Reading a coin page

Everything on a coin's page is read from the chain, live. There is no indexer between you and the pool for the numbers that matter.

Price and market cap

Price is derived from the pool's sqrtPriceX96, converted for the decimal gap between the coin and its quote. Market cap is that price times the full supply — and since the supply is fixed at 1,000,000,000 for every coin and can never change, market cap here is a straight multiple of price rather than something that can be diluted underneath you.

Backing

The number to look at. It is the quote-side balance sitting in the coin's own pool: the money its trading has actually put behind it. Not a valuation, not a projection — the amount that is there.

Before the bond it is USDG. After, it is the tracker, worth a dollar apiece and held there by the vault's mint-and-redeem arbitrage.

Bond progress

Shown as a market cap, not as a pile of liquidity, because that is the number a buyer can hold in their head and watch approach.

The two are the same statement. Along a single-sided position holding the whole supply, the accumulated quote and the price are tied by the V3 curve, and the supply cancels out entirely — leaving the square root of the market cap linear in the dollars accumulated:

sqrt(M(q)) = sqrt(M0) + q / sqrt(M0)

hence      M(q) = ( sqrt(M0) + q/sqrt(M0) )^2

with M0 the market cap at launch and q the quote accumulated so far. Nothing to read, no liquidity term, no supply term. The threshold itself is bondBackingUsd on the launcher — a public, immutable value you can read yourself.

Backed by

The tracker the coin bonds onto, named for its market and its leverage: NVDAx5, TSLAx5S. The S suffix means the tracker is short. This is resolved when the coin launches, so it is shown from the first block even while the coin is still quoted in dollars.

Your creator fees

Visible only to the wallet that launched the coin. See Claiming your fees.