ABOUT

A launchpad where new tokens trade against tokenized stocks instead of SOL — and where the rules are enforced by a program nobody, including us, can change.

01 · What this is

On most launchpads a new token trades against SOL. Its price goes up when SOL goes up and down when SOL goes down, whatever the token itself is doing. Here it trades against a tokenized stock — a token that tracks a real share, issued by Backed, redeemable for the real thing.

So a token paired with SPYx is priced in the S&P 500. If the token doubles against SPYx, it doubled against the American stock market. That is a different question than doubling against SOL, and a more interesting one.

Currently 10 stocks are available to pair against: SPYx, TSLAx, NVDAx, MSTRx, COINx, HOODx, CRCLx, GMEx, AAPLx, GLDx.

02 · How a launch works

There is no presale, no bonding curve to climb, and no migration to wait for. The pool a token opens in is the pool it lives in forever.

1
The token is created
1B tokens are minted once, and the ability to ever mint more is destroyed in the same transaction. The number you see is the number that will always exist.
2
A pool is opened
Every single token goes in. None is held back for the team, the platform, or anybody else.
3
The price range is set
The whole supply is placed above the opening price, which is what lets a pool open with no money on the other side. As people buy, the price climbs through the range.
4
The liquidity is locked
Permanently, using Orca's own lock. There is no unlock instruction to call — not after a week, not ever, not by us.

From that moment the token is a normal Solana market. It shows up in Jupiter, in wallets, on chart sites. Nothing else has to happen for it to be real.

03 · Why Orca

Orca Whirlpools is the concentrated-liquidity exchange on Solana — the same design Uniswap v3 introduced on Ethereum. We tried the alternatives first, and each ruled itself out for a concrete reason.

It accepts tokenized stocks at all: Tokenized stocks are Token-2022 mints, which most venues gate behind an approval. Meteora rejected every single xStock outright. Orca has approved 61 of them.
It allows a one-sided launch: A launch has tokens but no capital to pair them with. Orca lets a position sit entirely above the price, so the supply alone is enough to open a market. That is the whole mechanism.
The lock is real: Orca has an instruction to lock a position permanently and no instruction to unlock it. Not a timer, not a promise in a document — a missing function.
Locked liquidity still earns: The fees keep flowing to whoever holds the locked position. Creators get paid without ever being able to withdraw the liquidity.
More of the fee reaches the pool: Orca's protocol takes 13% of the trading fee. Comparable venues take more, so the same 1% leaves more behind for the creator and the pool.

04 · Why your token cannot be rugged here

Not because we promise it. Because the program will not execute the transaction.

Everything about how a Whirlpool behaves is fixed in Orca's on-chain program, which has been audited and is used by a large part of Solana's trading volume. We do not run a contract of our own that touches your money. We call theirs, with the settings shown on every token page, and then we are as locked out as everybody else.

The supply cannot grow: The mint authority is destroyed at launch. There is no key that can create more.
The liquidity cannot be pulled: The position is permanently locked. The instruction to release it does not exist in the program.
The name and image cannot be swapped: Metadata is written immutable. A token cannot be launched as one thing and quietly become another.

Every token page re-checks all three directly against the blockchain — not against our own database — and shows you the result. If a check fails, it says so instead of showing a green badge.

05 · About “LP not burned”

Scanner sites like GMGN will tell you the LP tokens on our pools are not burned. That is true, and it is not a warning. There is nothing to burn.

On an older exchange — Raydium, Uniswap v2 — depositing liquidity gives you LP tokens, a receipt you hand back later to take the money out. Burning that receipt is how a team proves they cannot withdraw: they destroyed the only claim ticket.

Concentrated liquidity does not work that way. There are no LP tokens. A position is an account with a range attached, and Orca locks the account itself. So a scanner looking for burned LP tokens finds none — the same result it would report for any Uniswap v3 pool, which is the design we are built on. It is checking for a receipt that this kind of pool never issues.

The check that actually applies here is whether the position is locked, and that is what the badge on each token page verifies.

06 · Fees

Every trade pays 1%, split three ways:

creator: 0.435%; in both tokens
STONX: 0.435%; the platform
Orca: 0.13%; the exchange

Creators claim their share whenever they want, for as long as the token trades. There is no cutoff and no cliff. You pay in SOL and receive SOL — the conversion to and from the stock happens inside the same transaction, so you never have to hold one yourself.

You earn in two currencies, not one

The fee always comes off whatever the trader put in. So the two sides of the market pay you in two different things:

someone buys: you earn the stock; They came in with the stock, so your cut is taken from that — SPYx, TSLAx, whichever the token is paired with.
someone sells: you earn the token; They came in with the launch token, so your cut is taken from that. You end up holding a slice of the token you launched, bought for you by its own sellers.

Nothing has to be swapped for this to work and nothing is lost in between — both piles sit in the position until you claim them, and the claim button pays out both at once.

07 · Why $STONX is paired with SPYx

Our own token launches through our own launchpad, against a stock, with the same locked liquidity and the same rules as everybody else's. A launchpad whose own token quietly pairs with SOL is telling you something about how much it believes its own pitch.

SPYx tracks the S&P 500 — the broadest thing available, and by a wide margin the deepest tokenized stock on Orca. We measured the alternatives. Picking a single company would mean tying the platform to that company's fortunes and inviting the question of why that one; the whole market needs no explanation.

It also runs the right way round: every $STONX trade routes through SPYx, which deepens the market that every SPYx-paired launch on this platform depends on.

08 · What can still go wrong

The guarantees above are narrow on purpose. They say the supply is fixed, the liquidity is locked, and the metadata cannot change. They do not say a token is a good idea.

A locked pool with nobody trading in it is still worth nothing. A creator can walk away. The person who bought first can sell into you. The stock a token is priced against moves on its own, so a token can lose value in dollars without a single trade. None of that is fraud, and none of it is something a program can prevent.

What this launchpad removes is the specific set of tricks where the rules change after you buy. Everything else is still your call.

See the board Launch a token