How it works

A coin here is two things at once. It is an ordinary pons v2 launch, a bonding curve holding the entire supply, tradeable from the first block, graduating into a Uniswap v4 pool with permanently locked liquidity. And it is a payment instruction: the 2% creator fee it charges on every trade belongs to one named X account, and that account collects it in dollars.

Nothing about the second part is enforced by a contract, and it does not need to be. The fee recipient set in the launch transaction is a vault only this platform can sign for, and the handle written alongside it is what decides who may draw on that vault. The chain enforces where the money goes; the handle decides who it is for.

Every coin is assigned to one X account when it launches. You type the handle in yourself, and it can be anyone: the whole point is that you can launch a coin for someone who has never heard of this site. Typing a handle does not give you anything. It only says where the fees go, and getting them out still means signing in as that account.

The handle is written once and never changed. Re-pointing a coin's payouts after the fact would make every claim already made against it retroactively wrong, so the field is immutable from the launch transaction onward. Check it before you sign, because nobody can fix it afterwards.

A coin is marked verified once its named account has signed in and proved the handle. That is not a quality signal about the coin, it only means the assigned account knows it exists. An unverified coin earns exactly the same fees, and they wait.

There is no site-wide sign-in. Launching needs a wallet, browsing needs nothing, and asking somebody to authenticate before they can look at a market would be theatre. Identity is asked for exactly once: when the account a coin pays comes to collect.

That proof runs through Privy, with X as the only login method. It establishes one fact, that you hold this handle, and nothing else. No wallet is created, nothing is signed, and the proceeds never pass through it: the dollars go to an X Money balance, not to an address.

1. 01Sign in with XOn the coin's page, or on Your fees. Privy returns the handle, and the server reads it from Privy's own API rather than from the browser, a handle supplied by a caller would let anyone name somebody else's.
2. 02The handles are matchedLowercased, both sides. If the signed-in handle is not the one written on the launch, the request is refused and says whose coin it is.
3. 03The coin is bound to the accountFrom then on the link is to X's stable numeric account id, not the handle. A later rename on X does not orphan the coin, and nobody who acquires the old handle can claim against it.

A coin earns fees from its very first trade, but nobody can touch them until it sells out. Not the account it pays, not whoever launched it, not us.

The reason is in pons rather than in any policy here. Pons does not credit its fee escrow on every trade, and it exposes no sweep that anyone can call. Before graduation the creator fee sits on the coin's own bonding curve. It is genuinely earned and genuinely immovable.

At graduation the curve is swept into the pool and the escrow is credited. From that moment the coin's vault can claim, and the keeper does so on its next pass, usually within fifteen minutes. That is when a balance stops reading Locked and becomes claimable.

X Money is a US dollar account, not a wallet. It runs on deposit accounts held at Cross River Bank with a Visa debit card attached, and it accepts money the way a bank account does: P2P transfer from another X Money user, ACH direct deposit, wire, check, cash load, or a real-time push to the linked debit card over Visa Direct. It does not accept ETH, it does not accept stablecoins, and it has no notion of Robinhood Chain.

So there is no such thing as sending fees “to” an X Money account. Every dollar that lands there arrives over one of those rails, which means on-chain value has to become dollars first, held by somebody licensed to do it, and then be pushed. That is three legs, and all three are named rather than hidden behind one spinner:

1. 01Claim, pons to the vault, on chainThe keeper calls claim() from the coin's own vault and the fees land there as ETH. Only possible after graduation, for the reason above.
2. 02Convert, ETH to USDG, on chainThe vault swaps into Global Dollar (USDG), a fully reserved USD stablecoin that is already an approved pair asset on Robinhood Chain. That is why it is the leg we use: no bridge to another chain is needed first, and one dollar of USDG redeems for one dollar.
3. 03Settle, USDG to X Money, off chainUSDG goes to a settlement account at a licensed off-ramp, is redeemed for dollars, and is deposited into the assigned account over Visa Direct or ACH. This is a bank transfer, and it runs on banking hours rather than block times.

If X ever publishes a partner transfer API, it replaces leg three entirely and collapses it into a single call against the assigned account's X account id. There is no documented endpoint for that today, and there may never be one: X Money is a bank account, and bank accounts are credited by banks.

The minimum exists rather than a higher percentage because the costs are per transfer. A percentage that covered a $2 payout would be indecent on a $2,000 one.

A payout is quoted when it is requested and the figure is frozen onto the record. The dollar value of ETH moves between the request and the swap; that difference is ours to absorb, not yours to discover afterwards.

1. 01CreateYou name the X account the fees belong to, set a name, ticker, image and links, and pay the launch fee. The entire supply is minted straight to a bonding curve. Nobody, including you, is holding a bag set aside beforehand.
2. 02Trade the curveAnyone can buy and sell immediately. Price rises as people buy and falls as they sell, and the curve always takes the other side, so there is never a wait for liquidity. The 2% creator fee starts accruing on the first trade.
3. 03GraduateOnce the curve sells out, everything it collected seeds a Uniswap v4 pool and that liquidity is locked permanently. This is also the moment the accrued fees unlock.
4. 04ClaimThe keeper moves the fees into the coin's own vault. The named account signs in with X, proves the handle, and requests a payout.
5. 05SettleThe vault converts to USDG, the USDG is redeemed for dollars, and the dollars are pushed to the X Money balance.

A bonding curve is a vending machine. It holds the whole supply from the moment of launch and will always sell you tokens and always buy them back. The price is worked out from how much of the supply has been bought so far, not set by anyone, and not negotiated.

This is why a coin is tradeable in its first block with nobody providing liquidity. It is also why early buys are cheaper than late ones: the price is a function of how much has already been sold, so the curve climbs as supply leaves it.

A portion of the supply is held back from the curve and reserved for the pool the coin graduates into. That reserved amount is what seeds real liquidity at graduation, and it is set by the launch configuration rather than by the creator.

When the curve has sold its sellable supply, the launch graduates. Everything the curve collected, together with the reserved supply, seeds a Uniswap v4 pool, and the liquidity position is locked permanently.

Permanently means what it says. There is no timelock that expires, no multisig that can withdraw it and no admin function that can move it. The tokens and the pair asset backing that pool stay there for as long as the chain exists.

Fees are always charged in the asset the coin trades against, never in the coin itself, so you are never handed a bill denominated in something you were trying to sell.

The creator fee is the same 2% for every coin on the platform. It is not a setting. A per-launch choice only ever produced coins that were quietly worse to trade than their neighbours.

Every launch derives its own fee vault, and that vault is set as the coin's fee recipient in the launch transaction itself. Fees from a coin accrue only to that coin's vault, so one coin's trading volume can never fund another's payout.

The address has to be known before the coin exists, because the fee recipient can only be set at creation and never afterwards. Each vault is derived deterministically from a single secret we hold, combined with a public value recorded alongside the launch. That public value reveals nothing on its own. Only the secret can turn it into a key, and the secret never leaves the server.

Creator fees do not arrive in the vault by themselves. They accumulate in the pons fee escrow and have to be claimed, and the keeper is the process that claims them: it walks every launch on a fixed schedule, collects whatever has accrued, and records the claim.

A second process drives payouts. They are separate on purpose, because they fail differently: a failed claim is a chain problem and retrying costs gas, while a failed payout may be halfway through a bank transfer, and retrying blindly is how somebody gets paid twice. Every payout leg refuses to act unless the record is in the state that precedes it, so a run killed halfway resumes rather than repeating.

Everything runs on the pons v2 contracts on Robinhood Chain, chain id 4663. Each launch gets its own token and curve, which you should resolve from the factory rather than hardcoding.

• The last settlement hop is not live yet. Fees are collected into per-coin vaults today and payout requests are recorded, but the off-ramp that turns USDG into a dollar credit is not in place. A payout advances to Bridging and stops there. Do not launch a coin on the assumption that money will arrive this week.
• Fees are locked until graduation. A coin that never graduates never pays out. Its fees stay on its curve indefinitely, and no amount of volume short of selling out the curve releases them.
• Not affiliated with X. X Corp. and X Payments LLC have no involvement in this platform, have not endorsed it, and owe it nothing. X Money is a destination for payouts, not a partner. Launching a coin for a handle is not a claim of any relationship with the person who holds it.
• A coin launched for you is not yours to control. You own its fees once you prove the handle. You do not own the coin, cannot stop it trading, cannot change its name or image, and cannot prevent somebody launching another one.
• Payouts depend on a handle you still hold. The binding is to X's account id once you have claimed, but before your first claim it is to the handle as typed. Losing or renaming a handle before claiming can make a coin unclaimable.
• Dollar values move. Fees accrue in ETH and are quoted in dollars at the moment you ask. A payout requested at one price and swapped at another is the platform's exposure to absorb, but the earnings figures shown before a request are marks, not promises.
• Anyone can create a coin with any name, including one that impersonates a real project or person. Names are not unique and are not verified. Check the contract address, which is the only identifier that cannot be copied.
• Graduating is not a quality signal. It only means the curve sold out.
• Transactions are signed by your own wallet and are irreversible.