Docs

How Backed works.

The flow

1. Launch. You launch a normal pump.fun coin through Backed and pick its asset: Gold (GLDx), NVIDIA (NVDAx) or the S&P 500 (SPYx) where it is open. One asset per coin, for good. You may seed the vault with SOL at launch; it is bought into the asset right away.
2. Every trade pays the creator fee to the coin's own program account. It is split 85 / 10 / 5: the vault (backing), the dev, the pad. The dev does not choose the split.
3. Back it. As soon as at least 0.01 SOL waits, anyone can press "back it" (our keeper does it within seconds). The program swaps a chunk of at most 1 SOL and 1% of the pool's depth on the asset's Orca Whirlpool, and the asset lands in the coin's vault. The caller earns a tip of at most 0.00001 SOL.
4. The number. "Backs every 1M tokens" = (vault at market + SOL waiting to be bought) / supply x 1,000,000. It equals what one million tokens would redeem for if the coin died now and nothing else moved. It is not a price promise and not a yield.

Price guard

The program keeps its own ring of price readings of each asset's reference pool (one reading per 30 s at most, each clamped to 10% of the last). A swap must return at least the median of three fresh readings minus the asset's slippage (1% for GLDx and NVDAx, 1.5% for SPYx), or it fails and nothing is spent. Readings taken in the same transaction as a swap are refused, so a sandwich cannot set its own price.

Death and redeem

1. A coin older than 14 days whose volume over the last 14 days is below 20 SOL can be declared dead by anyone (after three readings of its circulating supply). Death is final.
2. Its vault is sold back to SOL in chunks under the same price guard, within 48 h. Fees and donations that still arrive go to the payout pot.
3. When the vault is sold (or the deadline passes) redeem opens and never closes: burn any amount of the coin and receive pot x amount / circulating supply in SOL. The supply figure is the larger of the supply at death minus what was redeemed and the supply now, so a flash sell-and-rebuy around death gains nothing.
4. Holders are paid in SOL by default. If the issuer paused the asset and it could not be sold in time, the unsold part can be taken in kind on request.

Parameters read from the program

Program reading...

Trust points

• Admin whitelists assets and their reference pools, can switch a pool or slippage after a 3-day timelock (existing coins follow), can close an asset to new coins, can change parameters after 24 h (existing coins keep the ones they launched with), and can pause new launches and donations. There is no instruction that moves any vault asset, waiting SOL, payout pot or dev share anywhere but to its owner.
• pump.fun is upgradeable and could redirect a creator fee; Orca Whirlpool and Token-2022 are upgradeable programs too.
• Everything else is permissionless. Collect, back, death, selling a dead vault, redeem and claims never pause and anyone can run them; our keeper only saves you the click.

Risks

• Issuer powers. GLDx, NVDAx and SPYx are xStocks issued by Backed Finance on Token-2022. The issuer can freeze an account, pause all transfers or move and burn tokens (permanent delegate). A paused asset cannot be bought or sold; redeem in SOL still pays what was already sold.
• Not for US persons. xStocks are not offered to US persons. The coin's vault holds the asset; holders are paid in SOL.
• Market value. Vault values are the asset at market (the program's median price). Gold and stocks move; so does SOL.
• Keeping a coin alive costs about 0.06 SOL of fees per 14 days, so a determined holder can delay death; 85% of that goes into the vault.
• Not affiliated with Backed Finance / xStocks. Backed (this site) is an independent launchpad that buys their public tokens.