Documentation
How real micro-cap shares become SPL tokens on Solana, how memes trade against them, and how the price stays honest.
Overview
OTON turns real micro-cap shares into SPL tokens on Solana, lets anyone launch a meme token against one, and uses a market maker to keep the token price close to the real share price.
A stock-token is called a TICKERx. A share of Kartoon Studios becomes TOONx.
On Solana mainnet. Not an offer of securities.
Stocks
The SPV (a company that only holds shares) buys the share through a regulated prime broker, then mints the SPL token against it. Minting requires no stablecoin deposit — the share itself is the backing.
Only the SPV / market maker mints and redeems, exactly like an ETF's authorized participant. You never mint or redeem yourself — you buy and sell TICKERx on the open pool, and the market maker keeps that price glued to the real share.
| Action | Who | What happens |
|---|---|---|
| Mint | SPV / MM only | The SPV holds the share and mints one TICKERx SPL token against it. |
| Redeem | SPV / MM only | The SPV burns tokens and sells the underlying shares, closing its arbitrage. |
| Trade | Anyone | Buy or sell TICKERx on its Solana liquidity pool. This never touches custody. |
Backing rule
There can never be more tokens than shares held by the SPV.
spl_token_supply <= custodied_shares
The Solana program enforces this constraint on every mint instruction. Anyone can verify the attestation account on-chain.
Launchpad
Anyone can launch a meme token on the OTON floor. It's priced in an approved stock-token (like TOONx), not in SOL or USDC. It sells on a bonding curve, so the price rises as more people buy.
| Setting | Value |
|---|---|
| Sold on the curve | 80% |
| Kept for the pool | 20% |
| Trade fee | 1% |
When the bonding curve sells out, the liquidity migrates into a permanent Solana AMM pool and is locked forever.
Graduated liquidity can never be pulled out. No rug.
Price peg
A market maker closes any gap between the on-chain token price and the real share price on the exchange.
| If the token is | The market maker | Price then |
|---|---|---|
| Too expensive | Mints new tokens and sells them on-chain | Goes down |
| Too cheap | Buys tokens on-chain and redeems for shares | Goes up |
The profit from selling when the token is expensive pays for the next batch of real shares. That is how the system funds itself. It operates during market hours, so corrections are not instant — but the incentive is always there.
On-chain
All addresses are on Solana mainnet-beta. Verify on Solscan or any Solana explorer.
| Contract | Address |
|---|---|
| Launchpad | GPRR2u6NS5yBQHWGauoJ9HXgjrTH8dDsrBfTV5zAYvDH |
| Graduation migrator | SPCXxcqXj6e5dJDVNovHN8744zkbhM2bYudU45BimGb |
| Liquidity locker | MUxEsUKSMACyw5fZf68wxf5FLnZVhtU9CwH8uNNGay1 |
| Buyback | SNDKbwMUQvZhnLnxLduradgLHG5KrPuKwpnrkkGRhfH |
| Attestation oracle | MRNAzXzhNcaEXJPibHEn8cd4vyekCDiivTyEwswLUCT |
| Bonding curve | LLYuwZ33keFihgwoxXsBawy31AiRFLFSva32TYq5TvD |
| Token factory | TTWofwAge91oFhZs7kpQdyrVRkmevgM88xijGvQFbKo |
| Treasury | MSTRdWXMeZxdE8osAQy3fA4rvTY5rgummDSMEx6U7Nz |
Reference
| Question | Answer |
|---|---|
| Is this a security? | No. Nothing here is an offer of securities or investment advice. |
| Do I need USDC to mint? | No. Only the SPV / market maker mints, and they mint against shares they already hold. |
| Can the liquidity be rugged? | No. Graduated liquidity is locked permanently in the AMM pool. |
| What chain is it on? | Solana mainnet-beta (SVM). |
| How do I verify backing? | The attestation account is on-chain and readable by anyone. Supply can never exceed attested shares. |
| What happens during a reverse split? | A multiplier is applied on-chain. No tokens are burned or rebased. |