Structure is the chart.

Overview

usesperm.fun is a launchpad for pump.fun coins. Every coin is minted on pump.fun's own bonding curve and graduates to PumpSwap like any other. What changes is everything around the curve: where the creator fees go, who buys the floor, and how fast cheap supply can leave.

The White Whale thesis

The idea comes from @WhiteWhaleLabs: structure, not narrative, shapes every chart. A thin curve, a small pool at graduation and a float concentrated in a few wallets that bought too much too cheaply can only draw one picture. Price goes vertical because chase buyers cannot be absorbed, prints a wick instead of a level, and the first red day is the top because there is no second layer of holders to defend it. Meanwhile the one recurring cash flow every coin has, the creator fee, leaves through a dev wallet and does nothing for the chart.

On pump.fun the curve belongs to the protocol, so we cannot change it. We can change the structure around it, and that is the whole product.

Side by side

Quick start

Two paths, a few minutes each. You need a Solana wallet with some SOL; the connect button in the nav supports the usual wallets.

For creators

1. 1
   Open Create

   Go to /launch and connect your wallet.

2. 2
   Pick a launch type

   Spawn (recommended) opens a commit window where wallets buy the floor together. Instant mints in one transaction with an optional initial buy from your wallet.

3. 3
   Pick what the fees do

   Buyback & burn shrinks supply. Liquidity injection deepens the PumpSwap pool after graduation. This is permanent for the coin.

4. 4
   Fill in the coin

   Image, name, ticker, description, and optionally X and website links.

5. 5
   Launch

   Instant: sign one transaction and you land on the coin page once it confirms. Spawn: no signature needed, the spawn opens immediately and you land on its page. Commit to it yourself if you want a share; you get the same 0.5 SOL cap as everyone else.

For traders

1. 1
   Find a coin

   Coins lists every live launch and every open spawn.

2. 2
   Read the structure before the chart

   On the coin page check the fee mode, how much has been injected, the holder count, the top 10 share, and for spawn coins how much of the spawn supply is unlocked.

3. 3
   Join a spawn, or trade the curve

   Open spawn: commit up to 0.5 SOL and you buy the floor at the same price as everyone in it. Live coin on the curve: buy with SOL or sell tokens right on the page. Graduated coin: trade it on PumpSwap via pump.fun.

4. 4
   Claim spawn tokens as they unlock

   20% is claimable as soon as the spawn settles. Each holder milestone unlocks another 20%. Claims are manual: press Claim on the coin page.

Launching a coin

Both launch types create a standard pump.fun coin with its own fee vault and your chosen fee mode. They differ in who makes the first buy.

Instant vs Spawn

Every form field

The spawn cap slider shows how many wallets it takes to fill: at the 0.5 SOL per-wallet cap, a 2 SOL spawn needs at least 4 wallets, the default 12 SOL needs 24, and a 40 SOL spawn needs 80.

Metadata and IPFS

Your image is uploaded first and pinned to IPFS through Pinata. Then a metadata JSON file is pinned with the name, symbol, description, the image link, showName: true, a createdOn link back to usesperm.fun, and any social links you entered. The public ipfs.io link to that JSON is what goes on chain as the coin's URI, so every wallet, explorer and pump.fun itself can read it.

What gets signed

Instant. The server generates a fresh mint keypair, builds a single versioned transaction (pump.fun's create_v2, plus a buy if you set an initial buy) and signs it with the mint key. Your wallet then signs as fee payer and buyer. One signature. The coin's pump.fun "creator" is set to its own fee vault key, not your wallet, which is what routes every creator fee into injections.

Spawn. Nothing is signed when you open a spawn. The metadata is pinned, a mint keypair is generated and stored encrypted (AES-256-GCM) until settlement, and the spawn opens with its countdown. The mint is created later, in the settlement transaction.

The initial buy

On an instant launch you can buy up to 50 SOL of your own coin in the same transaction that creates it. Because it is the first trade on a fresh curve, the amount of tokens is exact and nobody can get in ahead of you. It is a normal curve buy: it pays pump.fun's fees and shows up as the first trade.

Fee modes

pump.fun pays a creator fee on every trade, on the curve and after graduation, for the life of the coin. We model it at 30 bps (0.3% of each trade). On usesperm.fun that fee never reaches a person. It lands in the coin's own fee vault and the keeper puts it to work in one of two ways, chosen at launch.

For scale: at 0.3%, every 100 SOL of volume produces 0.3 SOL of fees. A coin doing 1,000 SOL of volume a day feeds 3 SOL a day into its injections, around 0.00208 SOL per minute.

Buyback & burn

Every 60s the coin's creator fees buy it back on the market and the tokens are burned. Supply only goes down.

1. 1
   Collect

   Pull everything in the coin's fee vault into the platform wallet.

2. 2
   Buy with 100%

   Market-buy the coin with all of it: on the bonding curve while the coin is there, on PumpSwap after graduation.

3. 3
   Burn exactly what was bought

   The keeper reads its token balance before and after the buy and burns precisely the difference. Nothing else it holds is touched, including unclaimed spawn allocations.

The effect: circulating supply only goes down, so every holder's share grows without anyone selling to them. The coin page shows supply as 1,000,000,000 minus everything burned, and market cap is computed on that reduced supply.

Liquidity injection

After graduation, every 60s the creator fees are paired into the coin's PumpSwap pool and the LP tokens are burned. The pool only gets deeper.

1. 1
   Wait while the coin is on the curve

   A bonding curve has no pool to deposit into. Fees accumulate in the vault, untouched, and the coin page says "Waiting for graduation". The moment the coin graduates, the backlog is paired in on the next pass.

2. 2
   Collect, then buy with half

   Pull the fees, and spend half of them buying the coin on PumpSwap.

3. 3
   Deposit both halves

   Deposit the tokens just bought together with the other half of the SOL into the coin's canonical PumpSwap pool. About 3% of the SOL half stays in the platform wallet to cover transaction fees and rent, and the deposit is sized to whichever side is smaller.

4. 4
   Burn the LP tokens

   The pool issues LP tokens for the deposit, and the keeper burns all of them, so that liquidity can never be withdrawn by anyone. Any bought tokens that could not be paired (dust) are burned too.

The effect: the pool only gets deeper, so the same buy moves price less over time. That is the opposite of a wick.

Which one should I pick?

Wrapped SOL

Fees from the bonding curve arrive as plain SOL. Fees from PumpSwap arrive as wrapped SOL (wSOL) in a token account owned by the fee vault key. pump.fun's tooling only unwraps that automatically when the fee key itself pays the transaction fee, which it never does here. So the keeper reads the real balances after collecting, closes the vault's wSOL account (closing a native token account unwraps it, balance and rent) into the platform wallet, and sweeps the vault's plain SOL alongside it. That sweep rides in the same transaction as the buy. After the burn, the keeper also closes any wSOL account left on the platform wallet, so no SOL ever sits wrapped between passes.

Minimum vault size

A vault holding less than 0.002 SOL is skipped for that pass and left to accumulate. Below that, a three or four transaction injection would be mostly network fees. At 0.3% it takes about 0.67 SOL of trading volume to cross the line, so any coin with real activity injects every minute or two.

The keeper

The keeper is the process that runs injections. Every 60 seconds it walks through every live coin and runs that coin's fee mode, one coin at a time.

Cadence

• A pass starts every 60 seconds. Passes never overlap: if one is still running when the next is due, the next is skipped rather than stacked.
• Each pass takes up to 100 live coins, the ones that injected longest ago first, so every coin gets its turn.
• Coins are processed sequentially with one signer and one RPC connection, which keeps transactions from fighting over the same wallet.
• Every transaction is paid for by the platform wallet. In burn mode every lamport collected from the vault goes into the buy; network fees are not taken out of it.

One injection, step by step

1. 1
   Check the vault

   Read the coin's creator-fee balance across both pump.fun programs (curve and PumpSwap). Under 0.002 SOL: skip. Liquidity mode and still on the curve: skip, fees keep waiting.

2. 2
   Transaction 1: collect

   The fee vault key signs a creator-fee collection on both programs. Curve fees land as SOL, PumpSwap fees as wSOL, both still owned by the fee vault key.

3. 3
   Transaction 2: sweep and buy

   In one transaction: close the vault's wSOL account and transfer its SOL into the platform wallet, then buy the coin with 100% (burn) or half (liquidity) of what was collected. On the curve this is a pump.fun buy; after graduation a PumpSwap buy. Slippage is 8%.

4. 4
   Transaction 3 (liquidity only): deposit

   Deposit the bought tokens and the other half of the SOL into the PumpSwap pool, receiving LP tokens.

5. 5
   Final transaction: burn

   Burn mode burns exactly the tokens bought. Liquidity mode burns every LP token received plus any unpaired dust. Either way, any leftover wSOL on the platform wallet is unwrapped in the same transaction.

6. 6
   Record it

   The injection and its transactions are written to the database and the coin's running totals are updated.

Each transaction must confirm before the next one is built. If any step fails, the pass for that coin stops, the error is logged, and the coin comes up again on the next pass with whatever its vault holds by then. The keeper never sells.

What is recorded on each coin page

The running totals on the Injection card are: SOL injected (all time), supply burned and its share of 1,000,000,000 (burn) or liquidity added in SOL (liquidity), the number of injections and when the last one ran, and the SOL currently waiting in the vault.

Spawn

On a normal launch the cheapest supply goes to whoever is fastest: the dev buy, a bundle, a few snipers. A spawn hands the floor to a crowd instead. Many small wallets commit SOL, and one transaction mints the coin and buys the floor for all of them at once.

Caps

• Wallet cap: 0.5 SOL. Fixed for every spawn. You can commit several times, but your total cannot pass 0.5 SOL. The creator has the same cap and no other allocation.
• Spawn cap: set by the creator between 2 and 40 SOL. Once the pool reaches it, no more commits are accepted. Filling a 12 SOL spawn takes at least 24 wallets.
• Minimum commit: 0.01 SOL. If you have less room left than you asked for, the page tells you exactly how much more you can commit.

Windows

The creator picks a commit window of 15m, 30m, 1h, 3h. The countdown starts the moment the spawn opens. The spawn closes at the end of the window or as soon as the cap is filled, whichever comes first.

Committing

A commit is a plain SOL transfer from your wallet into the platform escrow wallet. Nothing else is in the transaction. After it confirms, the server reads the confirmed transaction and records the SOL that actually arrived in escrow, not the amount you typed.

Settlement

Once the window is over or the cap is full, the spawn can be settled. Anyone can trigger it: the coin page does it automatically for the first visitor who sees a closed spawn, and the Settle button does the same thing by hand. Settlement is idempotent; it can only run once.

1. 1
   Lock

   The spawn is marked as settling so a second request cannot start a parallel settlement.

2. 2
   Check the fill

   If the pool holds less than 25% of the cap (for a 12 SOL spawn, under 3 SOL), or nobody committed, the spawn is refunded instead. See below.

3. 3
   One transaction: create and buy

   The sealed mint key is decrypted and a single pump.fun create_v2 plus buy is sent, spending the entire pool. The platform wallet is the fee payer and the buyer; the mint key co-signs. The coin's creator is set to its fee vault key, exactly as on an instant launch.

4. 4
   Allocate

   The tokens bought are split pro-rata across every commit and recorded. The coin goes live, the chart starts, and Gestation begins with 20% claimable.

Pro-rata allocation

Everyone in a spawn pays the same average price, because it is one buy. Your share is simply your SOL over the total:

your tokens = tokens bought × (your SOL ÷ total SOL committed)

Example: a 12 SOL spawn fills completely. You committed 0.5 SOL, so you own 0.5/12 = 4.17% of whatever the 12 SOL buy returned. A wallet that committed 0.1 SOL owns 0.83%.

Min fill and refunds

A spawn that closes under 25% of its cap is not launched. Every wallet receives its full committed SOL back from escrow, totalled per wallet, sent as plain transfers in batches of up to 12 wallets per transaction. The platform pays the network fees. The coin is never minted and the page shows the spawn as failed.

Escrow

During the window, committed SOL sits in the platform wallet, the same key that runs the keeper. It leaves only in a settlement (as the buy) or a refund (back to you). After settlement, the spawn's tokens sit in the platform wallet's token account until each wallet claims its unlocked share.

One visible side effect: on Solscan and pump.fun, the first buy of a spawn coin shows the platform wallet as the buyer, because it bought on behalf of the whole spawn.

Gestation

Dispersing the floor is pointless if the spawn can dump it into the first green candle. Gestation releases spawn allocations in tranches gated by unique holder count, never by time.

Why holder-gated beats time-locked

A time lock does not prevent the dump, it schedules it. Everyone knows the date, and the unlock lands on whatever liquidity happens to be there. A holder lock ties the release to the one thing that can absorb it: a wider base. Spawn supply only reaches the market once 250, 500, 1,000 and finally 2,000 distinct wallets hold the coin. If the coin never finds holders, cheap supply never gets to sell into thin air.

It also aligns the spawn with the coin: the fastest way for a spawn member to unlock more is to help the coin find more holders.

How claiming works

• Claims are manual. When something is unlocked, the coin page shows a Claim button with your allocated, claimed and claimable amounts.
• At claim time the server reads the coin's current unique holder count, computes the unlocked percentage, and sends you allocation × unlocked% − already claimed.
• The platform wallet pays the network fee and creates your token account if you do not have one.
• Tranches are not cumulative over time: what counts is the holder number at the moment you claim.

Gestation only applies to spawn allocations. Tokens anyone buys on the curve or on PumpSwap are theirs immediately, and instant launches have no spawn allocations to gate.

Trading

Every usesperm coin is an ordinary pump.fun coin, so it trades wherever pump.fun coins trade. The coin page has a built-in trade panel while the coin is on the curve.

The curve vs PumpSwap

Buying and selling on the page

• Buy takes an amount in SOL (quick picks 0.1, 0.5, 1, 5). The panel shows the USD equivalent at the current SOL price.
• Sell takes an amount in tokens (quick picks 25%, 50%, 75%, 100% of your balance).
• The quote is computed with pump.fun's own curve math and fee configuration, the transaction is built server-side, your wallet signs it, and it is broadcast and confirmed. You sign one transaction per trade.
• Coins are Token-2022 tokens with 6 decimals and a total supply of 1,000,000,000.

Slippage

Trades from the coin page use 2% slippage. If the price moves more than that between quote and confirmation, the transaction fails on chain and nothing is traded. On a very active coin, retrying with a fresh quote is normal.

Fees

Your first buy of a coin also creates your token account for it, which costs a small rent deposit (about 0.002 SOL) that stays with the account.

Graduation at 85 SOL

A pump.fun curve completes when its tokens for sale are sold out, which happens at roughly 85 SOL raised. pump.fun then migrates the coin to a PumpSwap pool. The Bonding curve card on the coin page shows progress as the share of curve tokens sold, plus the SOL raised so far. When the curve completes, the badge changes to Graduated, the trade panel hands you over to pump.fun, and injections switch to the pool automatically on the next keeper pass.

Coin pages

Every coin has a page at /coin/<mint>. It refreshes every 15 seconds and is laid out so the structure sits next to the chart.

Header and stats

Name, ticker, a Bonding curve or Graduated badge, the coin's links (website, X, Telegram, pump.fun, Solscan) and the 1h and 24h price change. Under it, a strip with:

Chart

Candles and volume, switchable between Market cap and Price, with 1m, 5m, 15m, 1H, 4H and 1D timeframes (15m by default). The market-cap view multiplies price by the current circulating supply, so burns are reflected. For a spawn that has not settled yet, the chart is replaced by a "Spawn in progress" panel.

Trades, Holders, Injections

• Trades: the latest 50 swaps with time, buy or sell, USD value, tokens, price and the trader, each linking to its transaction on Solscan.
• Holders: the top 20 wallets with their share of circulating supply and amount.
• Injections: the total count in the tab label and the most recent passes: time, mode, venue, SOL in, tokens burned or paired, and a transaction link. A liquidity coin on the curve shows "Fees are accruing until the coin graduates."

Sidebar cards

Fees and vaults

pump.fun pools creator fees per creator address. So every usesperm coin is created with its own creator address, a key used for nothing but that coin's fees.

The per-coin fee vault key

The key is derived, not stored: an HMAC-SHA256 of the coin's mint address, keyed with the platform secret, is used as the seed of a normal Solana keypair. The same mint always produces the same key, a different mint always produces a different one, and nobody can derive it without the platform secret. Because each coin has its own creator address, its fees are exactly attributable to its own injections; one coin's fees can never buy another coin.

What it can sign

In practice the fee vault key only ever appears in the first two transactions of an injection:

• Collecting the coin's creator fees from pump.fun's curve program and PumpSwap.
• Closing its own wSOL account into the platform wallet (unwrapping PumpSwap fees).
• Transferring its SOL to the platform wallet, in the same transaction as the buy that spends it.

It never pays transaction fees, never holds the coin itself, and never receives anything except the fees pump.fun sends it.

Where to see it

• The Info card on every coin page lists it as Fee vault, linked to Solscan.
• On pump.fun and in explorers it is the coin's creator. That is expected: the launcher's wallet is shown as Creator on usesperm.fun, but on chain the creator is the vault.
• The Injection card shows how much SOL is waiting in it right now.

Security and custody

What one key does, where your SOL and tokens sit at each step, and which parts you can verify on chain.

What the platform key does

usesperm.fun runs on one platform keypair. It is the:

• Spawn escrow: committed SOL sits here during the window.
• Settlement buyer and fee payer: it sends the create and buy for each spawn.
• Custodian of unclaimed spawn allocations until Gestation releases them and you claim.
• Refund sender for under-filled spawns.
• Keeper signer: fee payer for every injection, the buyer in every buyback, and the signer of every burn and deposit.
• Root of every coin's fee vault key, and the key that encrypts spawn mint keys until settlement.

It is never the creator of a coin, never receives creator fees for itself, and never holds tokens from an injection for longer than the few seconds between the buy and the burn or deposit.

Where your assets are

On chain vs off chain

Metadata lives on IPFS: it is pinned by the platform, but the content address on chain means it cannot be swapped for something else.

Data sources

Each number on the site comes from the source closest to the truth for that number.

Prices on the curve are never taken from a market-data provider. They are computed from the curve account itself, so a coin that is minutes old already has a correct price and market cap before any indexer has seen it. The Coins list works the same way and refreshes its data every 10 seconds.

The same data as JSON

Each coin page is built from public endpoints you can call yourself:

curl https://usesperm.fun/api/coin/<MINT>
curl "https://usesperm.fun/api/coin/<MINT>/chart?tf=15m"   # 1m 5m 15m 1H 4H 1D
curl https://usesperm.fun/api/coin/<MINT>/trades
curl https://usesperm.fun/api/coin/<MINT>/holders

The coin detail response includes the curve state, spawn state, gestation tranches, and an injection object with the fee mode, fee vault, SOL waiting in the vault, totals and the latest injections.

FAQ

Glossary

Bonding curve

pump.fun's automated market every coin starts on. Price rises as tokens are bought and falls as they are sold.

Graduation

The curve selling out, at roughly 85 SOL raised. pump.fun then moves the coin to a PumpSwap pool.

PumpSwap

pump.fun's AMM, where graduated coins trade against SOL.

Creator fee

The share of every trade pump.fun pays to a coin's creator address; modelled here at 30 bps.

bps

Basis points. 100 bps = 1%, so 30 bps = 0.3%.

Fee vault

The per-coin creator key that collects that coin's creator fees. Derived from the platform key and the mint.

Injection

One keeper pass for one coin: collect fees, then buy and burn, or buy, deposit and burn LP.

Keeper

The process that runs injections for every live coin every 60 seconds.

Buyback & burn

Fee mode that spends 100% of fees buying the coin and burns exactly what was bought.

Liquidity injection

Fee mode that, after graduation, buys with half the fees and deposits both halves into the PumpSwap pool, then burns the LP tokens.

LP token

A receipt for a share of a pool. Burning it makes that share of liquidity permanent.

wSOL

Wrapped SOL, SOL held in a token account. PumpSwap pays fees in it; the keeper unwraps it.

Instant launch

A launch where the creator mints the coin in one transaction, with an optional initial buy of up to 50 SOL.

Spawn

A launch where many wallets, each capped at 0.5 SOL, pool SOL and buy the floor together at settlement.

Escrow

The platform wallet that holds committed spawn SOL until settlement or refund.

Min fill

25% of the spawn cap. Below it at close, the spawn is refunded.

Settlement

The single transaction that mints a spawn coin and buys with the whole pool.

Allocation

Your pro-rata share of the tokens a spawn bought.

Gestation

The holder-gated release of spawn allocations in 5 tranches.

Tranche

One 20% step of a spawn allocation, unlocked at a holder milestone.

Unique holders

The number of distinct wallets holding the coin, as reported by Birdeye.

Slippage

How far the price may move between quote and execution before a trade is rejected.

Token-2022

The Solana token program pump.fun coins use. Coins have 6 decimals.

Mint

The coin's address on Solana. Every coin page URL ends in it.