How a coin is launched, priced and paid for.

Anyone can launch a coin on Pyre. There is no application and no approval: a creator walks a guided flow in the Telegram bot, or connects a wallet on this website and launches with it. Both land on the same curve, with the same structure and the same fees.

Every coin gets a mint address ending in PHNX. It starts life on a bonding curve, where the price rises as SOL comes in, and it stays there until it has raised its target. At that point the remaining supply and the raised SOL seed a Raydium pool, and the coin trades there from then on.

Trades pay 1.50% in total, or 1.25% if you hold 1,000,000 PHNX. 0.50% of that goes to the creator on every curve trade. When the coin graduates, 90% of the liquidity is permanently locked and 10% is burned, and the creator keeps earning: half of everything that pool pays Phoenix goes back to them, for as long as the coin trades.

Pyre is the launchpad side of Phoenix, a Solana trading bot that runs on Telegram as @PHNXTrading_Bot. Phoenix already does spot swaps, leverage trading on Drift, limit orders and holder rewards. Pyre adds the step before all of that: creating the coin in the first place.

Open, with the safety in the defaults rather than in a gatekeeper

There is no application to launch here and nobody approves you. Pyre does not try to make a coin safe by judging the person behind it, because that does not scale and it is not what actually protects a buyer. It puts the protection in the structure every coin gets, whether or not anyone was watching:

• The authority to mint more supply and the authority to freeze your tokens are given up inside the transaction that creates the coin, before it has ever traded.
• 90% of the liquidity is permanently locked and 10% is burned when the coin graduates. Neither can be withdrawn, by the creator or by Phoenix.
• The creator's own first buy is capped and rides inside that same creation transaction, so there is no moment at which the launch can be sniped.
• Pyre reads the mint back off the chain afterwards and records what it actually found, rather than asserting any of the above.

None of that makes a coin a good investment, and this document never claims it does. It makes a specific list of ways to be cheated structurally unavailable. What the coin is worth is still entirely up to the market.

Where things happen

• Launching happens in the Telegram bot's guided flow, or on this website with a connected wallet. Section 3 covers both.
• Trading happens in the Phoenix bot, where your wallet lives.
• This website shows what is live, what each coin has raised, and how close it is to graduating. It can launch a coin and claim creator fees with a connected wallet, but it cannot trade one: buying and selling go through the bot.

How Pyre and $PHNX connect

Pyre is not a side project with a shared logo. It is one stage of a loop that funds the thing that makes it unusual, and it is worth understanding before the fee tables in Section 5 look arbitrary:

1. A coin launches on Pyre. Authorities revoked at creation, 90% of liquidity locked at graduation, 10% burned.
2. Phoenix trades it. Spot immediately, and with leverage once it clears the token filter.
3. Fees from both sides fill one treasury. 1.50% on the curve, 0.85% on a spot swap. It is the same treasury, not two.
4. That treasury pays $PHNX holders. 24.5% of net trading profit, weekly, in SOL, pro rata, with no claim step.

The reason this matters to a creator rather than only to a holder: that same treasury is what fronts the leveraged half of a long. It is the entire reason a coin launched an hour ago can be traded with leverage at all, which no other launchpad offers. A launch feeds the treasury, and the treasury is what lets the next launch be levered.

The full loop, from the Phoenix side, is in the Phoenix manual.

Custody

Phoenix holds wallet keys for its Telegram users. Keys are encrypted with AES-256-GCM under a key derived per user, and every operation that moves funds is restricted to direct messages. This matters for two things later in this document: it is why a creator's launch can be signed on their behalf, and it is why the fee claim is something the creator triggers rather than something Phoenix runs on a schedule.

Every Pyre coin has the same shape. The only thing a creator chooses is how much SOL the coin has to raise before it graduates.

Fixed for every launch

There is no held-back allocation. The 20.69% that is not sold on the curve is not reserved for the creator or for Phoenix: it is the token side of the liquidity pool the coin migrates into, and it goes in along with the SOL the curve raised.

Curve presets

The raise target decides how much SOL has to come in before the coin graduates. A creator picks one of three at launch, and it cannot be changed afterwards.

Why three presets and not a free choice

A graduation threshold set higher than real demand produces a curve that never graduates. Holders of that coin can then only ever sell back into the same curve, at a worse price than they bought at, with no pool to escape to. That is not a hypothetical: it is the documented failure mode of the underlying program, whose own platform configuration carries a whitelist of permitted curve parameters for exactly this reason.

So the creator picks a shape from a menu. They do not invent one.

The pricing curve itself is not a per-launch setting

A preset sets the size and the pace of a launch, not its pricing function. The launchpad program reads the curve type from the configuration account a launch is opened under, and Raydium publishes one such configuration per quote asset. Every Pyre coin therefore prices the same way, and a creator cannot pick a different curve.

Graduation

When the curve has raised its target, the launch graduates. The 20.69% of supply that was never sold on the curve, and the SOL the curve raised, are used to open a constant-product pool on Raydium. From that moment the coin trades on that pool like any other Solana token, and the curve is finished.

Most of the liquidity is destroyed, on purpose

The LP tokens that pool issues are split three ways, and the split is written on Pyre's platform configuration account where anyone can read it:

Locked and burned are not the same guarantee, and it is worth being precise about the difference. Burning destroys the liquidity, so no program and no promise stands between you and permanence. Locking leaves it in the hands of Raydium's lock program, which ships instructions to lock and to collect fees and none at all to unlock. Phoenix holds a receipt that lets it claim the fees and nothing that lets it withdraw the liquidity. The practical difference is small, and the honest difference is this: a burn is arithmetic, and a lock is a program that its authors could in principle change. Pyre locks the larger share because a burned pool's trading fees are earned by nobody and destroyed, which helps no buyer, no creator and no platform.

So graduation does not end the creator's income, it changes its shape. The 0.50% creator fee applies to trades on the curve. After graduation the pool's fees are collected by Phoenix, which pays half of them back to the creator for as long as the coin trades. There is no vesting schedule on either side: the platform's vesting scale is set to zero.

Two surfaces open a launch, and the difference between them is who signs, and therefore who the creator is on chain. That single fact decides where your creator fees accrue and which surface can claim them later, so pick deliberately.

The sequence, whichever route you take

Both flows do the same things in the same order. Nothing below waits on a human.

1. Answer six questions

   A launch needs six things: name, ticker, a one line description, an image, which curve preset you want, and how much SOL you want your first buy to be. The bot asks for them one at a time with buttons where there is a choice to make; the website asks for them on one form.

   The name, ticker, image and description are permanent. They are written into the coin's metadata when the curve opens and neither you nor Phoenix can edit them afterwards, so use the final versions.

2. Check the review card

   Everything you entered is shown back to you before any SOL is spent, with the first buy in both SOL and lamports, because a misplaced decimal point is the mistake this card exists to catch. You can change any field from here.

   There is a limit of 3 launches per account per day. It is the only thing standing between an open launchpad and one account minting continuously, and every coin carries Phoenix's branding either way.

3. Phoenix grinds the address

   Before anything is created on chain, Phoenix searches for a keypair whose public address ends in PHNX. This is brute force, so it takes a variable amount of time, and it is the most common place for a launch to sit for a while before anything visible happens.

4. Metadata is stored permanently

   The image and the metadata that points at it are uploaded to Arweave, which is paid for once and stored permanently. This is deliberate: a coin should not stop rendering in every wallet and explorer because somebody let a server subscription lapse. Phoenix pays for this upload, not the creator.

   Nothing has touched the blockchain yet at this point. A failure here costs nothing and the launch can simply be requeued.

5. The coin is created and the curve opens

   One transaction does all of it: creates the mint, writes the permanent metadata into it, gives up the authority to mint more supply and the authority to freeze anyone's tokens, opens the bonding curve, and executes your first buy.

   Because the first buy is inside the same transaction, there is no window between the curve opening and the first purchase. Nobody can front-run the launch, including Phoenix.

6. It is live

   The coin appears on the front page, anyone can buy it, and you start earning 0.50% of every trade from the very first one.

The first buy, and why it is capped

Your first buy is a real buy, at the curve's opening price, and it pays exactly the same fees as anybody else's trade. It is capped at 5 SOL by default.

The cap is deliberate friction. A creator who takes a very large share of the supply at the opening price holds a position that every later buyer is, in effect, buying out of. Capping it keeps the opening distribution closer to what the curve is for. The cap is checked twice: once when you enter the number, and again at the moment the launch actually executes, because a number that was under the cap when it was queued should not be able to spend more than the cap when it runs an hour later.

What a launch costs the creator

• Your first buy, whatever you chose it to be, up to the cap.
• Fees on that buy, at the standard 1.50%, of which 0.50% comes straight back to you as the creator.
• Solana network fees and account rent, a fraction of a SOL.

Phoenix pays for the permanent metadata storage. There is no listing fee and no launch fee beyond the above.

The four states

A launch moves through these in one direction, and the state is recorded on the coin. That means you can always tell what has actually happened on chain, rather than what was promised.

The guided flow, in the bot

/pyre_create walks you through the same six inputs one at a time, with buttons where there is a choice to make and typing where there is not. You can upload the image directly to Telegram rather than hosting it somewhere and pasting a link. At the end it shows you everything for review before anything is spent.

It is rate limited to 3 launches per account per day. That limit is part of the feature rather than a follow-up: without it one account could mint continuously, and every coin carries Phoenix's branding whether or not anyone would want it there.

Start it with /pyre and press Launch a coin, or send /pyre_create directly. It is DM only, because launching spends real SOL and every Phoenix command that moves funds is.

Launching from the website

The website launch page connects your browser wallet and launches with it. This is a genuinely different flow rather than a port of the Telegram one, and it is worth understanding what the server does and does not do.

• The server never holds your key. It builds the transactions for your public key, adds the one signature only it can add (the ground mint's), and hands them back as text. Your wallet adds the signature only it can add.
• Two identities are required, and they are not the same thing. Your Phoenix session says who is launching, which is what attribution, status and the rate limit key on. Your connected wallet is who launches on chain. Wallet alone would make this an open mint endpoint; session alone would just be the custodial flow that already exists.
• The server broadcasts, not the browser. The create and the first buy can span two transactions and the buy must never land first, so ordering is guaranteed rather than hoped for.
• The record is written before the transaction is built. A launch that got signed and broadcast but never reported back would otherwise be a live curve with no record anywhere. Writing first means the worst case is a launch stuck in kindling with a known mint address, which is a shape the operator tools already handle.

The same 3 per day limit applies, and the same flag gates it.

Buying and selling happen in the Phoenix bot, because that is where your wallet is. This website shows you what exists; it cannot move your funds.

While the coin is on the curve

• Paste a contract address into the bot and Pyre answers with that coin's card if it is one of ours.
• /pyre_buy TICKER 0.5 buys half a SOL of the coin off the curve.
• /pyre_sell TICKER 100% sells back into the curve. Percentages and absolute amounts both work.

Every buy moves the price up the curve and every sell moves it back down, because on a bonding curve you are trading against the curve itself and not against another trader. There is no order book and there is no counterparty to wait for. Slippage protection applies to both directions.

After the coin graduates

Once a coin has migrated to a Raydium pool, the same commands keep working, but the trade routes through Phoenix's normal spot path to that pool instead of to the curve. That means the fees change: a graduated coin pays Phoenix's standard spot fee rather than the curve fee described below. The bot shows you which of the two you are about to pay before you confirm.

What the website shows

The figures on the front page come from Phoenix reading each pool account directly on chain, not from a cached index. Depth is the SOL sitting in the curve, market cap is price times supply, and the colour of a card is its progress toward graduation, running from deep ember at the start to amber as it approaches the target.

One fee is charged on every trade against the curve, in both directions, and it is split four ways. Three of the four legs are written on the platform configuration account on chain, so nobody has to take Phoenix's word for the numbers.

The PHNX holder discount

Holding 1,000,000 PHNX removes Phoenix's own 0.25% service fee entirely, taking a trade from 1.50% to 1.25%. It is applied automatically from the balance in the wallet you trade with; there is nothing to claim or activate.

This ladder is separate from Phoenix's spot fee ladder, which starts at 0.85% and begins discounting at 5,000,000 PHNX. They are deliberately not merged: adding a 1,000,000 tier to the shared table would cut spot fees for every existing holder as a side effect. If the balance lookup fails for any reason, you are charged the base rate, which costs Phoenix a discount rather than overcharging you.

Where the fee actually goes at the moment of a trade

Only Phoenix's 0.25% service fee is transferred at the time of the trade. The other three legs accumulate on chain and wait to be claimed: Phoenix's platform fee inside each coin's own pool, and the creator's fee in a vault belonging to the wallet that launched it. That is what makes section 6 a separate topic. Your earnings as a creator are real and recorded from the first trade, but they sit on chain until you go and get them.

The creator's first buy pays too

There is no exemption for the launch buy. It pays 1.50% like any other trade, of which 0.50% is credited back to the creator, because the creator is the creator.

Fees on a Raydium bonding curve are not streamed to a wallet as they are earned. They accumulate on chain and are withdrawn later by whoever is entitled to them. Phoenix's platform fee and the creator's fee accumulate in different places, which is the detail that makes the rest of this section make sense.

Phoenix's platform fee

Phoenix's own 0.50% is collected by a scheduled job that walks every pool with a claimable balance, claims each one, and sweeps the proceeds into the Phoenix treasury. It signs with Phoenix's own platform key and never touches a user's wallet. One pool failing does not stop the pass, so the pool that has been accruing longest cannot get stuck behind whichever one is unreadable today.

A detail worth stating because it looks like a bug from the outside: the fee arrives as wrapped SOL, not native SOL, so the treasury's plain SOL balance does not move when a claim lands. Phoenix unwraps it in a separate step afterward.

The creator's fee

One vault per creator, not one per coin

This is the part worth reading carefully, because it is the opposite of what most people assume. Your creator fees do not sit in each coin's pool waiting to be collected coin by coin. They accrue into a single vault derived from your wallet address, shared across every coin that wallet has ever launched.

So claiming is one transaction, not a loop over your launches. Launch five coins and you claim once, for all five at the same time. The amount is read straight off the vault rather than added up from any record Phoenix keeps, so what you are shown is what the chain holds.

A command you run, not a job that runs on you

/pyre_claim is a command you run yourself, in a direct message. It shows you the claimable amount before anything is signed.

A scheduled version was considered and deliberately rejected. Phoenix custodies creator wallets, so a scheduler would mean Phoenix signing blockchain transactions with your wallet, on a timer, without you asking. That is a materially different trust posture from the platform claim above, which only ever touches Phoenix's own key. Having to run a command is the price of not having that, and it was judged worth paying.

Sending proceeds somewhere else

You can nominate a payout wallet, and it is honoured: the claim's final destination becomes that address rather than the Phoenix wallet that signed. It redirects the payout rather than adding a second transfer on top, so it costs nothing extra.

Each surface claims where it launched

The separation between the two claim surfaces is not a rule Phoenix enforces. It is a property of how the vault address is derived, which means it cannot be got around and cannot be forgotten:

• Telegram launches claim with /pyre_claim, signed by your custodial Phoenix wallet.
• Website launches claim from the website, built by the server and signed by your connected browser wallet. The server never holds a key for these either.

One real difference between the two

The fee is held as wrapped SOL, so a claim credits a token account rather than moving your plain SOL balance. The Telegram claim unwraps it for you as part of the same operation, so you end up with native SOL. The website claim does not unwrap, so a web claimer receives wrapped SOL and can convert it whenever they like. Neither is more or less money; it is worth knowing so a zero balance does not read as a failed claim.

Nobody can mint more, and nobody can freeze you

The launchpad program gives up both the mint authority and the freeze authority in the same transaction that creates the coin, before the first buy. There is no window during which the creator or Phoenix could print extra supply or freeze somebody's tokens, because the authorities are gone before the coin has ever traded.

Pyre does not ask you to take that on trust per coin. After the curve opens it reads the mint account back off the chain and records what it actually found, and that is what the audit line on each card reports. A coin that has not been read yet says exactly that, rather than showing a tick it has not earned.

Permanent once the curve opens

What Phoenix can still change

Stating this plainly is the point of the section. Pyre's platform configuration lives in an account on Solana, controlled by a platform administrator address that can never be transferred. Almost every other value on it can be updated by that administrator, including:

• The platform fee rate and the creator fee rate.
• The wallet platform fees are claimed to.
• The split of liquidity at graduation.
• Platform branding.

Changing those affects future behaviour of pools under that configuration. It cannot mint you extra tokens, unfreeze a revoked authority, or reach into a coin's supply. If Phoenix changes a fee rate, it will be visible on chain whether or not Phoenix announces it.

Phoenix runs leverage trading on Solana already: long and short, per-wallet margin caps, stop-loss, take-profit and trailing stops. A Pyre coin can be traded with leverage, but only once it has left the curve, and only if it passes a screen that has nothing to do with Pyre and applies to every token equally.

Two separate questions get confused here, so this section answers them separately: when a coin becomes leverage-tradable, and what it has to check to get there.

When: after graduation, not before

While a coin is on its curve there is no pool, no route, and no venue except the curve itself. Phoenix's leverage engine prices, monitors and liquidates against a routable market, so it has nothing to work with until the coin migrates.

The moment a coin graduates to its Raydium pool it becomes an ordinary Solana token as far as leverage is concerned. There is no separate approval, no Pyre allowlist and no waiting period. It either passes the screen below or it does not, and it can pass on the day it graduates.

Age is deliberately not a gate

Phoenix does not refuse leverage on a token for being new. Leverage on freshly launched coins is a first-class use case, so a coin's age is measured and logged but never blocks a position. What blocks a position is depth and distribution, both of which are measured live.

What: the boxes a coin has to check

Every one of these is checked at the moment you try to open, against live data rather than anything recorded at launch. A coin can pass in the morning and fail in the afternoon if its pool thins out.

What a creator can actually influence

Only two of those seven. A creator cannot make a coin eligible by asking, and Phoenix cannot whitelist one. But holder distribution is largely set at launch, and depth follows from the raise:

• Do not concentrate the supply. The top holder and top three checks are the ones a launch fails on for reasons that trace back to how it opened. Pyre's structure helps here (there is no team allocation and the first buy is capped at 5 SOL), but a creator who buys through other wallets can still fail their own coin.
• The preset matters. A coin graduating at 30 SOL seeds a thinner pool than one graduating at 200 SOL. The Quick preset can graduate into a pool that does not clear the $10,000 liquidity floor, which means the coin is live and tradable but not leverageable. If leverage matters to you, that is an argument for Standard or Ambitious.

Leverage while still on the curve

Phoenix has built a bonding-curve leverage tier, with hard caps, for coins on other launchpads' curves. It is small on purpose: 3x maximum, a quarter of a SOL of margin per position, and a ceiling on how much total exposure any one coin or the tier as a whole may carry. It is switched off.

It is not offered on Pyre's own curves, and the reason is worth stating rather than hiding, because it is the most interesting thing in this document.

Why not

The original design argued that a bonding curve cannot be manipulated the way a normal pool can: moving the price means really buying, moving it back means really selling, so an attack has a price you can set a cap below. Phoenix simulated that argument against the real curve formula before building anything, and the simulation refuted it. A constant-product curve is symmetric, so an attacker who pushes it up recovers nearly all of it on the way back down and pays only the trading fee each way. On Pyre's own standard preset, at $10,000 of depth, a 34 SOL push moved the price 104.6%, cost about $170 to unwind, and paid $876 against $1,000 of position.

The fix for that class of attack is a time-weighted mark: settle against an average over a window, so a manipulator has to hold the displacement rather than create it and cash out in the same minute. Phoenix built that mark and it works. Then it simulated the mark too, which is the part that matters:

So the standing conclusion is that leverage on a Pyre curve is not safe at the depth floor that was proposed, with or without the averaged mark, at any position cap that would still be a usable product. The mark is correct and is being kept, because any future design needs it. Shipping it alone as though it solved the problem would be the same error in better clothes.

What would have to change

The lever that looks structural rather than behavioural is headroom: an attack's power comes from how much room is left on the curve, so a coin at 95% of its target cannot be pushed far by anyone. Gating on proximity to graduation needs no assumption about how other people trade. It also has an obvious cost, which is that such a coin graduates shortly afterward. That approach has not been simulated and is not being treated as a solution until it is.

If it ever ships, positions close at graduation

Worth stating now because it would surprise people later. A curve position would not migrate to the graduated market. Graduation replaces the price source, can gap, and can be triggered deliberately by an attacker buying, so every curve position would close automatically at the final curve mark. A position that closes itself is not a bug in that design; it is the design.

Nothing on this page is dated, deliberately. An item moves from Next to Built when it is running, not when it is scheduled.

• Most launchpad tokens lose most or all of their value. That is true across every launchpad on Solana and there is no reason to assume Pyre is exempt from it.
• Appearing on Pyre is not an endorsement of any kind. Anyone can launch here, with no application and nobody vetting them. A coin being on this page means somebody paid the network fee to create it and nothing else. Phoenix has not met the team, does not know who they are, and makes no claim about whether they will deliver anything.
• The structural protections are narrow, and they are not a safety rating. Revoked authorities, locked liquidity and a capped first buy remove specific ways of being cheated. They do nothing about a creator who simply sells, a coin nobody buys, or a project that was never real. Read section 7 for exactly what is and is not guaranteed.
• A curve can fail to graduate. If demand never reaches the raise target, the coin stays on its curve and the only place to sell is back into that curve, at a price set by how much SOL is left in it.
• Phoenix custodies wallet keys for Telegram users. Keys are encrypted and access is restricted, but custody is custody: it is a different risk from holding your own keys, and you should size your exposure accordingly.
• On-chain transactions cannot be reversed. Phoenix cannot undo, refund or intervene in a trade, a launch or a transfer once it has landed on Solana.
• Pyre is new and parts of it are unproven. Sections of this document are marked planned precisely because they are not built. Mechanics described here may change as the system develops.

Never put in more than you are prepared to lose.