documentation

jpegged.fun is a pump.fun launchpad. tokens arrive with generated NFTs. trading fees that token earns become that collection's redeemable floor.

this is not a promise — it's a consequence of where the fees are pointed on-chain, and of arithmetic.

who this is for:

• creators — describe a theme, get rendered art, and launch a token backed by its fee stream.
• holders — mint via token burns, monitor the rising floor, and redeem at will.
• traders — view hard backing numbers beside market prices to clearly see premium or discount.

pump.fun routes creator fees to a specific address. unlike standard launchpads, jpegged.fun designates the collection's vault as the creator.

because the creator field is fixed at token creation, neither deployers nor jpegged.fun can redirect funds. the only account that can ever claim is the vault itself.

1. generate — a theme prompt becomes a trait taxonomy. rendered as single images. status: generating → ready.
2. launch — a coin is created with the vault as creator. launcher signs; jpegged.fun never holds keys. status: ready → live.
3. trade — bonding curve buys/sells accrue fees to the vault's fee PDA. status: live → graduated.
4. mint — holders burn token supply to claim unminted NFTs. burning is a supply sink.
5. redeem — burn an NFT to receive vault ÷ circulating SOL. no deadlines or expiry.

exactly one vault exists per collection. it is set as the pump.fun coin creator and holds all backing.

two balances, one number. backing exists as SOL in the vault and unswept fees in the pump PDA.

the backed floor is the amount of SOL one NFT is worth if you burn it right now.

• vaultLamports — vault SOL in lamports, minus the reserve.
• unsweptNet — fees still in the pump PDA, net of the platform cut.
• circulating — minted and unredeemed NFTs.

numbers are read live from the chain. the database stores no prices, so a stale floor is not a failure mode here.

removing one NFT removes exactly its pro-rata vault share, making the number a floor rather than a queue.

the floor remains mathematically unchanged post-redemption.

implications:

• monotonically non-decreasing — redemptions leave it flat; sweeps raise it.
• order does not matter — no bank runs; waiting is never punished.
• closed-end fund NAV — the gap between backed floor and market floor is a premium/discount.
• last NFT — at c=1, the holder gets the entire remaining vault.

backed floor is vault payout; market floor is the best ask. their relationship is vital for traders.

• positive means market > backing — art/narrative value.
• negative means market < backing — arbitrage opportunity.

negative premiums allow arbitrage (buy market, redeem backed), holding the market floor at or above backing.

three places value is taken, none hidden.

the pump program sets the creator rate. the platform cut applies at sweep time and is already deducted from UI displays.

generated in two passes: design taxonomy, then render.

1. taxonomy design — a model builds the base subject, ordered trait layers, weighted values, and prompt clauses.
2. trait draw — draw traits weighted per layer. rarity for an item is the product of its chosen values' probabilities. rejects duplicates.
3. render — items rendered as single images from assembled prompts, under a $1 ceiling per collection.

a single transaction creates the coin and optionally executes a creator buy atomically. jpegged.fun never holds the keys that pay for it.

fields:

• creator — set to collection vault. unchangeable.
• name / symbol — creator chosen.
• uri — pump-compatible metadata JSON.
• devBuySol — optional atomic buy to prevent front-running.
• mintPriceTokens — token burn cost for an NFT.

minting burns tokens permanently rather than costing SOL. the vault is fed by trading fees alone.

1. prepare — reserve item, build burn tx, check balance upfront to prevent wallet simulation failures.
2. sign and submit — wallet signs. burn must land before item assignment.
3. confirm — verify confirmation, then assign the item.

moves fees from pump PDA to vault. it is permissionless — anyone may trigger a sweep on any collection.

• vault signs, caller pays ~0.000005 SOL network fee.
• platform cut (20%) is appended atomically here.
• does not change floor math; only changes where SOL sits for immediate payout.
• graduated collections must sweep from both curve and AMM programs.

holder gives up NFT for pro-rata vault SOL.

1. sweep first — pull pending fees to ensure payout is against true balance.
2. compute the share — calculate floor(backedFloor × 10⁹) lamports. verify ownership/redeemed status.
3. pay and retire, atomically — item marked redeemed, SOL sent. floor remains unchanged.

a 24-item collection accumulating 12 SOL over its lifetime:

a next.js app router app. no economics are persisted: the database records what exists — every price is derived at read time.

source layout:

• lib/pump/ — tx building, curve state.
• lib/vault/ — floor math, sweep construction.
• lib/art/ — taxonomy, compositing.
• lib/market.ts — live economics.
• app/api/ — route handlers.

JSON routes. tx builders return base64-encoded unsigned strings. PATCH confirms signatures before state changes.

what you do not have to trust:

• fee accrual (enforced by pump.fun).
• where swept fees go (only vault can claim).
• the launcher's keys (user signs).
• published numbers (checkable independently).

what you do have to trust, today:

• vault custody (v1) — vaults are server-held keypairs. an anchor program replacement is intended for trustlessness.
• off-chain NFT custody — minting records ownership via burn signature, but the NFT is not on-chain yet (metaplex core planned).
• no marketplace layer — market floor null until listings exist.
• mainnet-only testing — devnet paths cannot be tested end-to-end without real SOL.