Start here

What is bond.it

bond.it is a Solana token platform. Bond, its launchpad, sells each new token on a bonding curve and then graduates it to BondSwap, bond.it's own AMM, carrying the liquidity built during the curve into the token's pool.

bond.it documentation

How tokens launch, trade, graduate and pay rewards on bond.it, in plain language first and full detail after.

How it works Fee tiersHolder rewardsGlossary

Find your way

What the Devnet preview means

• Test network. bond.it runs on Solana Devnet, a public test network. Tokens and SOL on Devnet have no value and cannot be exchanged for real money. Devnet data can be reset or disappear.
• No funds move here. You can browse Devnet market data, sign in with a wallet message, keep a profile, post calls and join guilds. This site does not send transactions or move funds. Launching and trading are switched off.
• Not audited. The programs and these documents have not been independently audited. No mainnet date is promised.
• How to read these pages. Each chapter describes how bond.it works. Features that are built but not switched on yet, and features still in development, are listed in Coming soon.

What you can do today

On the site now:

• Discover tokens. Browse every token created by the Bond launchpad, read live from Solana Devnet. See Discover.
• Open token pages. See a token's curve progress, market cap and live Devnet quotes in the trade panel.
• Prepare a launch. Fill in the launch form, preview your token and save a draft. See Launching a token.
• Make Alpha calls. Post calls, climb the tiers and join a guild. See Alpha Arena.
• Build your profile. Sign in with a wallet message, browse People, and design your Bondling. See Website & community.
• Read the Analytics board. The layout is live; figures show — until live data is connected. See Analytics & transparency.

Switched off on the site until live trading starts:

• Launching a token.
• Buying and selling from the token page.
• Holder payouts.
• Creator claims.

See Coming soon for what switches on next.

bond.it in four steps

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1. Launch. A creator launches a standard SPL token with a fixed supply of 1 billion tokens and picks where the creator's share of fees goes.
2. Trade on the curve. Early buyers and sellers trade against the Bond bonding curve. Fees follow the 25 published market-cap tiers from the first trade. The LP share of each fee builds up in a protected liquidity reserve that curve sells cannot touch.
3. Graduate. When the curve's sale inventory runs out, the token graduates in one atomic step. All the curve's SOL and the whole protected reserve seed the token's BondSwap pool, and the pool's LP tokens are burned.
4. Trade on BondSwap. After graduation, the LP share of every swap stays in the pool's reserves.

Read the full walkthrough in How it works.

Fixed supply, extra SOL backing

Every token has 1 billion tokens: 793.1 million are sold on the curve and 206.9 million are kept for the pool. A token graduates when all 793.1 million sale tokens are sold, which takes about 85.005 SOL of buying.

BondSwap SOL seed = all the curve's SOL + the whole protected liquidity reserve.

Nothing is deducted from the seed. The account rent and network fees for creating the pool are paid by whoever submits the graduation, normally bond.it's graduation service. The seed SOL pairs with the fixed 206.9 million tokens, so the extra reserve raises the opening pool price. No extra tokens are minted. See Graduation.

Liquidity-backed lifecycle

Before graduation, the protected reserve sits outside the curve's trading reserves. At graduation, the reserve and all the curve's SOL fund the pool. After graduation, the LP share of each swap stays in the pool's reserves.

Who the design serves

The fee schedule applies from launch, including the creator's share. It does not by itself prevent creator abuse or guarantee token quality.

Protocol fees

Protocol fees from every token launched on bond.it go 100% to the protocol vault, kept apart from creator, holder and liquidity balances. See Protocol fees.

Fee destinations

Every launch picks one of three destinations for the creator's share of fees:

• Creator. The creator claims it from their own wallet.
• Holders. Wallets holding at least $25 of the token share it every earning window.
• Liquidity. It goes into the token's liquidity. See Liquidity Mode.

The total fee is the same in every mode. See Creator rewards and Holder rewards.

Supported tokens

Every token launched on bond.it is a standard SPL token with a fixed supply of 1 billion and no mint or freeze authority. Tokens pair with SOL today; other pair assets (such as USDC or tokenized stocks) are added one at a time after review. See Pairs & payouts.

Charts and models

Technology explained has curve, price-impact, fee, graduation and reward charts with an interactive trade lab. The Mechanism atlas covers the lifecycle, all 25 fee tiers, balance accounting, graduation sensitivity and who controls what.

Related

• How it works
• Launching a token
• Fee tiers
• Coming soon
• Glossary

Start here

How it works

A token's whole life on bond.it in five minutes: launch on Bond, trading on the bonding curve, graduation to BondSwap, and where every fee goes along the way.

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1. Launch

A creator fills in the launch form: image, name, symbol and description, the pair asset, and where the creator's share of fees goes. Links and an initial buy are optional. Launching takes two wallet approvals: one to set up the token's accounts, and one to create the token, lock its metadata and open its curve.

Every launch picks where the creator's share of fees goes. The choice changes only who receives that share; the total fee is the same in every mode.

• Creator mode: the creator claims it from their own wallet.
• Holder mode: wallets holding at least $25 of the token share it, permanently.
• Liquidity Mode: it goes into the token's liquidity, so neither the creator nor holders receive it. The choice is permanent.

Tokenized-stock pairs launch in Creator mode only. See Launching a token, Creator rewards and Liquidity Mode.

2. Trade on the bonding curve

Early trades go against the Bond bonding curve: a formula that prices each buy and sell from virtual reserves, so the price rises as tokens are bought and falls as they are sold.

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On the curve you pay the tokens' price plus the trading fee; when you sell, the fee is taken from the SOL you receive. You can buy with an exact SOL amount; any tiny leftover stays in your wallet.

Each trade pays a fee from one fixed schedule of 25 tiers, set by the token's market cap in SOL and applied from the very first trade. On the curve, the tier comes from the market cap just before your trade. A SOL-paired token stays in tier 1 for its whole time on the curve: its market cap at graduation is about 410.9 SOL, below the 420 SOL boundary of tier 2.

The protected liquidity reserve sits outside the curve's trading reserves, so ordinary curve sells cannot use it. In Liquidity Mode, the creator's share is added to it too. See Bonding curve and Fee tiers.

3. Graduate

When all 793.1 million sale tokens are sold, which takes about 85.005 SOL of buying, the token graduates. Anyone can submit the graduation; normally bond.it's graduation service does. It happens in one atomic step:

1. All the curve's SOL and the whole protected liquidity reserve are added together.
2. They are paired with the 206.9 million reserved tokens to seed the token's BondSwap pool.
3. The pool's LP tokens are created and burned in the same transaction, and the LP mint is permanently disabled.

Nothing is taken from the token's liquidity for setup. The account rent and network fees for creating the pool are paid by whoever submits the graduation. Because the reserve adds SOL without adding tokens, the opening pool price is a little higher than the last curve price. That is how the transition works, not a guarantee of returns. See Graduation.

4. Trade on BondSwap

After graduation, the token trades on BondSwap, bond.it's own constant-product AMM. The same 25-tier schedule sets the fee.

• Fee basis. The fee is taken from the amount you put in.
• Fee asset. Fees are collected in whatever you pay in: SOL when you buy, the token when you sell.
• Tier. The pool uses a time-weighted market cap from the previous few seconds, so no single trade can change its own fee. A new pool charges tier 1 for its first few seconds.
• LP share. It stays in the pool's reserves.

The pool has no deposit or withdrawal function, so no one can withdraw the starting liquidity.

See BondSwap.

Where the fees go

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Protocol fees from every token go 100% to the protocol vault. See Protocol fees.

Holder rewards in one paragraph

In Holder mode, the creator's share goes to holders. In a coin's first hour, rewards settle in 120-second windows, then in 600-second windows. At each window close, wallets holding at least $25 of the token share that window's holder fees in proportion to their balance. An award is sealed when the window closes and is not cancelled if the holder sells later. Payouts go out in batches of up to 8 holders per transaction, and bond.it pays the delivery costs. A payout is sent only when its delivery cost is at most 1% of the amount it pays; otherwise the reward stays owed until it can be delivered. Payout timing is not guaranteed. See Holder rewards.

Related

• What is bond.it
• Launching a token
• Fee tiers
• Holder rewards
• Glossary

Start here

Glossary

Short definitions of the terms used across the bond.it docs, in alphabetical order. Each entry links to the chapter that explains it in full.

A–C

D–L

M–Z

Related

• What is bond.it
• How it works
• Names & brand
• Coming soon

Launch a token

Launching a token

How to launch a token on Bond, bond.it's launchpad: what the form asks for, which choices are permanent, what you approve in your wallet, and the stages a token passes through after launch.

What you get

Every token launched on bond.it is a standard SPL token with a fixed supply of 1 billion and no mint or freeze authority. Tokens pair with SOL today; other pair assets (such as USDC or tokenized stocks) are added one at a time after review.

To launch, add an image, name, symbol and description, pick the pair asset and where the creator's share of fees goes (Creator, Holders or Liquidity), and optionally add links and an initial buy. No BOND launch fee; network and rent costs apply.

The token starts trading on a bonding curve straight away. When all of its sale tokens are sold, it graduates to a BondSwap pool.

The launch form

Byte limits count accented letters and emoji as more than one character. Text fields cannot contain line breaks, tabs or other hidden characters. The preview next to the form updates as you type.

Image checks

• The file's contents are checked, not just its name or extension. It must really be a PNG, JPEG or WebP image.
• SVG and animated images are not accepted.
• bond.it crops the image to a centred square and saves it as a 512 × 512 pixel PNG, which drops any embedded metadata.

Choosing a pair

The pair asset is what people pay with when they buy your token, and what sits opposite your token in its BondSwap pool after graduation.

• SOL is the standard pair.
• USDC appears on the form and is marked Off until it is enabled.
• Custom covers tokenized stocks and ETFs, and pairing with another token. Each asset is enabled only after review.

Fees on the curve are always collected in the pair asset. See Pairs & payouts for each pair and how its rewards are paid.

Choosing where the creator's fee share goes

Every trade pays one fee, split between the protocol, the creator share and liquidity. The rates are the same whichever destination you pick; only the creator share changes hands. See Fee tiers.

• Holders and Liquidity are permanent. They can never be switched back.
• A Creator-mode token can later switch to Holders once, permanently, if its creator and a bond.it reviewer both sign. See Creator rewards.
• Tokenized-stock pairs launch in Creator mode only. The form locks the choice to Creator when you pick one.

Optional initial buy

When you press Deploy, bond.it asks how much you want to buy from your own wallet as the token's first trade. Enter 0 to launch without buying.

• The amount is the most you spend, including the trading fee; any tiny leftover stays in your wallet. 1% slippage only sets the minimum tokens you accept.
• The buy is a separate wallet approval. Your token still launches if the buy fails.
• With a pair other than SOL, you pay with that asset, which must already be in your wallet. SOL still pays network fees and account rent.

Wallet approvals

A launch takes two approvals in your wallet, plus one more if you chose an initial buy.

1. Prepare accounts. Your wallet creates the token's mint and the curve's token accounts, and pays their account rent and network fees. Nothing can be traded yet.
2. Launch the token. In one transaction, your wallet writes the token's metadata, mints the full 1 billion supply, removes the mint authority and opens the bonding curve. If any part fails, the whole step is undone.
3. Initial buy (optional). Your first purchase on the curve.

If you stop after step 1, the prepared accounts stay in place and keep their rent; bond.it does not reclaim it automatically.

What is locked at launch

Saving a draft

You can save the form as a draft in your browser and come back to it later. You can also download the draft's metadata as a file. A draft is not a token: nothing is created on-chain until you approve the launch in your wallet.

How your token appears on Discover

Discover lists every token created by the Bond launchpad, read live from the chain.

• A token appears once its launch transaction is confirmed. Drafts never appear.
• The mint address identifies a token, not its name or symbol. Two tokens can share a symbol and stay separate.
• Curve progress shows how much of the 793.1 million sale tokens has been sold.
• Market cap is the current price times the fixed 1 billion supply. It is a reference figure, not what the token could be sold for.
• After graduation the same token, with the same mint and metadata, shows its BondSwap pool.

A token's life

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• Graduation happens once. A graduated curve can never graduate again or reopen.
• If the graduation transaction fails, nothing moves and the token stays at Curve complete until graduation is submitted again.
• Fees already owed to the creator or holders stay claimable through every stage.

If a token never sells out

A token that never sells all of its sale tokens keeps trading on the curve. Its protected liquidity reserve stays locked for its future pool. It is not paid to the protocol, the creator or anyone else, and bond.it does not refund it.

Related

• Bonding curve
• Fee tiers
• Graduation
• Pairs & payouts
• Discover

Launch a token

Bonding curve

Every bond.it token starts trading on a bonding curve: a pricing formula that raises the price as tokens are bought and lowers it as they are sold. This page covers the curve's settings, how prices and fees are calculated, how the curve keeps each balance separate, and when it completes.

Curve settings

The sale inventory is what the curve sells. The pool allocation is set aside to pair with SOL in the token's BondSwap pool at graduation. A *virtual reserve* is a pricing number only, not money the curve holds (see the Glossary).

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When the curve completes

A token graduates when all 793.1 million sale tokens are sold, which takes about 85.005 SOL of buying (the exact amount varies by a few hundred lamports depending on trade sizes, because each purchase rounds up).

• Buying the whole sale in a single purchase takes exactly 85.005359057 SOL. This is the single-purchase reference figure; many smaller buys add a few hundred lamports of rounding.
• Completion depends only on sale tokens sold, not on a SOL balance. The protected liquidity reserve never speeds it up.
• At completion the curve's market cap is about 410.88 SOL.

What happens next is described in Graduation.

How the price is set

k = virtual token reserve × virtual quote reserve
Marginal price = virtual quote reserve / virtual token reserve

The virtual quote reserve includes a starting offset of 30 SOL, so it is not the SOL the curve actually holds. Only the curve's real SOL pays out sellers. Fees owed and the protected liquidity reserve are never used to pay a seller.

For an exact number of tokens:

Buy:  price paid  = ceil(virtual SOL × tokens / (virtual tokens − tokens))
Sell: SOL value   = floor(virtual SOL × tokens / (virtual tokens + tokens))

The buy price rounds up and the sell value rounds down, so rounding always favours the curve's reserves.

Fees on curve trades

On the curve you buy tokens and pay their price plus the trading fee; when you sell, the fee is taken from the SOL you receive. You can buy with an exact SOL amount: you get as many tokens as it pays for, fee included, and any tiny leftover stays in your wallet. On the pool, the fee is taken from the amount you put in.

• Buy: you pay the price plus the fee, never more than the amount you approved, and receive at least the minimum tokens you approved.
• Sell: you receive the SOL value minus the fee, and never less than the minimum you approved.
• The fee is a percentage of the price (buy) or SOL value (sell), at the rate of the token's current fee tier.

The tier comes from the market cap just before your trade. A SOL-paired curve stays in tier 1 (1.25%) for its whole curve life, because its market cap at completion, about 410.88 SOL, is below the 420 SOL boundary of tier 2. For other pairs, the market cap is converted to SOL with the trade's checked oracle price.

Where each part goes

The protected liquidity reserve sits outside the curve's pricing. It does not move the price, it cannot pay sellers or fee claims, and it seeds the BondSwap pool at graduation.

Rounding

The total fee rounds up once. The protocol and creator shares round down, and the leftover, including any rounding dust, goes to the LP share. Rounding dust never goes to the protocol.

What a quote shows

Every quote shows:

• whether it is an exact-token or exact-input trade
• what you pay
• each part of the fee
• what you receive
• the slot or expiry it is valid for

The last buy is capped to the sale tokens that are left, and you are not charged for more than you get. Zero-size, overflowing and unbacked trades are rejected.

How the curve keeps balances apart

The curve tracks each kind of balance in its own labelled bucket, so curve reserves, the protected liquidity reserve, fees owed and stray deposits never mix.

Before the pool exists, F is held as SOL (wrapped SOL inside the program), not as LP tokens. In Liquidity Mode, C stays at zero, because the creator share goes into F.

Rules that always hold

Real SOL held     = B + F + P + C + R + D
Pool seed         = B + F
Pool vault assets = tradable reserves + fees owed + excluded deposits

• Each rule holds per asset and at every point in time. Rent held in another account is counted there, never twice.
• Fees owed are never counted as liquidity.
• A deposit sent straight to the curve's accounts cannot create claims, change who earns fees or trigger graduation.

Units and precision

• All amounts are whole lamports and whole token base units. The programs never use floating-point arithmetic.
• Fee rates are stored in thousandths of a percentage point, with a denominator of 100,000, so every rate in the schedule is exact.

Price at graduation

Final curve price = final virtual SOL / final virtual tokens
Pool opening price = pool SOL seed / 206.9 million tokens

The pool token allocation stays fixed at 206.9 million, and all of the curve's SOL plus the protected liquidity reserve is paired with it. So the opening pool price depends on how much the reserve has built up, and it is normally a little above the final curve price. bond.it does not mint extra tokens or adjust reserves to match the two prices. See Graduation.

Reading prices and depth

• Compare marginal prices separately from fee-inclusive quotes.
• At the same price, growing both pool reserves in proportion reduces price impact for a trade of the same size.
• Adding SOL alone raises the price. It does not add the same depth as adding both sides.

Related

• Launching a token
• Fee tiers
• Graduation
• Liquidity Mode
• Glossary

Launch a token

Fee tiers

Every trade on a bond.it token pays one fee, split between the protocol, the creator share and liquidity (LP). The rate depends on the token's market cap in SOL, across 25 tiers, and falls as the token grows.

Complete schedule

Fees follow a fixed 25-tier schedule, from 1.25% below a 420 SOL market cap down to 0.30% above 98,240 SOL, applied from the first trade. On the curve the tier comes from the market cap just before your trade. On the pool it comes from a time-weighted market cap of the previous few seconds, so no single trade can change its own fee.

All rates are percentages of the trade amount, not percentages of the fee.

• The first tier covers 0 up to, but not including, 420 SOL.
• Each later tier includes its lower bound and excludes its upper bound. At exactly 420 SOL, tier 2 applies.
• The same schedule applies on the bonding curve and on BondSwap. There is no extra fee before graduation.
• Market cap means price times the fixed 1 billion supply. It is not pool liquidity.

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How the split works

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The amount freed by each LP reduction goes to the creator share, not the protocol, and each tier's total stays as listed.

The creator share goes to the creator, to holders or into liquidity, depending on the fee destination chosen at launch. The rates are the same in every mode. See Launching a token.

A lower rate applies only to future trades. It never withdraws liquidity already built up.

How the tier is chosen

No trader or caller can choose a tier. The program works it out on every trade, and checks it against the maximum fee you approved.

On the bonding curve

The tier comes from the curve's market cap just before your trade, with no delay. For pairs other than SOL, the market cap is converted to SOL with the trade's checked oracle price.

A SOL-paired curve stays in tier 1 (1.25%) for its whole curve life. Its market cap at completion is about 410.88 SOL, below the 420 SOL boundary. See Bonding curve.

On a BondSwap pool

The tier comes from a delayed, time-weighted market cap:

1. The pool records its market cap after each swap.
2. It averages that value over windows of 16 slots (about 6 seconds), weighting each value by how many slots it held.
3. Each swap pays the tier of the last completed window, never the current one. So no single trade can change its own fee.

• A new pool charges tier 1 until its first window completes, about 16 slots after graduation.
• If a pool has no trades for more than 256 slots, it starts a new window but keeps its last confirmed tier until that window completes. Inactivity alone never drops a pool back to tier 1.

What the fee does not include

Network fees and account rent are not part of the trading fee. No BOND launch fee; network and rent costs apply.

• There is no transfer tax on the token.
• Trades in pools outside BondSwap do not pay bond.it's trading fee.

Liquidity Mode breakdown

Every row below is generated from FEE-TIERS.json. LPM is the Liquidity Mode share: the creator allocation, added to liquidity instead of paid to the creator. Existing LP and LPM are separate components of the same total fee—not extra charges. The protocol allocation and total trader fee are unchanged. Tier 1 covers 0 ≤ market cap < 420 SOL: 0.700% protocol + 0.250% existing LP + 0.300% LPM = 1.250% total. At exactly 420 SOL, tier 2 applies. Rates are percentages of the applicable trade fee basis, not percentages of the fee pot.

Before graduation, the combined amount is protected quote escrow. After graduation, it remains in the swap input asset as active reserves. It is not a balanced deposit, new LP entitlement or creator claim. See Liquidity Mode.

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Related

• Bonding curve
• Liquidity Mode
• Launching a token
• Creator rewards
• BondSwap

Launch a token

Liquidity Mode

Liquidity Mode is a launch option that sends the creator's share of every trading fee into the token's liquidity instead of paying it to the creator. The total fee a trader pays does not change.

What it is

Liquidity Mode is one of three fee destinations you pick at launch: the creator's share of every trade goes into the token's liquidity instead of to the creator. Before graduation it is added to the protected liquidity reserve that seeds the pool, and after graduation it stays in the pool. The choice is permanent.

You choose it on the launch form by picking Liquidity as the fee destination. See Launching a token.

• It is not an extra fee. The protocol share and the total fee are the same as in every other mode.
• Nobody claims the creator share: not the creator, and not holders.
• It is not available with tokenized-stock pairs, which launch in Creator mode only.

The fee split

In Liquidity Mode each fee has three parts: protocol + LP + creator share redirected to liquidity = total fee. For tier 1 (market cap below 420 SOL):

• 0.70% + 0.25% + 0.30% = 1.25%
• The liquidity subtotal is 0.25% + 0.30% = 0.55%. That subtotal is part of the 1.25%, not added on top.

Every other tier uses the same schedule. The Fee tiers page lists all 25 tiers, with a Liquidity Mode breakdown that shows the redirected creator share in its own column.

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Download SVG · Download PNG

The creator share is rounded exactly as in Creator mode, then moved whole into the liquidity part.

Before graduation

Each curve buy and sell calculates its usual fee in the pair asset. The LP share and the creator share both go into the protected liquidity reserve.

• The reserve sits outside the curve's pricing. It does not move the price and cannot pay sellers.
• No claim of any kind can withdraw it.
• A failed transaction adds nothing.
• If the token never sells out, the reserve stays protected in the pair asset. It is never paid to anyone else.

At graduation

All of the curve's SOL and the whole protected liquidity reserve, including the redirected creator share, seed the BondSwap pool against the 206.9 million pool tokens. Nothing is taken out for setup costs: the account rent and network fees are paid by whoever submits graduation. The pool's LP tokens are created and burned in the same transaction. See Graduation.

Because the reserve is larger in Liquidity Mode, the pool opens with more SOL and at a slightly higher price than the same token would in Creator or Holders mode.

After graduation

BondSwap prices each swap on your input minus the total fee, exactly as in every mode. The difference is where the creator share ends up: in Liquidity Mode it stays in the pool's reserve of the asset you paid in, alongside the LP share.

• On a buy, the fee stays in the pool's SOL (or pair asset) reserve. On a sell, it stays in the token reserve.
• This deepens the pool on one side only. It is not a balanced deposit, and it does not create LP tokens.
• No swap-back, conversion or keeper is involved.
• Your own trade's price is the same as in any other mode. Later prices reflect the larger reserve, and the larger reserve can also move the token into a different fee tier sooner.

The formula

For an exact-input trade with input x, protocol share p, creator share c, LP share l and total fee f:

pricing input        = x − f                 (same in every mode)
output               = floor(Rout × (x − f) / (Rin + x − f))
input reserve grows  = x − p − c              (Creator and Holders modes)
input reserve grows  = x − p                  (Liquidity Mode)
creator claim        = holder payout = 0      (Liquidity Mode)

The choice is permanent

Liquidity Mode can only be chosen at launch.

• A Liquidity Mode token can never switch to Creator or Holders.
• A Creator-mode token cannot switch to Liquidity Mode. The one-time creator-takeover switch from Creator to Holders is not available to or from Liquidity Mode.
• Fees are redirected from the first trade, so there are no earlier creator claims to settle.

Costs and reporting

Liquidity Mode needs no payout delivery, so the holder delivery-cost rules do not apply. Traders pay ordinary network fees, as in every mode.

Quotes show the protocol, creator-share and liquidity parts of each fee. bond.it's token views and Analytics keep the protected reserve waiting for graduation separate from fees already added to the pool.

Related

• Fee tiers
• Launching a token
• Graduation
• Creator rewards
• Holder rewards

Launch a token

Graduation

A token graduates when its bonding curve has sold all of its sale tokens. Graduation then moves the curve's SOL, the protected liquidity reserve and the 206.9 million pool tokens into a new BondSwap pool in a single transaction, and burns the pool's LP tokens so the starting liquidity can never be withdrawn.

The token split

• The curve completes only when all 793.1 million sale tokens are sold. See Bonding curve.
• The protected liquidity reserve adds to the pool's SOL. It never makes a token graduate earlier.
• The pool always receives exactly 206.9 million tokens. No tokens are minted or burned to match the curve's final price.

Who graduates a token

Anyone can submit graduation for a completed curve; it does not have to be the creator. bond.it's graduation service normally does it as soon as a curve completes. The program checks every account itself, so the submitter cannot choose where the funds go.

What happens in the graduation transaction

One transaction does all of the following:

1. Checks that the curve is complete and that the pool, vaults and LP mint are the token's own.
2. Creates the pool account, paid for by the submitter.
3. Moves all of the curve's SOL and the whole protected liquidity reserve into the pool's SOL vault.
4. Moves the 206.9 million pool tokens into the pool's token vault.
5. Creates the pool's LP tokens, burns all of them and permanently disables the LP mint.
6. Opens the pool for swaps and marks the curve as graduated.

If any step fails, the whole transaction is undone and nothing moves. The submitter may still pay the network fee for the failed attempt. A graduated curve can never graduate again.

Fees already owed to the creator, holders or the protocol are not part of the pool. They stay claimable, and stray deposits stay separate.

What funds the pool

At graduation, all the curve's SOL and the whole protected liquidity reserve go into the pool. The account rent and network fees for creating the pool are paid by whoever submits the graduation (normally bond.it's graduation service), not taken from the token's liquidity.

Pool SOL     = B + F
Pool tokens  = 206,900,000 (fixed; 6 decimals)
Opening price = Pool SOL / Pool tokens

Fees owed to the protocol, the creator or holders are excluded before this calculation. No platform surcharge is taken.

Worked example

If the whole sale is bought in a single purchase (the single-purchase reference), B is 85.005359057 SOL. The protected reserve is then:

Real tokens graduate with slightly different figures, because B and F depend on how the token was traded. The opening price is a spot price, not a fee-inclusive quote.

Opening price

The opening price is the pool's SOL divided by 206.9 million. It is normally a little above the curve's final price, about 0.000000410880 SOL per token, because the protected reserve adds SOL while the token amount stays fixed. A larger reserve opens the pool higher.

This is by design. bond.it does not mint extra tokens, burn tokens or move value elsewhere to make the two prices match.

The pool's first fee tier is tier 1 until its first 16-slot fee window completes, about 16 slots after graduation. See Fee tiers.

Setup costs

The submitter pays for creating the pool's accounts and the network fees, and is not reimbursed from the token.

Together, the pool's accounts cost about 0.0192 SOL in rent at default rates. bond.it's graduation service spends at most 0.05 SOL per graduation, including network fees.

LP tokens are burned at graduation

When a token graduates, the pool's LP tokens are created and burned in the same transaction and the LP mint is permanently disabled, so no one can withdraw the starting liquidity. The pool has no deposit or withdrawal function.

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1. The pool's LP mint and a pool-owned LP account are created for the token.
2. The pool's reserves are funded with the exact graduation amounts.
3. BondSwap creates floor(sqrt(token units × SOL lamports)) LP units into the pool-owned account.
4. It burns every one of those units.
5. It removes the LP mint's mint authority.
6. It checks that the LP supply is zero and that no mint authority remains.

All of this is part of the graduation transaction, so if any step fails, the pool is never created. The LP mint has 9 decimals. The unit count is ownership accounting, not a token anyone can trade.

Why the starting liquidity cannot be reset

The pool records the number of LP units it created and the number it burned, and refuses to load unless the two match. BondSwap has no instruction to issue more LP tokens, accept deposits, redeem LP or let an administrator withdraw reserves.

Related

• Bonding curve
• BondSwap
• Liquidity Mode
• Fee tiers
• Security

Trade on BondSwap

BondSwap

BondSwap is the market a token moves to when it graduates from its bonding curve: a constant-product pool where the token keeps trading. This page explains how a pool starts, how swaps and fees are calculated, what you approve in your wallet, and what protects the pool's liquidity.

At a glance

Each pool pairs the token with its launch's quote asset. For a SOL pair that is WSOL ("wrapped SOL"): SOL held as an SPL token, so the program can treat it like any other token.

How a pool starts

A token graduates when all 793.1 million sale tokens are sold on its curve. In the same transaction, BondSwap creates the pool and seeds it with:

• 206.9 million tokens, and
• all the quote asset the curve collected, plus the whole protected liquidity reserve.

Nothing is taken from that liquidity to set the pool up. Whoever submits the graduation pays the account rent and network fees, normally bond.it's graduation service. Anyone can submit a valid graduation; the submitter cannot change the token's creator, reward mode or fee destinations.

The opening price is the seeded quote amount divided by 206.9 million tokens. The token amount is fixed, while the protected reserve differs from launch to launch, so the opening price differs too. See Graduation for the full sequence.

Which asset fees are paid in

Pool trading fees are collected in whatever you pay in: SOL (or the pair asset) when you buy, the token when you sell. Creator and holder fee balances can hold both.

Creator fees are claimed one asset at a time, in either the token or the quote asset. See Creator rewards. Creator and protocol balances are never converted automatically.

How the fee tier is chosen

Fees follow the 25-tier schedule. On the pool, the tier comes from a time-weighted market cap of the previous few seconds, so no single trade can change its own fee.

1. The pool measures market cap from its reserves: quote reserve × 1,000,000,000 original supply / token reserve, in SOL. For a non-SOL pair, the value is converted to SOL with the pair's validated price.
2. It averages that value over a window of 16 slots (about 6 seconds), weighted by how long each price held.
3. Each swap uses the average from the last completed window. A trade's own resulting price only counts for later slots.

The clock counts slots, not wall-clock time. Anyone can call a checkpoint to keep observations current. Rates can rise again if market cap falls. Burned tokens do not change the original-supply basis.

Your limits on every swap

Every swap carries three limits you set, and the program refuses the swap if any of them fails:

The program also checks the pool, vaults, mints, programs and the owners of your source and destination accounts. It rejects delegated, frozen and close-authority token accounts and any unsupported token account.

What you approve in your wallet

When trading opens, the token page sends you to BOND's secure trading host to sign.

1. bond.it builds the transaction for that exact swap: your wallet as payer, the pool and accounts, the amount in, the minimum output, the maximum fee rate and the expiry.
2. Your wallet shows the exact message. You review the amounts and sign.
3. bond.it refuses a changed message, a wrong signer, an expired preview or an unknown action.

bond.it never asks for your private key or seed phrase. The network fee is separate from the trading fee and is shown on its own.

If a swap doesn't confirm

A swap that times out is not treated as failed. bond.it keeps the signed transaction and its signature before sending, then looks up that original signature on the chain.

• bond.it does not ask you to sign again, and does not resend automatically, while the first swap's outcome is unknown.
• A swap is shown as done only when a finalized transaction with the same signature shows the expected balance changes.
• A transaction that fails on chain still costs its network fee, but the swap's token transfers are rolled back.
• If the signature is still missing after the swap expires, it stays marked unresolved. A missing record from one RPC node is not proof that the swap never ran.

How a swap is calculated

For an amount in A, the pool finds the fee tier, then:

• the total fee rounds up, once;
• the protocol and creator shares round down;
• any rounding remainder goes to the pool's reserves.

priced = A − total_fee
output = floor(output_reserve × priced / (input_reserve + priced))
new_input_reserve = input_reserve + A − protocol_fee − creator_fee
new_output_reserve = output_reserve − output

The liquidity share of the fee stays in the reserves, but it does not count toward the price of the trade that paid it. Protocol and creator balances are kept outside the reserves. The program checks the actual token transfers before the new state is saved.

For a token in Liquidity Mode, the creator's share also stays in the input-side reserve, so liquidity grows in the asset traders pay in. See Liquidity Mode.

How the starting liquidity is protected

When a token graduates, the pool's LP tokens are created and burned in the same transaction and the LP mint is permanently disabled, so no one can withdraw the starting liquidity. The pool has no deposit or withdrawal function.

The pool keeps a record of the burned genesis units even though no LP tokens circulate, and there is no way to reset that record or mint new LP tokens.

Donations

Tokens or SOL sent straight to a pool's vaults are set aside. They never count as price reserves, fee balances or liquidity ownership, and no one gains a right to claim them.

Finding a pool

Look a pool up by its token mint and quote mint, never by symbol. BondSwap supports exact-input swaps only. Wallets and aggregators need their own integration to route trades to BondSwap. Another exchange can list the same token outside bond.it's fee rules.

Related

• Graduation
• Fee tiers
• Pairs & payouts
• Security
• Integration interfaces

Trade on BondSwap

Pairs & payouts

Every launch is priced against one pair asset (its "quote"), and that pair decides which currency fees are collected in and which currency holder rewards are paid in. This page explains the pair choices on the launch form, how each asset's balances are kept apart, and who pays for each operation.

Choose a pair and a fee destination

You make two separate choices when you launch:

• The pair sets the quote asset that prices and trades your token.
• The fee destination sets where the creator's share of fees goes: Creator, Holders or Liquidity.

Neither choice adds a trading fee. Both are fixed at launch.

The launch form has three pair cards. You pick exactly one.

Inside Custom, stocks come from a searchable catalog, and "Other token" takes an exact Solana mint address. Pairing with another token is limited to graduated BOND tokens, after review.

Only SOL is registered as a pair asset on Devnet. Every pair asset must be registered on chain before a launch can use it, and other assets are added one at a time after review. Choosing a card never approves an asset on its own: an unregistered pair is refused before any launch transaction is built, so it can never silently launch as a SOL token instead.

What each pair pays in

Tokenized-stock pairs launch in Creator mode only; for any other supported pair, holders are paid in SOL (SOL pairs), USDC (USDC pairs) or SOL after conversion (other tokens).

Holder rewards on an "other token" pair stay owed in their original asset until a conversion to SOL settles. If no conversion route is available, they wait. Pending amounts are never shown as SOL, zero or an estimate. See Holder rewards and Creator rewards.

Who pays what

USDC-pair holders are paid in USDC; bond.it pays the SOL network costs separately, so no part of a USDC reward is converted to pay for delivery. bond.it opens a holder's missing USDC token account only when its rent fits within 1% of that holder's payout. See Custody & recovery.

Solana needs every transaction's fee payer to hold SOL. A USDC or token balance cannot pay network fees directly, which is why these costs are always paid in SOL by a named payer and never subtracted from another asset's units.

Keeping each asset separate

Every asset has its own ledger. Raw units of one asset are never added to another, whatever their decimals, symbol or dollar value.

• Fee tiers use a SOL-equivalent market cap, converted through a validated quote-per-SOL price. SOL thresholds are never reused as raw USDC amounts.
• USDC is never assumed to equal one dollar.
• A thin pool's spot price is never treated as a verified price.
• Network fees and rent are paid in SOL.

On the curve, fees are collected in the quote asset. On BondSwap, fees are collected in the asset you pay in.

Curve quote balance
= curve reserves + protected liquidity reserve
+ protocol due + creator due + holder due + set-aside surplus

Pool balance, per asset
= active reserve + protocol due + creator due + holder due + set-aside surplus

At graduation, the curve reserves and the whole protected liquidity reserve move into the pool. Fee balances stay separately claimable and are never added to the pool's liquidity.

Launch calibration

Each curve is calibrated once, at launch, from a reviewed quote-per-SOL price. The calibration does not move with later prices. The curve completes when its 793.1 million sale tokens run out, not at a rounded amount of the quote asset.

Examples

Illustrative launch prices, not current market prices:

The reference proceeds assume a single purchase of the whole sale. Real trade sizes and rounding change the total slightly. Later price changes do affect the SOL-equivalent market cap used for fee tiers.

Calibration formula

For a price of n / d quote tokens per SOL and quote precision q:

Initial virtual quote units = ceil(30 × n × 10^q / d)
Sale inventory              = 793,100,000 tokens × 10^6
Initial virtual base units  = 1,073,000,000 tokens × 10^6
Graduation token allocation = 206,900,000 tokens × 10^6

One-way reference proceeds
= ceil(initial virtual quote × sale inventory
       / (initial virtual base − sale inventory))

Which tokens can be pair assets

Every token launched on bond.it is a standard SPL token with 6 decimals, a fixed supply of 1 billion and no mint or freeze authority. Pair assets have their own rules:

• A pair asset can be a standard SPL token or a Token-2022 token with an allowed set of extensions: metadata, scaled UI amount, confidential-transfer mint, default account state, and a transfer hook only when no hook program is set.
• Issuer powers such as a permanent delegate, pause or hook authority are allowed only for assets explicitly allowlisted on chain (the tokenized stocks), and those pairs launch in Creator mode only.
• An asset with a freeze authority needs an explicit flag.
• Transfers use each asset's own token program and decimals.

The USDC mint is published by Circle at https://developers.circle.com/stablecoins/usdc-contract-addresses. Showing it here does not mean USDC is registered.

Quote details on the launch form

The "Quote details & inspection" panel reads an asset's finalized mint data: token program, decimals, mint and freeze authorities and extensions. It also lists markets for that exact mint with indicative liquidity. Readings are cached for 45 seconds and show their observation time.

Missing data counts as unavailable, never as approval. A valid address or a market listing does not make an asset a supported pair, and pool liquidity is not guaranteed sale proceeds.

Related

• Launching a token
• Holder rewards
• Creator rewards
• Fee tiers
• Custody & recovery

Rewards

Creator rewards

How a token's creator earns a share of trading fees, the three places a launch can send that share (creator, holders or liquidity), how a creator claims, and how a community takeover (CTO) switches a token to holder rewards.

The rule in one line

Every trade pays a creator share set by the token's fee tier. The launch's fee destination decides where that share goes, and in Creator mode the creator claims it from their own wallet, one asset at a time.

Creator rates

The creator share is part of the single trading fee, not an extra charge. It changes with the token's market cap.

The rise from tier 1 to tier 2 is intentional: in tier 1 more of the fee goes to the protocol. See Fee tiers for all 25 tiers.

Fee destination modes

You pick where the creator share goes when you launch. No mode changes the total fee, the protocol share or the liquidity (LP) share. Each mode only redirects the creator share.

Tokenized-stock pairs launch in Creator mode only, and their creator is paid in the stock. See Pairs & payouts.

The LP share is always kept separately and can never be redirected into creator claims.

Claiming creator fees

The creator claims earned fees from their own wallet, one asset at a time: in the quote asset while the token is on the bonding curve, and in either the token or the quote asset after graduation. Each claim pays out the creator's whole balance in that asset.

How a claim works

1. Open your token from your profile and choose the asset to claim.
2. Sign the claim with the wallet that launched the token. Only that wallet can claim. There is no delegate.
3. Your whole balance in that asset goes to your own token account, and your claimable balance returns to zero, in one transaction.

You can claim before and after graduation. Graduation carries any unclaimed balance into BondSwap, kept separate from the pool's liquidity. If a claim fails, nothing changes except the network fee, and your balance stays claimable.

What a claim cannot do

• Pay anyone other than the creator's own wallet.
• Move the creator role to another wallet, or share fees with someone else.
• Let bond.it, a website profile or an off-chain identity claim on the creator's behalf.

CTO conversion: Creator to Holder

A Creator-mode token can switch to Holder mode once, permanently, when its creator and a bond.it reviewer both sign. Fees earned before the switch stay claimable by the creator, and every later fee goes to holders.

Consent

A CTO always needs the creator's signature. A request, a profile, a token holding or a community vote cannot redirect fees on its own, and there is no takeover without the creator. The reviewer's signature cannot move funds. It only approves the switch.

Where the switch takes effect

The switch takes effect at the conversion transaction itself, in chain order. Trades before it, even in the same block, pay the creator. Trades after it pay holders.

• If the token has already graduated, its BondSwap pool switches in the same transaction.
• Each approval is single-use and expires, so it cannot be replayed.
• A failed conversion changes nothing except the network fee.
• The creator pays the small rent for the conversion record.
• A fingerprint of the review is stored on chain. Private identities and submissions are not.

Incentive limits

Creator rewards pay for trading activity, not for a token's quality or lasting demand. Creators can claim before graduation, so creator rewards do not remove the incentive to sell early or to manufacture trading. The rates and the fee destination are visible on every token before you trade.

Related

• Fee tiers
• Holder rewards
• Liquidity Mode
• Pairs & payouts
• Protocol fees

Rewards

Holder rewards

How holders of a Holder-mode token earn its fee rewards: the earning windows, who qualifies at each window close, how shares are worked out, and how and when payouts are delivered.

The rule in one line

At each window close, every wallet holding at least $25 of the token shares that window's holder fees in proportion to its balance. Windows last two minutes in a coin's first hour and ten minutes after that. bond.it pays the delivery costs, and an earned reward stays owed until it is paid.

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Where the rewards come from

A token's creator picks one of three fee destinations at launch: Creator, Holder or Liquidity. In Holder mode, the creator's entire share of every trade goes to qualifying holders instead of the creator. Holder mode adds no fee and does not change the protocol or liquidity shares in the 25-tier fee schedule.

• Holder mode is permanent. A token cannot switch back to Creator mode.
• A Creator-mode token can switch to Holder mode once, through a CTO conversion signed by its creator and a bond.it reviewer. Fees earned before the switch stay claimable by the creator.
• Graduation carries unpaid holder rewards into BondSwap, kept separate from the pool's liquidity.
• Protocol fees and liquidity never pay holder rewards.

Settings

Earning windows

Windows are fixed, back-to-back time slots. Each fee belongs to the window in which the trade happened, however late it is collected or paid.

• First hour. From launch, windows are 120 seconds long, aligned to 120-second boundaries. Rewards settle about every 2 minutes.
• After the first hour. Windows are 600 seconds long. Rewards settle about every 10 minutes.
• Boundaries. A window includes its start and excludes its end. A trade exactly at a window's closing time belongs to the next window.

Each window's holders are fixed at its close. Later buyers take part in later windows, not in a seller's earlier rewards.

How a window is settled

1. The window closes. bond.it takes a snapshot of every wallet's token balance from finalized chain history just before the closing time.
2. Eligibility. Each wallet's closing balance is valued at the window's eligibility price (below). Wallets worth at least $25 qualify.
3. Seal. The qualifying wallets and their balances are committed once. That window's award to each wallet is now fixed.
4. Pay. Payouts go out when delivery is economical (see Delivery costs below).

Missing, incomplete or disputed data delays a window. It never counts as "no one qualified", and bond.it never fills a gap with current balances or today's price.

The $25 eligibility price

bond.it decides whether a balance is worth $25 using its own recorded price history for the token, not a wallet display or a single spot quote. The same rule applies to 120-second and 600-second windows.

How the price is worked out

1. Token price in the pair asset. On the bonding curve, bond.it reads the curve's price from its real reserves; fee balances do not raise it. After graduation, it reads the BondSwap pool's accounted reserves. Donations to the pool do not change the price.
2. Convert to dollars. The pair-asset price is converted at the lower bound of a verified USD price feed. Neither SOL nor USDC is assumed to be worth a fixed amount.
3. Take the lowest of three. bond.it calculates the time-weighted mean and time-weighted median over the window and compares them with the last sample before close. The lowest of the three is the window price.
4. Check depth. Every sample needs at least $500 of quote-side liquidity. On the curve this counts only real deposits, not virtual liquidity or fee balances.

Taking the lowest of three values means a last-second spike cannot lift the price above the window's average, and a falling close cannot be hidden by an earlier high average.

The launch window

In a coin's first window only, the time before the first recorded price sample (at most 90 seconds) is valued at the curve's fixed launch price. That is the lowest price the curve can have, so it never overstates a balance.

Example

A wallet holds 1,000 tokens at close and the window price is $0.025. The balance is worth exactly $25, so it qualifies. One raw token unit less would not.

What the $25 test is not

It is not a deposit, fee, claim minimum or minimum payment. It does not require the wallet to stay above $25 for the whole window, and it adds no holding-time multiplier.

Limits

The price is sampled, not taken from every trade. Someone who holds a price up through most of a window, or controls the market, can still influence it. The $500 depth floor raises the cost of that but does not make it impossible.

Shares

Within a window, each qualifying wallet's share is its closing balance divided by the total qualifying balance. Shares are worked out in whole token units and whole payout units, never with floating-point numbers.

share_i = original closing token balance_i / total original eligible balances
cumulative_entitlement_i = floor(cumulative settled payout proceeds × share_i)
new_payable_i = cumulative_entitlement_i − already_paid_i

Example

Qualifying wallets hold 100, 300 and 600 tokens. With 1 SOL of holder fees in their window, their awards are 0.1, 0.3 and 0.6 SOL.

• The separately authorized payer covers delivery costs, so they are not subtracted from these sealed awards.
• Later buyers do not replace these wallets.
• If more of that window's fees arrive later (for example, after a conversion), only these wallets' awards grow.

Integer rules

• Eligibility is checked in whole micro-dollars: the value must be at least 25,000,000 micro-USD.
• Rounding remainders stay with the window as carry and are paid out later. They are never moved to another window's holders.
• If no wallet qualifies in a window, its fees stay set aside for that window. They are not moved to a later snapshot.

Who is never paid

• Always excluded: pools, bonding curves, fee collectors and bond.it's reward accounts.
• Exchange omnibus wallets: verified exchange omnibus wallets are excluded by default, because paying an exchange's wallet does not reach the people holding through it. Entries come only from verified public sources. An exchange that agrees to pass rewards through to its users can opt in and is then paid normally.

Payout currency

Pool fees are collected in whatever a trader pays in, so a pool's holder fees can include the token itself. Those are converted to the payout currency before they are paid. Until a conversion settles, the reward stays owed. See Pairs & payouts.

USDC delivery

USDC-pair holders are paid in USDC. bond.it pays the SOL network costs separately, so no part of a USDC reward is converted to pay for delivery. To compare those SOL costs with a USDC payout, bond.it values SOL at the high end and USDC at the low end of their verified price ranges. If a holder has no USDC token account, bond.it opens one when 1% of that holder's payout covers the account rent; otherwise the payout waits.

How payouts are delivered

Each Holder-mode coin has one reward ledger. Window fees fund the ledger, and payouts go out in rounds.

1. Closed windows fund the coin's ledger. One transaction can fund several windows at once.
2. bond.it posts a payout round: a commitment to every holder's payable amount, split into chunks of up to 8 holders.
3. Each chunk is paid in one transaction, in order. Each chunk can be paid only once, and the ledger never pays out more than the holder fees it received.

No per-holder account is created and no holder needs to sign. Payment order does not change anyone's award.

Every payout transaction is saved before it is sent. If a confirmation is lost, bond.it checks the original transaction before trying again, so a payment is never sent twice. A failed payment to one holder does not hold up everyone else.

Delivery costs

A payout is sent only when its delivery cost is at most 1% of the amount it pays. The cost counts every network fee and account rent for the payout, including any fees since the last round. bond.it checks both the whole round and each holder's own payment, so a large round cannot hide an uneconomical tiny payment.

Up to 1% sends; over 1% up to 5% waits; above 5% hard-refuses that attempt, but the reward stays owed. These limits are fixed and cannot be raised. Missing cost data or a stale price also makes a payout wait.

Who pays for delivery

Delivery costs are paid by a separately authorized payer: bond.it's dedicated reward expense account. It also pays the rent for each coin's reward ledger. Costs are never taken from awards, liquidity, protocol fees, creator balances or another holder's reward. If the expense account cannot cover a payout, the payout waits.

Waiting rewards

A reward that waits shows as Earned, waiting for economical delivery. It is owed, not paid and not bond.it revenue.

• An unpaid reward never expires and never moves to other holders.
• It becomes payable as more holder fees arrive and the payout grows past the cost limit.
• Very small rewards can wait a long time. Waiting alone does not make delivery cheaper.

Timing

Rewards settle every 2 minutes in a coin's first hour, then every 10 minutes. These are allocation intervals, not guaranteed delivery times. When a payout arrives depends on the size of the payout, network costs and the cost rule above.

Fairness and limits

Equal balances get equal shares. Early entry, wallet age and long holding earn no bonus, and a recent buyer can qualify at the next window close.

Larger qualifying balances earn larger shares. A wallet is not a person. Splitting a balance across wallets does not raise its combined share, although the $25 threshold and rounding can change the result.

The Rewards page shows earned and paid amounts, amounts waiting for conversion, rounding carry and, where available, the current delivery cost estimate and the reason a payout is waiting. An unknown amount shows as unavailable, never as zero.

Related

• Creator rewards
• Fee tiers
• Pairs & payouts
• Protocol fees
• Coming soon

Rewards

Protocol fees

Where the protocol's share of each trade fee goes: protocol fees from every token launched on bond.it go 100% to the protocol vault.

The rule in one line

Protocol fees from every token launched on bond.it go 100% to the protocol vault, the protocol treasury. They are kept apart from creator, holder and liquidity balances.

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Where the protocol fee comes from

Every trade pays one fee, split three ways: the protocol fee, the token fee (the creator share) and the LP share. The token's market-cap tier sets each share, from the first trade. See Fee tiers for all 25 tiers.

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What asset it accrues in

The protocol fee is kept in the asset the fee was paid in. Each asset has its own balance, and balances are never converted automatically.

Kept separate

• The protocol vault holds only protocol fees. It never takes from a creator's balance, a holder reward balance, a token's liquidity or the trading reserves.
• Creator and holder balances never fund the protocol vault.
• The protocol fee adds nothing on top of the published total fee.

Example

Per $1,000 of trading in an ordinary token:

A SOL-paired curve stays in tier 1 until graduation. Tier 2 applies from a 420 SOL market cap. See Fee tiers.

Alpha calls

Alpha calls earn points, not money. See Alpha Arena.

Related

• Fee tiers
• Creator rewards
• Liquidity Mode
• Economics

Community & Alpha

Website and community

A tour of the bond.it website and its community features: signing up, your profile, Bondling avatars, People, guilds, X call-outs and connected accounts.

Find your way around

Signing up

You create a profile by connecting a Solana wallet and signing a short text message. Signing is not a transaction: it costs nothing and moves no funds. bond.it doesn't ask for an email address, and you don't need an X account to sign up. A signed-in session lasts one hour.

New accounts start with a random friendly name like "Sunny Otter" and a handle like sunny_otter_42. Names come from brand-safe word lists and a random source, never from your wallet, email or X account. You can change both anytime in Settings.

Your profile

Your profile has five tabs, Overview, Calls, Portfolio, Rewards and Settings, and everyone can see your public profile and player card at bond.it/u/yourhandle.

Your public profile at /u/yourhandle shows your public record. Its player cards come in two image sizes, 1200×630 and 1080×1350. They show your public stats and your Bondling, never amounts of money.

Bondlings: your avatar

Every member without a photo shows a Bondling; you start with a random one and can change its colour, shape, ears, markings, eyes, mouth, extra, antenna tip and frame in Avatar Studio, or upload a still PNG, JPEG or WebP under 3 MB instead.

A Bondling is bond.it's mascot: a bean-shaped creature whose antenna is tipped with the BOND target. Your starting Bondling is picked at random and saved when you sign up.

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Avatar Studio

Open it from Profile › Settings › Profile › Edit avatar.

Use Randomize to try a new look, Undo to step back, Back to my default to return to your starting Bondling, and Save to keep it. A Bondling is saved as a small setting, not an image, so it stays sharp at every size.

Profile photos

You can upload a still PNG, JPEG or WebP under 3 MB, between 128 and 4096 pixels on each side. It is cropped to 384×384. A photo replaces your Bondling everywhere on the site except your player card, which always shows your Bondling. You can replace a photo by uploading a new one.

People

People lists bond.it members; switch between Everyone, Following and Alpha, search by name, handle or bio, and filter by platform.

• Everyone shows every member's public profile.
• Following shows the members you follow on bond.it. You need to be signed in.
• Alpha shows members who hold an S or A tier and have a call that is still being measured. It ranks people, not individual calls, and it is separate from guild launch reputation.
• Platform filter: All, BOND, pump.fun, FOMO, GMGN, Axiom or X. The X filter lists only members who chose to show their verified X account. Accounts on pump.fun, FOMO, GMGN and Axiom can't be connected, so a platform label is never proof that a member owns an account there.

People shows 20 members per page. Each card shows the member's tier, rating, rank, hit rate and guild, with a Follow button. An empty list means no visible member matches right now; bond.it never fills it with demo accounts.

Guilds

You can be in one guild at a time; creating one is free, guilds hold up to 50 members, and after leaving you wait 7 days before joining another.

Creating and joining

Members join by invite or by an accepted request. Each guild has a leader, officers and members.

Appearance

The leader can edit the guild's name and description and upload a logo and a header. Images must be static, and together they must be under 3 MB. They are resized, and their metadata is removed. Names and descriptions stay real text, never text baked into artwork.

Guild tabs

Rating and reputation

A guild's rating is the average of its members' caller ratings, counted as if the guild had 3 extra unrated members, so a small guild can't top the table with one lucky caller. Guilds also compete in Guild Wars each season; see Alpha Arena. A guild's launch reputation shows its launch record without a grade, and it is not a safety rating.

Privacy

• Blocking, account deletion, message removal and membership are enforced on the server.
• A public call stays public when it is shared to a guild.
• Members can still copy what they can read. Members-only is not end-to-end encryption.

X call-outs

Calls you make on bond.it can be shared to X, and an X post up to 24 hours old can be imported as a call; posts older than 10 minutes are scored from when you import them.

• Post to X: turn it on when you make a call. bond.it records the call first, then opens X with an editable draft that links back to it. bond.it never posts for you.
• Link my X post: after making a call, link the X post you wrote about it. The post must come from your verified X account.
• Import my X post: paste the link to a post you made on X. A post can be imported once, within 24 hours. A post up to 10 minutes old is scored from the second you posted it; an older post is scored from when you import it. If the post is more than an hour old, its 1-hour result is left out. An imported post counts toward your 10 Alpha calls a day.
• Where they show: Alpha has a "From X" filter and a "Top X callers" panel.
• Deleted posts: if you delete the post on X, its text comes off bond.it within 24 hours. The call stays on your record.
• No reward for sharing: points, badges and tiers never depend on posting to X.

bond.it is not affiliated with X.

Connected accounts

You can verify an X account and link up to five trading wallets; bond.it never asks for your private key or seed phrase. Manage both under Profile › Settings › Verification.

X account

1. bond.it gives you a one-time code, such as Verifying my bond.it account: BOND-XXXXXXXX. It is valid for 30 minutes.
2. Post the code on X from your account.
3. Paste the post's link back into bond.it.

Each bond.it account can verify one X account. If you move an X account to another bond.it account, there is a 30-day wait. Your X handle is hidden from other members unless you choose to show it.

Trading wallets

The wallet you sign in with is verified when you sign up. You can add up to five more wallets, each proved in one of these ways:

• Sign a message (browser and phone wallets).
• Sign a memo transaction that can't be sent (Ledger).
• Scan a QR code on your phone at /link.
• Send a tiny amount to a wallet already on your account (in-app wallets such as pump.fun, Fomo, GMGN or Axiom). The money stays yours.

A wallet can belong to one bond.it account. Moving it to another account takes a 30-day wait. Your platform check mark comes from your linked wallets' public trading activity.

Profile links

Website, X and Telegram links on your profile are declared by you and are not verified.

Related

• Alpha Arena
• Discover
• Analytics & transparency
• Names & brand
• Glossary

Community & Alpha

Alpha Arena

The Alpha Arena at /alpha is where callers post public calls on Solana tokens. bond.it measures every call, callers earn a tier from their record, and platforms and guilds compete each season. This page explains the scoring, tiers, seasons and the ladder.

The Arena at a glance

1. You post a call on a token. bond.it records the entry price on the server.
2. The call is measured 1 hour, 24 hours and 7 days after you post it.
3. Your call scores build a rating; your rating and recent activity set your tier.
4. Tiers place you on the ladder. Scored calls also earn season points and count toward your platform in Platform Wars and your guild in Guild Wars.

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Making a call

• What you can call: a token launched on Bond (Devnet), or any Solana token with a public market on mainnet: the pump.fun curve, PumpSwap, Raydium, Meteora, Orca and others.
• Holding rule: to call a mainnet token you must hold at least $1 of it in a verified wallet linked to your account. The server checks the balance against a price no more than 60 seconds old, and the wallet you choose is shown publicly on the call. Devnet calls skip this check and are marked "Devnet · holding not verified". Replies don't need a holding.
• Entry price: bond.it records the price on the server the moment you post, from DEX Screener's public API. For pump.fun curve tokens, liquidity comes from GeckoTerminal. The same sources measure the results. You can't choose or edit the entry.
• Labels: every call shows its network (MAINNET or DEVNET) and its venue. The venue never changes the score.
• Unknown prices: if a price can't be read, the call is unscored and shows the reason. A price is never guessed.
• 10 calls a day: each account can make 10 Alpha calls in 24 hours, imported X calls included. Replies don't count. Over the limit the call is refused with a message saying when you can call again; it is never posted without being a call.
• Posting is also rate-limited: at most 10 posts an hour, calls and replies together.

A call card shows the average entry and amount spent, the current position (switchable between USD value and token units) and P&L where it can be measured. A missing cost basis shows as unavailable, never as made-up profit.

You can also share calls to X or import a call from an X post. See X call-outs.

How a call is scored

Each call is measured 1 hour, 24 hours and 7 days after posting, weighted 20%, 40% and 40%, each blending the best price reached with the closing price; gains count up to 16x, or up to 2x when pool liquidity is under $5,000 or unknown.

• Peak and close: at each horizon the score is half the best price seen (the peak) and half the closing price, on a log scale (log base 2 of the multiple). When the peak and the close are the same, 2x scores +1, 4x scores +2 and a 50% drop scores −1.
• Final score: the weighted average of the horizons measured so far. It becomes final at 7 days.
• Moonshot cap: gains count up to 16x (+4). When pool liquidity is under $5,000 or unknown, a call counts at most as a 2x, because thin pools are easy to push.
• Floor: losses count down to 1/16 (−4). A token that closes 90% or more down scores −4. A drained or rugged token always scores; bad calls never disappear.
• Price checks: every minute for the first hour, every 15 minutes up to 24 hours, then hourly up to 7 days.
• Devnet calls: Devnet calls follow the same scoring rules as mainnet calls, using the curve or pool liquidity recorded at call time; when that liquidity can't be valued in USD, the call counts at most as a 2x.
• Duplicates: a second call by the same caller on the same token within 24 hours is linked to the first as a duplicate.
• Calls that don't count: calls by the token's team, by someone paid to post them, and calls on a token you launched are labelled and don't count toward tiers.
• Withdrawn calls still count.

How your rating works

• Your rating is a time-weighted average of your call scores over the last 90 days. A call 21 days old counts half as much as a new one, so recent calls matter most.
• Every record starts as if it held 10 neutral calls: rating = Σ(weight × score) ÷ (Σ weight + 10). A few lucky calls can't reach the top tier, and posting more calls never raises your rating by itself.

Tiers

Tiers need a rating of at least 1.50 (S), 0.90 (A), 0.40 (B) or 0.00 (C) plus 12, 8, 5 or 3 scored calls in the last 30 days; others with 3 or more scored calls are D, fewer than 3 is Unranked, and S and A hold at most 2% and 10% of ranked callers.

• Seats are limited at the top. When S or A is full, the highest ratings keep the seats and the others drop one tier.
• Tiers must be maintained. You can sit up to 0.10 below your tier's rating floor before you drop, so a tier doesn't flicker at the boundary. The call count has no such margin. A run of bad calls, or going quiet while old calls lose weight, drops you within days.
• At risk: your tier is marked at risk when your rating is below the floor or your call count is at the minimum.
• Movement on the ladder compares your rank with the previous recompute.

The ladder

The full ladder is at Alpha › Ladder.

Seasons

Seasons last 14 days and start automatically; season points, platform picks and the league goal reset each season, while tiers carry over because they follow your last 90 days of calls.

• Each season starts on the hour and holds two 7-day Guild Wars rounds.
• Platform Wars and the league goal start fresh each season.

Platform Wars

Platforms compete every season for the Platform Cup: BOND, pump.fun, Fomo, GMGN, Axiom, X and Other. Each platform's score is:

100 × (0.6 × quality + 0.3 × participation + 0.1 × verified share)

• The score uses averages, not totals, so a bigger platform can't win on headcount alone.
• A platform needs at least 3 active callers to be ranked.
• Your platform is verified when at least half of 5 or more trades linked to you went through it.
• The MVP is the active caller with the best average and at least 3 scored calls.
• You pick one platform per season and can switch when the next season starts.
• X faction: pick X if X is where you call from. Its check mark needs a verified X account and 3 documented calls this season.

League goal

Each season has one goal that every platform works toward together: 500 scored calls. When it's reached, every player with a scored call that season gets the league crest and 100 season points.

Season points

• Season points are provisional until X sign-in opens on the site.
• The points ledger is append-only.
• Points have no cash value and can't be transferred. They earn titles, crests and showcase slots.

Hall of Fame

Each season's Hall of Fame records the top 3 guilds, the top 3 S and A callers and the Platform Cup winner. The top entry is named "Season N champion".

Fairness

bond.it hosts the league and keeps it neutral. Possible perks for BOND activity, such as a small, separately shown points bonus, a BOND trim on the crest or early access to new Arena features, are all switched off.

Integrity

• Caller sold early: if a wallet linked to the caller sells the called token within an hour of the call, the call is flagged on its card for review. A review either clears the flag or excludes the call from tiers and points. Excluded calls stay on the record, labelled.
• Accounts: one wallet belongs to one account, and one X account to one account. Moving either takes a 30-day wait. See Connected accounts.

Where to see your standing

• My Standing, on Alpha and on your profile, shows your tier, rank, the player you're about to pass, progress to the next tier and how safe your tier is.
• The ladder is at Alpha › Ladder.
• Every caller's public record is on their player card at /u/handle.
• Past champions are in the Hall of Fame.
• Live calls are on Alpha; the season, Platform Cup and Guild Wars are on Arena.

Related

• Website and community
• Coming soon
• Glossary

Community & Alpha

Discover

Discover is bond.it's home page: every token launched on Bond, read live from Solana, with filters, search and a market table. It helps you find tokens; it is not a rating of token quality.

What Discover shows

Discover lists every token created by the bond.it launchpad on Solana Devnet, read live from the chain, 30 per page; until activity indexing is connected, the Activity view is ranked by market cap and volume, holder and history columns show — instead of a number.

Each token's curve and pool state is read directly from the chain when you load the page. Market cap is shown in USD where a SOL/USD price is available, and in SOL otherwise. Discover never shows example or made-up tokens.

Two views

Tokens

A card grid with quick filters:

You can also filter by reward type: All, Creator Fee, Holder Rewards or Liquidity. See Creator rewards for what each one means.

Discover table

A market table with five tabs and a search box. Search by name, symbol or mint address.

New, Oldest and Last trade need launch and trade times. When those aren't available, the tabs are disabled and say so.

How Activity ranks

Until activity data is connected, Activity is ranked by market cap. Once it is connected, Activity uses a buy-activity score:

1. Look at successful buys in the last hour.
2. Count only buys of at least 0.01 SOL.
3. Require at least three different buying addresses.
4. Add up each address's buys, counting at most 5 SOL per address.
5. Rank by that total, highest first; ties are broken by mint address.

Sells count toward volume, not toward this score.

Columns

An unavailable value shows as —. Zero means a measured zero.

How volume is counted

Each swap counts once, on the pair-asset side, without fees. A transaction with several swaps counts each swap.

How market cap is counted

Market cap uses the curve's pricing reserves before graduation and the pool's reserves after. The protected liquidity reserve, unclaimed fees and account rent are not added. Market cap uses the original 1 billion supply even after tokens are burned. It is not what you could sell the whole supply for.

Holder counts

A holder is a wallet address with a positive balance. Some addresses are programs or custodians, so the count is not a count of people. If a holder count can't be read completely, it shows as unavailable rather than as a partial number.

Paging and refresh

• Each page holds at most 30 tokens. Filtering and sorting happen before the list is split into pages.
• The tab, sort, search and page are kept in the URL, so you can share or bookmark a view.
• Pages stay stable while new activity arrives. When the view is out of date, Discover offers Refresh instead of reordering the page under you. After a few minutes, the view expires and asks you to refresh.
• On Last trade, "New buys available" appears when there are new buys.
• On mobile, tap a row to see more columns.

Related

• Launching a token
• BondSwap
• Analytics & transparency
• Website and community

Community & Alpha

Analytics & transparency

The Analytics page at /analytics is bond.it's transparency board. This page explains what it shows and how each figure is defined.

The transparency board

The Analytics page is bond.it's transparency board for volume, protocol fees, treasury, holder rewards and Liquidity Mode allocations, and every figure shows — until live data is connected.

A dash always means unavailable, never zero. Once data is connected, each figure shows the query it comes from and when it ran.

Sections

Filters

Protocol fees from every token go 100% to the protocol vault (the protocol treasury). See Protocol fees.

How each figure is counted

The fee tiers are set out in full on Fee tiers, and Liquidity Mode on Liquidity Mode.

Verification and valuation

Identity and timing

Every program and wallet on the board is listed with its network and the dates it applies to. Devnet and mainnet figures are never combined. An unknown wallet stays unclassified. Balances are snapshots at a point in time, not totals of money moved.

Amounts and prices

• Token amounts use exact whole-number arithmetic and are grouped by token.
• USD values come from a separate price source. A missing price stays unavailable, and a partly priced total is never shown as a full USD total.
• Each asset is reconciled: opening balance plus inflows minus outflows, against the closing balance. Any difference stays visible.

Scope of filters

Trading filters apply to trading figures. Company holdings and company-wide cash flows keep their own stated scope and are never silently narrowed to a selected pool.

Data access and privacy

• The board never signs transactions or exposes credentials. Data credentials stay on the server.
• Only approved public wallet classifications are published; private notes and unapproved wallet addresses are not.
• Profit and loss for bond.it as a company is not shown, because it depends on off-chain records.

Related

• Protocol fees
• Fee tiers
• Liquidity Mode
• Discover

Security & trust

Security

The rules bond.it's programs always keep (its "invariants"), who can move each kind of balance, and who controls program upgrades. It is for anyone who wants to judge what the programs enforce and where trust remains.

The rules the programs keep

Safe math here means four things together: defined units, checked integer arithmetic, balance identities the programs enforce, and adversarial testing. Formulas alone do not prove a program is safe.

Who can move funds

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Three kinds of authority are separate:

• Code-upgrade authority can replace a program's code.
• Configuration authority registers pair assets and sets protocol settings.
• Token mint and freeze authority is removed from every launched token. Pair assets such as USDC keep their issuers' powers.

Upgrade authority

bond.it's programs can be upgraded. On Devnet one team key controls upgrades and protocol configuration. Upgrade control moves to a multisig with a public delay before mainnet, so a change is visible before it takes effect. See Coming soon.

bond.it has no governance voting system. The programs have no pause instruction.

Graduation rules

Graduation moves a fixed token allocation and all the curve's liquidity into the pool. It must:

• Keep the total supply at 1 billion: 793.1 million sale tokens plus 206.9 million graduation tokens. Graduation creates no new tokens.
• Seed the pool with all the curve's quote and the whole protected liquidity reserve, and nothing else. Fee balances, rent and donations stay out.
• Take no setup costs from that liquidity. The submitter pays rent and network fees.
• Check the amounts actually received before the pool opens. If anything fails, the whole graduation rolls back.

The opening price varies from launch to launch on purpose. See Graduation.

What the tests attack

The programs are tested against:

• zero and maximum amounts, and integer overflow;
• swapped or duplicated accounts;
• malicious token programs;
• stale prices and price pushing near fee-tier boundaries;
• front-running;
• concentrated ownership and repeated round-trip trading.

Exits and claims are also tested while services are slow or unavailable.

How bond.it operates

• Source code, builds and dependencies are pinned.
• The website holds as few secrets as possible and never asks for your private key or seed phrase.
• Network and program identity are checked before signing.
• A signed transaction is saved before it is sent, and its original signature is checked before any retry.
• Reserve and fee-balance reconciliation is monitored.

An independent security audit comes before mainnet. See Coming soon.

Related

• BondSwap
• Custody & recovery
• Graduation
• Protocol fees
• Coming soon

Security & trust

Custody & recovery

Where creator, holder and protocol fee balances are held, how leftover funds go back to the holders who earned them, and what happens when a payout fails or is interrupted. It is for holders and creators who want to know their earnings can't be lost or moved to someone else.

Where balances are held

Fee balances stay inside the program accounts that collected them, recorded per asset and per owner. They are never mixed into trading liquidity.

Holder fees never pay for delivery. bond.it pays the network and account costs of holder payouts from its own funds, so liquidity, protocol, creator and holder balances are never spent on delivery.

Unpaid rewards never expire

A reward that is earned but not yet paid stays owed to the holder who earned it.

• It never expires.
• It never moves to newer holders, and selling your tokens later does not cancel it.
• It never becomes protocol revenue and is never swept by an administrator.
• You never need to claim it or sign anything.

A payout is sent only when its delivery cost is at most 1% of the amount it pays. A smaller reward keeps waiting, still owed, until it can be delivered within that limit. See Holder rewards.

If a window has no qualifying holders, its fees stay pending in that window. They are not handed to a later window's holders.

Leftovers go back to the original holders

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When a window closes, bond.it records that window's holders and their weights once. Anything later returned to that window, such as funds set aside for delivery but not spent, goes back to the same holders, using the same weights.

1. The window's holders and their weights are committed at funding.
2. Unspent funds return to that window only. Unrelated deposits are not counted as returns.
3. The returned amount is shared among the original holders by their original weights.
4. Each holder can be paid their share only once.

Nobody can supply a new list of recipients for returned funds, and the protocol has no way to claim them.

How a returned amount is split

For a returned amount R, total original weight W, a holder's weight w and the weight of everyone before them in the list p:

holder's share = floor(R × (p + w) / W) − floor(R × p / W)

The shares add up to exactly R, and each holder is within one smallest unit of their exact proportional share. The order and weights are fixed before payment, so nobody can pick a more favorable position.

USDC rewards stay in USDC

USDC-pair holders are paid in USDC; bond.it pays the SOL network costs separately, so no part of a USDC reward is converted to pay for delivery.

• The 1% delivery limit is checked in USDC, using authenticated prices. USDC is never assumed to equal one dollar.
• bond.it opens a holder's missing USDC token account only when its rent fits within 1% of that holder's payout.
• SOL lamports are never subtracted from USDC units.

Holder rewards on an "other token" pair are paid in SOL after conversion. Until a conversion settles they stay owed in their original asset. If a conversion route changes or becomes unavailable, conversion stops and the rewards wait; a route change can never alter the asset, the amounts or the recipients. See Pairs & payouts.

Recovery after a failed or interrupted payout

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bond.it saves every payout transaction, with its signature, before sending it. After an interruption it works from that saved record, never from current balances.

1. Before sending, the signed transaction and its expected effects are saved.
2. If the result is unknown, for example after a timeout or a restart, the payout is marked unresolved, not failed. Nothing is resent while its outcome is unknown.
3. bond.it looks up the original signature on the chain, including transaction history.
4. If it finalized and succeeded, the payout is marked paid, after checking the actual balance changes.
5. If it finalized and failed, the reward transfers rolled back. bond.it bears the network fee; the reward stays owed in full.
6. If it never appears and has expired, it stays marked unresolved until it is reconciled. A missing record from one RPC node is not proof that a transaction never ran.

Each holder's payment is recorded on chain, so the same reward cannot be paid twice, and a failed payment to one holder does not block the others. Full transaction records are archived so payouts can be checked after RPC history expires.

Creator fees after graduation

When a token graduates, the creator's unclaimed curve fees stay claimable in the curve's accounts, and new pool fees build up separately in the pool. Both are shown by asset. Neither is lost at graduation, and unconverted assets are never shown as SOL. If a Creator-mode token later switches to Holder mode, fees earned before the switch stay claimable by the creator. See Creator rewards.

Related

• Holder rewards
• Creator rewards
• Pairs & payouts
• Security

Reference

bond.it technology, explained

A transparent curve, a deliberate fee allocation, and a choice about who benefits from trading activity. This page walks through the Bond curve, fees, graduation to BondSwap and holder rewards with figures and an interactive trade lab.

The three qualities in plain language

Curve and liquidity lifecycle

bond.it separates pricing reserves from the protected liquidity reserve. At graduation, all the curve's SOL and the whole reserve are carried into the token's BondSwap pool with a fixed token allocation. The improvement is explicit capital routing and custody, not a newly invented constant-product equation or guaranteed price stability.

Fee structure

One canonical, 25-tier schedule applies from launch. Fee components are explicit; rates change with market-cap-in-SOL tiers. Liquidity Mode redirects the existing creator component without increasing the total fee. The improvement is control over fee destination and clear accounting; different participants bear different opportunity costs.

Reward model

Holder rights come from eligible balances at the close of each earning window. Delayed payment does not transfer those rights to later buyers. bond.it pays delivery costs separately, so sealed awards are never reduced. This improves attribution and cost discipline, but small rewards can wait a long time before they are paid.

Curve anatomy

For other pair assets, the starting virtual quote reserve is set to the equivalent of 30 SOL using a reviewed price; that price must be fresh and trusted.

The equations

Let Vq and Vt be the current virtual quote and token reserves, and t the tokens bought or sold. In whole on-chain units:

buy quote notional = ceil(Vq × t / (Vt − t))
buyer pays = notional + total fee
sell quote notional = floor(Vq × t / (Vt + t))
seller receives = notional − total fee
marginal price = Vq / Vt            (convert decimal units)

What backs a trade

• Virtual quote starts above zero, but that starting amount is not spendable collateral.
• Real base reserves increase with buy notionals and decrease with sell notionals.
• Sells must be backed by real reserves and circulating inventory.
• The buy amount is capped by remaining sale inventory; minimum output and maximum debit are still enforced.

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The reference path rises from approximately 27.959 to 410.880 nanoSOL per token, reaching about 85.00536 real SOL before fees. Integer rounding and trade partitioning cause small differences between a single purchase and many purchases. This is not a time series or a forecast.

Inspect a trade

The lab uses 401 curve states from a reproducible sequence of 400 equal buys. It calculates the next quote with the published fee table, including on-chain rounding. Progress is sale inventory sold, not time. No wallet or market data is connected.

Price impact and the limits of the reserve

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A larger buy moves farther up the curve; later buys face a smaller virtual token reserve. The graph compares average execution price with the pre-trade marginal price, excluding fees. The lab separately reports the all-in difference including fees.

Fees and tier selection

Rounding

The aggregate fee is rounded up once. Protocol and creator components round down, and residual units go to the LP component. Liquidity Mode transfers the already-rounded creator amount to liquidity, preserving that policy rather than rounding a new split independently.

Fee basis

Curve fees are computed on the quote amount: added to buys, deducted from sells. BondSwap fees are taken from the amount you put in, which may be SOL or the token, and are collected in that asset. Comparing percentages without explaining this fee basis is misleading.

Choosing the tier

• Curve: the tier comes from the market cap in SOL just before your trade, from the virtual reserves and the fixed 1 billion supply. A SOL-paired token's market cap at graduation is about 410.9 SOL, so it stays in tier 1 for its whole time on the curve.
• BondSwap: each swap uses the slot-weighted market cap of the previous completed 16-slot window (about 6 seconds), so a trade never sets its own fee. A new pool charges tier 1 until its first window completes. After an idle gap of more than 256 slots the window restarts and keeps the last confirmed tier. This delay makes manipulation harder; it does not make it impossible.
• Boundaries are lower-inclusive and upper-exclusive. Market cap is not pool liquidity or cash backing.

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Protocol fees from every token go 100% to the protocol vault (the protocol treasury). See Protocol fees. The complete fee chart lists exact rates, including both parts of the Liquidity Mode total.

Graduation: capital and price move together

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This scenario uses 400 buys of 1,982,750 tokens and no sells or donations. At graduation, all the curve's SOL and the whole protected liquidity reserve seed the pool.

The account rent and network fees for creating the pool are paid by whoever submits the graduation, normally bond.it's graduation service, so nothing is deducted from the seed.

The reserve adds backing but also changes price. No mechanism forces exact continuity, and more trading turnover produces a larger reserve.

Holder rewards: window ownership, delayed delivery

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Download SVG · Download PNG

Who earns

In a coin's first hour, holder rewards settle in 120-second windows, then in 600-second windows. A wallet is eligible when its closing balance is worth at least $25. Weights are proportional to eligible token balances, not holding duration. Delivery can happen later, but holders keep their awards even after selling. Rounding remainders stay with the window they came from.

Who pays for delivery

Sealed awards never pay delivery costs. bond.it's separately authorized payer covers all of them, and payouts go out in batches of up to 8 holders per transaction.

In every case the reward stays owed until it can be delivered for 1% or less. Other funding, freshness and safety checks still apply below 1%. Payout timing is not guaranteed.

What "improved" can and cannot mean

These are design properties compared with a version lacking the respective rule, not a benchmark against every competing launchpad. No claim of superior returns, liquidity permanence or audited security is made.

Reproduce and download

Each image opens as SVG and has a high-resolution PNG download. The lab exposes the underlying JSON dataset. The numbers come from the published fee schedule and an independent integer model of the curve, checked against the on-chain program math. See Liquidity Mode for how that mode routes fees.

Related

• Bonding curve
• Fee tiers
• Graduation
• Liquidity Mode
• Mechanism atlas

Reference

Mechanism atlas

A visual tour of how capital moves through bond.it, from the Bond curve through graduation to BondSwap, with an interactive graduation calculator.

Capital moves with the market

bond.it keeps three kinds of balance apart: the reserves that set prices, the protected liquidity reserve, and earned fees owed to creators, holders and bond.it.

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One fee chart, two liquidity roles

One schedule of 25 tiers applies from launch, and creator fees are present from the first trade. The LP share plays two roles:

• On the curve: it builds the protected liquidity reserve that seeds the pool.
• After graduation: it stays in the BondSwap pool's reserves.

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Trace every unit

• Creator fees earned on the curve stay claimable after graduation.
• Pool fees accrue separately in the token or in SOL, according to swap direction: they are collected in whatever the trader pays in.
• Direct donations to a pool or vault are not counted in the price reserves or in anyone's fee balance.

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Fixed allocation, variable opening price

Every token has 793.1 million sale tokens and 206.9 million pool tokens: 1 billion in total.

A token graduates when the sale inventory runs out, which takes about 85.005 SOL of buying; it is not triggered by a SOL balance. At graduation, all the curve's SOL and the whole protected liquidity reserve pair with the fixed 206.9 million tokens. A larger reserve raises the opening pool price; token amounts never change.

The graduation waterfall

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The figure includes a sample account-rent deduction. On bond.it's launch path nothing is deducted from the seed: the account rent and network fees for creating the pool are paid by whoever submits the graduation, normally bond.it's graduation service. With a single purchase of the whole sale, the seed is about 85.005 SOL of curve SOL plus a 0.212513399 SOL reserve, 85.217872456 SOL in total.

Matched economics

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Graduation sensitivity

Change the accumulated contributions (the protected liquidity reserve) to see the pool seed and the opening price move together. The setup expense input starts at a sample account-rent figure; set it to 0 to match bond.it's launch path, where setup is paid separately.

The matched comparison uses the same curve SOL, token allocation and setup cost without the extra reserve. It isolates the capital the reserve adds; it does not show better execution at an equal price or reproduce another launchpad's full economics.

Protocol fees

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Protocol fees from every token go 100% to the protocol vault (the protocol treasury). See Protocol fees.

Graduation LP

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When a token graduates, the pool's LP tokens are created and burned in the same transaction and the LP mint is permanently disabled, so no one can withdraw the starting liquidity. The pool has no deposit or withdrawal function.

Authority boundaries

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Trading, graduation and claims run automatically under the program rules. bond.it's programs can be upgraded. On Devnet one team key controls upgrades. Before mainnet, upgrade control moves to a 2-of-3 multisig with a 48-hour delay, so any change is public before it takes effect.

Related

• Technology explained
• Graduation
• Security
• Coming soon

Reference

Economics reference

The economic rules behind bond.it in one place: launch costs, the fee schedule and how fees are split, the protected liquidity reserve, graduation, and where protocol fees go. Each topic links to the page that explains it in full.

Launch costs

No BOND launch fee; network and rent costs apply. The creator's wallet pays the Solana network fees and the rent for the new token's accounts. See Launching a token.

Supply

Every token has a fixed supply of 1 billion.

A token graduates when all 793.1 million sale tokens are sold, which takes about 85.005 SOL of buying. See Bonding curve.

Fee schedule

Fees follow a fixed 25-tier schedule, from 1.25% below a 420 SOL market cap down to 0.30% above 98,240 SOL, applied from the first trade. The full table is on Fee tiers.

• On the curve, the tier comes from the market cap just before your trade. A SOL-paired token reaches about 410.9 SOL of market cap at graduation, so it pays the first tier (1.25%) for its whole time on the curve.
• On BondSwap, the tier comes from a time-weighted market cap of the previous few seconds, so no single trade can change its own fee. A new pool charges the first tier until its first measurement window completes, a few seconds after graduation.
• No one can choose a tier. Each trade carries the highest fee the trader accepts, and the program refuses the trade if the tier's fee is higher.

How a fee is charged and split

On the curve you pay the tokens' price plus the trading fee, and you can buy with an exact SOL amount (any tiny leftover stays in your wallet); when you sell, the fee is taken from the SOL you receive. On the pool, the fee is taken from the amount you put in.

Every fee splits into three shares that always add up to the tier's total:

• Rounding: the total fee rounds up once; the protocol and creator shares round down; any remainder goes to the liquidity share, never to the protocol.
• Fee asset: on the curve, fees are in the pair asset. On BondSwap, fees are collected in whatever you pay in: the pair asset when you buy, the token when you sell.
• Fee destination: the creator share goes to the creator (Creator mode), to qualifying holders (Holder mode) or into the token's liquidity (Liquidity Mode). The choice never changes the total, the protocol share or the liquidity share. See Creator rewards, Holder rewards and Liquidity Mode.

The protected liquidity reserve

While a token is on the curve, the liquidity share of every fee goes into a protected liquidity reserve. In Liquidity Mode the creator share joins it too. The reserve can't be used to pay sellers or claims; it exists only to seed the pool at graduation.

Curve prices come from virtual reserves. Those are pricing parameters, never spendable money.

Graduation

At graduation, all the curve's SOL and the whole protected liquidity reserve go into the pool. The account rent and network fees for creating the pool are paid by whoever submits the graduation (normally bond.it's graduation service), not taken from the token's liquidity.

B = SOL collected by the curve
F = protected liquidity reserve
Pool SOL at graduation   = B + F
Pool tokens at graduation = 206.9 million
Opening pool price       = (B + F) / 206.9 million

For a token whose whole sale is bought in one purchase, the pool opens with about 85.218 SOL in Creator or Holder mode, and about 85.473 SOL in Liquidity Mode. bond.it's graduation service spends at most 0.05 SOL per graduation on these setup costs.

The pool's LP tokens are created and burned in the same transaction, and the LP mint is permanently disabled, so no one can withdraw the starting liquidity. See Graduation.

After graduation

The liquidity share of each pool trade stays in the pool's reserves, so liquidity deepens with trading. Lower fee tiers change the shares of future trades only; they never touch liquidity already in the pool. Pool fees are not guaranteed yield, and they don't protect against selling.

Where protocol fees go

Protocol fees from every token go 100% to the protocol vault (the protocol treasury). See Protocol fees.

Accounting rules

The programs enforce these rules on every trade, claim and graduation:

• Every asset is accounted for across trades, the reserve, fee balances, claims, rent and leftovers.
• Each fee is charged exactly once, with no rounding gain for the protocol and no overflow.
• A claim can never draw on the protected reserve or on anyone else's balance.
• Graduation runs once.
• The published tier totals apply without gaps between tiers. Each tier boundary belongs to the higher tier.

Program upgrades and their controls are described on Security.

Related

• Fee tiers
• Graduation
• Liquidity Mode
• Protocol fees

Reference

Integration interfaces

For wallets, indexers, aggregators and exchanges: how bond.it quotes and executes trades, which accounts hold a token's state, how to read its history, and how exchanges handle bond.it tokens.

Programs

bond.it runs two trading programs on Solana Devnet. The launchpad runs the bonding curve; BondSwap runs the pools that tokens graduate to. Both use the same pair format.

Network      Solana Devnet
Launchpad    3zWsttk9RUuBm9NCyrWFBMtLez74MQdDHSdsMpci6dXg
BondSwap     DiUF5LqT8LrT36EcBvNFUaa8wmL74AegCsYEK6WJpZvp

Always check the network and program address before you build or sign a transaction.

Tokens and accounts

Every token launched on bond.it is a standard SPL token with a fixed supply of 1 billion and no mint or freeze authority. Launched tokens have 6 decimals and immutable metadata, and they never use Token-2022, transfer hooks or transfer taxes.

Each token has one pair state account per pair asset, derived from the token mint and the pair-asset mint:

seeds = ["pair-v3", token_mint, pair_asset_mint]

The pair state records the curve's remaining sale tokens, the pool reserves after graduation, whether the token has graduated, its fee destination (Creator, Holders or Liquidity) and the fee balances owed to the creator and holders. Two vaults, one per asset, hold the funds. SOL pairs use wrapped SOL (WSOL) as the pair asset.

Quotes

A quote shown to a user should include:

• The network and program.
• The token mint and the pair-asset mint.
• Which amount is exact: tokens wanted (curve buy) or amount paid in (every other trade).
• The amount in, each fee and the asset it is charged in.
• The expected output, the minimum output and the price impact.
• The fee tier and the slot the quote was read at.
• When the quote expires and the slippage allowed.

Slippage is 1% by default and never more than 2.5% (250 basis points) on any bond.it trade: curve buys and sells, BondSwap swaps and a launch's initial buy. The presets are 0.5%, 1%, 2% and 2.5%; a request above 2.5% is refused before anything is built. Every trade also signs an expiry (about 150 slots, roughly a minute) and a maximum fee rate, so a stale or repriced trade fails instead of filling.

How the fee is charged depends on where the token trades:

• On the curve, a buy is for an exact number of tokens (op 65) or for an exact SOL amount (op 84, any tiny leftover stays in the wallet): you pay the tokens' price plus the trading fee. On a sell, the fee is taken from the SOL you receive. The fee tier comes from the market cap just before the trade.
• On BondSwap, every swap is exact-input: the fee is taken from the amount you put in, before pricing. The tier comes from a time-weighted market cap of the previous few seconds, so no trade sets its own fee. Fees are collected in the input asset.

The tiers themselves are on Fee tiers. Label an estimate as an estimate; never show a modelled amount as a confirmed payout.

Swaps

Every trade instruction carries the user's own limits, and the program refuses the trade if any is broken:

For pairs priced in an asset other than SOL, the instruction also carries the pair asset's SOL price from bond.it's price oracle: numerator, denominator, confidence and publish time. SOL pairs pass a fixed 1/1 price.

Graduation and claims

• Graduation is permissionless: once the curve sells out, any signing wallet can submit it and pays the pool's account rent and network fees. Normally bond.it's graduation service does this. See Graduation.
• Creator claims are signed by the creator's own wallet and pay out the whole balance in one asset. See Creator rewards.
• BondSwap pools have no deposit or withdrawal instruction. The starting liquidity is locked when the pool's LP tokens are burned at graduation.

Sending a transaction

1. Show the user the quote.
2. Check the network and program address.
3. Build the transaction with the user's limits, max fee and expiry slot, and have the user sign it.
4. Save the signature.
5. Confirm the result from the chain and update balances.

A timeout is not proof of failure. Show the trade as pending until it resolves, and never resend it automatically.

Reading state and history

• Read current prices and reserves from the pair state account and its vaults.
• Build history from finalized transactions that call the launchpad or BondSwap. Order events by slot, then by position in the block, then by instruction.
• Expect duplicates, reordering and reconnects. Deduplicate by signature and instruction.
• Treat unconfirmed data as provisional and label it so.
• An indexer reports what happened; it never decides whether custody is correct or overrides the programs' own checks.

Discover shows how bond.it itself counts volume, market cap and holders.

Centralized exchanges

• bond.it tokens are standard SPL tokens without transfer allowlists or transfer taxes. Exchange custody accounts can receive and send them with ordinary token transfers.
• Moving tokens into or out of an exchange is not a trade, so no bond.it trading fee applies. Trades inside an exchange don't touch BondSwap and pay no bond.it fee.
• Listing, deposits, withdrawals, trading pairs and the exchange's own fees are the exchange's decisions.
• Verified exchange omnibus wallets are excluded by default from holder rewards unless the exchange opts in. See Holder rewards.
• Don't infer an exchange's identity from an explorer label or an address someone else submits. Exchange addresses change and must be checked again.

Related

• BondSwap
• Fee tiers
• Discover
• Security

Reference

Names & brand

The names bond.it uses for its platform and products, the wordmark, and where an older name still appears.

The names

bond.it is the platform, Bond is its launchpad, BondSwap is the market tokens graduate to, and BOND Terminal is the separate trading app.

A token's journey reads "Bond curve, then BondSwap": it launches on Bond and, once its curve sells out, trades on BondSwap. See Graduation.

Usage notes

• Write BondSwap for the AMM in all reader-facing text.
• On trades, say "0% BOND app fee on BOND tokens". Don't describe any trade as fee-free; trading fees always apply. See Fee tiers.

Wordmark and icon

The wordmark reads BOND, with the Precision target replacing the O. The Precision target on its own is the brand icon. The same target tips the antenna of every Bondling.

Older names

Bondr (also written BONDR) is a legacy name and is retired. You may still see it in one place: the message your wallet asks you to sign when you sign in to bond.it reads "Bondr wallet authentication". It is the same bond.it sign-in, and signing it is not a transaction.

Related

• What is bond.it
• BondSwap
• Protocol fees
• Glossary

Reference

Coming soon

The bond.it product roadmap: features that are built and waiting to be switched on, features in development, and the order in which bond.it opens up.

Release sequence

bond.it opens up in this order:

1. Launching and trading on Devnet. Bond's launch service, BOND's trading host and bond.it's graduation service go live on Solana Devnet, so you can launch a token, trade it on the curve and see it graduate to BondSwap from the site.
2. Rewards and live data. Holder payouts and creator claims switch on, and live activity data fills Discover and the Analytics board.
3. More pairs. New pair assets, such as USDC, are added one at a time after review, each with reviewed prices and payout rules.
4. Independent review. An independent firm reviews the programs, the economics and the services that sign and send transactions.
5. Production keys and custody. Upgrade control moves to a 2-of-3 multisig with a 48-hour delay, and the keys for payouts, graduation and the treasury move into production custody.
6. Solana mainnet. The programs are published on mainnet, and the site switches to mainnet.

Each step opens only when the one before it is in place.

Mainnet upgrade control

On mainnet, bond.it's programs are controlled by a multisig: a shared account that acts only when 2 of its 3 signers approve. This is planned for mainnet and is not in place on Devnet, where one team key controls upgrades and protocol configuration.

• What it controls. Upgrades to bond.it's programs, and the protocol configuration that comes with upgrade control, such as the price rules for each pair asset.
• Approval. Every change needs 2 of the 3 signers. No single key can make a change alone.
• 48-hour delay. An approved change waits 48 hours before it can take effect, so it is public before it runs.
• Signers. The three signers will be named on this page once they are chosen.

Switching on

These features are built and waiting to be switched on. Each page linked below describes how the feature works.

In development

These features are not built yet.

Related

• What is bond.it
• Launching a token
• Holder rewards
• Security