DOCUMENTATION

01 · OVERVIEW

$P1T is a Solana-native token that launches through a deterministic two-phase order book — a return to how crypto used to trade before AMMs.

There is no bonding curve, no AMM, no LP. Every $P1T enters circulation through a fixed-price stepped bootstrap, then transitions to a permissionless limit-order book on Meteora DLMM. Every buyer needs a seller. Every seller needs a buyer.

25,000,000 supply · 2,500 steps · 0 premine · 0 dev bag · 0 LP reserve

The two phases

1. Phase 1 — The Climb. 2,500 fixed-price steps auction off the entire supply. Buyers send SOL; the step price scales quadratically with step number.
2. Phase 2 — The Pit. Once step 2,500 closes, the climb ends and the pit opens: the closing transaction creates a Meteora DLMM limit-order pair (P1T / SOL), live at once. Sellers post asks, buyers post bids. The same transaction that closes step 2,500 also renounces all admin powers and revokes the mint authority, forever.

02 · THE CLIMB

The bootstrap phase. 2,500 steps, 10,000 P1T each (25,000,000 total). Every buyer's fill_rung instruction spills across steps as each closes.

Price curve

The price per P1T at step n is:

pricePerToken(n) = K · n² · 10⁶ / 10¹⁸ lamports    where K = 1,918,850,000
cost(a, n)       = ⌈a · K · n² / 10¹⁸⌉ lamports     a = P1T base units (6 decimals)

Examples (at $150/SOL):

Full sweep raises approximately 100 SOL.

Spillover

One fill_rung call can close multiple steps in sequence. Whoever's transaction submits the last slice that brings a step's remaining tokens to zero is written into the on-chain ledger as that step's closer, and earns its badge. A single tx can close many steps and earn many badges.

Practical cap: every Solana transaction runs inside a fixed compute budget (1.4M compute units), so the program caps a single fill at 120 steps. Whales wanting larger positions split across multiple txs.

What you receive

For each fill_rung:

• P1T tokens equal to SOL-paid / pricePerToken (Token-2022, 6 decimals)
• One badge per step your transaction closes, recorded on-chain and mintable at any time
• Only the SOL your fill actually uses is taken — there is nothing to refund

03 · FLOOR BADGES

2,500 numbered Token-2022 NFTs. One per closed step, ever.

How they're minted

Each step has 10,000 P1T of supply. When that supply is exhausted by buyers, the step "closes." The program writes the wallet that sent the closing transaction, and the time, into the on-chain ledger. Anyone can then call the permissionless mint_trophy(n) instruction and pay the rent — P1T Badge #N always goes to the recorded closer, never to the caller.

On-chain metadata

Badge metadata is fully on-chain. No IPFS, no off-chain hosting, no external dependency. The SVG image and JSON metadata are written into the Token-2022 metadata extension as a data: URI at mint time, and the mint and update authorities are revoked in the same instruction: 1 of 1, immutable forever.

What they do

Floor Badges grant nothing functional. No fee discount, no governance, no yield. They are status symbols — proof that you were there.

Floor Badges are standard Token-2022 NFTs and are tradable on Tensor, Magic Eden, or any Solana NFT marketplace. Every closed step is listed inside the dApp under app → BADGES.

04 · THE PIT

The permissionless central limit order book. Activates when step 2,500 closes.

Meteora DLMM limit orders

The pit is a Meteora DLMM pair (P1T / SOL) with the limit-order function type, 1% bins (bin step 100) and a base fee of about 0.1%. It cannot exist during the climb: Meteora rejects mints that carry a freeze authority, and P1T carries one until the pit opens. The permissionless open_book instruction (only valid after step 2,500) revokes it and creates the canonical pair in the same step, owned by the program's book_authority PDA. The app bundles open_book into the transaction that closes step 2,500, so the pit opens the moment the climb dies.

Orders are standard DLMM limit orders, placed in a single bin at your price:

placeLimitOrder {
  isAskSide: bool,          // true = sell P1T (ask), false = buy P1T (bid)
  bins: [{
    id: i32,                // DLMM bin = your price in SOL per P1T
    amount: u64,            // P1T base units (ask) or lamports (bid)
  }],
}

Sellers post asks above the market, buyers post bids below it. When a taker swaps through your bin, your order fills at your price, and the pair:

1. Moves your P1T (ask) or SOL (bid) to the taker
2. Credits the other side to your limit-order account
3. Charges the taker the DLMM pool fee (~0.1%), paid in SOL
4. Leaves anything unfilled resting in the bin

Cancellation

The owner can call cancelLimitOrder at any time to withdraw unfilled funds plus proceeds and reclaim the account rent.

Settlement currency

Native SOL. The app wraps and unwraps wSOL inside the same transaction; you never hold wSOL.

Indexer

None needed. Orders live on-chain in the DLMM pair. This app, Meteora's own UI, or any script using @meteora-ag/dlmm reads the same book. The chain is the only source of truth.

Partial fills

Orders can fill partially. Whatever is left keeps resting in its bin until it is filled or cancelled.

05 · TOKENOMICS

P1T is only ever minted by the climb, the program refuses to mint past 25,000,000, and the mint authority is revoked in the transaction that closes step 2,500. After that, no instruction anywhere can create another token. The genesis transaction buys 0.000001 P1T at the step #1 climb price (1 lamport) for the program's book authority, as Meteora requires of a pool creator. It is bought, not premined.

06 · TRUST MODEL

Two phases of trust assumptions.

During the climb (Phase 1)

An admin key (the deploy wallet) holds these powers:

• set_paused(bool) — emergency pause of fill_rung. Each pause expires on its own after 72 hours, and the admin gets at most three over the whole climb, so the climb can never be frozen for good
• set_treasury(Pubkey) — rotate the recipient of climb SOL (must be a funded plain wallet)
• set_book_params(…) — tune the pit's fee tier before step 2,400. The opening price is pinned on-chain to the step #2,500 price and the fee to Meteora's 0.01%–10% range; after step 2,400 the params are locked
• renounce_admin() — voluntary early renunciation

These exist as safety mechanisms during the highest-risk window of the protocol's life. They cannot be used to mint tokens, alter prices, change the curve, or rug the treasury — only to pause or redirect to a different cold-storage address. Once genesis is verified, the program's upgrade authority is burned (--final), so the code itself can never change. Check it on Solscan: upgrade authority should read none.

During the climb the P1T mint also carries a freeze authority, held by the program purely so that no DLMM pool can open early. The program has no freeze instruction. The authority is revoked byopen_book in the same instruction that creates the canonical pair, so nobody can list a look-alike book first. If the pit somehow still isn't open seven days after step 2,500 (say Meteora changed its program), anyone can call release_freeze, which drops the freeze authority and leaves P1T a plain, freely listable token. It can never stay frozen.

Launch gate

Genesis fixes an announced launch_at time (at most 30 days out). Every fill before it is rejected on-chain, so bots watching for the genesis transaction can't take the cheap early steps in the next slot. Everyone starts at the same second.

After step 2,500 closes (Phase 2)

The same transaction that closes step 2,500 also automatically and atomically renounces all admin powers:

• Ladder admin → none (Pubkey::default())
• Ladder active flag → permanently false
• P1T mint, metadata and metadata-pointer authorities → revoked (freeze authority → revoked by open_book)
• Book → created by the permissionless open_book, bundled into the closing transaction
• No set_paused, no set_treasury, no upgrades

The program becomes a fossil. The launch ends. The protocol begins.

07 · CONTRACTS

All accounts are created at the launch transaction. Verified on Solscan.

Addresses will be filled in immediately after the mainnet deploy transaction confirms.

Verification

The program is an Anchor program published as a verifiable build, so anyone can match the on-chain bytecode to the source. Do not interact with any program or mint claiming to be $P1T that is not in the table above.

Audit

Pre-launch review performed in-house:

• Pricing math unit tests — full sweep ≈ 100 SOL, rounded-up cost never exceeds the SOL sent
• Client quote ported bit for bit from the on-chain math, with a 1% min-out guard
• Program tests (LiteSVM): 23 passing, including a full 2,500-step sweep, rounding abuse, initialize griefing, bounded pauses, the launch gate, book-param bounds and the freeze escape hatch
• End-to-end launch rehearsal against the Meteora DLMM program: genesis, launch gate, climb (quotes match on-chain results exactly), badges, the closing fill opening the pit atomically, limit orders, swaps and cancels
• Squat test: no P1T pool can be created on DLMM before open_book, even after step 2,500
• Program upgrade authority burned once genesis is verified

08 · FAQ

Can I sell P1T during the climb phase?

The Pit does not exist until step 2,500 closes. During the climb phase your options are:

• Send P1T to another wallet — a plain Token-2022 transfer
• Wait — no Meteora pool can list P1T before the pit opens, because the mint still carries a freeze authority
• Sell any badge NFTs you've minted on Tensor or Magic Eden

What happens if no one buys from the climb?

Nothing breaks. The climb stays open until step 2,500 closes — there is no time limit. If interest stalls at step 47, the protocol simply waits. Late buyers can resume at any time.

Can a single whale sweep the entire climb?

Yes, in principle — but every Solana transaction is bounded by the compute budget, and the program caps a single fill at 120 steps. Larger sweeps split across multiple transactions, giving other buyers a chance to slip in between slots.

Is there a token vesting schedule?

No. There is no team allocation, no investor allocation, no LP reserve, and no vesting. 100% of supply enters circulation only when SOL is paid for it at the climb.

What happens to the SOL I send for a step?

It is transferred to the treasury account inside the same instruction. Only the SOL your fill actually uses is taken. During the climb phase, the treasury is controlled by the deploy wallet (configurable to a multisig or cold address via set_treasury). After handover, the treasury address is locked — admin no longer exists.

How is the badge awarded if my tx closes multiple steps?

You are recorded as the closer of every step your transaction closes. A transaction that closes steps 17, 18, and 19 makes P1T Badge #17, #18, and #19 yours — mint them from the BADGES tab whenever you like.

How do I trade after the pit opens?

With DLMM limit orders on the P1T / SOL pair: post an ask (sell P1T) or a bid (buy P1T) in THE PIT tab of this app, or on Meteora directly. Takers fill resting orders by swapping through the pair. The pair address is in the contracts table above.

Is there a transfer tax?

No. P1T is a plain Token-2022 mint with no transfer fee and no transfer hook.

What chain is this on?

Solana mainnet only. No bridged or wrapped deployments are planned. Bridging would defeat the purity of the order-book settlement model.

Where do I get help?

X / Twitter: @p1tcash. All technical discussion happens publicly there. There is no admin DM, no support ticketing system, no help desk — by design.