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The product in four lines

A memecoin is all or nothing: you are long the ×100 and long the zero, at once, with no way to choose. Deposit 1 token, receive FLOOR (everything that happens under a threshold) and MOON (everything above). FLOOR + MOON = 1 token. Exactly. At every price. Always. Recombine whenever you like, for free. No counterparty, no loan, no liquidation.

The arithmetic

For a final price P and a threshold K in the same quote unit, FLOOR receives min(P, K) / P token per unit and MOON receives the residual. The residual is never computed separately: it is SCALE minus the FLOOR share, so the two sides sum to one deposited unit at every price, including exactly at P = K. Every division rounds toward the vault; dust can stay in the vault but can never be owed.

The inversion

At settlement, 1 % of the winning side's payout is moved to the losing side. The protocol takes nothing. A MOON that ends out of the money is never worth exactly zero: it is worth 1 % of the vault. Because "the threshold was not reached" is by far the most common outcome, the MOON holder is the one paid most often.

The oracle

Memecoins have no external oracle. Every series carries its own price ring: anyone can call checkpoint, which reads the reserves of the series' pools directly from the AMM accounts (never from an argument), weights each pool by its quote depth, and records the observation. Checkpoints closer than 750 slots are refused. The settlement price is the time-weighted average over 48 h. If the ring does not cover the window, settlement is deferred, never approximated.

Guards: if the 48 h average deviates more than 30 % from the 7-day average, settlement is deferred by 12 h, up to 4 times; after that the series settles on the 7-day average. If no valid average ever existed, the series is cancelled and pairs (1 FLOOR + 1 MOON) redeem for 1 token. None of these decisions involves a human.

Deposit caps

To keep manipulation structurally unprofitable, a series cannot hold more than 10 % of its pools' quote depth, nor more than 20 % of the net flow the ring observed over the settlement window. The cap is checked at every deposit and shown on each series, together with the live cost of pushing the settlement.

Fees

• Split: 0
• Recombine: 0
• Redeem: 0
• Settlement: 1 % taken from the winner, paid to the loser (protocol takes 0)
• Create a series: fixed SOL fee, once. The protocol's only revenue. (0.25 SOL)
• Checkpoint: fixed bounty to the caller, from a reserve funded at creation.

What no one can do

No authority can change a threshold, an expiry, pick a settlement price, or move funds out of a vault. The only administrative capability is pausing the creation of new series, which has no effect on existing ones. The program's upgrade authority is burned at mainnet deployment (devnet build: not burned yet).

Eligibility

On-chain: mint authority revoked, freeze authority revoked, Token-2022 extensions limited to metadata and group pointers (transfer fees, transfer hooks, permanent delegates, default-frozen and pausable mints are refused), at least 1 000 SOL or 125 000 USDC of quote depth across the series' pools. Off-chain, shown in the UI: liquidity, age, holders and trade frequency.

Program

D7CXaNo6bq3Xei427KW6XN8riVqiYrMzCkXxjZidoSV4 · devnet