How it works
What each part is built on, and where to check it. Solana Devnet, test tokens only.
Launch
Live on DevnetEvery launch deploys its own Meteora DBC config and pool from the creator's choices. Sonata's treasury program is the config's fee claimer, so fees go to code, not a wallet.
Dollar targets
Live on DevnetGraduation targets are set in US dollars and converted at the price of the real tokenized stock (SPYx, QQQx, TSLAx) across Solana markets. Pyth's equity feed is an independent check: a gap above 1% blocks the launch.
Stock Floor
Live on DevnetHalf of net trading fees builds a floor in the stock token. Any holder can burn tokens for their exact share; the creator can never withdraw it.
Graduation
Proven on DevnetWhen a curve fills, the market migrates to a DAMM v2 pool with 100% of its liquidity permanently locked.
Charts and trades
Live on DevnetEvery swap on a Sonata market is read from Meteora's own swap events into a database, which powers the charts, recent trades and 24h volume.
Token profiles
Live on DevnetImages, descriptions and links are stored under the SHA-256 of each file, so anyone can check a token's image is the one uploaded.
Holder rewards
Live for mSPY marketsCreators can fund reward rounds for holders from their reserve.
Programs
The deployed Sonata programs match the published source byte for byte.
Proof
Every claim above links to a Devnet transaction in the evidence document.
Not done yet
- Mainnet, and real stock tokens as the quote asset (they need a Meteora token badge).
- Collecting fees after graduation, so the Stock Floor stops growing at graduation.
- Holder rewards on markets not quoted in mSPY.
- A professional audit. One key can upgrade all programs.