How Covena works

Launch a Solana coin with commitments your holders can verify. Launch it on a Meteora bonding curve from your own wallet, with no launch fee.

Each coin is a standard SPL token with a fixed supply of 1,000,000,000, launched on Meteora's Dynamic Bonding Curve (DBC). Buyers and sellers trade against the curve, and the price rises as SOL comes in. Nothing extra is attached to the token, so it trades on Covena and on any Solana app that routes Meteora pools.

When the curve fills, the coin graduates to a Meteora DAMM v2 pool with its liquidity locked for good, and keeps trading on Jupiter and every other Solana app.

Launch a coin

1. Connect a wallet. Phantom, Solflare, Backpack or any Solana wallet.
2. Coin. Name, ticker (up to 10 letters or digits), image (PNG, JPG, GIF or WebP, up to 4 MB), description and links. Supply is fixed at 1,000,000,000 with 6 decimals.
3. Trading fee. 1% to 5%, charged on every trade on the curve.
4. Curve. Set the starting and graduation market cap in USD; they are priced in SOL at launch. By default a coin graduates once about 85 SOL has been raised.
5. Anti-sniper. Off, 15, 30 or 60 seconds. Buys right after launch pay a fee that starts at 99% and falls to the trading fee by the end of the window, so sniping the first block is expensive.
6. Dev buy (optional). Your first buy, in the same transaction as the launch, at the normal trading fee and before anyone else.
7. Deploy. Your own wallet signs the launch: it creates the coin's curve, the coin and its pool, and makes your dev buy. Your wallet is the fee payer and the pool's creator, and pays the Solana rent (about 0.028 SOL). There is no launch fee and no platform wallet in the transaction. With a dev buy you approve twice: the curve first, then the coin with the dev buy. If a step fails, press Deploy again and it carries on.

Commitments

Any holder can put tokens of a coin under an on-chain commitment from the coin page. They are Streamflow contracts, so they also show up in the Streamflow app, and Covena lists them on the coin page for everyone to check.

• Lock. Tokens leave your wallet and come back on the unlock date. Nobody can move them earlier, not even you. When you deploy with a dev buy you can lock it for 30, 90 or 180 days in one more approval.
• Vesting. Send tokens to a wallet that unlock over time: an optional share at the start, then a linear release (hourly, daily or weekly). It cannot be cancelled; the recipient withdraws as tokens unlock.
• Airdrop. Paste "address, amount" lines. Recipients claim on the coin page and pay a small claim fee. Covena keeps the claim proofs. After the claim window you can take back what was not claimed.
• Staking. Open a staking pool for a coin and fund rewards in the coin with a daily rate. Holders stake on the coin page; longer stakes earn more, up to the pool's multiplier.

Streamflow charges its own fees: locks and vesting take a small share of the tokens on top of the amount (shown before you sign), and creating a contract costs a little SOL.

Built on Streamflow

Covena is built on Streamflow, the token distribution protocol on Solana. Every lock, vesting schedule, airdrop and staking pool you create on Covena is a Streamflow contract: Covena builds the transaction, your wallet signs it, and the contract holds the tokens on-chain. Covena never holds them.

• Same contracts as the Streamflow app. Your locks, vesting and airdrops also show up at app.streamflow.finance for the wallets involved.
• Audited. Streamflow's programs have been audited by several firms; see their documentation for the reports.
• Streamflow's fees. Streamflow charges its own fees for its contracts (a small share of the tokens and a little SOL for locks and vesting, a claim fee for airdrops). Covena adds nothing on top and shows the fee before you sign.
• Independent. Covena is an independent launchpad that uses Streamflow's contracts; it is not run by Streamflow.

Trading

• On the curve: buy and sell on the coin page. The site simulates every trade first and never asks your wallet to sign a transaction that would fail.
• Elsewhere: the curve is a regular Meteora pool, so aggregators and trading terminals can route it too.
• A buy bigger than what is left on the curve fills it and only pays for what was left.
• After graduation: trade on Jupiter.

Fees

• Launch: no fee. Your wallet pays the Solana rent for the new accounts (about 0.028 SOL), plus your dev buy if you make one.
• Trading fee: 1% to 5%, chosen at launch, taken in SOL on every curve trade. It is shared between the creator and the platform. Creators claim their share at any time on the Fees page or the coin page.
• Anti-sniper fee: only during the window picked at launch, falling to the trading fee.

Graduation

The coin graduates when its curve has raised its target, about 85 SOL by default. The buy that fills the curve only pays for what was left. The coin then migrates automatically to a Meteora DAMM v2 pool with its liquidity permanently locked.

Programs

Everything is on-chain and can be checked on any explorer.

• Meteora Dynamic Bonding Curve: dbcij3LWUppWqq96dh6gJWwBifmcGfLSB5D4DuSMaqN
• Meteora DAMM v2 (after graduation): cpamdpZCGKUy5JxQXB4dcpGPiikHawvSWAd6mEn1sGG

Every coin has its own DBC config holding its curve, fee and anti-sniper window, created by the creator's wallet in the launch. The pool creator is the coin's creator, who claims the creator share of the trading fee.

FAQ