Creator fees
that take a position
Launch a coin on pump.fun and pick the trade at the mint: one crypto market, long or short, up to ten times. Every trade on its bonding curve pays a 0.30% creator fee, and that fee is swept, swapped to USDC and posted as margin on a Drift perp. Holders burn their coins to redeem their share of what the position is worth.
The creator fee goes to a person.
Every pump.fun coin already pays its creator 0.30% of every trade on its bonding curve. It piles up in a fee account they sweep whenever they like, and none of it comes back to the people who are only holding the coin. The coin is worth what the next buyer pays and nothing else.
The creator fee becomes a position.
The creator named at the mint is a program, not a person, so the same 0.30% is paid to the coin's own vault. Most of it becomes margin on the trade the coin was born with, and the rest is still the creator's to claim. What the vault holds can be read off Drift, and any holder can burn their coins for their share of it.
Ranked by market cap
Every coin launched, biggest first. A cap here is the coin's price on its own bonding curve times the supply, which is a real price with real depth behind it from the first trade. Nothing on chain lists the coins launched here, so this holds the mints launched in this browser and reads each one off Solana.
Coins and the trades behind them
Every coin launched here, with the market it was launched to trade, what its curve is worth and what its creator fees have waiting. The floor line on every card reads empty, because no coin has been through the program yet, so there is no vault holding a position and a floor of zero would read as a vault somebody measured.
No coins on the board
No coin has been launched through the program yet, so this board holds whatever has been launched in this browser. Empty means nothing has been launched here. Nothing is filled in from anywhere else.
How a launch goes
The market, the side, the leverage and the split are set once, in the transaction that creates the vault. Nobody, the creator included, can edit them afterwards.
Pick the trade
One of the perpetual markets Drift already runs, long or short, one to ten times, and how much of the creator fee becomes margin. The vault can never flip side, close early or move to another market, which is the point: what you read off a launch is what the coin still holds tomorrow.
Mint on pump.fun
One transaction, signed by your wallet and a fresh mint keypair. Standard billion supply, standard bonding curve. pump.fun takes the creator as an argument rather than an account that has to sign, which is why that seat can belong to a program. Ours is not on mainnet and the launch path here has never been pointed at it, so the creator on a launch today is your own wallet and the fees are yours.
Trading builds the floor
Creator fees pile up in the coin's fee account in SOL. Anyone can sweep them, swap them to USDC and push them onto the position once there is 25 USDC waiting, so nothing here depends on us running a keeper. What the vault holds is what holders can redeem.
What a coin can be backed by
Perpetual markets Drift already runs on mainnet, with prices from a live feed. There are no stocks here: Drift lists none, and listing one is behind their admin key. Pick one at the mint and the vault trades it and nothing else, for as long as the coin exists. –
What backing actually does
Real prices, real maths, one coin you control. Move the market and watch the floor follow. Nothing here touches the chain: it is a model of the program, not a coin anyone can buy, and it uses one maintenance margin for every market where Drift uses its own.
–
What can go wrong
All four are real, and each one is shown where it happens rather than in a disclaimer.
The position can be liquidated
A leveraged position that goes far enough the wrong way is closed by Drift and the margin in it is gone, with a liquidator taking a cut of what is left on the way out. The floor drops to whatever margin had not been pushed yet, and the coin keeps trading with almost nothing under it until new fees build a new position at whatever the price is then. Every coin page shows its liquidation price and how far away it is, at the top of the position panel.
A floor is not a price
Backing is what you can redeem at, not what the market pays. A coin can trade far above its floor and fall a long way without touching it. The board shows the ratio so it is never a guess.
The fee arrives in SOL, margin is USDC
pump.fun pays creator fees in SOL and Drift takes USDC, so a swap sits between the two and nothing becomes margin by itself. The program hands the SOL out and requires the USDC back in the same transaction, worth at least what Pyth's SOL mark says less 2%, and a swap that comes back short unwinds the whole thing. It costs what a swap costs, and somebody has to run it.
The program is not on chain
It is deployed on Solana mainnet at FTHfkCQZGnyHX6tDLU9q6A4Rfj2NUakp3sPbioe2q4jv, and it has never been called. No coin has been launched through it, no fee has been swept, no swap has run and no position has ever been opened. It has not been audited, and it sits under a single upgrade authority that can replace the code every vault would run on. The swap from SOL to USDC still needs somebody to run it. The first coin through it will be the first real test of the whole path.