How a fundcoin actually works.

A fundcoin is a token whose trading fees become a trading account. You launch a token; the market buys it; a fixed share of every swap is paid — on-chain, in the same instruction as the swap — into an account that funds a perpetual-futures desk on Phoenix. You direct that desk.

The point of the design is that the interesting number is not the token price. It is whether a desk funded entirely by its own token's fee stream can trade well.

Every fundcoin is a pool on Meteora's Dynamic Bonding Curve. We do not run a bonding-curve program — we retired ours for theirs, which is audited, and which settles the fee split inside the swap itself.

A Dynamic Bonding Curve is a pool that prices a token along a fixed curve as it is bought, rather than against a counterparty. There is no liquidity to seed and nobody to make a market: the curve is the market until it fills.

Every token launches on an immutable partner config. The config is where the fee rate, the split, the supply layout and the migration threshold live — it is created once and can never be edited, so those terms are identical for every token on it and nobody, us included, can change them for a particular launch. Changing a term therefore means publishing a new config for future launches; a fund already on the curve keeps the terms it launched with, and its own page reads them from its pool. That is what “fixed by the config” means everywhere else on this page.

Two properties of the DBC are what make the whole design work. The fund's share of each swap is paid to the fund's own on-chain authority in the same instruction as the swap, so there is no custodian and no ledger in between. And when the curve reaches its threshold, Meteora migrates it into a DAMM v2 pool and locks the LP permanently — the liquidity cannot be withdrawn afterwards by anyone.

A token has two phases and one moment between them. It fills a bonding curve, crosses a threshold, and spends the rest of its life in a pool whose liquidity is locked forever. The desk is funded throughout — not at the end.

1. 1
   Launch

   One billion tokens are minted once by Meteora's Dynamic Bonding Curve and never again. The mint authority is burned by the launch itself — there is no second issuance.

2. 2
   The Funding Phase

   The token trades on a SOL-quoted bonding curve under our partner config. From the very first buy, the fund's share of each swap accrues to its own on-chain authority.

3. 3
   Graduation

   At the migration threshold, Meteora migrates the curve into a DAMM v2 pool, seeds it with the reserved tokens and the full raise, and permanently locks the LP. The threshold is set in the config and is the same for every token on it.

4. 4
   The Flight Phase

   A keeper claims the accrued fees on a loop, swaps them to USDC, and posts them as collateral on the token's Phoenix account. The creator opens and closes positions against that collateral.

One billion, split once and fixed.

The treasury mechanics — how the performance reserve is released, and how the creator-raise tranche is sold — are specified but not yet live.

Two venues, two schedules. In both, the largest share goes to the fund — and in both it is attributed on-chain as the swap happens. There is no off-chain ledger deciding who got what.

A flat 0.1 SOL launch fee, paid once by the creator. It covers the pool rent, the desk's Phoenix account, and the keeper gas that runs the fee loop afterwards. There is no listing fee, no cut of the raise, and no subscription.

Anyone can top a desk up: each fund publishes a deposit address, and USDC sent to it is swept onto Phoenix as collateral.