Koine docs

Risks: read this before you deposit

Koine hasn't opened to the public yet, its code is not audited, and memecoins lose money far more often than they make it. This page lists what can go wrong for a depositor or a buyer, in plain terms.

Is this live with real money? #

Yes, once it opens. Koine is a Solana mainnet product, where SOL is real money, and is preparing for its public launch. It isn't open to the public yet. Some parts haven't been tested end to end yet; trust.md lists them.

Source: app/server/config.ts (CLUSTER), app/README.md ("Not verified yet").

Has the code been audited? #

No. Neither the server nor the web app has had a security audit. The on-chain programs a launch uses belong to Meteora, Metaplex, Solana and Squads; Koine wrote none of them.

Source: trust.md.

Can I trade right after I deposit? #

No. You deposit, the presale ends, then you wait 65 minutes with no trading at all. Trading opens after that. Your presale tokens then unlock over 24 hours, starting 100 seconds after open. So from the end of the presale to holding all your tokens takes 65 min + 100 s + 24 h.

You can withdraw your SOL any time before the presale ends. After it ends, you can't, unless the vault buy is missed.

Source: app/server/config.ts (RULES.protocolGapSeconds, RULES.spikeSeconds, RULES.unlockSeconds), app/server/tx.ts (withdrawTx, claimTx).

Can I lose money? #

Yes. The same price for everyone doesn't make a coin worth anything.

  • The price can fall below the presale price at any time after open, and most memecoins go to zero.
  • The vault buy pays a fee of about 1% of the deposits.
  • One wallet can deposit most of the vault. There is no per-wallet cap. A large depositor can then sell a large share of supply as it unlocks. Check the largest depositor's share on the coin page before you deposit.
  • The more the presale raises, the higher the average presale price. At a 120 SOL presale, the average price is a 241.2 SOL market cap (see how-it-works.md).
  • Buying in the first 100 seconds after open costs up to 99% of what you spend. Only Koine's site asks you to confirm; other apps may not warn you.
  • Swaps built by Koine's site fail if they would return more than 5% less than a fresh quote (SLIPPAGE.swapDefaultBps). A request can ask for up to 50%. Within that range, a buy or sell can fill at a worse price than you saw.

Source: app/server/launch.ts, app/server/tx.ts (swapTx, minOut, feeAt), app/server/config.ts (SLIPPAGE), app/web/src/Coin.tsx.

What if the vault buy never runs? #

It has to run in the hour before open. Koine's keeper normally runs it, and anyone can run it from the coin page if the keeper doesn't. If nobody does, the coin opens without it and every depositor can take their SOL back from the coin page ("Withdraw my SOL"). A refund after the latest wrapped-SOL fix hasn't been tested.

Source: app/server/tx.ts (crankTx, refundTx), app/README.md ("The vault-buy window", "Not verified yet").

What if Koine's server goes down? #

  • Presale deposits stay in Meteora's vault program. Koine never holds them.
  • Anyone can run the vault buy with any Solana tool that can call the vault, and claims and refunds go to the vault program directly. Koine's site is just one way to build those transactions.
  • Fees stay in the pool until claimed. Buybacks, steward payouts and votes pause.

Source: app/server/tx.ts, app/server/keeper.ts.

What depends on trusting Koine? #

The fee split, steward payouts, buybacks, steward checks and votes all run on Koine's server with keys Koine holds. Koine could change those rules or keep those fees. The supply, the liquidity lock, the fee schedule, the open time and the unlock are fixed on chain. Details are in trust.md.

Source: trust.md.

What else should a creator know? #

  • You get no free tokens. To earn the 40% creator share you must hold 10,000,000 tokens (1% of supply), and you have to buy or deposit for them like anyone else.
  • Each update you post on the coin's Koine page keeps your share earning for 72 hours. Hours without one go to buyback and burn, for good.
  • Your share isn't sent automatically. You claim it on the coin page, and only within 24 hours of your latest update.
  • Holders with 25% of circulating supply can pause your share. After 14 days paused, they can vote you out.
  • Koine can change these rules at any time; they are server settings.

Source: creator-share.md, app/server/config.ts (STEWARD).