Trenches docs

Page 3 of 13

Buying and selling

Four different things called "buying"(link to this section)

In the Opening Round (the coin's first window). You are not buying at a price; you are putting SOL into a single clearing. You find out your price and your allocation when the window closes, and your SOL stays in until then. No trading fee is charged, on any coin, ever. Fair Open.

During the Ramp (the window after the round). An ordinary buy at the curve's current price, except that your tokens are delivered to your wallet gradually instead of all at once, on the coin's own schedule, already running, so part of the buy lands in the same transaction. One wallet can buy at most 2.5% of the coin's curve inventory across the whole Ramp. The Ramp.

On the curve, after the Ramp. A plain buy. No caps, no delivery schedule, no co-signature from us.

On its pool, after graduation. A normal swap against a normal pool: Meteora, or Raydium where the Meteora pool address for that coin had already been taken. Our program is not in the path. Graduation.

Selling(link to this section)

You can sell 100% of what your wallet holds, at any instant, including the first minute.

There is no vesting on selling: no schedule, no allowance and no delay anywhere in the sell path.

Tokens still on their way to you from the Ramp become sellable as they land.

What the trade you sign actually says(link to this section)

Every buy and sell carries three numbers you have already seen on screen:

  • the amount. On a buy, the fee comes out of the amount you signed, never on top of it, so the figure on screen is the most that can leave your wallet. On a sell, the fee is withheld from the payout, so what you see is what arrives.
  • a minimum out. On a sell this is checked against what you actually receive, net of fees, not against the curve's gross payout.
  • the highest fee the trade will accept, counting both rates a coin can carry: ours and the chef's, as one total. If either has moved since you looked, the trade fails instead of charging you the difference.

After graduation our program is out of the path. On a coin with a chef fee, a Meteora pool nets the fee into its quote, and a Raydium pool takes it from what you receive.

Coins that are not ours(link to this section)

Where most of a coin's volume is somewhere else, we show it and route your swap through Jupiter. Those coins are not ours.