Launch terms and fees
Every launch on opcode has these terms, whatever its pair. The supply, the curve, the fee and graduation are fixed in Meteora's pool config for the pair before any launch uses it. How opcode's share of the fee is split is how opcode spends it, and each of those transactions is on chain.
The token
| Supply | 1,000,000,000, with 6 decimals. No mint authority, so it can never grow |
| Name, ticker and image | Set at creation: the name and ticker on chain, the image and details on IPFS. They cannot be changed |
| Sold on the curve | 800,000,000 (80%) |
| Paired with the raise at graduation | 200,000,000 (20%) |
| Allocated to the creator or opcode | None |
The curve
Each pair has one curve, used by every launch in it. A launch starts at a market cap of 5/16 of its graduation raise and graduates at five times the raise, so the price rises sixteenfold across the curve. Market caps below are in the pair's asset.
| Pair | Raise to graduate | Start market cap | Graduation market cap |
|---|---|---|---|
| SOL | 85 | 26.56 | 425 |
| NVDAx | 45 | 14.06 | 225 |
| SPYx | 13 | 4.06 | 65 |
| QQQx | 14 | 4.37 | 70 |
| GLDx | 26 | 8.13 | 130 |
| TSLAx | 27 | 8.44 | 135 |
| AAPLx | 30 | 9.37 | 150 |
| MSFTx | 20 | 6.25 | 100 |
| METAx | 13 | 4.06 | 65 |
| COINx | 52 | 16.25 | 260 |
| CRCLx | 115 | 35.94 | 575 |
Each raise was set to about $10,000 at prices on 25 September 2026. A stock pair's raise is a fixed number of stock tokens, so its value in dollars moves with the stock. The amounts above are raw tokens, which is how the curve counts them; wallets and the launch pages show stock tokens multiplied by the issuer's multiplier, so the same raise reads slightly higher there. Dividends, splits and the multiplier
The fee
1.75% on buys and sells alike, on the curve and in the graduation pool, taken in the pair's asset. For its first five seconds a launch charges more, falling each second, so buying the moment a token appears is expensive:
| Seconds after creation | Fee |
|---|---|
| 0 | 25.00% |
| 1 | 20.35% |
| 2 | 15.70% |
| 3 | 11.05% |
| 4 | 6.40% |
| 5 and after | 1.75% |
The creator's first buy, made in the transaction that creates the token, pays 1.75%.
Where the fee goes
| Share of volume | Goes to | How |
|---|---|---|
| 0.35% | Meteora | The protocol's 20% of every fee, taken by Meteora's program. |
| 0.70% | Rewards | Back to holders or buyers by the launch's mode, claimed from your wallet page. Conviction and FOMO |
| 0.50% | $OP | Bought on the market through Jupiter, then burned. |
| 0.20% | opcode | Sent to opcode's treasury, in the asset it was earned in. |
| 0.00% | The creator | Nothing. |
| 1.75% | Total |
Go deeperHow opcode handles its share
Once an hour opcode's fee wallet claims the fees waiting on each curve and in its position in each graduation pool, and splits what it has claimed in each asset 70 / 50 / 20. The $OP and treasury shares round down; the rewards take the remainder. Fees worth less than $5 wait for a later hour; once a fee has waited a day it is claimed in the next hour whatever it is worth. At most 20 curves are claimed in one hour: those whose fees have waited a day first, then the largest.
$OP is bought with at most $1,000 of each asset an hour, at up to 1% slippage, so a busy day is bought over several hours. Only the $OP those buys delivered is burned. $OP's mint is 5PiBn5JdjJDnRGziiSfsu2affgBR3DyTTCR3CHpcode; a token with the same name and another address is not it. The $OP purchase and the treasury transfer each wait until their share of an asset is worth $5.
After graduation
| Pool | Meteora DAMM v2: the token against the pair's asset |
| Liquidity | The raise and the 200,000,000 reserved tokens, in one position locked permanently |
| Who can withdraw it | Nobody. The position can only collect fees |
| Fee | 1.75%, in the pair's asset, split as above |
| Compounding | None. Fees are collected, not added to the pool, so its liquidity stays what graduation put in |
Between the curve completing and the pool opening there is nothing to trade, and the ticket says so.
What there is not
- No creation fee. Creating a launch costs network fees and account rent, shown in your wallet before you sign.
- No fee share, allocation or pool position for the creator, and no allocation for opcode.
- No fee to claim rewards beyond the network fee, and account rent when your wallet has no account for that stock token yet.
- Nothing to stake for rewards: holding or buying the token is enough. You never need $OP.