How Recur works

A coin can pair with SOL, stablecoins (USDC, USDT, EURC…) or more than 120 tokenized stocks and pre-IPO tokens: xStocks, Backpack stocks, PreStocks and Tessera. The pairing is fixed at launch.

Every pair starts at a $2.5k market cap and graduates at $30k, measured in USD. Each quote gets its own Meteora config, created at the quote's live USD price, so a coin paired with NVDAx starts at the same dollar value as one paired with SOL. Prices on the site are always shown in USD.

Fees are collected in the quote asset. When the fee wallet splits them, the protection fund and OTC reserve shares are always converted to SOL, so both are one shared SOL balance whatever the pair. The coin buyback uses the quote directly, the RECR buyback goes through SOL, and the airdrop is paid in the quote.

Many tokenized stocks are Token-2022 mints. Meteora only accepts a Token-2022 quote once it has issued that mint a token badge, so a pair can be listed but not yet launchable.

For the first 6 seconds after launch the pool's fee starts at 99% and decays exponentially to the normal 3%. It's Meteora's fee scheduler, so it applies to every buy and sell in that window, and the extra lands in the same five buckets: snipers end up paying holders. The creator's own first buy, bundled into the launch transaction, pays only 3%.

Before graduation a coin trades on a Meteora Dynamic Bonding Curve. When the curve completes, at a $30k market cap, Meteora migrates its liquidity into a DAMM v2 pool with the same 3% quote-side fee. Nothing changes for holders: same coin, same fee, same five buckets.

The migrated LP position is permanently locked to Recur's fee wallet. Nobody can remove the liquidity; the fee wallet can only claim the trading fees it earns, which go into the buckets like every other fee.

• 30% of every fee, converted to SOL, goes to one shared reserve wallet. Each coin is credited with what it contributed.
• Sell limit = 2× the SOL a coin's fees contributed, minus what holders have already sold into it. It stays at 100% while the coin keeps paying fees (3 days), then fades linearly to 5% over the next 27 days. Coins that pay more get higher limits; dead coins get next to nothing.
• One coin can draw at most 10% of the reserve at a time, and one wallet at most 5% of it per coin per day.
• Sellers are paid at the lower of spot and the 30-minute TWAP; buyers of the reserve's inventory pay the higher. Pumping the price for a few blocks doesn't help. OTC opens 30 minutes after launch.
• OTC trades carry the same 3%, paid to the fee wallet in the same transaction and split like any other fee. SOL paid by inventory buyers restores that coin's credit.
• Atomic settlement. Every OTC trade is one Solana transaction signed by both you and the reserve wallet: your coins in, its SOL out. It settles completely or not at all, and the signed quote expires within a minute.

40% of every fee, converted to SOL. It only covers realized losses: you sold below your average entry. How much comes back depends on three things: how long you held, how much the coin paid into the fund, and how big the fund is.

1. Hold time sets an "up to" rate. Markets are fast, so the tiers are minutes and hours. A coin flagged as a rug (creator or linked wallets dumped) gets 70% whatever the hold time. The most any loss can be covered is 70%.

2. Each coin can only draw its share of the fund. Every epoch has a budget (at most 15% of the uncommitted fund). A coin gets a slice of it in proportion to what that coin has paid into the fund: its contributions divided by everyone's. If its traders' requests add up to more than the slice, they are paid pro-rata. Coins that paid little in fees cover little; dead coins cover almost nothing.

• Each claim is capped at 5× the tax that wallet paid on that coin.
• Claims are batched into epochs at least 6 days apart. An epoch can commit at most 15% of the uncommitted fund. The protection wallet's balance and every payout are public on-chain.
• Each epoch is computed from public trade data with the same open-source policy code the site uses. You claim in a transaction you co-sign with the protection wallet. Claims expire after 60 days and return to the fund.
• Excluded: creators on their own coins, protocol addresses, and wallet clusters that wash-trade.
• Losses are measured in SOL at the time of each trade, so they are comparable across pairs.

• 10% of every fee, kept in the coin's quote asset, paid out continuously, within seconds of the trades that pay it.
• Recipients are holders whose average entry is above the current price, weighted by how far underwater they are (balance × (entry − price)). There is a minimum of about $20 so dust wallets don't dilute it.
• The set is recomputed on every pass, every few seconds. When the price rises, holders now in profit drop out and newer high-entry buyers rotate in. When it falls, more holders qualify.
• Coins received by transfer count with a zero cost basis, so moving coins to a fresh wallet can't fake a high entry.
• Airdrops are pushed to your wallet from the airdrop wallet. If a transfer fails, the amount stays owed to you and is retried on the next pass.

Recur deploys no programs of its own. Trading runs entirely on Meteora's pools; the money that comes back lives in four ordinary Solana wallets run by the Recur backend:

• Fee wallet claims every pool's fees (and owns the locked LP after graduation), then buys back, burns, converts to SOL and moves each bucket to its wallet.
• OTC reserve holds the SOL you can sell into and co-signs every OTC trade.
• Protection fund holds the SOL for loss claims and co-signs every claim.
• Airdrop wallet holds each coin's airdrop share in its quote asset and pushes it out continuously: a holder's share is sent as soon as it's worth more than the network fee to move it.

Every balance and transfer is public. Here they are, live:

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