Launching

A coin is created on pump.fun from the launcher's own wallet. Gacha never creates a coin itself and never holds anyone's wallet key. One transaction, approved once in Phantom, does four things together:

1. creates the coin, with the launcher as its creator;
2. sends the 0.2 SOL launch fee to Gacha's treasury;
3. opens pump.fun's fee sharing for the coin;
4. assigns 100% of the coin's creator fees to Gacha's treasury and locks it, so it can never be changed.

Because it is one transaction, a coin can never exist without its fee assignment. The only other key involved is the new coin's own address key, which Gacha makes for the launch, keeps encrypted, uses once to sign the creation and then deletes.

Before a coin is listed, Gacha reads the chain and checks that the coin exists, that its fees go 100% to the treasury with the lock in place, and that the launch fee arrived. The coin's name, picture and description are served from this site.

Fees and Pull Meters

pump.fun pays each coin's creator fees into that coin's own fee account, and they are paid out to Gacha's treasury. Gacha counts every coin's fees separately and splits them: 80% to the coin's pulls, 20% to buy and burn $GACHA, 0% to the launcher.

One pull stands for one Collector Crypt pull: $50 for a coin, $500 for $GACHA. Its price in SOL is the dollar price plus 3% for the swap and fees, at the SOL price of the moment. The meter shows how much of the next pull the coin's share has filled.

Rounds

A coin's first 15 minutes are its opening: the meter fills but there is no arena yet, because nobody could have held the coin before it existed. Then round 1 starts. Each round starts the moment the last one ends.

• A round ends when at least 15 minutes have passed and the meter holds at least one full pull.
• A round never lasts more than 24 hours. If it reaches 24 hours without a full pull, it ends with no draw and the meter carries on.
• A busy round can fill several pulls. Each pull gets its own draw.

The Arena

The arena is play money. Nobody deposits anything and no coin you hold is ever moved. It exists to decide, fairly and in public, who wins each pull.

• Who can play: any wallet that held the coin when the round started. Your bag is the balance of your coin account after its last transaction before the start.
• Margin: what your bag was worth at the start, at the smoothed price. The smallest margin is 0.001 SOL.
• Trading: long or short, from 1x to 20x of your equity, one position at a time. Close whenever you like and open again. Each trade pays 0.05% of its size.
• Prices: the coin's real price on pump.fun, sampled every few seconds, then smoothed: the arena uses the middle of the last minute, and the round settles on the average of its last five minutes. One trade or one spike cannot liquidate anyone or decide a round.
• Funding: when one side is more crowded, it pays the other side a small amount over time.
• Liquidation: when your equity falls below the maintenance margin, your position is closed. Liquidated means out for the round.

Percolator

Margin, profit and loss, funding and liquidations run on Percolator, a risk engine for perpetual futures by Anatoly Yakovenko, released under the Apache 2.0 licence. Its author describes it as research code that is not audited and not for real funds, which is why Gacha uses it with play money only, inside its own servers. Gacha is independent: it is not made, endorsed or reviewed by Anatoly Yakovenko or by Solana.

The Draw

1. When the round ends, every open position is closed at the settlement price.
2. A trader who ends in profit and was not liquidated holds one ticket per lamport of profit.
3. Every lamport lost in the arena, including by liquidated traders, is a house ticket.
4. Tickets are laid end to end: traders in the order of their wallet address, then the house. The list is hashed and published.
5. The randomness comes from the drand quicknet beacon, a public randomness service run by many independent groups. The round used is the first one at least 60 seconds after the round ends, so nobody can know it in advance.
6. For pull number k: seed = sha256(randomness, coin, round, k), winning ticket = seed modulo the total tickets. The holder of that ticket wins.
7. If the house ticket comes up, or nobody holds a ticket, the pull rolls into the coin's next round.

Why the house holds tickets. If only profits counted, a holder could split a bag into two wallets, go long with one and short with the other, and always have a winning half. Counting losses as house tickets makes that split worth exactly the same as betting the whole bag one way, so splitting a bag across wallets gains nothing.

Prizes

Each pull is meant to buy a real graded card from Collector Crypt and send it straight to the winner's wallet. Collector Crypt has not yet agreed in writing to Gacha doing that, so for now the prize is the same amount in SOL. Each pull's page shows the winner and, once it is sent, the payment's transaction.

$GACHA

$GACHA is the platform coin. 20% of every coin's fees buy and burn it, and every buy and burn is listed with its transactions on the $GACHA page. Its own arena plays for the biggest pulls, $500 each.

Addresses

Gacha is independent. It is not affiliated with pump.fun, Collector Crypt, drand, Solana or Anatoly Yakovenko.