whitepaper

How a PMX coin works, in about ten minutes: the curve, the locked pool, the 3% fee, the prediction-market bet, the burns, the votes, and what can go wrong.

the idea

A PMX coin is a normal Solana token that starts on a USDC bonding curve and graduates into a locked USDC pool, with a 3% fee on every trade in both places. The only unusual part is what happens to the fee.

The fee is claimed every minute: 1/3 buys and burns PMX and the other 2/3 bets on a prediction market. The coin's creator picks the first market and side. If the bet wins, the payout buys the coin back and burns it.

In DAO mode (the default), when the market resolves holders vote for 5 days on which market comes next. Then the whole thing repeats. A coin never runs out of markets to bet on.

A creator can launch in creator mode instead: then the creator picks each next market, signed from the wallet that launched the coin. If they don't pick within 5 days, holders vote as usual. The mode is written into the launch transaction, so it can never change and anyone can check it.

No creator fees, no payouts to holders, and nothing for anyone to unlock. Just trading fees turning into burns and bets, from the first trade on the curve for as long as people trade the coin.

launching a coin

You give the coin a name, a ticker and an image, pick a market and a side, choose its mode (DAO or creator, see below), and optionally set a dev buy. One signature. It costs 0.008 SOL plus network rent, and nothing else.

The launch mints 1 billion tokens with no mint or freeze authority and puts the whole supply on a Meteora Dynamic Bonding Curve against USDC, opening at a market cap of $5,000. Nobody is handed tokens, including you: everyone buys from the curve.

Once the curve has raised $8,697 of USDC (a market cap of $30k) the coin graduates: Meteora moves the USDC and the unsold supply into a Meteora DAMM v2 pool that is locked forever. Trading pauses for a minute or two, then continues in the pool. The fee is 3% on the curve and in the pool, always collected in USDC.

A dev buy is USDC you spend on the curve inside the launch transaction, before anyone else can. It pays the same 3% and counts toward graduation. It can't be more than the curve raises in total.

On Pascal a market is one contract that settles at $1 or $0. There are no separate yes and no tokens. On PMX, YES means the coin holds the contract long and is paid the settlement, and NO means it holds it short and is paid the opposite.

Example

$JPOW launches on "Fed decision in October: no change", side YES, trading at 49¢. From the first fee claim on, 2/3 of $JPOW's fees buy that contract in $JPOW's ownPascal account.

the 3% fee

Meteora keeps 20% of every fee for itself, on the curve and in the pool. That's their number, not ours. Every minute PMX claims the rest and splits it in one transaction:

PMX: 1/3 buys PMX on the open market and burns it.
bet: 2/3 goes into the coin's Pascal account.

Here's what $100,000 of trading turns into:

fees paid by traders (3%)$3,000

kept by Meteora (20%)−$600

PMX buyback and burn (1/3)$468

the bet (2/3)$936

$100,000 of trading volume, at today's numbers

So roughly 0.5% of everything traded burns PMX, and roughly 0.9% goes into the bet. Every PMX burn is listed on the buybacks page with its transaction.

the bet

Pascal is a prediction-market venue on Solana that settles in USDC. Same chain as the coin, so nothing ever bridges.

Every coin gets its own Pascal account with its own key. One coin's money never mixes with another's, and the account is linked from the coin page so you can watch it on Solscan.

The bet share lands in that account as USDC, and the keeper buys the chosen side in small orders with a price cap and a size cap. On a thin market it buys less, or waits. The key that places orders cannot withdraw; withdrawals can only go to PMX's burn wallet. A trade PMX didn't place freezes the account.

when the market resolves

If the side wins, Pascal pays $1 per contract into the coin's account. The keeper withdraws the payout to PMX's burn wallet, which buys the coin in small slices over a few hours and burns everything it buys. A slice is skipped if it would move the price too much. Every slice is listed on the buybacks page with its swap and its burn.

If the side loses, the contracts are worth $0 and nothing is burned from that market. The PMX burns continue regardless, and any USDC that was never spent stays in the account for the next market.

If it settles somewhere in between, the contracts pay out part of their value and that goes through the same buy-and-burn. If what Pascal reports doesn't match what the account actually received, the position is frozen until a person sorts it out.

Either way, the next market gets picked: in DAO mode a 5-day holder vote opens, and in creator mode the creator picks it. Meanwhile new fees keep landing in the account as USDC and are spent on whichever market comes next.

dao mode and creator mode

Every coin has a mode, chosen at launch, that decides who picks its markets after the first one.

DAO mode: The default. When a market resolves, holders vote on-chain for 5 days on the next market and side. The rules are below.
creator mode: When a market resolves, the creator picks the next market and side by signing a small transaction from the wallet that launched the coin. PMX checks the market is live and eligible, then the coin starts buying it. If the creator doesn't pick within 5 days, a normal holder vote opens instead, so the coin never gets stuck.

The mode is written into the coin's launch transaction on-chain. It can never be changed, and anyone can check it. The coin page shows it under the market cap. Everything else is the same in both modes: the fee split, the bets, the buy-and-burn, and which markets are eligible.

Example

$JPOW launches in creator mode on "Fed decision in October: no change". When that market resolves, $JPOW's creator picks "Fed decision in December: cut", side YES, and signs it. From the next buy on, $JPOW's fees buy that contract. Nobody votes unless the creator lets 5 days pass without a pick.

holder votes

the rules

who: Anyone holding the coin can vote. A vote is a small Solana transaction signed by your wallet. Your tokens aren't locked; the program only reads your balance.
nominate: Any holder with 100,000 tokens can nominate a market and side, one per wallet, up to 50 per round. PMX co-signs the nomination only after checking the market is live onPascal. Nominating also casts your vote for it.
weight: Your vote is worth the lower of two balances: what you held when you voted, and what you hold when the round is counted. Buying after you vote adds nothing. Selling before the count lowers it. Changing your vote keeps the lower of your balances, so nothing after your first vote can raise your weight.
winner: Most weight wins. Ties go to the earlier nomination. A nominee needs at least 100,000 tokens of weight to win at all. If nothing qualifies, the round reruns.

how it is counted

Every round is an account in the pmx_vote program on Solana. The nominations live inside it, and every vote is its own small account holding the balance the program read when you voted. When the round closes, anyone can ask the program to count: it reads each voter's balance again, keeps the lower number, adds it to their nominee, and writes the totals and the winner into the round account. Nobody hands it a result.

Before the coin switches to the winner, the keeper checks the market is still live on Pascal. If it is, the coin follows it. If it isn't, the keeper voids the round on-chain with a reason and a fresh round opens. The voided record stays.

One edge: a count of more than 14 votes takes more than one transaction, and tokens moved between wallets between those transactions can be read at both. The count records the blocks it spanned, so you can see how wide that window was. Most rounds fit in one.

what you are trusting

The votes, the count and the winner are on-chain, and anyone can run the count and finalize a round if PMX stops. What remains with PMX:

attestation: PMX vouches that a nominated market is live before co-signing. A compromised key could add nominations, but the balance rule and the cap still apply.
void: PMX can void a finalized round whose winner is no longer live. The reason is recorded on-chain, the round reruns, and it can't pick a different winner.
upgrade key: PMX holds the program's upgrade key. An upgrade could change the rules; it would be visible on-chain.

which markets count

Any market that is live, unresolved and Yes/No. That's the whole rule. No minimum liquidity, no minimum time left. Scalar and range markets, the ones that settle to a number rather than $0 or $1, don't qualify.

The check runs when you pick a market, when someone nominates one, and twice when a vote closes. A nominee that resolved in the meantime is skipped. Thin markets aren't blocked; the keeper just buys less on them.

The markets page lists everything live on Pascal with prices, volume and open interest, and you can launch on any side straight from there. Pascal publishes no market images. End dates are Pascal's estimates and markets can resolve earlier or later.

risks

the bet can lose: A losing side is worth $0. A coin can go through many markets without a single burn from winnings.
Pascal: Pascal bars the US, the UK and a number of other jurisdictions. PMX's keeper runs every coin's position from an eligible operator and region, and stops trading whenever Pascal reports a geo or account restriction. You never trade on Pascal yourself. If Pascal changes its terms, pauses markets, or restricts the operator's accounts, the bet money waits as USDC in each coin's account until trading can resume.
thin books: Pascal's order books are small. Buys can fill slowly, at worse prices, or not at all, and a coin's own buying can move the market. The keeper's caps limit this. They don't remove it.
operator: PMX runs the Pascal keys, attests nominations and can void a round. All of it is constrained and visible, but you are trusting the people running it.
contracts: A bug in Meteora, Pascal or Jupiter could lose money.
the curve: A coin that never raises $8,697 never graduates. It keeps trading on the curve, and its fees still burn and bet, but there is no pool and no locked liquidity until it does.
quiet coins: A coin nobody trades burns nothing and bets nothing.
no promises: None of this is financial advice or a promise of returns. A coin can lose all of its value.

glossary

bonding curve: where a coin trades from launch until graduation. The price is set by a fixed formula and rises as the curve fills.
graduation: the moment the curve has raised $8,697 and its USDC and unsold supply move into the locked pool.
dev buy: the launcher's own USDC buy, executed inside the launch transaction as the curve's first trade.
DAO mode: a coin whose holders vote on each next market. The default.
creator mode: a coin whose creator picks each next market; holders vote only if the creator doesn't pick within 5 days. Chosen at launch, fixed forever.
side: YES holds a contract long and is paid the settlement price. NO holds it short and is paid $1 minus that.
contract: one unit of a market. It settles at $1 or $0.
keeper: PMX's automated service. It claims fees, deposits, buys, withdraws, burns, and opens and counts votes.
burn wallet: the only wallet a coin's Pascal account can withdraw to. It buys the coin in slices and burns it.
round account: the on-chain record of one vote in the pmx_vote program: its nominations, the count, the winner, and a void reason if there was one.
vote account: your own small on-chain account for one round, holding the nominee you picked and the balance the program read. Its rent comes back when you close it after the round.