LOT: Fee Auctions on Meteora

LOT is a launchpad on Meteora where a coin's trading fees are not paid to a wallet but sold. Each coin launches on Meteora's Dynamic Bonding Curve, paired with SOL, with a trading fee its launcher picks. The pool's creator is not a person but a house: an account of the LOT program that claims the fees itself, forwards a fifth of them to the $LOT burner, and offers the rest as a lot every one to five minutes. Bidders pay in the coin. The highest bid takes the pot in SOL and is burned; every losing bid comes back as credit. Because the burn is priced by open competition rather than by a bot buying its own chart, the protocol needs no price oracle, no treasury wallet, no slippage budget and no operator.

The auction is the buyback.

A conventional buyback-and-burn holds a wallet, runs a bot, and buys the coin on the open market at whatever price the curve asks. It pays slippage, it can be front-run, and holders must trust that the wallet is used as promised. LOT inverts this. The house never buys the coin. It sells what it already holds — the fees the coin earned, in SOL, to whoever will pay the most coin for them. Rational bidders push the price to the pot's fair value; the coin they pay with is destroyed. Fees become burned supply at a price real participants agreed on, and the program holds nothing it could misuse.

A Meteora curve whose every fee belongs to the house.

Every coin gets its own Meteora Dynamic Bonding Curve config and pool, paired with SOL: one billion supply, no mint or freeze authority, metadata fixed forever. The launcher picks the trading fee (1%, 1.5%, 2% or 3%) and for the first twenty seconds the fee starts at 99% and falls to that rate, so snipers fill the first pot instead of the launcher's holders. Meteora keeps a fifth of every fee as its protocol fee; the config routes all of the rest to the pool creator, and none to LOT. When about 85 SOL has been raised the curve graduates to a Meteora DAMM v2 pool, and the config hands 100% of that pool's liquidity to the creator, permanently locked. Its fees keep flowing to the house for as long as the coin trades.

One account per coin, holding the creator seat.

The launcher creates the pool and, in the next transaction, hands its creator seat to the house: an address derived from the coin's mint. Opening the house needs a signature from the mint key itself, which only the launcher's browser holds, so nobody can open a house for somebody else's coin. The program checks, against Meteora's own accounts, that the house holds the creator seat and that the config sends every trading fee and all graduated liquidity to the creator, in SOL, with an immutable mint. Only the house can claim those fees, and only the program can sign for the house, so they cannot be pointed anywhere else. The launcher chooses two more terms: the lot length, one to five minutes, and their cut of each sold pot, zero to thirty percent. Neither can be changed afterwards by the launcher, by LOT, or by anyone else.

Bids are held, never spent, until the hammer.

A lot opens with the pot at whatever the house has collected. Bids are denominated in the coin and must exceed the standing bid by at least one percent. A displaced bid is not returned by transfer but credited inside the program, so it can be re-bid without another deposit and withdrawn whenever the bidder chooses. A bid placed inside the soft close — a tenth of the lot, between ten and thirty seconds — pushes the hammer back, so a lot cannot be sniped, only outlasted. At the hammer the highest bidder is owed the pot less the published cuts, and their bid is burned. If the pot is empty at the hammer, nothing sells: the standing bid goes back to its owner as credit and the lot clears. A lot that draws no bid does not sell either: its pot rolls into the next, and an idle house reopens inside the next bid, so a quiet coin costs nobody anything to keep alive. A bid on a lot that ended with a bid standing settles that lot first, in the same transaction, so no one waits for a cranker.

Twenty percent of every fee is auctioned for $LOT.

Before any lot is formed the house forwards a fifth of each fresh fee to the burner for its pair asset. Only fresh inflow is skimmed; a rolled pot is never skimmed twice. There is one burner per pair asset, so a burner holds a single asset; every coin here is paired with SOL, so in practice there is one. The burners accumulate from the first house onwards and do nothing else until $LOT launches and is bound, once, by the program's upgrade authority before that authority is burned. From then on each burner sells what it holds by the same open auction a house uses — five-minute lots, thirty-second soft close, bids in $LOT, the winning bid burned, two and a half percent to whoever settles. An unattended swap of SOL into $LOT would need an oracle and a router and could be sandwiched every time; an auction needs neither. $LOT itself is a plain launch whose creator rewards fund development and audits; it is the one coin that is never auctioned.

Anyone can settle. Nobody has to.

Fees wait inside the Meteora pool until claimed, and only the house can claim them. So the program exposes the claims itself, open to anyone: collect from the curve, collect the creator's share of the curve surplus at graduation, and collect the fees of the locked DAMM v2 position afterwards. Each one claims into the house and skims the burner's fifth in the same instruction. A settlement transaction starts with a collect, then hammers the lot. Settlement only matters for a lot with a standing bid; it pays its caller two and a half percent of the pot, so the auction survives the disappearance of LOT's own cranker. The winner's and creator's shares are recorded as owed and pushed to their own accounts by anyone.

What you trust, stated plainly.

The LOT program has no admin, no pause and no withdrawal path other than the ones above. Its upgrade authority exists until the program has been audited and has run in public for a soak period; it will then be burned, and until it is, that authority could replace the program. This page will say when it is gone. The authority is also what binds $LOT to the burners, once. Beyond the program you trust Meteora: its Dynamic Bonding Curve and DAMM v2 programs hold the liquidity and the fees, and Meteora keeps its protocol share of every fee. LOT takes no fee of its own: the config's partner seat receives no trading fees and no liquidity, and the program refuses any config that would give it some.

One program, three kinds of account.

sold is an Anchor program. A House per coin holds the auction and the skim; a Burner per pair asset holds the $LOT auction; a Bidder record per auction and user holds credit and anything owed. Vaults are token accounts owned by those addresses, and the pot is always the vault balance less what is reserved for winners and the creator. The site reads the chain server-side and never exposes an RPC key to the browser. Launching, bidding, settling and withdrawing are signed by your own wallet; the interface simulates every transaction before it asks. A cranker settles due lots and serves an index for speed, but the site falls back to reading the program directly when it is away.

Program ID 9nVsm6PivDUKzQMhdftxaSBPwdf8fhEWKvyRWtJ5ZLUd. This is the program that runs every house, not a coin. Meteora's curve and pools are documented at docs.meteora.ag. Updates on @lotfamily.