whitepaper

when you launch a coin, you pick a market from the list. you can't change it afterward, so it's the main thing to get right — everything else about the coin is the same across every launch.

the coin launches straight into its final pool: all 1 billion tokens, deposited one-sided at the starting price. there's no money in the pool at launch — buyers add it as they buy, and selling can only walk the price back down toward where it started. it's a normal pool, indexed and routable like any other token's.

the difference is what you pay with. on other launchpads you buy with SOL. here you buy $JPOW with the market's yes token, and the pool is JPOW / FEDYES. that's the coin's only pool, ever — no JPOW/USDC or JPOW/SOL pair exists, and there is no migration or graduation step, not even when the market resolves.

that liquidity is permanently locked the moment the coin launches. it cannot be withdrawn by the creator, by a later buyer, or by us — there is no instruction that would let anyone do it. a rug is not something we promise not to do; it is something the pool cannot perform.

charts still show a dollar price because the indexers convert it for you. the coin itself is denominated in FEDYES.

$JPOW is priced in FEDYES. FEDYES is priced in dollars, and its dollar price is the market's odds. so the coin's dollar price is two numbers multiplied: how much FEDYES the coin is worth, times what a FEDYES goes for.

if the odds of a hold go from 40¢ to 80¢, every FEDYES is worth twice as much in dollars — and so is $JPOW, without a single $JPOW trade. it works the same in reverse: if the odds fall, the coin falls too, even though nobody sold it.

every trade pays a flat 3% fee, split three ways. part goes to the coin's holders, sent straight to their wallets in proportion to what they hold — nothing to claim or stake. part goes to the coin's creator. and part is used to buy $PMX on the open market, which then gets burned. so trading anywhere on the platform steadily reduces the PMX supply.

you don't have to take our word for any of this. every payout and every buyback — including the burn transaction that destroyed it — is listed on the buybacks page with links to the receipts on-chain.

• launch: pick a market, add a name and a picture. done.
• live: the coin sits in its permanent pool and trades like any other coin, except its price also moves with the market.
• resolution: when the market settles, the pool doesn't change — only what backs it does. see below.

nothing happens to your coin. the pool isn't touched, the liquidity isn't moved, trading never pauses, and the contract address never changes. this is worth saying plainly, because most launchpads do the opposite.

what changes is the backing token. until the market settles, FEDYES floats with the odds — which is exactly why $JPOW moves on its own. once it settles, FEDYES stops floating: the winner becomes a claim on a fixed amount, the loser is worth nothing. the pool is still JPOW/FEDYES; the second half of the price link just stops moving.

if the outcome won — the fed held, in our example — every FEDYES can be redeemed for its settled value, so it behaves like a dollar-stable token from that point on. $JPOW keeps trading in the same pool it launched into, and its dollar price now moves only when someone actually trades $JPOW.

that settled price is not always exactly $1. each market pays out what it actually collected — the money escrowed when the outcome tokens were minted, plus what the hedge returned — divided by the number of tokens still outstanding. usually that lands at or just under a dollar. a market that collected $90 against 100 tokens settles at 90¢, and it says so.

if the outcome lost, the backing is worth $0, so the coin is too — regardless of how it trades. nothing is drained, because there's nothing worth recovering. holding through a losing resolution means holding something worth zero, the same risk as holding the losing outcome token itself.

the reason none of this requires moving your liquidity is that the venue holds the settled token steady on its own: a permanent pool bids for the winner at its settlement price, and another permanent pool caps it at a dollar. both are locked forever. so the coin's unit of account becomes stable without anyone having to rebuild anything.

an outcome token trades between $0 and $1, and its price is the market's odds. when the question settles it's worth exactly $1 or exactly $0 — nothing in between.

this is the part a regular coin doesn't have. if the outcome hits, the backing token jumps to $1, and since the coin is priced in it, the coin jumps with it. buy when the odds are 25¢ and there's a built-in 4× if it hits; at 50¢ it's 2×. the multiple is just 1 divided by the odds you bought at.

and that multiple isn't a guess about where the price might go. it happens on its own, because the backing token revalues whether or not anyone trades the coin. anything people pay above that is ordinary speculation, and behaves like any other token.

and if the outcome misses, the token is worth $0 and so is the coin. no partial payout.