How it works

Quick launch: name, ticker, image, go, on the default curve (opens at $5,000, graduates at $75,000, 1.25% fee, 0.5% to you). Advanced: five steps to pick the stock (S&P 500, Nasdaq 100, Tesla, NVIDIA, Microsoft, Amazon, Meta or McDonald's as xStocks, or pre-IPO Anthropic, OpenAI, SpaceX, Kalshi, Polymarket, Anduril, Figure AI or Neuralink from PreStocks), the curve shape (Classic, Steady, Rocket or Whale wall), the graduation target ($25K, $50K or $75K), the fee (1.25%, 2% or 3%), the extras and the fee model. Either way it is one wallet approval, with an optional dev buy of up to 75% of the supply in the same transaction that creates the pool, so nothing trades before you.

A 1.25% trading fee. Meteora takes 0.25% (0.05% of it comes back to Sonata as referrer on trades made here). Standard token: 0.5% to the creator (or to a fee module), 0.5% to Sonata. Reward token: the creator's 0.5% is paid to holders instead. Backed token: 0.25% to the creator and 0.25% into a stock reserve holders can cash out. No extra tax on transfers.

Instead of keeping it, a Standard token's creator can send their 0.5% to Buyback & burn (buys the token and burns it), Top Buyer Bounty (each 15-minute round's 3 biggest net buyers win 50% / 30% / 20%), LP Farm (holders on the curve, then liquidity providers after graduation, once their liquidity has been in for a full round), Split (up to 5 wallets) or Diamond Hands (holders, weighted up to 3× by how long they hold; selling or moving tokens restarts the clock for that amount). The choice is written into the token's metadata at launch and can't be changed.

Every 15 minutes a bot collects each market's fees and sends them out, in the stock: to the creator's wallet, pro rata to holders, or into the chosen fee module. Destinations are fixed on-chain or in the token's metadata; for Reward tokens and fee modules the bot holds the funds briefly while it pays them.

Volatility fee: Meteora's dynamic fee raises the fee by up to 20% while the price moves fast; the extra is split like the rest of the fee. Graduation airdrop: 5% of the supply is kept off the curve; at graduation Sonata's payout bot withdraws it from Meteora and airdrops it to holders, pro rata. Both are set in the token's Meteora config at launch.

When a curve fills, the market moves to a DAMM v2 pool with its liquidity locked forever, split half to the creator and half to Sonata. The pool charges 1%, plus Meteora's volatility fee on fast moves. The creator claims their half's fees with one click. Sonata's half is collected every 15 minutes and split like the fees on the curve (for a Standard token, half to the fee model and half to Sonata), so creator payouts, holder rewards, fee modules and the Backed token's backing keep going after graduation.

Graduation targets are set in US dollars and converted at the price of the real tokenized stock on Solana. For xStocks such as SPYx or NVDAx that is the Solana market, and Pyth's equity feed is an independent check where our plan covers it: a gap above 1% blocks the launch. Pre-IPO tokens from PreStocks use their Solana market when it is deep enough and PreStocks' own mark price when it is not, and the launch page shows how far the market trades above or below that mark.

The stock reserve is held by the program: any holder can burn tokens for their exact share, one holder cashing out never lowers anyone else's share, and the creator can never withdraw it.

Every 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.

Images, descriptions and links are stored under the SHA-256 of each file, so anyone can check a token's image is the one uploaded.

One on-chain record names Sonata, with its website and logo, as the launchpad behind every Sonata pool, including graduated ones. New tokens' metadata also links to sonata.umin.ai.