Technical Overview
Launchpad Architecture
A technical overview of how Send Launchpad works and why we built it differently. This document covers the bonding curve mechanics, token lifecycle, partner verification system, and creator economics.
The Problems We're Solving
Current launchpad architectures have structural issues that create misaligned incentives. We built Send Launchpad to address these problems directly.
Misaligned Creator Incentives
When creators earn fees on launchpad volume, they're incentivized to create tokens, generate short-term hype, and move on. There's no reward for building lasting communities or maintaining a token post-launch. Serial token creation becomes the optimal strategy.
Fee Structures That Reward Extraction
At 1% swap fees, high-frequency trading strategies become profitable. Bots can extract value from organic trading activity because the fee margin supports their operational costs. Regular traders subsidize this extraction.
Fixed SOL Thresholds
An 85 SOL migration threshold assumes SOL price stability. At $5/SOL, migration costs only $425, making it trivially easy. At $3,000/SOL, it costs $255,000, making migration nearly impossible. The system breaks in both directions.
No Bot Deterrence
Bundled rug bots accumulate tokens across a large number of wallets over time, creating the appearance of real volume and organic price action, while sniper bots front-run visible transactions. This manufactured success misleads unsuspecting traders. Without structural deterrence, these bot strategies dominate.
No Trader Rewards
Traders provide liquidity and volume that sustains token ecosystems, yet receive nothing in return. All value flows to platform operators and creators while traders absorb fees and slippage. Participation isn't rewarded—only extraction is.
No Revenue Sharing
Protocol fees accumulate to operators with no mechanism for community participation. Users who drive platform growth have no way to share in the upside. Long-term supporters are treated the same as one-time visitors.
Bonding Curve Mechanics
Send Launchpad uses a constant product automated market maker (AMM) with virtual liquidity, the same bonding curve model as pump.fun. The key difference is how we initialize and normalize the curve.
USD Normalization
This is the key architectural difference. Instead of a fixed SOL threshold, we normalize the curve to a USD value. The normalized_sol_price global parameter adjusts virtual reserves so the migration threshold stays consistent at approximately $14.5K regardless of SOL price volatility.
When SOL price changes significantly, governance can update this parameter to maintain the intended migration difficulty. This ensures tokens have a consistent path to DEX liquidity in any market condition.
Partner Verification System
Every transaction is classified at execution time based on signer origin. This classification is deterministic and immutable - it doesn't depend on transaction content, timing, or observed behavior.
Verified Partners
Transactions signed by approved partner keys: Axiom, Photon, GMGN, send.fun app, and other registered platforms.
Unverified
Direct contract calls, unknown bots, unregistered platforms, or any transaction not signed by an approved partner key.
This 20X fee differential makes bot strategies economically unviable without requiring mempool inspection, transaction blocking, or behavioral analysis. Bots can still operate, but they pay fees that exceed their expected edge. Legitimate platforms can request partner status by contacting partners@send.fun.
FairLaunch Guard
A built-in anti-sniper system that protects early liquidity. Unverified transactions incur a temporary, quadratically decaying fee—starting high at token creation and smoothly normalizing within seconds—ensuring fair access and discouraging exploitative bots without penalizing real traders.
Creator Economics
We inverted the traditional creator incentive model. Instead of earning during the speculative launchpad phase, creators only earn if their token survives migration and maintains trading activity.
Why No Creator Swap Fees at Launch?
Fees are already effectively subsidized through our 0.1% protocol swap fee, which is significantly lower than other launchpads. This makes launching and trading tokens on our platform cheaper by default.
Using Token-2022 also lets us avoid Metaplex entirely, which previously charged ~$3 just to store token metadata. While that's a smaller component, it further reduces the cost of token creation. Combined, launching and buying tokens on our platform is already cheaper than on competing launchpads.
If we also removed all friction at launch, creating a token would be essentially free. That would invite mass serial deployers and flood the ecosystem with low-quality tokens. Instead, we charge a small protocol creation fee to create friction at the right point, while rewarding creators who actually succeed by graduating their tokens to the DEX.
Launchpad Phase
Zero creator swap fees. This keeps trader fees as low as possible during the critical early phase when tokens need momentum. Creators have no incentive to pump and dump—there's nothing to extract during launch. The upside comes later, only if the token earns it.
Post-Migration
0.2% of all DEX volume, forever. After successful migration, creators earn on every trade. No caps, no expiration, no vesting. This creates ongoing incentive to maintain community engagement and trading activity.
Why This Matters
Serial token creation ("dev rugging") becomes unprofitable. Creating 100 tokens that all die on the launchpad generates zero revenue. Creating one token that survives and trades $1M daily volume generates $2,000/day indefinitely. The math favors building real communities.
For Traders
Send Launchpad is designed to give regular traders a fair chance against automated strategies by removing hidden advantages and artificial incentives. Instead of rewarding speed, bundling, or opaque fee rebates, the system prioritizes transparent pricing, predictable execution, and real participation. The goal is simple: compete on conviction and timing, not infrastructure or exploitative mechanics.
Trader Rewards
We don't fund trader rewards by inflating protocol swap fees and rebating them later. That model adds unnecessary friction and obscures true costs. Instead, we offer the lowest possible swap fee from the start, so every trade is cheaper by default. To still reward active traders, incentives are paid in native SEND tokens, aligning long-term participation without taxing short-term trading or distorting price discovery.
Slippage Protection
Every trade requires max_quote_in for buys or min_quote_out for sells. If the price moves beyond your tolerance before execution, the transaction fails safely. No partial fills, no unexpected slippage.
Fair Access
Partner verification eliminates bundle bot advantage. Bots can't profitably snipe token launches because the 2% unverified fee exceeds their edge. You're competing against other traders, not algorithms.
Airdrop Rewards
Trading volume through verified partners earns SEND token allocation. Rewards accumulate in your user stats and can be claimed via the community program.
Transparent Pricing
Same constant product formula as pump.fun. Predictable price impact based on trade size and current reserves. No hidden fees, no front-running by the protocol itself.