The $20K spawn: how StonkFun opens a coin at $20K
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$20K spawn
001
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Spawn
(What changed on StonkFun)
Same program, same config.
Two numbers moved.
StonkFun is a Raydium LaunchLab platform (platform 4E876q…). Every coin is a constant-product curve with 1B tokens, Token-2022, a 1% trade fee to the platform, 0 to the creator, and a CPMM pool at graduation.
Two coins called Stonkchan were launched by the same wallet, 34 seconds apart, on the same SOL config (6s1xP3…). One opened at $2,615, the other at $19,969. Their pool accounts differ in exactly two inputs: tokens on the curve and SOL to raise.
Classic: 793.1M tokens on the curve (79.31%), raise 85 SOL. 20K: 732.5M (73.25%), raise 428.31 SOL. The program derives the virtual reserves, and with them the opening price, from those two numbers and the supply.
The first 20K coin, PHIL413 paired with SPYx, launched at 15:07 UTC on 3 November. Since then they come from many different wallets, paired with SOL, STONK, SPYx, SPCXx, NVDAx, WBTC, RAY and more. Each quote asset gets its own raise, sized in dollars so the curve opens at $20,000.
002
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Curve
(The 20K curve, read from its pool account)
73.25% on the curve,
not 79.31%.
732.5M of the 1B supply is for sale on the curve. The other 267.5M goes into the Raydium pool at graduation, next to the raise.
Raise 428.31 SOL,
not 85.
The curve graduates when 428.31 SOL has come in (classic: 85). That raise and the leftover tokens set the graduation price: 428.31 / 267.5M.
Virtual reserves:
1153.88M and 246.39 SOL.
The program solves for them. Opening price = 246.39 / 1153.88M = 2.135e-7 SOL a token, 213.5 SOL for the 1B supply. Classic: 30 / 1073.03M, 28 SOL.
Graduates at 7.5x,
not 14.69x.
(1153.88 / 421.38)² = 7.5. A 20K coin leaves the curve at 7.5x its spawn, about $150K. A classic one at 14.69x, about $38K.
003
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Ladder
(The split ladder)
Same multiples,
bigger dollars.
Every 10x from the spawn is a split. A 20K coin cannot split on the curve: the curve ends at 7.5x. Its first split happens on the Raydium pool, 1.33x past graduation.
A classic coin splits once on the curve, at 76.3% of its raise, then graduates at 14.69x.
The higher ceiling is in dollars and depth, not multiples: the 20K curve tops out near $150K instead of $38K, and pours 428 SOL into its pool instead of 85.
SOL figures: the quote that has to come in from the spawn, before fees, using the constant-product math on the curve and on the pool.
$20K
- Spawn 1x, $20K, 0 SOL in
- Graduate 7.5x, 428.31 SOL in
- Split 1 10x, $200K, ~495 SOL in
- Split 2 100x, $2M, ~1,564 SOL in
$2.6K
- Spawn 1x, $3K, 0 SOL in
- Split 1 10x, $26K, 64.87 SOL in
- Graduate 14.69x, 85 SOL in
- Split 2 100x, $260K, ~222 SOL in
004
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Questions
(Asked plainly)
005
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Evidence
Every account, on Solscan
- LaunchLab program
- LanMV9…3uj
- StonkFun platform
- 4E876q…ZL7, 1% trade fee, creator 0
- SOL config, both spawns
- 6s1xP3…aHuX
- Its curve rule
- 9emka7…UmN, group 0 sells 793.1M, group 1 sells 732.5M
- The rule change
- Uq9RZbax…, UpdatePlatformCurveRule, 3 Nov 02:44 UTC, signed by 2pMi1S…rvp
- First 20K coin
- PHIL413 paired with SPYx, 3 Nov 15:07 UTC, 4Md3e3Mh…
- Stonkchan, 20K pool
- 7ZGTYh…hC3P: sells 732.5M, raises 428.31 SOL, virtual 1153.88M / 246.39 SOL
- Its launch
- 2ZGvj7mt…
- Stonkchan, classic pool
- 4U4vBh…habP: sells 793.1M, raises 85 SOL, virtual 1073.03M / 30 SOL
- Its launch
- 8QmrYuo7…
- Same creator
- 5jYZzt…q7au
- Spawn, 20K
- 213.5 SOL for 1B tokens, 2.135e-7 SOL each
- Spawn, classic
- 28 SOL for 1B tokens, 2.796e-8 SOL each
- Graduates at
- 7.5x (20K), 14.69x (classic)
- Coin list
- Raydium launch list for the platform