How it works

Memecoins priced in real currencies. Here is the whole machine, in the order money moves through it.

The idea

Every memecoin on Solana is priced in SOL. When SOL moves, every chart moves with it, and a coin that did nothing looks like it did something. ForexFun prices each coin in one real currency instead: euros, pounds, yen, francs, Canadian or Australian dollars. A coin launched in EUR trades against EUR from its first second to its last, and its chart is the coin, not the market around it.

You never have to hold that currency yourself. You pay in SOL or USDC, and the site turns it into the currency and into the coin in one transaction.

Currency tokens

Each currency has its own token on Solana: EURx, GBPx, JPYx, CHFx, CADx, AUDx. ForexFun issues them. They are not bank deposits and nobody promises to redeem them. What gives them a price is the wall.

The wall

The wall is a pool on Meteora where each currency token is quoted against USDC. ForexFun stands on both sides of it: it sells the currency at 0.3% above the exchange rate and buys it back at 0.3% below. The pool is built so that the price does not move within a trade, whether you buy one euro or ten thousand. A keeper watches the exchange rate every twenty seconds and moves the wall with it.

The rate comes from several sources at once: Pyth, Kraken and the European Central Bank among them. A source that disagrees with the others is thrown out, and if too few agree the wall simply stops moving until they do.

The buy-back side of the wall is funded only by what people have paid into it. Every purchase of a currency leaves dollars in the wall; those dollars are what sellers get. That means you can always sell back what the market has bought, and no more. Nothing is minted, nothing is borrowed, nothing is promised.

Launching a coin

A launch creates a bonding curve on Meteora with the currency as its quote. The curve starts at a market cap of about $4,700 and fills at about $69,000, having taken in roughly €12,500 worth of the currency. That is the same shape as pump.fun, in a different money.

Launching costs only Solana rent. You may buy first, in the same transaction, so nobody gets in front of you. The image is pinned to IPFS; the name and ticker are permanent.

Buying and selling

A buy is one transaction with up to three steps inside: SOL becomes USDC (through Jupiter), USDC becomes the currency (at the wall), the currency becomes the coin (on the curve). A sell is the same road back. Either every step happens or none does — you can never be left holding a currency you did not ask for.

Each step spends the least the previous step guarantees, so the amount is fixed before you sign. Whatever the earlier step pays above its guarantee stays in your wallet as that intermediate token. Keep slippage tight on sells for that reason: half a percent to one percent is plenty, because the curve is deterministic and only another trade landing first can move it.

Fees

Trading, before graduation2.5% of every trade, in the coin's currency

of which to the creator1%

of which to ForexFun1%

of which to Meteora0.5%

Trading, after graduation2%

The wall0.3% each way, plus a 0.02% pool fee

LaunchingSolana rent only, no listing fee

Graduation

When a curve fills, the coin moves into a permanent Meteora pool, still quoted in its currency, with the liquidity locked forever. Trading continues there through the same buy and sell panel; nothing changes for you except the fee.

What can go wrong

The wall can run dry on one side. If everyone sells and nobody buys, the dollars in the wall run out and sells fail until someone buys again. That is by design: the wall only ever holds what was paid into it.

The rate can go stale. If the sources disagree or go quiet, the wall stops moving. Trades still go through at the last quote, which may be a little off the real rate for a while.

A transaction can expire. On a busy network a transaction may not be picked up in time. The site keeps resending it for about a minute and then gives up; nothing is spent when that happens, and you can try again.

Coins are coins. A memecoin priced in euros is still a memecoin. The currency it is priced in is real; the coin is worth what the next buyer pays.

Where the money is

The walls, the currency mints and the curve configs are owned by one treasury wallet, and every pool and position is on chain and public. Coin pools and their liquidity are locked by Meteora, not by us. Fees owed to a creator are visible on their coin's page and can be claimed from there.

Ready? Launch a coin or see what is trading.