Buying & selling

A TerminalPad coin is an ordinary NEP-141 token in an ordinary Rhea Finance DCL pool on NEAR. Anything that can swap on Rhea can trade it — the coin page, a bot, an aggregator, your wallet.

One pool, one hop

Before the bond the pair is COIN / USDC. After it, COIN / TRACKER. Either way it is a single pool at the 1% fee tier on Rhea DCL (dclv2.ref-labs.near), reached with Rhea's standard swap message. No custom contract, no allow-list, no special path.

That is why a bot that has never heard of TerminalPad trades a coin correctly on its first try. We kept that property on purpose, and it is why coins live on Rhea's standard concentrated-liquidity pools rather than somewhere with fancier fees that bots cannot read.

No tax, ever

The token takes nothing on transfer. Zero on buys, zero on sells, from the first trade on.

A transfer tax would make swaps through the standard router fail, get the coin flagged red by scanners, and quietly turn every holder into someone paying to leave. Here the only fee is the pool's, and it is in the quote before you sign.

Paying: USDC only

You buy with USDC and you sell into USDC. It has to be Circle's native USDC on NEAR (17208628…6133a1), not USDC.e, the older bridged token. Gas and storage are paid in NEAR, so keep a little NEAR in the wallet.

On NEAR a token can only be sent to an account that has registered storage on it. So the first time you buy a coin, your wallet signs two transactions in one prompt: a storage deposit on the coin (about 0.00125 NEAR, once per coin, refundable if you later unregister) and the swap. Selling works the same way if your account is not yet registered on USDC. NEAR finalises in about a second, so a confirmed trade is done.

If Rhea refuses a swap — the price moved past your slippage limit, the pool is paused — the whole input comes straight back to you in the same transaction. The app reads each step of the transaction and tells you when that happened.

What a trade costs

Before the bond, buy and immediately sell, and you pay the pool's 1% fee twice, plus whatever your own size did to the price. That is the whole list. Roughly:

round-trip cost  ≈  2 × 1%  +  2 × (your ticket ÷ pool depth)

After the bond, a buy paid in USDC crosses two pools in one swap: the tracker's own USDC pool (the 0.04% tier), then the coin's pool at 1%. The tracker you pass through never lands in your wallet. A sell is the mirror image, coin → tracker → USDC, in one swap. A round trip is then about 2 × 1.04%, plus impact in both pools.

The impact term is not a charge. It is the price move you caused, and it goes back to the next trader. There is no hidden spread, no tax, no gap between the quoted price and the filled one beyond the slippage limit you set.

Where the fee goes

Every swap on a coin's pool pays 1%. Rhea keeps 20% of it (0.2% of the trade — its protocol fee, set by Rhea, not by us). The other 80% is earned by the coin's position, and the launchpad splits that 70/30: 0.56% of the trade to the coin's creator, 0.24% to the protocol. The split is a constant in the launchpad's code and the destinations are fixed; whoever sweeps the fees, the money goes to the same two places. See Claiming your fees.

Depth and slippage

Before the bond, a fresh coin has very little behind it, so early buys move the price a lot — that is what a fresh launch is. The coin page shows the accumulated backing so you can see exactly how much is there before you size a trade.

After the bond, the coin's USDC side runs through its tracker's reference pool, which the protocol keeps deep around the tracker's value: most of its money sits within ±2% of NAV.

Reading the price after the bond

Once a coin is bonded, it is quoted in its tracker rather than in dollars. The tracker's value follows the stock at its multiple, so the coin's dollar price can move with no swap at all — up when the stock goes the coin's way, down when it does not. A calm chart on a quiet day can still hide a stock moving against you. See NAV, decay & funding.

Selling after the bond

A sell from the coin page is one swap, coin → tracker → USDC, and the minimum you accept applies to the USDC you receive. You are paid at once, out of the tracker's reference pool; how much a single sell can take out without a large price move depends on that pool's depth.

If you hold the tracker itself — as creator fees, or because you minted it — you have a second way out: redeem it for USDC at NAV on its vault. The vault pays a redeem on the spot out of the USDC it holds idle. When it cannot pay your size at once, you can queue the redeem (prepare_redeem, with 0.0025 NEAR for the request's storage); your tracker tokens wait in the vault while the keeper brings dollars back from Hyperliquid, and the queue is paid in order at the NAV of that moment. How long that takes has not been measured on NEAR yet: the dollar leg back from Hyperliquid took about 35 seconds in a dry quote, plus a signature from NEAR's signer network (one sample: about 5 seconds), plus the keeper's own steps — so expect minutes, not the 20 minutes the Avalanche version needed.

That NAV is not the one you were quoted: the stock keeps moving while you wait. Your minimum still holds. If the NAV would pay less than the minimum you accepted, the request is skipped rather than filled below it. The Portfolio page lists your open requests with their status; cancel a skipped or pending one there to get your tracker tokens back.

One thing specific to USDC

Circle's USDC has a blocklist on the chains where Circle issues it. An address on it cannot move USDC, so it cannot buy, sell or claim fees in USDC here either. That is a property of the dollar, not a rule of ours, and no contract of ours can lift it. (How Circle's controls are exercised on the NEAR USDC contract specifically is not something we have tested.)