How sonar works

The echo

Every coin launches on its own bonding curve. You buy with SOL and the curve hands you tokens. Each buy pushes the price up a little; each sell pushes it back down and returns SOL from the curve. There is no order book and no one on the other side of your trade, so there is always a price.

The signal on each coin shows how much SOL the curve holds, out of 40. On the home page every line is a coin: the louder the echo, the further right it sits, until it reaches the surface line. Early buyers get the lowest prices.

Surfacing

A coin surfaces once its curve reaches 40 SOL. The buy that gets it there closes the curve, and graduation follows right after: sonar's keeper sends it within seconds, and anyone else can send it too.

• The curve closes. No more buys or sells on it.
• The 40 SOL raised and the 214.3M tokens held back for the pool move into an Orca Whirlpool, paired with SOL, at the curve's final price.
• The liquidity is concentrated from 0.25x to 4x the graduation price, so the first trades in open water are deep, not thin.

No migration wait and no bridge: graduation is one transaction, and the coin page switches to open water as soon as it confirms.

Fees

Launching a coin

Free. You only pay Solana network fees.

Trading on the curve

1% of each buy and sell, split 50/50 between the coin's creator and the platform.

Dev buy at launch

Same 1% as any curve buy.

Trading in open water

Orca's pool fee and Jupiter routing, the same as trading any Orca token.

Pool fees after surfacing

The fees the launch position earns on Orca split 50/50 between the creator and the platform.

Creators see their share on their coin's page while their wallet is connected, with a Collect button that sends it to the wallet. Curve fees stop when the coin surfaces, because the curve closes; from then on the creator's share comes from the Orca position's fees.

Open water

Once it surfaces, the coin trades in its Orca Whirlpool. That means it shows up in Jupiter, so Phantom, Solflare, Backpack and every other wallet that uses Jupiter can swap it with no extra steps. The trade box on sonar routes through Jupiter too.

Whirlpools use concentrated liquidity. The position is set in a price range around the graduation price, which makes trades near that price cheaper to move through. If the price later moves well outside the range, the position is all in one asset and the pool gets thinner on that side.

Every coin in open water links to its pool on orca.so, with liquidity and 24 hour volume shown on the coin page.

Every coin

Supply

1,000,000,000, fixed

Token

Classic SPL token

Mint authority

Revoked at creation. Nobody can mint more.

Freeze authority

Revoked at creation. Nobody can freeze your tokens.

Pair

SOL only

Dev buy

Optional. The creator can buy in the same transaction as the launch, so they buy first.