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The curve and the six rungs
One kind of curve(link to this section)
Every coin on Trenches trades on a bonding curve of the same kind, and a rung says where the coin steps off it.
It is a constant-product curve: a virtual reserve of SOL against 1,073,000,000 tokens. The three smaller rungs start from a reserve of 120 SOL and the three larger ones from 60 SOL, which is why the larger rungs climb much further in price before they graduate. Buying moves along the curve; selling moves back. Nothing else is in it: the fee, if a coin has one, is taken outside the curve, so a fee can never move the price for a given input.
Curve volume earns no rewards here. We charge nothing on it and pay no rebates or points for it, Scouts earn only on pool volume, and Trending counts different buyers, not volume.
The six rungs(link to this section)
A rung is named as the graduation market cap in US dollars. The SOL a rung raises is derived from the curve and is the number the program actually enforces.
| Rung | Raises | Tokens it mints | Graduation fee | The pool's share of the coin at graduation |
|---|---|---|---|---|
| $2,500 | 10.178950562 SOL | 161M | 5% | about 47% |
| $5,000 | 19.426096373 SOL | 278M | 3% | about 45% |
| $10,000 | 36.452004861 SOL | 442M | 3% | about 43% |
| $25,000 | 67.082510857 SOL | 834M | 3% | about 31% |
| $50,000 | 109.287404681 SOL | 938M | 3% | about 26% |
| $100,000 | 171.582733813 SOL | 1.00B | 3% | about 20% |
These targets are based on today's SOL price, so a coin can graduate a little above or below its tier as SOL moves. The dollar targets were set with SOL at $120.68 on 25 Sep 2026. The raise a specific coin graduates on is on that coin's own page, from its own snapshot.
Three things to know about the table(link to this section)
A rung is fixed in SOL. What the program fixes at the cook is the raise in SOL; the dollar name is that raise at the SOL price on the day the table was set, so the market cap on graduation day moves with SOL.
Every coin has its own supply. A coin mints only what its own rung uses, about 161.2M at the bottom and 1.0010B at the top, so a market cap on one coin is a different measurement from one on another. The rung and the supply are on every coin page.
Your coin keeps the rung it started on. Each coin carries its own copy of its rung, so nothing that happens to the table later reaches a coin that already exists.
What the curve guarantees about the raise(link to this section)
The raise printed for a rung is a floor. A coin that graduates has paid at least that much SOL into the curve.