Rings LAUNCH
OTC desk
HOW IT WORKS · RINGS LAUNCH MANUAL

The world sees what. Not who.

On Rings Launch you pay Rings privately, and Rings launches your token from a single-use key of its own. On-chain, the token's creator is that key, not your wallet. Rings sends the first buy straight to your wallet, in public.

Everything about the token is printed in ink: its curve, every trade, every holder and the fee. This manual shows, row by row, what each step puts in public and who else can see it.

  1. 01In the open Fund You pay Rings privately from your private balance. Rings funds a single-use launch key of its own for this one token. OutsideThat your account paid Rings, not how much. Then Rings funding the launch key, in the open.
  2. 02In the open Launch The launch key puts the token on a public bonding curve on Solana, with its first buy. Rings sends the first buy straight to your wallet, in public. OutsideThe token, the launch key, the time and the first buy.
  3. 03In the open Trade Anyone buys and sells in public from their own wallet. The token's ring fills. 62% OutsideEvery trader's wallet, every amount, every time.
  4. 04In the open Graduate The ring closes. The liquidity moves to a Meteora pool and the token trades there. OutsideThe curve closing and the new pool.
02

What the world sees, step by step

Each row is one thing that happens. Read across to see who learns what. "Helius sees" covers their infrastructure and prover; "Rings server sees" is everything we store.

Step On-chain (public) Helius sees Rings server sees Sealed
Connect and unlock Nothing Nothing Your address, IP and session time —
Deposit to your private balance Your wallet, the coin and the exact amount In the open The deposit, as any RPC provider would Nothing Nothing. A deposit is public
Pay Rings for a launch That your account paid Rings, and when The amount, inside Helius's prover enclave Your account and the token you asked for, until the launch is done SealedThe amount
Rings funds the launch key Rings, the launch key and the exact amount In the open The amount, inside the enclave Everything: it sends it SealedWho asked for the launch
Swap, for a USDC or RINGS pair The launch key, both coins and the amounts In the open Nothing Everything: it swaps —
Launch and first buy The token's name, ticker and picture, the launch key, the first buy and the time In the open Nothing Stores the picture and text SealedWho asked for it
First buy sent to your wallet The launch key sending the first buy to your wallet, the amount and the time In the open Nothing Your wallet, until the launch is done Nothing. It shows your wallet got the first buy
Anyone's trade The trader's wallet, the amount and the time In the open Nothing The trade, to list it on the token page —
Graduation The curve closing and the new Meteora pool In the open Nothing That the token graduated —
Withdrawing your tokens Your account, the token, the amount and the receiving wallet In the open The amount, inside the enclave Nothing SealedWhat stays in your private balance
In the openAnyone, forever, on any explorer Sealed — not on the public ledger
03

What simple math can reveal

A launch key keeps your wallet off the launch. It can't hide arithmetic on what happens in the open around it. These three patterns can link a launch key to a wallet.

Could be inferred A payment to Rings, a minute before a launch
12:18 Private paymentSealed 7xKX…9fQa → Rings
12:19 Launch key funded0.5282 SOL Rings → 9xQe…k2Lm
The amount is hidden, the time is not. If you are the only one paying Rings at that moment, the timing ties you to the launch.
Could be inferred A delivery right after the launch
12:19 Launch$MOTH by launch key 9xQe…k2Lm
12:20 Private transferSealed Rings → 7xKX…9fQa
Which token and how much stay hidden. The timing of a delivery can still point to the launch.
Could be inferred A withdrawal of the tokens
14 Nov Withdrawal34,500,000 $MOTH 7xKX…9fQa → wallet
A withdrawal shows your account, the token and the amount. It ties you to the token for good.
04

The curve and the ring

A new token starts on a bonding curve: Meteora's program sells it against one pair coin at a price set by a formula, not by an order book. Each buy takes tokens off the curve and puts the pair coin in, so the next token costs a little more. Each sell does the reverse.

now · 62%graduatesPrice0Tokens sold from the curve →
62% filled
  • The curve holds the tokens not sold yet.
  • The ring shows how much of the target the curve holds.
05

Graduation

The curve is full when it holds its target amount of the pair coin. Then trading on the curve stops. Within minutes the liquidity moves to a Meteora pool, and the token trades there from then on.

  • Your tokens stay in your wallet.
  • Rings does not run the pool.
06

Fees and costs

Fee on every curve trade1.5% of the trade
Where it goes
Rings treasury1.2%
Meteora's protocol0.3%
Creatorsno share
Network costs
Launching a token (rent of its accounts, network fees and a reserve)≈ 0.021 SOL
With a first buy (its account in the private ring, and temporary accounts)≈ 0.0065 SOL more
A trade≈ 0.00001 SOL
A withdrawal from the private balance≈ 0.00002 SOL
After graduationthe Meteora pool's own fee applies
07

Who you trust

Meteora
  • The curve and the pool are Meteora's programs.
  • Meteora can upgrade them.
Helius
  • The privacy program can be upgraded and paused by Helius.
  • Its prover enclave sees amounts.
Rings
  • Runs this website, the list of tokens and the picture hosting.
  • Launches every token, and holds the payment and the first buy for the minute that takes. If a launch fails, it refunds the payment.
  • Knows who asked for a launch while it runs, and keeps no record afterwards.
  • Cannot move, freeze, change or delist a token.
The creator
  • Gets the first buy in their private balance.
  • Can withdraw it and sell it at any time.
08

Risks

  1. 01Most new tokens lose most of their value.
  2. 02Rings does not vet tokens.
  3. 03Anyone can copy a name, ticker and picture, so check the mint address.
  4. 04You cannot see who launched a token.
  5. 05A large trade moves the price.
  6. 06A token may never graduate.
  7. 07Programs can have faults.
09

What we never do

  • Keep a record of who launched which token.
  • Vet, rank or promote tokens.
  • Change, freeze or delist a token.
  • Hide the fee.
  • Publish who launched a token.
10

Questions

No. The name, ticker and picture are fixed at launch, the mint authority is revoked and there is no freeze authority.

Rings is independent and not affiliated with Helius or Meteora. Solana Privacy Rings is built by Helius. Dynamic Bonding Curve and the pools are built by Meteora. See their documentation for the protocols.

Rings LAUNCH

Rings is independent and not affiliated with Helius or Meteora. Solana Privacy Rings is a Helius product. Dynamic Bonding Curve is a Meteora product.