Pairs
A coin is paired with SOL or with a tokenized stock from a whitelist. The creator picks the pair at launch and it never changes.
Pair currencies
| Pair | Market cap at launch | Milestone | Coins |
|---|---|---|---|
| SOL Native SOL | about 28.4 SOL | 85 SOL | 0 |
No stock pairs are open on this network right now.
Everything about a coin is in its pair’s currency: its Orca pool, its price, every fee and every payout. A SOL coin graduates at 85 SOL in its position. Stocks are xStocks such as AAPLx; USDC is not offered.
Milestones
Each stock has its own milestone and launch price, set by the admin in the stock’s units to about the same value as SOL’s. They are not re-priced, so their dollar value drifts with the stock. A change applies to new launches only: each coin keeps the milestone it launched with. The admin adds a stock only if Orca accepts it for pools, and can close a stock to new launches while its coins keep trading. Prices and market caps of a stock-paired coin are shown in the stock, never converted.
Issuer risk
A tokenized stock is controlled by its issuer (Backed, for xStocks). The issuer holds a permanent delegate and a freeze authority over the token: it can move or burn the stock held in a coin’s Orca pool, and it can freeze the pool’s stock, which halts that coin. It can also freeze or move the stock in the platform wallet before the keeper pays it out. The stock also has a transfer hook that is switched off today; if the issuer switches it on, trading in coins paired with that stock can stop, sells included.
Tokenized stocks are not offered to US persons. Every stock-paired coin shows this notice where it can be traded.
Buying with SOL
Not yet: to buy a stock-paired coin you need the stock in your wallet, and selling pays you the stock. Swap SOL for the stock in any Solana wallet or exchange first. Routing SOL through Jupiter in the same transaction is planned, on the website and in the Telegram bot. This site runs on Mainnet.
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