First 100 bonded

The first 100 Manna coins to bond (fill their launch curve and graduate) after the program starts get buybacks from Manna. 25% of what Manna earns from each of them after it bonds goes to buying that coin back, and the coins bought are burned. It runs by itself, every 15 minutes, for as long as the coin trades.

The program counts coins that bond from the moment Manna switches it on. Coins that bonded before that don't take a place, and nothing is set aside from what Manna earned before a coin bonded.

All 9 launch chains count toward the same 100: Solana, Robinhood Chain, Base, BNB Chain, Ethereum, Arbitrum, Optimism, Polygon and Avalanche.

Is my coin in?#

A coin in the program shows a badge in About, Launch details: for example "Bonded #12 of 100: 25% buybacks". Its page header and its row in coin lists show "#12 of 100". The number is its place in the order coins bonded.

• Who counts: coins that bond after the program started. A coin that bonded earlier never gets a place.
• Order: by the time each coin bonded. Two coins that bonded at the same moment are ordered by their address.
• A place is for good. Once a coin has a number, it keeps it.
• Test coins whose liquidity isn't fully locked (only Manna's own test coins can be launched that way) don't take a place.
• When all 100 places are taken, the program is full. Coins that bond after that trade as usual, without it.

Where the money comes from#

Only from Manna's share. Nothing comes out of the creator fee, the holders' payouts or the $MANNA reserves.

Manna's share of a coin is:

• Manna's 1% of every trade on the launch curve,
• Manna's share of the sniper tax (Solana),
• Manna's share of the pool fees after the coin bonds,
• the graduation fee, for Solana coins launched with one.

From the moment a coin bonds, 25% of that goes to its buybacks. What Manna earned from the coin before it bonded isn't counted.

The 25% comes out of Manna's treasury share (the 50% that runs Manna), so the $MANNA buyback reserve (40%) and the $MANNA holders' reserve (10%) stay as they are. See Where Manna's 1% goes.

How a buyback runs#

1. 1Every 15 minutes Manna's keeper adds up what is set aside for the coin.
2. 2Once it's worth at least $1 (on Ethereum, also at least 3 times the gas the buy and burn cost), the keeper buys the coin: in its Meteora pool on Solana, in its Uniswap v4 pool on the EVM chains. Smaller amounts keep adding up until they're worth it. If the coin's pair has no USD price, it waits.
3. 3The keeper burns exactly the coins that buy brought. On Solana that's a token burn and supply goes down. On EVM chains the coins go to the dead address 0x000000000000000000000000000000000000dEaD, where nobody can move them. A burn follows the same $1 rule: coins worth less wait and go with the next buy's burn.
4. 4The burn shows in the coin's Drops tab, on the Burns page, and in Launch details ("burned in 3 buybacks so far").

Every buy is written down before it is sent and settled by its transaction's result: a buy that doesn't go through is tried again later with the same money, and nothing is ever bought twice. The keeper doesn't keep any of the coins: it burns exactly what each buyback brought, in its next transaction. Nothing new is bought while coins wait to be burned. If a buy or a burn fails, the keeper waits 15 minutes before trying again, then twice as long after each failure in a row, up to 6 hours.

Worked example#

A Solana coin bonds after the program started and becomes number 12. Before bonding, Manna earned 4 SOL from it: none of that is counted. After bonding, Manna earns 2 SOL from its pool fees over a week, so 0.5 SOL is set aside.

The keeper buys the coin with that 0.5 SOL (in steps, each once it's worth $1) and burns every coin it buys.

Questions#

My coin bonded before the program started. Is it in? No. Only coins that bond after the start take one of the 100 places.

Does the creator pay for it? No. It comes only from Manna's share. The creator fee and its route don't change.

Does it end? No end date: buybacks run for as long as the coin trades. If Manna ever changes that, it will say so here and in the changelog first.

Can it be paused? Yes. Manna can switch the program off. While it's off, nothing new is set aside or bought. Coins already bought are still burned.

Is it a promise of a price? No. A buyback is real buying with real money, but the price can still fall. See Risks.

Related#

• Burns and the Storehouse
• Curves and graduation
• Fees