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A graduated curve takes no trades. Curve managers now report it and refuse a price, and the trader prices and sells through the platform's post-graduation market: the canonical PumpSwap pool for pump.fun, the Raydium CPMM pool for LaunchLab. Both pools are derived from the mint. Co-authored-by: Claude Opus 5.5 <noreply@anthropic.com>
105 lines
5.2 KiB
Markdown
105 lines
5.2 KiB
Markdown
# Raydium LaunchLab: letsbonk.fun and StonkFun
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Both platforms are pools on one program, Raydium LaunchLab
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(`LanMV9sAd7wArD4vJFi2qDdfnVhFxYSUg6eADduJ3uj`). The shared code is
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`src/platforms/launchlab/`; `platforms/letsbonk/` and `platforms/stonkfun/` only
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name their platform configs. The IDL is `idl/raydium_launchlab_idl.json`, pulled
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from the program's on-chain IDL account.
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## Platforms are platform configs
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A launchpad on LaunchLab is the set of `PlatformConfig` accounts its pools are
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created under. Every launch and every trade names one, at account 3.
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| Platform | Platform configs |
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|---|---|
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| letsbonk.fun | `5thqcDwKp5QQ8US4XRMoseGeGbmLKMmoKZmS6zHrQAsA` |
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| StonkFun, standard | `4E876qZTE9FJMrBzgVtBrSrzz2TLivB5Y5QXPjB4gZL7` |
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| StonkFun, reward | `6BwHHDg3u1854jC8PDLXvR4spTcLNaoBxLJNGC4nTESt` |
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The geyser and blocks listeners subscribe on these accounts, not on the program
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(`EventParser.get_stream_filter_accounts`), so other launchpads on LaunchLab stay
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out of the stream. Two platforms on one program also mean nothing may key a
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lookup by program id alone.
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## Launches
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StonkFun launches are `initialize_with_token_2022`, as legacy, v0 and v1
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transactions, sometimes issued by a router as an inner instruction. Read
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accounts by IDL name: `payer` is 0 and `creator` is 1, and the pool's `creator`
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— which keys the creator fee vault — is the `creator` account, not the payer.
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The quote mint is account 7 and its token program account 11. The transfer fee
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is the `transfer_fee_extension_param` argument.
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Everything a buy needs is in the instruction, so the parsers set
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`state_from_event`. The program's `PoolCreateEvent` carries no base mint, quote
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mint or platform config, which is why there is no logs listener for LaunchLab.
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## Trades
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`buy_exact_in` and `sell_exact_in` take the IDL's 15 accounts, then three the
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program reads positionally: the system program, the platform fee vault
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`PDA([platform_config, quote_mint])` and the creator fee vault
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`PDA([creator, quote_mint])`. The pool is `PDA(["pool", base_mint, quote_mint])`.
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Every one of these is keyed by the pool's quote mint.
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- **`buy_exact_in` spends all of `amount_in`.** The trader hands an exact-in
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builder the configured amount, unpadded (`spends_exact_amount_in`).
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- **Price is `(virtual_quote + real_quote) / (virtual_base - real_base)`.** The
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virtual reserves are fixed at launch. Pricing off them alone returns the
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launch price forever, and take-profit and stop-loss never fire.
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- **Fees:** `trade_fee_rate` (GlobalConfig) + `fee_rate` + `creator_fee_rate`
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(PlatformConfig), in parts per million, read live by the program. A buy pays
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them from its input and a sell from its output, rounded up. Curve outputs
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round down. `platforms/launchlab/curve_math.py` reproduces both to the unit.
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## Quote assets
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The launcher picks the quote: SOL, an xStock, another coin. A SOL-quoted trade
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settles through a throwaway wrapped-SOL account opened and closed in the same
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transaction. Any other quote is paid from, and paid into, the wallet's own
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account for that mint. The bot never buys a quote asset, so the balance must
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already be there, and a sell leaves the proceeds in that asset. The quote's token
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program comes from the launch instruction. xStocks are Token-2022 mints.
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xStocks carry a pause switch, a permanent delegate, a scaled UI amount and a
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transfer-hook extension with no program set. If the issuer sets a hook program,
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every transfer needs that program's extra accounts, and the builder does not
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pass them.
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## Transfer fees
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StonkFun reward coins are Token-2022 mints with a 1% or 3% transfer fee.
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- A buy delivers its output less the fee, and **`minimum_amount_out` is checked
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against what arrives**. A floor computed without the fee reverts `6004`.
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- A sell sends its amount and the pool trades on what arrives, less the fee.
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- The fee is withheld **inside the receiving account**: the bot's own account,
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on a buy. Token-2022 refuses to close an account holding withheld fees
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(`0x23`), so cleanup runs the permissionless `HarvestWithheldTokensToMint`
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first. Standard coins' mints have no transfer-fee extension, and harvesting
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against one fails, so only harvest when the account holds withheld fees.
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## Graduation
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When a curve raises its target, Raydium's migrate wallet moves it to a pool, and
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the curve takes no more trades. `PoolState.status` is 1 while it waits and 2 once
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migrated; a migrated pool keeps its final reserves, so the curve manager reports
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`graduated` and `calculate_price` raises rather than return a frozen price.
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`migrate_type` 1 means Raydium CPMM, which is where every StonkFun coin goes. The
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CPMM pool is `PDA(["pool", amm_config, token_0, token_1])` under the CPMM program,
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with `amm_config` the platform's `PlatformConfig.cpswap_config` and the two mints
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ordered by their bytes, so it is derived, never searched for. A sell is
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`swap_base_input`, 13 accounts; the creator fee accrues inside the pool and adds
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none. Price is the vault balances less the protocol, fund and creator fees still
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sitting in them. `migrate_type` 0, Raydium AMM v4, has no market in the bot; a
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coin there is reported, not sold.
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## Verifiers
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`verify_launchlab_trades`, `verify_launchlab_launch_parsing`,
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`verify_cleanup_harvests_withheld_fees` and `verify_sell_after_graduation` cover
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all of the above against captured
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mainnet transactions.
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