Reading a coin page

The numbers that matter on a coin's page are read from NEAR, live — from the launchpad, the coin's Rhea DCL pool and its tracker's vault. Only the chart, the trade list and 24-hour figures come from outside indexers, and the page says which.

Price and market cap

Price is derived from the pool's current point — Rhea DCL states a price as 1.0001^point raw coin per raw USDC — converted for the decimal gap between the coin (18 decimals) and its quote (USDC has 6). Market cap is that price times the supply. Every coin starts with exactly 1,000,000,000 coins and no function can add to them, so market cap here is a straight multiple of price — nothing can be diluted underneath you.

Backing

The number to look at. It is the quote-side balance sitting in the coin's own pool: the money its trading has actually put behind it. Not a valuation, not a projection — the amount that is there.

Before the bond it is USDC. After, it is the tracker, valued at the tracker's NAV.

Bond progress

Shown as "$X of $15,000 in the pool", with a bar. The threshold is the launchpad's bond_backing_usdc, set when the launchpad is deployed, with no function to change it, and readable by anyone in the launchpad's config. When it is reached, the page offers the bond button — anyone can send it.

The board also states it as a market cap, because that is the number a buyer can watch approach. The two are the same statement. Along a single position holding the whole supply, the accumulated USDC and the price are tied by the concentrated-liquidity curve and the supply cancels out, leaving the square root of the market cap linear in the dollars accumulated:

sqrt(M(q)) = sqrt(M0) + q / sqrt(M0)

with M0 the market cap at the top of the position's range and q the USDC accumulated so far (the seed included).

Chart

The chart is DexScreener's, embedded, with GeckoTerminal on a second tab. Both follow the coin's pool on NEAR (network near; GeckoTerminal names a Rhea DCL pool refv2-<token_x>:<token_y>:<fee>), not an indexer of ours. A pool appears there once they have indexed it; until then the page says so. Because the bond moves the coin to its tracker pool, the chart of the old pool ends at the bond and the page charts the new one from there.

Recent trades

Read from NearBlocks, the NEAR explorer: every transfer of the coin between the pool and a trader. The dollar leg of a trade is a different token's transfer, so each trade's dollar size is shown at the current price, marked "≈". If NearBlocks does not answer, the page says the history is unavailable rather than showing an empty list.

Backed by

The tracker the coin bonds onto, named for its market, its multiple and its direction: NVDAx5, TSLAx3S. The S suffix means short. It is fixed when the coin launches, so it is shown from the first moment even while the coin is still quoted in dollars.

The header shows it as a badge — the market, the tracker symbol and Long or Short — next to links to the coin on DexScreener, on NearBlocks and on the hedge book.

The hedge behind it

For a coin whose tracker exists, the page shows what NEAR can prove about the hedge: the tracker's NAV and when it was last posted, the USDC its vault holds, what it has sent to the hedge and not yet had back, and what it could send right now (fundable_usdc); and the hedge contract's book for that vault — idle, on the venue, returning. The position itself lives on Hyperliquid, not on NEAR. Hyperliquid accounts are public, so the master account's positions can be read there by anyone; which part of them belongs to this tracker rests on the keeper's ledger and its signed NAV — see The hedge book.

Your creator fees

Visible only to the account that launched the coin: what has been swept so far, what is still sitting in the position, and one button to collect and claim both. See Claiming your fees.