Buyers pay SOL, the way they would anywhere. At the bar the whole raise is swapped into gold or oil, and that is the pool the coin trades against from then on. Never SOL again.
One troy ounce per token, and the deepest of the two by far: 200 SOL converts at about a fifth of a percent. When bullion moves overnight, the gold side of every pool moves with it and nobody has to trade.
A share of the oil fund, issued on Solana by Backpack Securities. Its price only exists while US markets are open, so an oil launch migrates in market hours. A bet with a barrel attached.
Solana has no silver worth pairing to. The token that claims an ounce per coin trades at about $26 while the metal is near $66, and the iShares trust token loses 16% converting a single SOL. Silver goes up when there is something real to point at.
Once a launch migrates, the other side of its pool is gold or oil. A holder's floor reprices when the commodity does, overnight, without a single trade on the coin.
Anyone can trigger a migration and bring the Jupiter route. The program checks what came back against the Pyth price of SOL and of the material, and if the swap lands more than 3% short, nothing moves.
The pool sets aside 1% of every trade. Anyone can sweep it: the gold side buys the coin on its own pool, and every coin that comes back is burned.
Pick a material and a name. One transaction creates a Token-2022 coin with its name, image and links written into the mint, mints a fixed one billion, and gives up the mint authority, the freeze authority and the right to edit the metadata. Your opening buy is in the same transaction, so nobody gets a slot's head start on your own launch.
A constant product with virtual reserves, priced in SOL. Eight hundred million coins sell on it and the price runs about fifteen times from the first buy to the last. One percent of every trade is taken in SOL, seventy percent of it to your fee wallet and thirty to the protocol.
Graduation happens at a fixed SOL raise: 50 for gold, 20 for oil. A buy that would overshoot only takes what the bar has room for, so a launch lands on it to the lamport and the curve sells out at exactly that point.
Anyone can call it. The program hands the whole raise to Jupiter, signing as an address that owns nothing but that SOL, and checks the gold that comes back against Pyth. It opens the pool with every ounce of it against the two hundred million coins held back. Whatever the curve did not sell is burned, and the pool has no withdraw path.
Permissionless, and it pays the caller nothing. It takes the pool's set-aside fees, spends the material side buying the coin on the pool, and burns everything it brings back.
SOL, on the curve. Nobody has to go and find gold first. The material only enters at migration, when the program swaps the raise into it, and after that the coin trades against the material. To buy a migrated coin you pay XAUt0 or USO, which any Solana DEX sells for SOL.
Because whoever calls it supplies the route. Without a check, a caller could route the raise through a pool they control at a terrible price. The program reads Pyth's SOL price and the material's price, works out what the raise is worth, and refuses a swap that returns more than 3% less. The refusal is whole: the SOL stays on the curve until a fair swap comes along.
Gold is deep. On the day this was measured, 50 SOL bought 1.328 XAUt0 through Jupiter, within 0.2% of the oracle, and 200 SOL moved the price about 0.2%. Oil is thinner: 50 SOL costs about 1% in impact. The bars sit well inside what each market can take.
Nothing on Solana is both silver and liquid. SILV claims an ounce per token and trades at well under half the metal's price, and SLVon, the iShares trust, loses 16% converting a single SOL. Pairing a launch to either would mean pairing it to a problem.
Not its coins or its SOL. There is no pause and no withdraw. The owner keeps a material list: adding a material, closing one to new launches, moving the bar for launches that have not happened yet, and replacing a dead price feed. Slippage is hard capped at 10% in the program. The program itself is upgradeable until its upgrade authority is set to none, which Solscan shows.
Tokenised commodities are not neutral assets. Tether can freeze XAUt0 accounts. USO is a Token-2022 mint whose issuer holds a permanent delegate and a pause switch. A pool that holds either inherits that, and it is worth knowing before you launch against one.
It stays. The pool lives inside the program's accounts and there is no instruction anywhere that removes liquidity from it, so it cannot be pulled by us, by you, or by anyone else.
