How it works

A coin on TerminalPad has two lives. First it is a normal memecoin trading against dollars. Then, once its own trading has put enough money behind it, it becomes a coin backed by a leveraged position on a real stock. The first life is not a waiting room: the coin is fully tradable from the moment its pool is filled.

   LAUNCH                 TRADE                  BOND                  BACKED
   ──────                 ─────                  ────                  ──────
   you pick a stock,      buyers push the        pool holds $15,000    coin now trades
   a direction and        price up the curve,    of USDC; anyone       against NVDAx5;
   a multiple; one        sellers push it        re-pairs it to its    its floor moves
   wallet prompt,         down; USDC piles       tracker at the        with Nvidia at 5×,
   $1 seed                up in the pool         same price            long or short
        │                     │                      │                     │
        └── 0.56% of every swap goes to you, at every stage, forever ──────┘

1. Launch

You choose a name, a ticker, an image, and the stock your coin will be backed by — plus long or short, and a multiple from 1× up to 5×. You make a small opening buy of your own coin ($1 minimum), in USDC, and attach 0.35 NEAR for the accounts and storage your coin needs on NEAR. Your wallet signs two transactions in one prompt. Within a few seconds:

• your coin's account exists, all 1,000,000,000 coins are minted, and all of them that your seed did not buy sit in a single position in one Rhea DCL pool against USDC;
• that position belongs to the launchpad contract, which has no way to give it back;
• your coin is live, priced, and reachable by anything that swaps on Rhea.

Nothing else is needed. You do not pair your coin with dollars: the only dollars in the position are the ones your seed paid. See Launching a coin.

2. Trade

Buyers push the price up the curve; sellers push it back down. Each swap pays the pool's 1% fee. Rhea keeps 20% of it; the rest is earned by the position and split 70/30 between you and the protocol. The dollars buyers pay in stay in the pool as the coin's backing.

That backing figure is the one to watch. It is not a valuation. It is the real USDC the coin's own trading has put behind it, and it is what the coin can actually pay out. See Buying & selling.

3. Bond

When the pool holds $15,000 of USDC, the coin can bond. The call is permissionless: the coin page shows a button, anyone can press it by attaching 0.05 NEAR, and every caller gets exactly the same result. Nobody decides whether a coin bonds; the threshold does.

The bond takes the pool's contents out of the USDC market, turns the USDC into the coin's leveraged tracker, and puts everything into the coin's tracker market at the same dollar price. On NEAR that is a chain of steps over a few seconds rather than one transaction; each step is recorded, and one that fails is resumed, by anyone, from where it stopped. Holders do nothing. Their coins never move and their balances do not change. See The bond.

4. Backed

From then on the coin trades as YOURCOIN / NVDAx5 (or whichever tracker you picked), and a USDC buy or sell crosses the tracker's own USDC pool on the way. The backing is no longer idle dollars. Once the tracker itself has bonded — once its USDC reference pool holds $20,000 — its vault may send USDC to the hedge, where it becomes a leveraged long or short on the real stock on Hyperliquid, in a master account that only the protocol's hedge contract can sign for. When Nvidia moves 1%, a 5× tracker moves about 5% — and so does the floor under your coin, whether or not anyone trades it that day.

Your fees keep flowing exactly as before. See Leveraged trackers and, for where the money sits and who holds which key, The hedge book.

The whole thing in one table

Nobody decides whether a coin bonds: the threshold does. Whoever sends the bond simply pays its gas.

Two things worth knowing before you go on

• Leverage cuts both ways. A backed coin's floor rises fast when the stock goes its way and falls fast when it does not. A 5× tracker also loses ground when the stock chops sideways, and it pays funding every hour. See NAV, decay & funding.
• The liquidity really cannot leave — the hedge is a different matter. The launchpad holding every coin's pool position has no withdraw function at all, not for the creator, not for us (see Locked liquidity). The position behind a tracker, by contrast, sits on an exchange, the dollars cross to it through a bridge network, and a keeper trades it: what each piece can and cannot do is in Risks & security.