How the pool works
Every coin's whole supply sits in one Orca position, from its launch price up to the highest price Orca allows, locked for good. It prices trades like a constant-product market over a virtual SOL reserve: the price rises about 16 times from the launch to the 85 SOL milestone, and carries on past it in the same pool.
Supply
| Total | 1,000,000,000 coins, fixed |
|---|---|
| Decimals | 6 |
| In the locked position | All of it, from the launch on |
| Mint authority | Revoked in the launch |
| Freeze authority | None |
| Metadata | Metaplex, immutable |
A coin is a plain SPL token. The first launch transaction mints the whole supply to the creator and revokes the mint authority, so nobody can make more; there is no freeze authority, so nobody can freeze a holder. The second puts the supply into the pool. The deposit rounds a few raw units short; that dust is burned in the same transaction, so the creator keeps nothing back.
The locked position
| Pool | An Orca Whirlpool, tick spacing 256 (2% fee on mainnet) |
|---|---|
| Range | From the launch price up to Orca's highest price |
| Holds at launch | The whole supply and no SOL |
| Lock | Permanent, Orca's own position lock |
| Owner | rocapad's platform wallet |
The creator’s wallet opens the position, locks it and hands it to the platform wallet, all in the second launch transaction. The lock is Orca’s: nobody can withdraw the liquidity, not the creator, not rocapad. The platform wallet owns it only to collect its fees, which the keeper splits between the platform and the coin’s fee mode.
The price, launch to milestone
Inside its range the position behaves like a constant-product market whose SOL side starts with a virtual 28.33 SOL. Each buy adds real SOL and takes coins out, so the price climbs; each sell does the reverse. The figures below are for a SOL pair.
| At launch | 0.00000002838 SOL |
|---|---|
| Market cap at launch | about 28.3 SOL |
| At 85 SOL raised | 0.0000004541 SOL |
| Rise | about 16× |
| Supply sold by then | about 75% |
Nothing happens at the milestone but a label: the price keeps rising with each buy, all the way to Orca’s highest price. Selling stops at the launch price, where the position holds no SOL. See Graduation.
Why nobody can launch it cheaper
The pool is created in the coin’s own first transaction, so nobody can create it first or at another price. Between the two launch transactions the pool is empty, and anyone can move an empty pool’s price for free; the second transaction checks the price and refuses to deposit at any other. Finish launch then moves the price back for free, unless someone has already added liquidity on the way, in which case the launch is shown as blocked and nothing more is spent.
rocapad lists a coin only when the chain shows all of this: authorities revoked, immutable metadata, the whole supply deposited at the launch price, the position locked and owned by the platform wallet.
Other liquidity
The pool is an ordinary Orca pool: anyone can add a position of their own to it, at any range. Such a position earns the fees of the trades it fills, and the platform and the fee mode earn only on trades our position fills. Quotes on this site read our position alone; slippage covers what another position changes. See Safety and risks.
On a stock pair
A coin paired with a tokenized stock has the same supply and the same kind of position, priced in the stock. Each stock has its own milestone and virtual reserve, set by the admin; by default the reserve is a third of the milestone, as on SOL, so the price makes the same 16× rise. See Pairs.
Built with open-source parts from Rare UI, KokonutUI, Evil Charts, React Bits, Pixel Perfect and Shaders.