Pools and protocol-owned liquidity
One Raydium CLMM pool per market, SPYx → NVDAx → TSLAx → GOOGLx, with positions a program owns.
Live, and clear about what is not.
A trade on the degen.zone curve pays about 4.19% all in. About 0.34% of that goes to degen.zone, about 0.84% to Meteora, and the rest, about 3.02% of volume, reaches the protocol. After graduation, at about 80 SOL raised, trading moves to a Meteora DAMM v2 pool that charges 1% regardless of the curve tier. Meteora keeps 20% of that, and the rest is split by liquidity share between the protocol's locked position and degen.zone's, so about 0.52% of volume reaches the protocol. The protocol's take per trade falls at graduation. It funds holder payouts in tokenized stocks, protocol-owned liquidity, a staking reserve and operations, in a fixed ratio the treasury program enforces. Staking itself is planned, phase 2: the allocation is set aside, but no staking program is deployed and nothing accepts a deposit. Values that have not been read from the chain render as a dash with the reason beside them.
Why $FLUX / stock pools exist
Each protocol pool is a market that would not otherwise exist: $FLUX against a tokenized stock. The liquidity leg buys the stock side with the same Pyth-guarded flash-fill the payout leg uses, pairs it with $FLUX, and opens or increases one concentrated-liquidity position per market. That position is buy-side depth for holders who want to sell stock for $FLUX, and it earns fees.
Why Raydium, not Meteora
Every xStock is a Token-2022 mint with a permanent delegate. Meteora’s pools require an operator-issued token badge for such mints and none exists, so a Meteora xStock pair cannot be created. Raydium CLMM has whitelisted the xStocks, so every protocol stock pool is a Raydium CLMM pool. The launch pool is Meteora, per the venue.
Who owns what
The protocol’s position NFT is held by a program-derived address, and no instruction can transfer or burn it, so the liquidity inside is reachable only through the treasury program. The keeper is a delegate that can claim fees into program vaults and nothing else. A pool the protocol created is not thereby protocol-owned; only its own position is.
| Owner | Capital | Fees |
|---|---|---|
| Protocol | The liquidity share of the treasury split, a fixed share of what the protocol receives | Stock side joins the holder pot in kind; token side is burned |
| You | Both tokens from your own wallet | Yours, claimed through Raydium, never counted by the protocol |
The emergency exit
The authority can withdraw liquidity from a pool at any time, in part or in full. There is no delay, no timelock and no pause requirement, and it keeps working while the protocol is paused. It is there for the case the protocol cannot wait out: a pool exploited, an xStock issuer freezing or seizing balances, a market collapsing. An exit that stopped working the moment the protocol was paused would be no exit at all.
What comes back can only land in accounts the program derives for itself. The stock and the protocol token return to treasury accounts and are booked as returned principal rather than revenue, and epoch funding subtracts that principal from what it may pay, so liquidity taken back out of a pool cannot be paid out as holder rewards. Withdrawn stock reaches SOL only through the same Pyth price guard the buys use, run in reverse.
Taking value out of the protocol is unchanged. The recovery instructions remain the only paths to an outside address, and each of them requires seven days of continuous public pause. An emptied position stays open, so a market can be refilled if the emergency passes. What this costs you is stated plainly in the risk guide: the authority can stand the protocol down, and holders rely on it not doing so without cause.
What you are trusting ↗The rollout
Markets open in order, each gated on verified two-way depth at the intended size and on a per-asset daily cap, not on a date. New capital is directed to whichever open market sits furthest below its target. There is no automatic rebalancing or liquidation.
| Step | Market | Share of new liquidity capital |
|---|---|---|
| 1 | $FLUX / SPYx | 40% |
| 2 | $FLUX / NVDAx | 25% |
| 3 | $FLUX / TSLAx | 20% |
| 4 | $FLUX / GOOGLx | 15% |
How a pool is created
Raydium pools are created client-side, never by program call. The operator’s single transaction creates the pool, opens the position, adds liquidity and, in the same transaction, hands the position NFT to the treasury program. Splitting that transaction would leave a window where a wallet owns the position; it is never split. Each pool costs about 0.21 SOL of unrecoverable rent.
Where pool fees come from
- Pool income requires real swaps by third parties. Trading between protocol addresses is not revenue and is reported separately when it happens.
- Arbitrage pays fees, but a position can lose value to the arbitrageur. Fee income and inventory loss are reported side by side.
- Volume is derived exactly from fee counters, or not shown. It is never estimated.
Primary sources
Provider and issuer documentation. Addresses are verified on chain again before activation.