how relay works

How RELAY works

RELAY is a memecoin launchpad on Solana, built on Meteora's Dynamic Bonding Curve. The idea is a relay race: every launch pays the last coin that made it.

When a coin's bonding curve fills, the coin graduates to a Meteora pool and picks up the baton. From then on, part of the fees from every trade on every RELAY coin goes to the holders of the baton coin, until the next coin graduates and takes the baton. $RELAY holds the first baton until the first platform coin graduates.

Every handoff is written on-chain as a memo, every payout carries a memo that points to the exact snapshot it was based on, and every snapshot can be downloaded and re-checked. Payouts are sent by the team from a public wallet; they are not automatic.

The curve

Bonding progress everywhere on the site is (market cap − start) / (graduation − start). The curve itself is set in SOL in the RELAY config, so the dollar figures move with the SOL price.

Fee split

Every trade on the curve pays a 2% trading fee. Meteora keeps a fifth of it as its protocol fee (0.4% of the trade). The rest, the platform fee, goes to the RELAY fee wallet and is split:

• 0.8% of the trade to the team
• 0.4% to the holders of the coin that was traded
• 0.4% to the holders of the coin holding the baton

"Accrued" on the site is that share of the fees that came in; "paid out" is what actually left the payout wallet, with transactions. They are always shown separately.

Snapshots

A worker takes a snapshot of the baton coin's holders every 15 minutes, one at every handoff, and one right before every payout. It reads every token account of the coin through Solana RPC (Helius DAS where available), merges several accounts of one owner and applies the exclusions below.

Fair share: a payout splits pro rata by each wallet's average balance across all snapshots of the payout period, so buying right before a payout does not capture the full share. Dust: wallets whose share is below the minimum are not dropped; their amount rolls over to the next period.

Each snapshot is stored with its slot, block time, holder list and a SHA-256 hash of the full snapshot JSON (keys sorted, no whitespace). The raw JSON is downloadable at /api/snapshots/<hash>, and every payout names its snapshot.

Who is excluded

Always excluded: Meteora pool and LP accounts, every program-owned account (PDA), the burn address, and RELAY's own platform, payout and team wallets. On top of that, the public list in /excluded.json:

Verify it yourself

Every hash on the site can be re-checked. In the browser: hit verify next to any payout or handoff on History. On your own machine, with the open-source script in the repo:

git clone <relay repo> && cd relay && npm install
npx tsx scripts/verify-snapshot.ts https://<site> <snapshot-hash>
RPC_URL=<your rpc> npx tsx scripts/verify-snapshot.ts https://<site> <hash> --live

The script downloads the snapshot, recomputes its SHA-256, and for a payout snapshot downloads every source snapshot, checks their hashes and recomputes every wallet's average balance and SOL amount. With --live it also re-reads the holders from your own RPC and compares them with the snapshot (an exact match is only expected for a recent snapshot, since standard RPC can't read balances at an old slot).

On-chain memos

On every graduation the memo wallet sends an SPL Memo transaction:

RELAY|HANDOFF|#<n>|<prevMint>-><newMint>|slot:<slot>|snap:<snapshotHash>

Every payout transaction carries:

RELAY|PAYOUT|<mint>|period:<n>|snap:<snapshotHash>|wallets:<count>

The proof section on History reads these memos straight from the chain (the public wallets' transactions), not from our database.

FAQ

Risks