Every listing opens at one price. When it closes, that price becomes a floor.
Choose a token, a stock to price it in, and how long the window stays open. Buying and selling run the whole time. At the close the unsold supply burns and everything raised is locked underneath as a bid you can always sell back into.
Listings
Loading the ladder
Open a listing
A third of this is the most that can sell. The rest burns at the close.
Every pair Pons approves, plus anything else you paste. The floor is denominated in this asset, so it moves with it.
The same price for the first buyer and the last.
Fifteen minutes at the shortest, thirty days at the longest.
Percent, on buys only. Two at the lowest, five at the highest. IPOPAD keeps 1 point of it while the window is open; the rest is yours, and after launch you keep all of it.
What this produces
Once deployed nothing here can be changed. You keep the fee and nothing else — the raise belongs to the floor.
How a listing runs
The window opens
Every token sits in the contract from the first block. No reserve wallet, no allocation, no earlier round. Buying and selling are both open at one price for as long as you set, and nothing is locked or claimed later.
The window closes
Anyone can fire it — there is no privileged caller. Every unsold token burns, so the supply settles at three times whatever sold.
The floor is seated
Everything raised, less the fee, becomes a flat bid at the price people paid. Sell into it at any time and your tokens burn. It cannot run dry: every token that reaches the market brought in at least its own floor value.
The ask steps up
Twice what sold is seated above the sale price and rises as it fills. Everything it takes in goes straight to the floor, so the bid only ever deepens.
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Tokens
Everything that has finished a listing on IPOPAD
A token stays on this list forever. The floor is written into the contract at launch and cannot be moved, raised, lowered or withdrawn by anyone, including us.
Docs
How the mechanism works, what it guarantees, and what it does not.
What IPOPAD is
IPOPAD deploys a token that sells at one fixed price for a window the creator chooses, then converts itself into a market with a permanent floor. The price is denominated in a stock token rather than a stablecoin, so a listing is priced against an equity rather than a dollar.
There is no bonding curve during the sale, no allocation, no vesting and no claim step. The first buyer and the last buyer pay exactly the same price, and either can leave at any point.
The two phases
Sale
Every token is in the contract from the first block. Buying and selling are both open for the whole window. A fee in basis points is charged on buys only and goes to the creator; selling costs nothing. The most that can ever sell is one third of total supply.
Launch
Once the window closes — or the cap fills — anyone can call launch(). There is no privileged caller and no deadline. It burns the unsold remainder so the supply settles at three times what sold, then seats two sides:
- The floor: every unit raised, less the fee, as a flat bid at the sale price. Selling into it burns the tokens.
- The ask: twice what sold, on a constant-product curve whose marginal price starts exactly at the sale price and only rises. Everything the ask takes in is added to the floor.
If nobody bought before the window closed, the whole supply burns and the listing ends dead. Nothing is recoverable and nothing was ever at risk.
Why the floor holds
The contract keeps one invariant true at every block:
bidReserve ≥ circulating ÷ price
The quote held by the contract is always at least enough to buy back every token in circulation at the floor price.
- At launch it holds with equality, because the raise is exactly what buyers paid for the tokens they hold.
- Every ask fill adds tokens to circulation and adds at least their floor value to the reserve, because the curve never prices below the floor.
- Every floor fill removes tokens from circulation, burns them, and removes exactly their floor value.
So the reserve can never be drained below what it owes. The floor is not a promise or a treasury policy — it is an accounting identity enforced by a contract with no owner, no upgrade path and no withdrawal function.
Parameters
| Field | What it does |
|---|---|
| name / ticker | Token metadata. Fixed at deploy. |
| total supply | Minted once, entirely to the sale contract. No mint function exists afterward. |
| priced in | The stock token the sale and the floor are denominated in. |
| tokens per unit | The fixed price. One number for the whole window. |
| window | How long the sale stays open. Minimum 15 minutes, maximum 30 days. |
| buy fee | Basis points on buys, paid to the creator. Capped at 5%. Sells are never charged. |
Buying and selling
During the window a buy fills at the fixed price and a sell returns exactly what you paid, less the buy fee you already paid to enter. Your total cost of a full round trip is the fee and nothing else.
After launch a buy fills from the ask, which starts at the sale price and rises as it fills, and a sell always fills at the floor. Because the ask is never below the floor and the fee sits on top, buying the ask and dumping the floor always loses money — there is no round-trip arbitrage to extract.
Wallet safety
Connecting a wallet to any site is a real risk. Here is exactly what this one does and does not do, so you can verify it rather than trust it.
What this site does
- Exact-amount approvals only. Every approval is for the precise amount of the trade. Unlimited approvals are never requested. A revoke control sits next to every trade panel.
- Contract verification. Before any interaction the sale address is checked against
isSale()on the factory. An address the factory did not deploy is refused. - Addresses come from the chain. The token and quote addresses for a listing are read from the sale contract itself, never from a link, a query string or anything you can type. Query parameters are stripped, so a crafted link cannot point you at a fake pool.
- Every transaction is simulated first. The call is run read-only against current state, so failures surface as a plain message before your wallet opens.
- A confirmation screen before the wallet. Contract, action, exact amounts and network are shown for review first.
- The network is re-checked immediately before each transaction, not only at connect, so a mid-session switch cannot misroute a trade.
- Slippage bounds on both sides. Buys carry a minimum-out; sells fill at a floor that cannot move.
- Pinned, integrity-checked dependency. The one external script is version-locked with a subresource integrity hash. A tampered file will not execute — the page disables trading rather than run unverified code.
- A content security policy restricts what the page may load or connect to, and anti-framing prevents the site being embedded in a hostile wrapper.
What this site never does
- It never asks you to sign a message. If a wallet prompts you to sign anything other than a transaction shown on the confirmation screen, reject it and leave.
- It never asks for a seed phrase or private key. Nothing legitimate ever will.
- It never asks for unlimited spending permission.
- It has no backend and no analytics. Nothing you do here is recorded anywhere.
Before you connect anything: confirm the domain in your address bar, confirm the factory address in the footer matches the one published by the project, and use a wallet holding only what you are willing to trade with. Every listing is deployed by a stranger — the mechanism is trustless, but the person who chose the parameters is not.
Risks
- The floor is denominated in a stock, not a dollar. If the stock token falls, the dollar value of your floor falls with it. The floor guarantees a quantity of the quote asset, nothing more.
- The quote asset is its own risk. If a stock token can be paused or frozen by its issuer, freezing it freezes the floor. Check the quote token before trading a listing priced in it.
- The ask can be expensive. After launch the ask rises as it fills. Buying high and selling into the floor realises the full difference as a loss.
- Launch timing is contested.
launch()is permissionless and the ask opens at the floor price, so the first block after launch is competitive. - A listing that never sells dies. If no one buys, the supply burns and the token is worthless by construction.
- The contracts are unaudited. Read them before you send anything.
Contracts
| Contract | Address |
|---|---|
| Factory | not configured |
| Sale implementation | read from the factory |
| Network | — |
Each listing is a minimal proxy pointing at one shared, immutable implementation. Verifying the implementation once verifies every listing on the platform.