whitepaper
a launchpad for coins that trade against something real, not against dollars.
overview
on every other launchpad, a coin is paired with SOL or USDC. that's the only reason its chart looks the way it does: the thing on the other side of the trade never moves, so the chart is purely a picture of who is buying and who is selling.
here there is no SOL pair and no USDC pair. you pick a backing token — a prediction market outcome, or a tokenised stock — and that token is what your coin trades against, from the first buy through to the permanent pool. when the backing goes up, your coin goes up in dollar terms, whether or not anybody traded it.
that's the whole idea. everything below is the mechanics.
how a coin works
you pick what backs it
at launch you choose a backing token from the list we maintain. that choice is permanent, and it's the only decision that really matters — everything after it follows.
$LAMINE is backed by SPAINYES, the token that pays $1 if spain wins the 2026 world cup and $0 if they don't. right now spain is at 25¢, so that's what one SPAINYES costs.
the curve is priced in that token
the coin launches on a bonding curve, same as anywhere else. the difference is what you pay with. on a normal launchpad you buy with SOL. here you buy with the backing token — you buy $LAMINE with SPAINYES.
the curve fills with SPAINYES, and when it graduates, the pool it becomes is LAMINE / SPAINYES. that is the coin's only pool, for its whole life — there is never a LAMINE/USDC or LAMINE/SOL pair at any point. an earlier version of this design bonded on a USDC curve first and swapped later; that's gone.
on a chart it still shows a dollar price, because the indexers convert it for you. it just isn't what the coin is actually denominated in.
why the price moves on its own
$LAMINE is measured in SPAINYES. SPAINYES is measured in dollars, and its dollar price is spain's odds. so the coin's dollar price is two numbers multiplied together: how much SPAINYES the coin is worth, times how much a SPAINYES is worth.
if spain's odds go from 25¢ to 50¢, every SPAINYES doubles in dollar terms, and so does $LAMINE — with no trades in $LAMINE at all. it works the other way too. odds fall, the coin falls, and nobody sold.
graduation
when the curve fills, meteora migrates it into a permanent pool automatically. we run a keeper that pushes the button, but the migration itself is on-chain and anyone can trigger it.
10% of the liquidity is locked forever. it can't be pulled, by us or by the creator. that's the floor under the pool.
creators keep half the fees
every trade pays a 1% fee. the creator gets half of it, and keeps getting half of it for as long as the coin trades — on the curve, and in the pool afterwards. we take the other half.
the curve half is paid out by the protocol itself, so you claim it from the coin's page. the pool half is claimed by our keeper and forwarded to you.
a coin's life
- launch: pick a backing token, add a name and a picture. that's it.
- bonding: people buy in with the backing token until the curve fills.
- graduation: the curve becomes a permanent pool. takes a minute or two.
- live: it trades like any other coin, except its price moves with the backing.
- after that: nothing. there is no fourth stage — the coin stays live and simply re-prices as its backing moves. when a prediction backing settles, the backing token becomes worth $1 or $0 and the coin follows it there, but the coin itself doesn't change state or expire.
the two kinds of backing
prediction outcomes
an outcome token is worth between $0 and $1, and the price is the market's odds. when the question settles it becomes worth exactly $1 or exactly $0. nothing in between.
that gives a coin backed by one a property nothing else has. if the outcome hits, the backing jumps to $1 — and since the coin is priced in the backing, the coin jumps with it. buy in when the odds are 25¢ and there's 4× sitting in the backing. at 50¢, 2×. it's just 1 ÷ the odds you bought at.
and 0× if it misses, at every row
this is a real floor, not a projection — it happens because the backing revalues, whether or not anyone is trading the coin. what people pay above that floor is ordinary speculation and behaves like any memecoin.
and if the outcome misses, the backing is worth $0 and the coin is worth $0. that is the deal. there is no consolation payout.
stocks
the other kind is a tokenised stock. a coin backed by $SPCX is priced in shares of spacex, so it moves with the company.
this behaves differently in one important way: there is no settlement date and no floor pump. a stock doesn't resolve to $1, it just goes up and down forever. so the coin has no expiry and no built-in multiple — it's a coin that drifts with a real company instead of with nothing.
it also has no zero. a losing prediction takes the coin to zero; a stock going down just takes it down.
the numbers
every coin uses the same curve, whatever backs it. one billion tokens, a 1% fee, and it graduates once 8,696.94 backing tokens have accumulated in it. buyers spend about 8,785 to get there, because the fee comes off the top of each purchase.
note that's counted in backing tokens, not dollars — so the dollar cost of graduating depends entirely on what you picked. a coin backed by a 25¢ outcome graduates on roughly $2,200. one backed by a 90¢ outcome needs about $7,900. same curve, same everything.
always 8,785 backing tokens · the dollars are just that × the price
worth understanding before you launch. cheap backing means a low bar and a big multiple if it hits. expensive backing means a high bar and a small one.
what can go wrong
- the backing can go to zero: a prediction that misses is worth nothing, and so is every coin priced in it. this is the main risk and it is not hedged, insured, or softened.
- the floor is a floor, not a guarantee: it only lands if the outcome hits. until the backing market settles it's a probability, not a promise.
- thin backing means a thin coin: if the backing token itself is hard to buy, so is your coin. a coin can't be more liquid than the thing it's priced in.
- it's still a memecoin: the backing sets a floor and a direction. it does nothing about the part of the price that is just people trading.
we don't take a cut of anyone's position, we can't pull the locked liquidity, and we never hold your coins. what we do take is half the trading fees.