How it works

• Depositors drop a bag of an approved memecoin into the pool and lock some SOL behind it as its value. While the bag sits in the pool they earn a share of the fee from every pack anyone opens, and they can take their bag (or its SOL) back whenever they leave.
• Buyers pay a price to open a pack, which pulls out one random bag. They then pick one: keep the coins, or take the SOL that was backing the bag instead.

How the odds work: the more SOL you lock behind your bag, the less often it gets pulled, so it sits in the pool longer and earns more fees. Lightly-backed bags get pulled the most. So a big backing is safer and slower, a small backing is cheaper but gets drawn fast.

The risks (read this): when your bag is eventually pulled, you give something up. If the buyer keeps the coins, you lose the bag (you get about 99% of your backing SOL back). If the buyer cashes out, you lose the backing SOL (you keep the bag). Either way you keep the fees you earned along the way, but you can come out behind if the coin's price moved against you while it was locked. Buyers take the opposite risk: the bag you pull can be worth less than you paid, and cashing out only returns 85% of that bag's backing.

Everything below is the exact detail: the price, the odds, and where every lamport goes.

A depositor deposits a memecoin bag and locks SOL backing alongside it. That pair is a position. Any number of people can deposit the same eligible asset — each deposit is its own position with its own backing.

The backing does three jobs at once:

• sets the position's draw odds,
• funds the buyback bid a purchaser can cash out against,
• is the depositor's own stake, returned on withdraw.

Draw weight is inverse to backing: weight = 1e27 / backing. The more backing a position has, the less often it is drawn, so it sits in the pool longer and earns more fees over time. Backing is always denominated in SOL, never in the memecoin.

The live acquisition price is the harmonic mean of all backings, times (1 + surcharge). Because each weight is 1/backing, the expected value of a pull (weightedBackingTotal ÷ totalWeight) collapses to that harmonic mean — so the price tracks the cheap, lightly-backed positions and whales barely move it.

A purchaser pays the price and pulls one weighted-random position (lightly-backed ones come out most often). They then choose one, never both:

• Keep the memecoin, or
• Cash out~85% of the position's SOL backing.

Randomness comes from Switchboard VRF (a request, then a callback), never a block hash. Requests settle in strict FIFO so a late callback can't reshape an earlier draw.

When a purchaser opens a pack they pay the acquisition price. The whole price is the acquisition fee, and at reveal it is distributed — not paid to any single depositor:

• 99% to depositors, split equally across every active position via a dividend accumulator (accFeePerShare).
• 1% to protocol, taken before the split (this is the acquisition cut).

Every active position earns the same amount per play — the position that gets drawn is not special; it collects its equal 1/N share exactly like every other position. Heavily-backed positions earn more total only because they survive more plays before being drawn. Claiming is pull-based: a depositor withdraws accrued fees whenever they want.

A depositor's P&Lis the fees they've earned plus the settlement outcome, measured against their locked backing.

A purchaser pays price = EV × (1 + surcharge) plus a flat 0.0005 SOL processing fee (funds the reveal worker's gas). At reveal the acquisition fee is booked: 1% of the price to protocol, the other 99% to all active positions equally. At settle the backing is returned and the purchaser chooses one:

• Keep — takes the memecoin; the depositor gets 99% of their backing back (1% keep fee to protocol), plus their fee dividends.
• Cash out — takes 85% of the backing (15% spread to protocol); the memecoin returns to the depositor, who also keeps their fee dividends.

Every branch conserves exactly — money in equals money out — so the pool stays solvent no matter which choice is made. The winning position is chosen with verifiable Switchboard randomness, and each draw emits an on-chain event (the random value, the weight snapshot, the winner, the protocol cut) so anyone can recompute and confirm the draw was fair.

Nothing is hidden. Here is every lamport of fee the protocol touches, who pays it, and where it goes. All values are constants in the on-chain program.

Rounding always favors the pool: any sub-lamport dust that can't divide evenly across positions is swept to protocol, so the pool never pays out more than it collected. If a pack is somehow opened against an empty active set, the whole acquisition fee falls to protocol (it can never be lost).

Same pack, traced end to end. The numbers are exact so you can see every fee land.

Both branches conserve exactly: buyer's 1.1005 SOL + position #2's own 1 SOL backing = 2.1005 SOL in, and 2.1005 SOL out (protocol + dividends + the settled backing) every time — the pool can never pay out more than it took in.

Only approved memecoins are eligible. Unlike a blue-chip NFT floor, a memecoin's price is live and manipulable by its own creator, who could pump or dump to game the keep-vs-cash decision. So the allowlist is a strict security gate — deep liquidity, locked LP, healthy holder distribution, a manipulation-resistant price source — not curation.

These are the fee and odds knobs the protocol runs on today. The values below are the deployed defaults — each is configurable per-pool (fees) or per-asset (minimum backing).

The whole system is one Solana program on mainnet. Your backing lives in your own position account, every draw emits a public event (the random value, the weight snapshot, the winner), and the randomness is Switchboard on-demand VRF, so anyone can independently recompute a draw and confirm it was fair. The addresses below are everything.

The program is upgradeable behind an authority (so fixes and new features can ship); it can never seize a depositor's backing, which is segregated in each position account. Instruction and event layouts are in the on-chain IDL.