whitepaper
a launchpad for coins that trade against something real, not against dollars.
overview
on a normal launchpad every coin trades against SOL or USDC. the thing on the other side of the trade never moves, so the chart is just a picture of who's buying and who's selling.
here you pick a prediction market outcome, and that outcome's token is what your coin trades against — from the first buy all the way to the permanent pool. if the market moves your way, your coin goes up in dollars even if nobody touched it.
that's the product. the rest of this page is how it works.
how a coin works
you pick what backs it
when you launch a coin you pick a market from the list. you can't change it later, and it's the one decision that actually matters — everything else follows from it.
$JPOW is backed by the yes token of "will there be no change in fed interest rates after the september 2026 meeting?" — call it FEDYES. it pays $1 if the fed holds and $0 if they move. say yes is trading at 40¢ — that's what one FEDYES costs.
the pool is priced in that token
the coin launches straight into its final pool: all 1 billion tokens, deposited one-sided at the starting price. the pool holds no money at launch — buyers fill it as they buy, and selling can only walk the price back down to where it started. it's a real pool from block one, indexed and routable like any other.
the difference is what you pay with. on other launchpads you buy with SOL. here you buy $JPOW with the market's yes token, and the pool is JPOW / FEDYES. that's the coin's only pool while the market is open — no JPOW/USDC or JPOW/SOL pair exists, and there's no migration or graduation step.
charts still show a dollar price because the indexers convert it for you. the coin itself is denominated in FEDYES.
why the price moves on its own
$JPOW is priced in FEDYES. FEDYES is priced in dollars, and its dollar price is the market's odds. so the coin's dollar price is two numbers multiplied: how much FEDYES the coin is worth, times what a FEDYES goes for.
if the odds of a hold go from 40¢ to 80¢, every FEDYES doubles in dollars — and so does $JPOW, without a single $JPOW trade. it cuts both ways: odds drop, the coin drops, and nobody sold.
fees, rewards & accrual to $PMX
every trade pays a flat 3% fee. part of it goes to the coin's holders — sent straight to their wallets, proportional to what they hold, nothing to claim or stake. part goes to the coin's creator. and part buys $PMX on the open market — and every buyback gets burned, 100% of it, every time. trading anywhere on the platform permanently shrinks the PMX supply.
you don't have to take our word for any of this. every payout and every buyback — including the burn transaction that destroyed it — is listed on the buybacks page with links to the receipts on-chain.
a coin's life
- launch: pick a market, add a name and a picture. done.
- live: the coin sits in its permanent pool and trades like any other coin, except its price also moves with the market.
- resolution: when the market settles, the pool is rebuilt or closed depending on the outcome — see below.
what happens when the market resolves
every prediction market eventually resolves. on that day the token backing your coin stops floating: the winning side becomes worth exactly $1, the losing side exactly $0. a keeper settles the coin as soon as the market settles.
if the outcome won — the fed held, in our example — the JPOW/FEDYES pool is drained, the FEDYES in it is redeemed for dollars, the dollars are swapped to SOL, and a new JPOW/SOL pool is created at the price the coin was already trading at. that pool's liquidity is locked forever — nobody can pull it, including us. the coin keeps trading, now against SOL like any normal coin.
if the outcome lost, there's nothing to redeem. the pool is drained and closed and the coin stops trading. holding through a losing resolution means holding something worth zero — the same risk as holding the losing outcome token itself.
while settlement runs the coin shows as settling and trading is paused, since quoting against a pool that's being drained would fill you against liquidity that's disappearing underneath you.
the market
prediction outcomes
an outcome token trades between $0 and $1, and its price is the market's odds. when the question settles it's worth exactly $1 or exactly $0 — nothing in between.
that gives these coins something no other coin has. if the outcome hits, the backing token jumps to $1, and since the coin is priced in it, the coin jumps too. buy when the odds are 25¢ and there's a built-in 4× if it hits. at 50¢, 2×. it's just 1 divided by the odds you bought at.
and 0× if it misses, at every row
that multiple isn't a projection — it happens mechanically, because the backing token revalues whether or not anyone trades the coin. whatever people pay above it is regular speculation and behaves like any other token.
and if the outcome misses, the token is worth $0 and so is the coin. no partial payout.
the numbers
every coin is built the same, whatever backs it. 1 billion tokens, all in the pool at launch, starting at a $5,000 market cap (converted into the backing token at launch time). a flat 3% fee on every trade.
no bonding target and no cap — the price goes as far as buying takes it.
what can go wrong
- the market can go to zero: a prediction that misses is worth nothing, and so is every coin priced in it. this is the main risk and nothing softens it.
- the floor only exists if the outcome hits: until the market settles it's a probability, not a promise.
- a thin market means a thin coin: if the backing token is hard to buy, so is your coin. a coin can't be more liquid than the thing it's priced in.
- it's still a token: the market gives the coin a floor and a direction. the rest of the price is just people trading, same as any coin.
we don't take a cut of anyone's position, we can't pull the locked liquidity, and we never hold your coins. our cut is a share of the trading fees — the rest goes to holders and buybacks.