Trading and the curve
The constant-product curve every Halo coin trades on, with the numbers compared to Pump's published curve.
Every coin on Halo shares one curve configuration. Before graduation, the pool holds the coin's tokens and the SOL buyers have paid in, and the price is set by the curve and there is no order book.
The curve
Halo uses a single constant-product segment, the same kind of curve behind most bonding-curve launchpads. Meteora's DBC describes a segment by a lower price, an upper price and a liquidity value L. Between price P_a and price P_b (as square roots):
tokens in the segment = L * (1/sqrt(P_a) - 1/sqrt(P_b))
SOL to move across it = L * (sqrt(P_b) - sqrt(P_a))
For a buy of q SOL starting at sqrt(P_a), the new square-root price is sqrt(P_a) + q / L, and the tokens received are L * (1/sqrt(P_a) - 1/sqrt(P_new)). Fees are separate and are explained in Fees.
Halo's parameters, from the configuration in packages/config/src/halo-config.ts and verified against the SDK:
| Parameter | Value |
|---|---|
| Total supply | 1,000,000,000, 6 decimals, fixed |
| Quote asset | SOL |
| Starting market cap | about 69.9 SOL |
| Migration market cap | about 411 SOL |
| SOL raised before migration | 120 SOL |
| Tokens sold on the curve | 708,000,000 (70.8%) |
| Tokens that seed the DAMM v2 pool | 292,000,000 (29.2%) |
Reading the curve
The price never falls as the curve fills, and it moves with the share of supply sold and ignores time. Early purchases cost less per token than later ones, which is what gives early buyers their upside, and the starting price is higher than the one Pump spawns at, which is what makes very large early buys more expensive.
| Sold on the curve | SOL raised so far | Market cap at that point |
|---|---|---|
| 0% | 0 | about 70 SOL |
| 25% of the curve (177M) | about 14.5 SOL | about 96 SOL |
| 50% (354M) | about 35 SOL | about 140 SOL |
| 75% (531M) | about 66 SOL | about 223 SOL |
| 100% (708M) | 120 SOL | about 411 SOL |
The progress bar on a coin page shows SOL raised out of 120.
Halo against Pump
Grabbing a share of a new coin in the first block costs more on Halo. Figures are before fees, and Pump uses its published virtual reserves (30 SOL and 1.073 billion tokens).
| Grab | Pump | Halo, after 1 s | Halo, first block |
|---|---|---|---|
| 5% of supply | 1.47 SOL | 3.65 SOL | 7.29 SOL |
| 15% of supply | 4.88 SOL | 11.98 SOL | 23.95 SOL |
| 30% of supply | 11.64 SOL | 27.92 SOL | 55.85 SOL |
Both curves graduate at the same price, about 411 SOL of market cap. Halo starts at about 70 SOL where Pump starts at about 28, and raises 120 SOL where Pump raises 85. More in Halo vs Pump in pictures and First-block pricing.
Quotes and slippage
The trade panel quotes from the pool's current on-chain state using the DBC SDK, applies the fee, and shows the price impact. Because the curve moves with every trade, the amount you receive can change between quote and execution. Slippage tolerance sets the worst result you will accept; the transaction fails if the result would be worse.