders and the team were paid. The three pairs the site opened before either road keep their split as it was, with no site part.

The floor. Every token's page carries a floor card: what every $1,000 swapped in its pools sends to the payout wallet by the program's own rate, read from the pool's config account as the page loads, beside what the receipts say was paid, a week reconciled part by part — implied by volume, paid, the team's, the network's, held, unexplained — the RPC call to repeat, and a red line the day those accounts differ from the ones this site was built on (GET /api/floor?mint=).

The token half. A liquidity position's fees arrive partly in the creator's own token. That half is swapped into the stock before anything is paid out, so holders receive the stock rather than their own coin back — and the swap sells that half through the token's own pool. The graduated pool's creator fee never has a token half: the tier takes it in the stock only.

The cost. Paying people — transaction fees, and rent for holders who have never held that stock — is never invoiced to the creator. When the team's side of the take can carry it, it does: holders are paid their share of the whole take and the team and the burn share what is left. Otherwise it comes out of the fees before the split, and a round that would cost more than a quarter of what it collected is skipped, the fees accruing until paying them out is worth doing.

How often. The worker looks every 15 minutes. A token is paid when its own interval has passed since it last paid — anything from 15 minutes to a week, set on the rules page, 6 hours if you set nothing. Or no clock at all: set a pot amount instead and the round runs on the first look that finds the fees worth it — a hundred dollars, say — whether that takes an hour or a fortnight. A quiet pool accrues rather than pays pennies.

08 What a creator can switch on

The OG multiplier. Every consecutive paying round a wallet holds through adds a boost to its weight in the split, up to a cap the creator sets. Sell most of the position and the count starts again; leave and it is forgotten. Streaks are counted on the curve too, from public token-account snapshots, so the ones who held from the first day are the ones this pays first. A holder's own streak, and what it weighs in the next round, is on their payouts page and printed on every receipt.

Buy back and burn. A slice of every round, up to 50%, buys the token back through its own pool and burns what it bought. It comes out of the team's side, never the holders', and only when the creator's policy sets it. Every burn is on the round's record and in the announcement.

A basket of stocks. A round can pay in two to 4 stocks at once, by weight, any in the catalogue, on the schedule the creator signed. A stock the token has a pool for pays from that pool; any other is bought through Jupiter out of the holders' pot. A holder without an account for one of them is filed as a claim rather than charged rent, and paid within minutes of opening it — one receipt per stock per holder.

Claims. Paying a holder who has never held the stock means opening an account for them, and rent for that account comes out of the round. A creator sets a threshold (300 if they set nothing): above that many holders without an account, a round pays everyone who has one and files a claim for everyone who does not. A claim is paid within minutes of the holder opening their own account — one signature, their own rent, on the payouts page. A threshold of 0 files a claim for every such holder, which makes a round rent-free. A payout under $1 is not sent or filed as a claim. It is kept for its holder in the payout wallet and added to at every round; at $1 it goes out like any payout — sent, or filed as a claim if they have no account for the stock. Why $1: a new stock account costs rent, about a fifth of $1 at today's prices; the rule is the same for every holder, with an account or without. If the token stops paying in that stock, what is kept is filed as a claim.

Milestone unlocks. Tokens are held by the site's payout wallet and a ladder of market caps says when they go out. For a token launched here the lock is the creator's own buy from the curve as it opens — every token it lands, nothing carved out of the supply — split across 6 rungs by default: $45k → 10%, $100k → 10%, $250k → 15%, $500k → 15%, $1M → 20%, $2M → 30%. For a token brought here it is the share of the supply the creator chooses, as a percent, and sends. The worker reads the market cap every quarter hour (one look), and a rung counts as reached only when 3 looks in a row find it at or above the rung — about 45 minutes — so a wick pays nothing. When one is, its tokens go to every holder in proportion to tokens held times hours held since the rung before, with each wallet counted up to 2% of the supply by default, and 2% at most, so a whale earns no more than a wallet that size. That limit is soft: it limits what a wallet earns from a rung, it cannot stop anyone buying more. The creator's own wallet and the treasury are left out of every rung, as they are of every round. They are held by the site's payout wallet under the ladder you signed and released to holders on its public conditions — a market cap reached and held, each rung a receipt with its transaction. A custody, not a program rule: the payout wallet's key is the site's. The revival page shows the ladder, the cap against the next rung, every rung paid, and whether a reached rung is being sent or is waiting on the payout wallet.

Adopting an abandoned token. Normally only a token's creator, or a wallet holding an authority on its mint, can pair it. With every authority revoked, it can open as a community takeover. Anyone holding 0.1% can take a coin over once DexScreener lists a CTO, the dev sold out, or the dev is gone 90 days. It is labelled as one wherever it appears, it pays holders like a memecoin — at least 80% — and it may name no other recipients, so the adopter's only reward is the team share. The first wallet to adopt it runs it here, and nobody else can — the token's original creator included. A graduated pool's two streams keep flowing to the payout wallet whoever the creator is, so a token whose creator left still pays.

09 The public pages

The revival page. Every token here has one public page, at /r/<mint>, that its community can share: the curve while it fills, then the pool, the split and the schedule, what has been paid and burned so far, the longest OG streaks, the competition board, a holder's referral link, and whether the connected wallet is set to be paid directly. Whoever launched or paired the token may write one line on it — 140 characters, plain text, shown on the card and the pop-up as well — that says why. It is their line, not the site's.

Profiles. Every wallet that launched a token here, paired one or was paid by a round has a public page at /u/<wallet>: what it made, what it was paid. Its owner can put a name, a handle, one line, a picture and links on it with one signed message — a message that names the wallet and a fingerprint of the profile, and cannot move funds. Wherever a creator is named, the name is theirs and links to their page.

Your console. /me shows the connected wallet, from the records it signed and never a chain scan, its launches and pools with where each stands, the creator's curve vault in each stock — one program vault a stock across every launch quoted in it, emptied by one signature of its own — and the team's share of every payout round, held by the payout wallet under the vesting it signed and released with a receipt a release.

Shelves. Every stock in the catalogue has a shelf at /s/<mint>: the tokens whose fees pay holders in it, ordered by the sum of receipts this week, and the curves filling in it — so a project picks its audience by picking its quote, and a holder browses by the stock.

10 What this does not do

• It does not hand us the ability to pull the pool, and it does not hand you one either. Every pool here is locked the moment it exists — a graduated curve's by Raydium's crank, a paired token's by its creator in the wizard's second transaction — because fees can only be harvested from a locked position. What the chain shows: every LP token that exists sits inside the lock, and the locked amount has never moved.
• It does not claim a lock that cannot be upgraded. The pool is locked in Raydium's lock program, which has no release instruction in the bytecode deployed today; Raydium can upgrade it, and holds the only key that could. That is a risk we carry with you rather than one we can take away, and no page here says otherwise.
• It puts no tax on the token. A token launched here carries no transfer fee, and the site never adds one; holders are paid from the pool's fees, never from a cut of each other's transfers.
• It puts no site money into any pool. The stock behind a launched token is what its buyers paid on the curve; the stock behind a paired token is its creator's own, put in from their wallet. The site holds none of either.
• It pays no top-N. A round pays every holder pro rata, with no leaderboard cut-off; the only minimum balance is one the creator publishes, and a payout under $1 waits for its holder until it reaches $1.
• It does not create, issue, or redeem the tokenized stock. Those come from third-party issuers.
• It does not give holders a shareholding or a vote in anything.
• It adds no fee to a swap in a pool: the pool's own trading fee is the only one a trader pays. The site's part of a pool under this policy comes out of that fee at the payout wallet — 0.35% of every trade's value, said above and on every round's record — never on top of it. On a curve the site's 0.35% is inside the 1.1% every curve trade pays, and it is said above and on the launch page, not hidden in a swap.
• There is no fee at launch. At pairing the site's take is the fee off the stock side in the pool transaction, said in the wizard before anything is signed and above. From a payout round the site keeps its 0.35% of the traded amount, printed on the round's record; the rest of the fees harvested from the locked position is split between your holders and your team by the rules you set, with the holders' share (90% by default) something you can lift and never lower.

11 Before you sign on mainnet

• A launch is one-way. The supply, the decimals and the revoked mint authority are settled by the launch transaction; the curve is never refunded; the buy and the ladder are fixed by the message that records them.
• Opening a pool is one-way. Pool creation is irreversible and the position is locked in the next transaction, so the token and the stock you put in are the pool's from then on.
• Check the “vs. market” figure before you sign a pairing. The wizard prices the gap between your opening price and where the token already trades, and refuses an opening more than 20% away from a market price the site trusts.
• Revoke mint authority first if you want a paired pool to be credible. A launch does it for you.
• Understand the quote asset. Its issuer holds a permanent delegate and can pause transfers. Pre-IPO SPV tokens in particular are contested instruments — the companies involved have publicly disputed the share transfers behind them.