Litepaper · version 0.1 · September 2026
vwap, in brief
Tokenized stocks on Solana, measured against their volume-weighted average price, and coins launched against them.
Summary
vwap is a venue on Solana with two products:
- Trade: swap USDC for tokenized stocks such as NVDAx or SPYx. Every quote is shown next to the market's 24-hour volume-weighted average price, so you can see how far your price sits from the day's fair level before you sign.
- Launch: create a coin on a Meteora bonding curve, paired with SOL or a stock token such as NVDAx (on the devnet preview, with a test stock). A flat 2% fee, an anti-sniper fee that fades from 98.9% to 2% in 15 seconds, and graduation to a Meteora pool with locked liquidity.
- LiveTrade on Solana mainnet, routed through Jupiter.
- PreviewLaunch on Solana devnet, with test coins that have no value.
- PlannedStock-pair launches on mainnet, firm quotes from vwap's own pools, and $VWAP buybacks.
Why VWAP
The volume-weighted average price is the benchmark trading desks use to judge a fill: the average price of every trade in a period, each weighted by its size.
Tokenized stocks trade on-chain around the clock while the underlying shares trade 6.5 hours a day, and small pools can print a price that one trade has pushed around. A VWAP over a full day of on-chain trades is harder to move. vwap computes it for every market from the last 24 hourly bars of its deepest pool and puts it beside the price you are about to pay.
Trade
vwap asks Jupiter's router for the best route across Solana's on-chain liquidity. Before a wallet connects the quote is indicative; with a wallet, Jupiter builds a transaction for that wallet with slippage protection, you sign it in your wallet, and vwap relays it. vwap never holds your funds and cannot sign for you.
| Shown with every quote | Price per share, the difference to the 24-hour VWAP, price impact, minimum received, route and fees. |
|---|---|
| vwap's fee | None on this route. |
| Other fees | Jupiter's routing fee (currently 0.10%) and Solana network fees, both shown before you sign. |
| Market hours | US equities trade 09:30–16:00 New York time on market days. Outside those hours on-chain prices can drift from the last close; vwap shows the session state and says so before you trade. |
Stock tokens
The stock tokens on vwap are xStocks, issued by Backed. Each token tracks one share that the issuer holds with a custodian. A token is a claim issued by a third party, not the share itself: it carries no voting rights, and the issuer can pause transfers, freeze accounts or burn tokens.
Dividends are paid by raising the token's multiplier (a Token-2022 feature), so one token in your wallet keeps tracking one share plus its reinvested dividends. Pools trade raw token amounts, so vwap converts every pool price with the multiplier; without that, a token such as STRCx (multiplier ×1.086 in September 2026) would look 8.6% more expensive than it is.
Stock tokens are not offered to US persons, including residents of US territories, or in the United Kingdom, Canada, Australia and sanctioned countries. vwap asks for a short self-declaration before your first trade.
Launch
Anyone can create a coin. The creator approves one payment; vwap's launcher then creates the coin, its bonding curve and the creator's optional first buy in one go, and records the creator's wallet as the coin's creator on-chain. A launch that cannot be completed is refunded automatically.
| Supply | 1,000,000,000, fixed. Name, ticker and image cannot change after launch. |
|---|---|
| Curve | SOL pairs graduate at 85 SOL: the market cap rises from about 29 SOL to 407 SOL ($3,000 to $42,000 when SOL is at $103). Stock pairs are fixed in dollars: $3,000 to $42,000, graduating at about $9,000 of the stock. |
| Fee on the curve | 2% of every trade. Meteora keeps 20% of it; vwap receives the rest, 1.6% of volume. |
| Anti-sniper | 98.91% at launch, falling by 22.9% every second, 2.00% from the 15th second. The creator's first buy pays 2%. |
| Graduation | The coin moves to a Meteora DAMM v2 pool. All of its liquidity is locked permanently. |
| Fee after graduation | 2%. Meteora keeps 20%; of the rest, half goes to vwap and half buys back and burns $VWAP: 0.8% + 0.8% of volume. |
| Cost to launch | About 0.028 SOL of rent and network fees, plus the optional first buy. |
$VWAP
$VWAP is the platform token. It has not launched. Until it trades, the buyback half of every graduated pool's fee accumulates in a dedicated wallet; once $VWAP exists, that balance buys $VWAP and burns it. The wallet address will be published so anyone can follow it.
Roadmap
- Launch on mainnet, with SOL and the 24 stock tokens as pairs (all 24 carry the Meteora token badges this needs).
- Firm quotes from vwap's own pools: an exact output, valid for a few seconds, priced around an oracle reference during US market hours.
- Buyback and burn of $VWAP from the buyback wallet.
- Status page and public API.
Risks
- Smart contracts. Trades run through Jupiter, Meteora and Backed's token programs. vwap's own code has not been audited.
- Issuer. Stock tokens are claims on a third party, who can pause, freeze or burn them.
- Prices. Off-hours drift, thin pools and fast markets can move prices between quote and fill, within your slippage limit.
- Launched coins. Most coins lose their value. The 50/50 split after graduation is carried out by vwap's keeper, not enforced by an on-chain program; every claim and transfer is logged.
This litepaper describes software, not an offer or advice. Details change as vwap develops; the docs track the current state and the whitepaper holds the full design.