Station I, under the line
You are under your basis. Accrual starts at once.
Accounting is per lot, not per wallet. Each buy opens its own lot with its own basis and its own clock, and the clock starts the moment the average sits below what you paid.
Basis is recorded
Your basis is the lower of your fill and the 24-hour average, so nobody can mint a fake loss by buying into a thin pool.
clampedAccrual starts at once
There is no waiting period. The moment the average sits below your basis, the lot is earning.
no delayWeight accumulates
Every second the daily average sits below your basis, the lot earns weight by size and depth.
per secondPayment, or forfeit
Cleared balances are pushed at the next checkpoint. Selling consumes your deepest lots and destroys their weight.
automaticStation II, the first checkpoint
Forty-eight settlements a day, pushed to the wallet.
Accrual is continuous. Every thirty minutes the protocol closes a checkpoint and sends what is owed. Nobody signs a claim.
A payment only goes out when it is worth more than it costs to send, so a wallet is paid at the first checkpoint where its balance clears the greater of one dollar or twenty times the network fee. Below that it keeps accruing. Network cost never exceeds five percent of any payment.
The release is sized to the drawdown. Each checkpoint the vault lets go of 0.038% of its balance, scaled by the share of holder cost that sits under basis. A market where nobody is hurting releases nothing.
release/ckpt = 0.038% × underwater share
≈ 12% per week when fully under
dust floor = max($1.00, 20 × network fee)
| Wallet | Paid, SOL |
|---|---|
| Nothing to show yet. This panel reads /journal.json and /journal.ndjson, the same files the verifier replays, and goes live with the first checkpoint that closes on a deployed pool. | |
Figures come from the journal as published. The page divides lamports by a billion and does nothing else to them.
| Checkpoint | Depth | Paid | Cumulative |
|---|
Station III, the deep
Deeper pays more. Not enough to fake a crash.
A position down 90% accrues about 3.2 times the rate of one down 10%. Holding a pool under fair value for long costs more than the extra rebate pays.
φ(d) = d / (d + 0.35)
Can a whale crash the pool and collect?
Keeping the price under fair value means funding every arbitrageur who buys the discount. The rebate grows more slowly than that cost, by construction.
Can I buy into a thin pool and record a fake loss?
Basis is the lower of your fill and the 24-hour average. A fill above the average is booked at the average.
Can one wallet take the whole release?
A wallet takes at most 2% of what the vault released over the trailing seven days. The rest goes to the others by weight.
Can I sell, rebuy, and keep the clock?
Selling consumes your deepest lots first and destroys their weight. A new buy opens a new lot at zero.
What if nobody is underwater?
The release is scaled by the share of holder cost that sits under basis. With nobody under basis, nothing is released.
The rule, at your depth
Two lots of equal size. Yours sits at the depth the gauge reads, for as long as you choose; the other sits 20% under for one day. The rule below is the one the engine runs.
A model of the published rule, φ(d) = d / (d + 0.35), with size held equal. Ratios only. It says nothing about how much SOL a release holds. Scroll, and the depth changes with you.
Station IV, the seabed
The vault pays what it collected. It cannot pay more.
Every value the engine uses, and where each fee goes. The token, the pool and every payment are on-chain; the accounting that decides the payments runs off-chain and is published on the way back up.
pump.fun pays the coin’s creator 0.30% of every trade on the bonding curve, then a share of each PumpSwap trade that falls with market cap: 0.95% just above 420 SOL, 0.75% from 4,420 SOL, 0.05% past 98,240 SOL. That creator is the vault, set once on-chain and final. The token itself carries no transfer fee, by design.
All of it to holders. The operator takes no share of creator fees. The network fees for every payout and every journal commitment are paid from the operator’s own wallet, so nothing leaves the vault but rebates.
The operator’s position is a purchase of supply on the bonding curve at launch. Its wallet and its share of supply are published here at launch. It is listed in the exclusion set, so it never earns a rebate; its basis is the lowest the coin will ever print, so it could never be underwater in any case.
| Parameter | Value |
|---|---|
| Venue | pump.fun, then PumpSwap |
| Creator fee, bonding curve | 0.30% |
| Creator fee, PumpSwap, by market cap | 0.05% to 0.95% |
| Fee route to the vault | on-chain, final |
| Transfer fee on the token | none |
| Operator share of creator fees | none |
| Network fees for payouts | paid by the operator |
| Operator’s launch position | published at launch, no rebate |
| Settlement checkpoint | 30 min |
| Distribution | pushed |
| Dust floor | max($1, 20× fee) |
| Vault release per checkpoint | 0.038% × under share |
| Parameter | Value |
|---|---|
| Basis | min(fill, 24h avg) |
| Accrual delay after purchase | none |
| Accrual price window | 24 h |
| Shape half-saturation d₀ | 0.35 |
| Per-wallet cap, rolling 7 days | 2.0% of releases |
| Lot consumption order on sale | deepest first |
Surfacing
Auditable, not trustless.
The accounting runs off-chain. What it publishes is enough for anyone to recompute every number it produced, and to catch a restated history.
The journal
One record per checkpoint: window, release, weights, every payment. Each record hashes to the one before it, so changing any past checkpoint breaks every hash after it.
/journal.ndjson
The head
The manifest names the latest record’s hash and carries the memo line built for it, so the head can be pinned on-chain and compared against what is served.
/journal.json
The replay
A verifier rebuilds the ledger from the pool’s own transactions on an archival node and recomputes each checkpoint. Payments must reproduce exactly; the manifest prints the command.
verify --config pool.json --journal journal.ndjson --rpc <archival>
What the engine is built to refuse
- Paying the same checkpoint twice after a crash. Sign, record, broadcast, resolve, in that order.
- Weight for a position you do not hold, or weight kept after selling.
- A basis above what you paid. It is clamped to the 24-hour average.
- A release when nobody is under basis. The release scales with the underwater share.
- A payment that costs more to send than it is worth.
What it does not do, said plainly
- The released amount comes from the vault’s revenue history. The verifier checks the split of it, not the amount.
- Wallet-to-wallet transfers are not yet observed. A production feed for them is on the list before genesis.
- The per-wallet cap can be split across wallets. Known and accepted.
- No third-party audit yet. Whoever holds the vault key holds the undistributed SOL.
- The operator holds a launch position and may sell it. It takes no fees and earns no rebate; what it sells at is not promised.