How Obverse works
A Solana launchpad where anyone can launch a memecoin in one click, holders earn SOL from every trade, and anyone can go long or short any coin, with wins paid in SOL without moving the chart.
Connect a wallet
Click Connect wallet in the top right. Phantom, Solflare, Backpack, MetaMask (Solana) and other Solana wallets work. Your wallet only signs transactions you approve; the site never holds your funds or keys.
Launch a coin
- Open Launch, add a name, ticker, image and (optional) description and socials.
- Optionally set a first buy. It happens inside the launch transaction, so you're the first buyer and nobody can get in front of you.
- Approve in your wallet. Cost: 0.03 SOL launch fee plus about 0.02 SOL of Solana account rent, plus your first buy.
Your coin appears on Discover within seconds and is tradeable right away.
Buy and sell
Open any coin and use the Buy / Sell panel. Trades go straight through the coin's Meteora pool on-chain. Set slippage if the price is moving fast. Everyone trades at the same price on the same curve; there's no order book and no hidden insiders.
The chart
Candles are built from every trade the coin's pool has ever made, using the exact pool price Meteora records with each swap on-chain. The newest candle follows the pool live: the page listens to the pool account and updates the moment the price changes, then adds the trade to the list within a second or two. Switch between market cap and price, and pick a timeframe from 1 second to 1 hour.
Fees
Every buy and sell pays 3.75%, taken in SOL:
| Share of the trade | Goes to |
|---|---|
| 1% | The coin's holders, paid in SOL every 15 minutes |
| 1.9% | The long/short vault, which pays winning traders |
| 0.1% | Platform treasury |
| 0.75% | Meteora, the protocol that runs the pools |
The coin's creator doesn't take a cut of trading fees. The 0.03 SOL launch fee goes to the platform.
Sniper protection
Bots try to buy in the very first block of a launch and dump on everyone else. Here, any buy in the launch block pays a 90% fee. From the next block (about 0.4 seconds later) the fee is back to normal. The creator's own first buy in the launch transaction pays the normal fee. Whatever snipers pay goes to holders and the vault.
Bonding curve & graduation
Every coin starts on a bonding curve: the price rises as people buy and falls as they sell, with liquidity from day one and no one needed to seed a pool. Coins start at a market cap of about 30 SOL.
When the market cap reaches about 400 SOL, the coin graduates: its liquidity moves into a regular Meteora pool and is locked forever, so it can never be pulled. The progress bar on each coin's page shows how close it is.
Holder rewards
1% of every trade on a coin goes to that coin's holders, in SOL, sent to your wallet automatically every 15 minutes. There's nothing to claim.
- Your share = your average balance over the 15 minutes ÷ all holders' average balance.
- Balances are checked every few minutes at random times, so buying right before a payout and selling after earns almost nothing. Holding is what pays.
- Very small amounts are saved up and paid once they're worth the network fee, so small holders aren't skipped.
- The pool itself and platform wallets are excluded, so all rewards go to real holders.
Token safety
- Fixed supply: 1,000,000,000 tokens. Mint authority is revoked at launch; nobody can ever mint more.
- No freezing: there is no freeze authority, so no one can lock your tokens.
- No dev allocation: the creator only gets what they buy, at the same price as everyone else.
- Locked liquidity after graduation.
Long / short: how it works
On any eligible coin, open the Long / Short tab, pick a side, your SOL margin and leverage, and confirm.
- Long profits when the price goes up. Short profits when it goes down.
- You trade with SOL only. You never need to hold the coin.
- Positions don't touch the chart. They're tracked by the platform, not by buying or selling the coin. When you win, you're paid in SOL from the vault. A big winning short never dumps the coin on holders, and a long never needs to be sold into the pool.
- Take profit and stop loss are set as market caps (for example, take profit at $250K, stop loss at $80K). They're checked every few seconds and close the position for you.
- The price used is the coin's real pool price, averaged over the last minute (three minutes for coins under $100K), so a quick pump or dump can't be used to game an entry or exit.
Leverage tiers
Larger coins are harder to move, so they get more leverage. The tier is set by the coin's average market cap.
| Market cap | Max leverage | Max margin | Max position | Fee (open + close) | Max profit |
|---|---|---|---|---|---|
| Degen (under $100K) | 2x | 0.5 SOL | 1 SOL | 0.5% + 0.5% | 3× margin |
| $100K–$500K | 3x | 4 SOL | 12 SOL | 0.5% + 0.5% | 5× margin |
| $500K–$1M | 5x | 5 SOL | 25 SOL | 0.5% + 0.5% | 5× margin |
| $1M–$5M | 10x | 5 SOL | 50 SOL | 0.3% + 0.3% | 5× margin |
| $5M–$10M | 10x | 8 SOL | 80 SOL | 0.3% + 0.3% | 5× margin |
| $10M+ | 10x | 10 SOL | 100 SOL | 0.3% + 0.3% | 5× margin |
Coins under $100K can be longed or shorted as soon as their price is being tracked, with no waiting period. Their positions are kept small: each side is capped at 5% of the coin's pool liquidity.
Profit, loss & liquidation
- Profit/loss = position size × price change. Example: a 1 SOL margin at 3x is a 3 SOL position; if the price rises 20%, a long makes 0.6 SOL.
- Most you can lose: your margin. Never more.
- Liquidation: if a position loses 90% of its margin it's closed automatically and what's left goes to the vault.
- Profit cap: one position can win at most 5× its margin (3× under $100K).
- Fees: charged on the position size when opening and again when closing. They go to the vault.
- Big positions pay for size: large positions get a slightly worse entry and exit price, the same as if they had traded that size in the pool. This keeps long/short fair with the real market.
Limits & why
These rules make sure the vault can always pay every winner, and that nobody profits by pumping or FUDing a coin:
- Total longs (and total shorts) on one coin can't exceed 5% of its pool liquidity (4% on 10x tiers) or 5% of the vault.
- All coins under $100K together can use at most 2% of the vault.
- Minimum hold time and averaged prices stop pump-and-close tricks.
- Leverage turns off automatically when a coin graduates. Open positions can still be closed.
As the vault grows from fees, the room for positions grows with it.
The vault
The vault is a public platform wallet. It's filled by 1.9% of every coin trade, long/short fees, and margin from losing positions. It pays winning traders.
- Payouts are automatic: the platform's engine pays winners from it by fixed rules (the same rules as the on-chain version, which it will move to). Every payout is a public transaction you can check.
- It's public. Check its balance anytime:
8o3aPx6YiuGxx61hCmDCMfJLYzt6kcnhg8hFk1eBtTff
FAQ
Do I need to claim holder rewards?
No. SOL is sent to your wallet automatically every 15 minutes.
Why did my buy pay 90%?
It landed in the same block as the launch, which is reserved to punish snipers. Wait a second and buy again.
Why can't I open a long/short on a coin?
It doesn't have enough liquidity yet for its price to be tracked, it graduated, or the coin's position limit is full. The panel shows the reason.
Can a short win dump the coin?
No. Shorts never sell the coin. Winnings come from the vault in SOL.
Transaction failed with "no record of a prior credit"?
Your wallet is on a different network than the site, or has no SOL. Check the network in your wallet settings.
Addresses
- Launch config (Meteora):
BL4RJziEMjC7aTv4pHdjm5eWB7KZKMYK3AM3jVkHLihe - Long/short vault:
8o3aPx6YiuGxx61hCmDCMfJLYzt6kcnhg8hFk1eBtTff - Treasury:
GCHZXtrG8dF8n7KNgcxWGR4QpCBhf71ZBgrQDeKroUi6
Risks
Memecoins are extremely volatile and most go to zero. Leverage multiplies losses as well as gains. The smart contracts are new. Only trade what you can afford to lose, and check whether leveraged trading is allowed where you live.