Choose an open Polymarket outcome, such as the Yes side of “Will X happen?”, then name your coin and launch it. Launching is free apart from Robinhood Chain gas, and you can make the first buy yourself.
Creators earn 0.7% of every trade, forever.
02
Trade the odds
Every coin trades against a pToken: a 1:1 claim on a real outcome share Polypad holds on Polymarket. So its price moves with buying and selling and with the live odds. Coins start on a bonding curve at about $2.4k market cap.
1% per trade: 70% to the creator, 30% to Polypad.
03
Graduate, then resolve
At about $6k raised the curve sells out and the coin moves into a Uniswap v4 pool in the same transaction, liquidity locked. Sells always work; buys pause from the market’s end date until it resolves. If the outcome wins its pToken is worth $1 and trading carries on both ways. If it loses, the backing is worth $0 and only sells remain.
Pay and receive USDG, with a 0.25% conversion spread.
Put a coin on your conviction
Launching takes one transaction and costs only gas. The curve, the graduation into Uniswap v4 and the fee split are set up for you, and the coin follows the market, whichever way it breaks.
The life of a coin, from launch on its bonding curve to its pool and the market’s resolution.
Every coin lives through the same stages: it launches on a bonding curve, it graduates into a pool if enough people buy it, and its market eventually resolves. Its price follows two things the whole way through: how much people want the coin, and what the market thinks of the outcome.
Pump.fun coins trade against SOL; Polypad coins trade against shares of a Polymarket outcome. On Robinhood Chain each outcome has one share token, called a pToken (for example pYES-SPAIN), and each pToken stands for one real share held on Polymarket. Every coin launched on the same outcome trades against the same pToken.
You never have to touch pTokens yourself. When you buy with USDG, the Router turns your dollars into pTokens at the live Polymarket price and buys the coin with them, all in one transaction. When you sell, it does the reverse.
coin price in $ = coin price in shares × share price
The first part moves with trades; the second moves with the odds.
The coin’s price in shares comes from its bonding curve (or its pool, after graduation). Buying pushes it up, selling pushes it down, and nothing else moves it.
The share price is the outcome’s live Polymarket price. It moves whenever the odds move, even if nobody trades the coin.
Say a coin on “Spain wins the World Cup, YES” costs 0.000004 shares, and YES trades at 60¢:
Price in shares
Share price
Coin price
Now
0.000004
60¢
$0.0000024
Spain win their semi-final: YES goes to 75¢
0.000004
75¢
$0.0000030 (+25%)
Buyers pile in: the curve price doubles
0.000008
75¢
$0.0000060 (+150% overall)
Spain win the final: YES pays $1
0.000008
$1
$0.0000080
Had Spain lost, YES would have gone to $0, and with it the value of the shares behind the coin. Market cap is the coin price times its 1,000,000,000 supply.
A creator picks an outcome, names the coin, adds an image and links, and chooses how much of their fee share to pass on to holders. Launching is free apart from gas. The factory deploys the coin and its bonding curve in one transaction, and the outcome’s pToken too if this is the first coin on it. See Launching a coin.
All 1,000,000,000 coins start in the curve. About 71% of them can be bought from it; the rest is held back to seed the pool at graduation. The curve is a constant-product curve over a virtual reserve, the same shape pump.fun and Pons use: early buyers get the most coins per share, and each buy raises the price for the next. Anyone can sell back to the curve at any time.
When the curve’s coins sell out, the coin graduates in the same transaction as the buy that finished it:
All the shares the curve raised, and enough of the held-back coins to open at the curve’s last price, go into a Uniswap v4 pool (coin / pToken).
That liquidity is locked for good: nobody, including Polypad and the creator, can remove it.
Coins left over from the held-back part are burned.
From then on the coin trades in its pool. The site, the Router and our API route there automatically.
The graduation target is set at launch as about $6,000 worth of shares at that moment’s odds, which puts the market cap at graduation near $29,000. Because the target is counted in shares, its dollar value moves with the odds afterwards: on a coin whose outcome has risen since launch, it takes more dollars to graduate.
The coin keeps trading both ways past the end date and through live games, for as long as Polymarket trades the market. Once Polymarket closes it, buying waits about an hour while Polypad settles; selling never stops. When Polymarket resolves the market, each share is worth exactly $1 or $0, and the coin’s backing with it:
The outcome happened: shares are worth $1. The coin keeps trading, now against a share with a fixed price, so only demand for the coin moves it.
It didn’t: shares are worth $0. The coin can still be sold back to its curve or pool, but for shares that are worth nothing.
Your USDG goes to the Polypad exchange, which mints about $99.75 worth of pTokens at the live price signed a moment earlier (the 0.25% spread is the difference).
The curve takes its 1.4% fee from those shares: half to the coin’s creator side, half to Polypad. The rest buys the coin, and the coins land in your wallet. Steps 1 and 2 are one transaction.
Seconds later, the desk sees there are more pTokens than real shares behind them and buys the difference on Polymarket. See How backing works.
Selling runs the same way backwards: the coins sell for shares, the shares are paid out in USDG, and the desk sells the real shares it no longer needs.
A coin’s price can move while you are not looking even if nobody trades it, because the odds move. Charts on Polypad show the coin’s dollar price, so they include both.
