How it works
Tokens that market-make themselves
Every coin on metball.fun runs its own bid. Its trading fees become its reserve, and every few seconds that reserve buys the coin back and burns it. No team wallet, no treasury, no one to trust. This page is the whole mechanism, in order.
The loop
A coin launches on a Meteora Dynamic Bonding Curve priced in SOL. Every buy and sell pays a 4% fee, collected in SOL rather than in the token. That SOL is the coin’s market-making budget, and the budget is spent on exactly one thing: buying the coin back.
A normal market maker is a firm with a treasury and a reason to leave. Here the market maker is the coin itself. It has no wallet of its own, it can only spend what its own trading has earned, and it cannot stop.
Where the fee goes
Of every fee a pool charges, 25% goes into that coin’s own reserve and 75% is platform revenue. Creators take no cut of trading fees, so nothing is skimmed between the trade and the buyback.
One reserve per coin
There is no shared treasury. Each coin has its own SOL reserve, credited only by fees from its own pool and spent only on its own curve. A coin doing enormous volume never subsidises a quiet one, and a quiet one is never drained to prop anything up.
If a coin has never traded, its reserve is zero and its market maker does nothing. It cannot spend what it has not earned.
Every 5 seconds
The keeper visits every coin every 5 seconds, hot or cold. On each visit it does three things, in order:
- 1Claim
Pull the fees that have accrued since the last visit into the reserve.
- 2Buy
Spend 100% of the reserve buying the coin on its own market.
- 3Burn
Burn every token just bought. The keeper never holds a position.
A visit whose reserve cannot cover the 0.02 SOL minimum buy simply passes, which costs nothing. There is no schedule to game and no size to predict beyond “whatever it has earned”.
Heat
Heat is a live reading of how fast a coin is trading. Each tick, the engine reads the pool’s cumulative fee counter on chain and works backwards to the volume since the last tick. That gives a velocity in SOL per second, which it compares against the coin’s own trailing baseline, an EWMA with a 6-hour half-life.
A coin trading 12× its own normal reads as full heat. That surge score is blended 60% / 40% with raw absolute velocity, so a genuinely large coin cannot go cold just by being consistently busy, and a tiny one cannot fake a surge off a single trade.
Heat does not change how much the market maker spends or how often. It is shown so you can watch the loop feed itself.
The fee floor
The 4% is a floor, not a fixed rate. Meteora’s dynamic fee sits on top of it and tracks a volatility accumulator, a number that climbs as the price moves and decays back down when it stops. The two are added, then capped at 4.8%.
Launch to graduation
A coin mints 1B tokens at launch and starts on the curve. When the curve has raised 85.99 SOL it graduates: 20% of supply seeds a Meteora DAMM v2 pool and that liquidity locks permanently.
Graduation does not end the loop. The locked position keeps earning trading fees, the keeper keeps claiming them, and buybacks continue on the new pool.
Limits
It is a flywheel, not a ratchet. If nobody trades, no fees accrue, the reserve stays empty and nothing happens. Single buys are capped at 25 SOL, and anything under 0.02 SOL is skipped so transaction costs never exceed the buy. The keeper always keeps 0.05 SOL back for gas, so it can never spend itself out of the ability to act.