How a launch works

The life of a launch

1. Create

   A creator names the token, adds an image, and picks the pair and the reward mode. The creator can also make the first buy in the same transaction, before anyone else can trade; it cannot be large enough to fill the whole curve. Creating costs nothing beyond network fees and account rent, which the wallet shows before signing. A wallet can create up to six launches an hour. From then on the supply, the name and the terms cannot change.

2. Trade on the curve

   800 million of the token's one billion are for sale on the curve. A buy moves the price up and a sell moves it down, along the same curve for every launch in a pair, and the curve holds what buyers pay. Across the whole curve the price rises sixteenfold: a launch opens at a market cap of about $3,100 and graduates at about $50,000.

3. Graduate

   When the curve has raised its target, 85 SOL or a set amount of the pair's stock, it closes. The buy that fills it takes only what the target needs, and the rest stays in the buyer's wallet. The raise and the remaining 200 million tokens become a Meteora DAMM v2 pool, held in one position that is locked permanently. Until the pool exists there is nothing to trade, and the ticket says so.

4. Trade in the pool

   The token keeps trading on the same page and the same ticket, now against the pool, at the same 1.75% fee, split the same way. Rewards carry on as before.

What is different here

Priced in stocks

A launch can be paired with NVDAx, SPYx, QQQx, GLDx, TSLAx, AAPLx, MSFTx, METAx, COINx or CRCLx instead of SOL. Buyers pay in the stock, the curve holds it and the graduation pool is quoted in it, so the token's dollar value moves with the stock as well as with its own trading.

Paid in SOL anyway

In a stock pair you can still pay with SOL. opcode turns it into the stock and buys the token in one bundle that your wallet approves once. Paying with SOL

Fees back to traders

0.70% of the value of every trade is paid back to the people trading the token, hour by hour, in the pair's asset. The creator chooses at launch whether it goes to holders or to each hour's buyers, and cannot change it later. Conviction and FOMO

No creator fee

The creator gets no share of trading fees, no position in the pool and no allocation. Every token outside the curve and the pool was bought from one of them. A creator earns from a launch the way every trader does, through its reward mode.

$OP buyback and burn

0.50% of the value of every trade goes to buying $OP on the market and burning it.

Liquidity locked for good

At graduation the whole pool is one position, locked permanently. Nobody can withdraw it, opcode and the creator included. The position can only collect fees, and those are split like the curve's.

A launch fee against sniping

The fee is 25% in a launch's opening second and falls to 1.75% over five seconds. The creator's first buy, in the transaction that creates the token, pays 1.75% and shows in the token's trades like any other.

Nothing to change later

Supply is fixed at one billion with no mint authority, and the name, ticker and image cannot be edited. The curve, the fee and the graduation terms are set in Meteora's pool config for the pair before any launch uses it.

Addresses that end in code

A token launched on opcode gets a mint address ending in code, from addresses opcode generates ahead of time; if none is ready, the launch goes ahead on an ordinary address. It is a mark, not proof: anyone with time can generate a similar address, so check the full address on the token page.

Facts on every token

Each token page shows what the creator holds and whether it has ever sold, what the ten largest holders hold, and how many wallets other than the creator bought in the first five seconds and what share of the supply they bought. Every trader, holder and creator links to their wallet page.

Stock pairs

In a stock pair the raise is a fixed number of stock tokens, so what a launch has raised in dollars rises and falls with the stock. Amounts are shown in the units your wallet uses, which include the issuer's multiplier. Dividends, splits and the multiplier

Paying with SOL in a stock pair

When buying a stock-pair launch, choose SOL beside the amount under You pay on the ticket. opcode builds one Jito bundle and your wallet approves it once:

1. SOL is swapped to USDC on Jupiter.
2. USDC buys the stock on OPmode, up to its order limit: 100 USDC on NVDAx and 20 USDC on the other nine, while a US market session is open.
3. Jupiter swaps whatever SOL is left straight into the stock.
4. The stock buys the launch token on the curve or in the pool, and the bundle pays a Jito tip of 0.00005 SOL.

Outside a US market session, or when OPmode cannot quote, Jupiter fills the whole stock purchase. Each step spends only the minimum the step before it guaranteed, so anything a step delivers above that stays in your wallet as USDC or the stock. The ticket shows an estimate of the split before you sign. A buy paid in SOL leaves at least 0.02 SOL in your wallet for network fees, the tip and new token accounts, so the balance the ticket offers is 0.02 SOL less than you hold.

Finding a token or a wallet

A token's page is its contract address, /launch/<mint>. A person's page is their wallet, /launch/wallet/<address>: public for any address, with what it launched, holds and traded. Your own wallet is your wallet page, the address in the bar, shared with the terminal, where you also claim rewards. Paste an address into the search (Search tokens in the bar, or /) and press Enter to open the token or wallet it names.