FAQ

Two things.

Its liquidity cannot be removed — not by a timelock that will one day expire, but because the contract holding it has no withdrawal function in its code at all, and no key that could replace that code.

And once its own trading has put $15,000 of USDC behind it, the coin re-pairs to a leveraged tracker of a real stock, at the multiple its creator chose (up to 5×). Its floor stops being idle dollars and becomes a leveraged position that moves when Nvidia moves, whether or not anyone is trading the coin.

Not yet. The NEAR contracts are written and tested — unit tests, and sandbox tests against the real Rhea DCL code — but nothing is deployed, on testnet or mainnet. Their account ids will be listed in Architecture once they are set at deployment. Until then, treat any account presented as TerminalPad's as unverified.

Because of the route to the hedge. The positions behind the trackers are held on Hyperliquid, and from NEAR the dollars get there in one hop each way through NEAR Intents, with no third chain in the loop. NEAR's Chain Signatures also let a contract, rather than a hot wallet key, control the Hyperliquid account. And NEAR has what the coins need: native USDC and Rhea Finance's concentrated-liquidity pools, where a contract can own a position.

They cannot remove the liquidity. There is no function that does it, for them or for anyone — see Locked liquidity.

They can, of course, sell their own coins if they hold any. That is true of every token that has ever existed and no contract prevents it. What you can check is how much of the supply they hold, on NearBlocks.

1% on every swap. Rhea, the exchange the pool lives on, keeps 20% of it (0.2% of the trade). The rest is split 70/30 between the coin's creator and the protocol — 0.56% to the creator, 0.24% to the protocol.

There is no transfer tax. Nothing is taken on buys or sells beyond the pool's fee, which is visible in the quote before you sign. After the bond, a buy or sell also crosses the tracker's own USDC pool, which charges 0.04%. Gas comes on top, paid in NEAR, and the first time you buy a coin your account deposits about 0.00125 NEAR of storage on it.

Because Rhea DCL's fee tiers are fixed in its contract, and 1% is the highest one. We do not own Rhea to add another.

The only way to charge more would be a transfer tax, which makes swaps through the standard route fail and gets the coin flagged by every scanner — it would cost the thing we care most about. See The single pool.

0.35 NEAR, which pays for your coin's account, its two pools and their storage on NEAR, plus gas, plus an opening buy of your own coin of at least $1 — and those coins are yours. There is nothing to deposit: the launch position holds your coin and the USDC your seed paid, so there is nothing else to pair against it. The 0.35 NEAR is the current default and may still change before deployment.

USDC, and a little NEAR.

Buying, selling and launching all take USDC and pay out USDC. It has to be Circle's native USDC on NEAR (17208628f84f5d6ad33f0da3bbbeb27ffcb398eac501a31bd6ad2011e36133a1), not USDC.e, the older bridged token, which the contracts do not accept. USDC on another chain can be brought to NEAR through NEAR Intents.

NEAR pays for gas and for storage. On NEAR an account must register on a token before it can hold it, so the first time you buy a coin your wallet signs a small storage deposit with the swap. A wallet with no NEAR at all cannot send a transaction; the app does not pay gas for you. Any NEAR wallet the site's wallet selector lists will do. See Buying & selling.

Any market in the catalogue: the 32 stocks, indices, metals and commodities listed on What is TerminalPad?. Long or short.

The multiple is yours to pick, from 1× up to that market's cap — the lower of the product ceiling (5×) and what a position can hold on that market on Hyperliquid, the exchange behind the trackers (90% of its own cap: 18× on its 20× markets, 9× on its 10× markets, 45× on the S&P 500). Every market listed today therefore goes to 5×. The form only shows the pills the market allows, and the factory enforces the same limit on chain. See Leveraged trackers.

When its own pool holds $15,000 of USDC — bond_backing_usdc, set when the launchpad is deployed, with no function to change it, and readable in the launchpad's config. The coin page shows the progress towards it.

Once the threshold is met, anyone can send the bond, attaching 0.05 NEAR; the coin page offers the button. Nobody decides whether a coin bonds, the threshold does.

Nothing. They stay in your wallet, the balance does not change, and the dollar price is the same on both sides of the bond.

What changes is what sits behind them: the accumulated dollars become the coin's leveraged tracker. The market also moves to a new pool, so a chart keyed on the old pool will look like it ended — the coin is the stable identifier. For the few seconds the bond takes, the coin cannot be traded.

After the bond, the coin is quoted in its tracker rather than in dollars. When the tracker's NAV moves — because the stock moved — the coin's dollar price moves with it, with no swap involved.

It cuts both ways. A quiet day where the stock goes against the coin thins the backing even though the chart looks calm.

It is real, and it is leveraged. Those are different from safe.

The position sits on Hyperliquid, on trade.xyz's xyz market, in a master account whose address is derived by NEAR's Chain Signatures from the protocol's hedge contract: only that contract can have it signed for, and its code only signs transfers back towards the vaults, capped per transfer and per day. The keeper trades with a key that cannot withdraw. Every tracker shares the one account, and the hedge contract and the keeper keep per-tracker books. The tracker's vault can send money to the hedge contract and to no one else.

Dollars cross between NEAR and Hyperliquid through NEAR Intents 1Click, in one hop each way (about 30 and 35 seconds in dry quotes).

What the chains prove is every dollar that left each vault, every transfer the hedge contract made, every dollar paid back into a vault, and — since Hyperliquid accounts are public — the master account's balance and positions. What they cannot prove is how that account splits between trackers: that rests on the keeper's signed NAV. The hedge book shows each tracker's figures and how to check the parts that can be checked.

And it can lose value fast: a leveraged tracker decays on a round trip in the underlying, pays funding every hour, and can be liquidated — and because every tracker shares one account, a liquidation would hit all of them. See NAV, decay & funding.

Nothing here is a stablecoin reserve and we would rather you knew that than found out.

Four layers, with different answers.

The coin's pool. Nobody. The launchpad has no withdrawal function, and no key to replace its code. The tracker's vault. It can pay out in two ways only: to holders who redeem, at NAV, and to its hedge contract through fund_hedge — capped on chain at the idle USDC above its buffer floor, never before the tracker bonds, never while paused. Nobody can choose another destination. The vault owner can stop the hedge path entirely with set_hedge_funder(None). The dollars on Hyperliquid. They come back only through a transfer the hedge contract has NEAR's signer network sign, to a 1Click deposit address, for no more than that vault has on the venue, within a per-transfer and a per-day cap. The keeper's operator key chooses that address, and a contract cannot verify it belongs to 1Click — so a stolen operator key could misroute up to the caps. Whoever can replace the hedge contract's code could do more: whether its account keeps a key is not settled yet. Hyperliquid itself holds the deposits. The dollars in transit. For about 30 seconds each way they are with 1Click's solvers, at a deposit address issued for the quote, with a refund address; on the way back they then sit with the hedge contract until it pays the vault.

That is the part of the product that is not trustless, and Risks & security spells it out.

No. Hyperliquid keeps the xyz markets trading around the clock, weekends included, so a bonded coin's floor keeps moving at any hour. Outside an underlying's home hours, the price comes from trade.xyz's oracle and Hyperliquid's own trading.

The price can still jump when the underlying market reopens. A market that is halted cannot be traded until it resumes.

Nothing is charged to your wallet, but the tracker behind the coin pays its way on Hyperliquid, and that shows up as drag on its NAV: funding, settled every hour; small trading fees on the keeper's rebalancing (under a basis point on most markets in trade.xyz's growth mode, more on gold and Strategy); what each dollar costs to cross through 1Click (0.32% out and 0.22% back in dry quotes, not yet measured with money); and the volatility decay of any constant-leverage product. The tracker vaults charge 0.1% on a mint and 0.1% on a redeem in the deployment defaults, and no management fee. See NAV, decay & funding.

Yes, two ways: sell them in the tracker's USDC pool, or redeem them at NAV on the tracker's vault.

A redeem is paid at once when the vault holds enough idle USDC; each vault keeps part of its dollars idle (20% of what its supply is worth, in the deployment defaults). A larger redeem joins a first-in-first-out queue that the keeper fills by bringing USDC back from Hyperliquid through 1Click. That round trip has not been timed on NEAR yet — the transfer was quoted at about 35 seconds, plus a few seconds for the signature — so expect minutes. A queued redeem can be cancelled until it executes.

Connect the NEAR account that launched the coin, with a little NEAR in it for gas, and open its page — the claim panel is visible only to you.

The button sends the calls in one wallet prompt: one to claim the fees out of the Rhea position (and, for a bonded coin, its bid band), one to send your share. See Claiming your fees.

No. They accrue for as long as the coin trades, through the bond and after it, and there is nothing to renew. The liquidity is locked forever, which is exactly what makes the fee stream permanent.

As soon as its pool is filled. It is an ordinary NEP-141 token in an ordinary Rhea DCL pool quoted in USDC, one swap from USDC, with no transfer tax to make swaps fail.

That is a design constraint we paid real costs to keep — see Integrations.

Not by the token. No branch of the coin's code gates a transfer, at any moment, under any condition.

A sell of a bonded coin is one swap, coin → tracker → USDC, paid at once out of the pools. If the price has moved past your slippage limit, Rhea refuses the swap and your coins come straight back. During the few seconds of a bond, the coin cannot be traded at all.

If you redeem tracker tokens at the vault and it cannot pay at once, the dollars can arrive later, but not below your minimum: the queue pays at the NAV of that moment, and a request that would pay less than the minimum you accepted is skipped — cancel it from your Portfolio to get your tracker tokens back. See Buying & selling.

The one outside limit is USDC's own. Circle's USDC has a blocklist, and an address on it cannot move USDC — so it cannot receive the proceeds of a sale either. That is a property of USDC, not a rule of ours, and no contract of ours can lift it.

Not in front of you. Your seed buy is not a swap someone could get ahead of: the launch computes the price your buy leaves the pool at and creates the pool at that price, with your USDC already in the position, before anyone can trade. Your coin's account id is drawn from the block's randomness, and its pools are created before the coin exists, so nobody can prepare for it either.

From the moment the pool is filled, anyone can buy: there are no per-wallet caps and no launch window. Selling is never restricted. See Launching a coin.

Not by a third party. They are unit-tested and tested in a NEAR sandbox running the real Rhea DCL code, and the Hyperliquid messages the hedge contract signs match Hyperliquid's official SDK byte for byte. Nothing has run on testnet or mainnet yet, and no money has crossed to Hyperliquid from NEAR; the first live test planned is a 10 USDC round trip. The coin, vault and reference-pool code is immutable once published. See Risks & security.