Docs
Using vwap
Trade tokenized stocks and launch coins on Solana. For the design behind it, read the litepaper or the whitepaper.
Overview
vwap has two parts. Trade swaps USDC for tokenized stocks on Solana mainnet, with every quote measured against the market's 24-hour volume-weighted average price (VWAP). Launch creates coins on a Meteora bonding curve; it currently runs on devnet as a preview.
You need a Solana wallet. vwap never holds your funds: every trade is a transaction you approve in your wallet.
Connect a wallet
- Install a Solana wallet such as Phantom, Solflare or Backpack.
- Press Connect wallet and pick your wallet. Connecting shares your address only.
- Every trade or launch then opens a separate approval in your wallet. Read it before you sign.
To disconnect, press your address at the top of the ticket and choose Disconnect.
Eligibility
Before your first trade vwap asks for a short self-declaration: your country of residence, and that you are eligible to hold stock tokens, understand what they are, and are not subject to sanctions. It is kept in your browser; vwap collects no documents.
Stock tokens are not offered to residents of the United States (including its territories), the United Kingdom, Canada, Australia, Cuba, Iran, North Korea, Syria, Russia and Belarus. Everyone can browse markets and prices.
Make a trade
- Open Trade and pick a market on the left, or search for one.
- Choose Buy or Sell and type an amount: USDC when buying, shares when selling. Press your balance to use all of it.
- Check the quote, then press Buy or Sell and approve the transaction in your wallet.
- A receipt appears with a link to the transaction.
You need a little SOL for network fees; the ticket tells you if you are short.
Read a quote
| Price per share | What you pay or receive per share, fees included. |
|---|---|
| vs 24h VWAP | How far that price is from the market's volume-weighted average price over the last 24 hours. A positive number means above the day's average. |
| Price impact | How much your order moves the pool's price. |
| Minimum received | The least you will get once slippage protection is applied. The trade fails, instead of filling worse, if the price moves further. |
| Route | The pools Jupiter uses for your order. |
| Fees | Jupiter's fee, vwap's fee (none) and the network fee. |
Quotes refresh every 12 seconds while an amount is entered, and a quote older than 20 seconds is refreshed before your wallet opens.
Fees
vwap charges nothing on trades. Jupiter charges a routing fee, currently 0.10%, and Solana charges a small network fee. Both are shown before you sign.
Market hours
US stock markets trade 09:30–16:00 New York time on market days. Stock tokens keep trading on-chain around the clock, but outside market hours their prices can drift from the last close. The footer shows whether the US session is open, and the ticket warns you when it is closed.
Stock tokens and dividends
The stock tokens on vwap are xStocks, issued by Backed. One token tracks one share held by the issuer. It is not the share itself: there are no voting rights, and the issuer can pause, freeze or burn tokens.
Dividends are added by raising the token's multiplier, shown on every market as Dividend multiplier. Your wallet shows the adjusted amount, so a token keeps tracking one share plus reinvested dividends. vwap applies the multiplier to every price and amount it shows. Read the issuer's legal overview before trading.
Receipts
After each trade vwap shows what you bought or sold, the price, and a link to the transaction on Solscan. Your recent receipts are also kept in this browser, per wallet.
Devnet preview
Launch runs on Solana devnet for now. Coins there are test coins with no value.
To try it, switch your wallet to devnet (in Phantom: Settings → Developer Settings → Testnet Mode → Solana Devnet), get free devnet SOL from faucet.solana.com, then open Launch. On devnet the curve is scaled down to 3%, so a SOL-pair coin graduates at about 2.7 SOL instead of 85. For stock pairs, devnet has tNVDAx, a test stock priced like NVDAx: the create page and the coin page hand out 10 test shares to a connected wallet that has none.
Create a coin
- Open Create a coin and add an image (PNG, JPG, GIF or WebP, up to 1 MB), a name (up to 32 characters) and a ticker (up to 10 letters or digits). A description and links are optional.
- Pick the pair: the token your coin is bought and sold with. SOL, or a tokenized stock such as NVDAx: on a stock pair, buyers pay in the stock, and the curve, graduation and fees are in the stock too.
- Optionally add a first buy, in SOL or in shares of the stock. It happens in the same transaction that creates the coin, at the normal 2% fee, before anyone else can trade.
- Press Launch coin and approve one payment in your wallet. It covers rent and network fees (about 0.028 SOL) plus your first buy, paid in the pair token.
- vwap creates the coin and takes you to its page. You are recorded as its creator on-chain.
If something goes wrong after you pay, press the button again: you will not pay twice. A launch that cannot finish is refunded automatically, minus network fees.
vwap can hide a coin from its pages, for example one that impersonates someone or breaks the law. A hidden coin keeps trading on-chain and its graduation and fees carry on; vwap only stops listing and quoting it.
Fees and anti-sniper
Every trade of a launched coin pays a 2% fee. In the first 15 seconds after launch the fee starts at 98.9% and falls every second (76% after 1 s, 27% after 5 s, 7% after 10 s), reaching 2% at 15 seconds, so bots that buy the first blocks pay almost all of their order as fee. The creator's first buy is not affected.
Curve and graduation
A coin starts on a bonding curve: each buy raises the price, each sell lowers it. On a SOL pair the curve is fixed in SOL: the market cap goes from about 29 SOL to 407 SOL, and the coin graduates when the curve holds 85 SOL (in dollars that is $3,000 to $42,000 when SOL is at $103, and it moves with SOL). On a stock pair the curve is fixed in dollars: $3,000 to $42,000, graduating at about $9,000 of the stock. Either way, at graduation it moves to a Meteora DAMM v2 pool whose liquidity is locked permanently, and trading continues there with the same 2% fee. The coin page shows the progress and the exact target.
Where fees go
| On the curve | Meteora keeps 20% of the fee; the rest goes to vwap. |
|---|---|
| After graduation | Meteora keeps 20%; the rest is split in half between vwap and a $VWAP buyback wallet. |
| Creators | Receive no share of trading fees. |
$VWAP has not launched yet. Until it does, the buyback half accumulates in its wallet, to be used for buying and burning $VWAP.
Trade a launched coin
Open the coin's page, choose Buy or Sell, type an amount and check You receive and Minimum received. Slippage is set to 3% by default; pick 1% or 5% if you need to. A buy that would pass the end of the curve fills only what fits and leaves the rest in your wallet. After graduation the same ticket trades on the coin's pool.
Your coins
Yours shows, for the connected wallet, the coins you created, the launched coins you hold with their value and share of supply, your trades, and every launch you paid for: created, still being created, or refunded, with links to the payment and refund transactions.
Troubleshooting
| "Not enough SOL for network fees" | Keep a little SOL (about 0.01) in your wallet besides what you trade. |
|---|---|
| The quote keeps changing | Prices move; the quote refreshes. Your minimum received protects you when you sign. |
| The transaction expired | It waited too long in the wallet. Press the button again for a fresh quote. |
| Wallet not found | Install a Solana wallet in this browser and reload the page. |
| "Not available in your region" | Stock tokens are not offered where you live (see Eligibility). If you chose the wrong country, press Change under the ticket. |
| A launch stopped halfway | Press the launch button again. You will not pay twice, and a launch that cannot finish is refunded. |
FAQ
Does vwap hold my tokens?
No. Trades settle directly between your wallet and on-chain pools.
Is a stock token the same as a share?
No. It is a claim issued by Backed that tracks one share. It carries no shareholder rights and can be paused or frozen by the issuer.
Why compare with VWAP?
It averages a whole day of trading, weighted by size, so a single trade cannot move it much. It is the benchmark desks use to judge whether a fill was fair.
When does Launch go live on mainnet?
After the devnet preview. It will be announced on this site.
Glossary
| VWAP | Volume-weighted average price: the average price of all trades in a period, each weighted by its size. |
|---|---|
| xStock | A token issued by Backed that tracks one share of a listed company or fund. |
| Multiplier | The factor a stock token's issuer raises to pay dividends; one token then equals one share plus reinvested dividends. |
| Slippage | How far the price may move against you between quote and fill before the trade is cancelled. |
| Price impact | How much your own order moves the pool's price. |
| Bonding curve | A pricing rule where each buy raises the price and each sell lowers it. |
| Graduation | The moment a coin's curve is full and it moves to a regular pool. |
| Anti-sniper fee | A fee that starts very high at launch and falls to the normal 2% within 15 seconds. |
Risks
- vwap's code has not been audited; it relies on Jupiter, Meteora and Backed programs.
- Stock tokens are third-party claims, not shares, and can be paused, frozen or burned.
- Prices can drift outside market hours and move quickly in thin markets.
- Launched coins are speculative; most lose their value.
- Nothing here is investment advice.