The Concept

What pump.fun does

Pump.fun is a bonding-curve memecoin launchpad on Solana.

1. Anyone deploys a new token for a tiny fee
2. Buyers buy along a bonding curve. Price rises with each purchase
3. Once the curve fills (~$69k market cap), the token "graduates" to Raydium
4. The token then trades on a normal DEX

It works. Pump.fun has made hundreds of millions of dollars in fees. But the SOL that buyers put in just sits in the pool earning nothing. Liquidity is dead capital.

What JellyPad does differently

Sei has a staking precompile at 0x0000000000000000000000000000000000001005. Any smart contract can delegate to validators directly. So we built our own liquid staker, JellyPadStaker. It delegates principal to validators and issues jpSEI as a yield-bearing receipt token.

Two consequences:

1. Every buy on a JellyPad memecoin stakes the incoming SEI through JellyPadStaker. The principal earns ~4.4% validator APR forever.
2. At graduation, the (jpSEI, TOKEN) pair is created on Saphyre, then the LP receipt is burned to 0xdEaD. Liquidity is mathematically permanent, not "trust the operator."

How the yield reaches MEME holders

jpSEI is a yield-bearing ERC-20. The exchange rate (1 jpSEI = X SEI) only goes up. It rises from three sources:

1. Validator rewards harvested by JellyPadStaker.claim() (~4.4% APR base)
2. Protocol fees from JellyPad trades that compound into the buffer
3. Instant-unstake fees stay in the buffer

A user who holds MEME tokens never sees jpSEI directly. But the pool's jpSEI side is what backs their position. Mechanically:

• Their MEME balance never changes
• The pool's jpSEI count on its side never changes either
• But each jpSEI is worth more SEI tomorrow than today
• When the holder sells MEME, they get a share of the now-more-valuable jpSEI side

Net effect: MEME tokens drift upward in price (denominated in SEI) over time even when nobody is trading.

This is mechanical, not marketing. The math is (bufferSei + totalDelegated) / totalSupply(jpSEI). The numerator grows from validator rewards and fees. The denominator only grows from new stakes, which add proportional backing. The rate only goes up.

The network effect

Pump.fun-style launchpads cannot copy this property: every new token launched on JellyPad lifts the value of every previous graduated pool.

The mechanism. Every buy and sell on every JellyPad token pays a 1% protocol fee. Half of that routes back into the shared jpSEI buffer. That lifts the jpSEI:SEI rate. Every previous pool's (jpSEI, MEME) LP holds a fixed jpSEI count on one side. As the rate climbs, the SEI-equivalent value of every previous pool climbs too. Without a single trade on that pool.

Pump.fun's tokens compete for liquidity. JellyPad's share it.

Who benefits how much

The yield is most meaningful for tokens that survive the first weeks but don't moonshot. Memecoin moonshots are dominated by price action; the yield is a sweetener. For the long tail of "decent but not viral" tokens, yield is a structural floor that other launchpads can't offer.

What yield does NOT do

• Not rug insurance. A 99% drawdown takes ~115 years to recover at 4% compound. The pool's permanence is a different feature.
• Holders are not LPs. They own MEME tokens, not LP shares (LP shares are burned). The yield is unrealised gain inside the pool, claimable only by selling.
• Yield is small in absolute USD on small positions. Sub-dollar holders won't notice.

The trading interface

The protocol is plain Solidity. Anyone can call the factory, token, router, or staker directly from a script or a wallet's "advanced" tab. The reference frontend at apps/web wraps those calls behind:

• One-click trades with auto-staking on routed buys
• A standalone /stake page for users who want yield without buying memecoins
• Live yield display on every token page
• Token discovery, charts, recent-trade feeds
• Mobile-friendly trade panel

Direct interaction with the contracts works identically. The protocol does not depend on the frontend for any feature.