I am not going to pretend this is a big idea. It is a program next to one coin. But I have watched a lot of coins try to make their own markets and I think the way they do it gives the game away, so here is what I built instead.
A coin on pump.fun pays its creator a cut of every trade. Most of the time that money goes to a wallet and the wallet does what it likes. Sometimes the creator promises to use it to support the price, with a bot that buys dips. The trouble with that bot is that everyone can read its wallet. They can see how much it has, they can see it running low, and they can sell into its last buy.
So the first thing I wanted was for the fee to never touch a person. The coin's creator fee is routed to a vault owned by a program called ringmakers, and the right to change that route is thrown away. Moving the fee into the vault is a public instruction anyone can call. I cannot redirect it or pause it or take it.
The second thing I wanted was for the buying to be done by something nobody can count. That is where Helius Privacy Rings come in. A ring lets a balance sit on Solana as a commitment instead of a number. You can prove things about it, like that it is at least a certain size, without saying what it is.
The vault uses its fee to forge rings of makers. A ring is eight seats. Each seat is a keyless account with a sealed balance and a public quote. The total a ring was forged with is public, because the fee went in through the front door. How that total is divided between the eight seats is not. One seat might hold a tenth of it and its neighbour a third. From outside they look identical.
Each seat bids a fixed distance under the price and, once it has bought, asks the same distance over its entry. The inner ring sits half a percent away and trades small. Every ring out is twice as far and twice the size. When price falls through a bid the seat buys exactly one clip, and to do it, it has to prove it still holds at least one clip. It never says how many more.
When the price comes back and the seat sells, the gain is split four ways. Half stays with the seat. A little over a quarter is passed, sealed, to the next seat around the ring. A fifth leaves the ring and buys and burns the coin. The last sliver is held for whoever forged the ring. When every seat in a ring has passed at least once, the gain has gone all the way around. I call that a lap, and it is the only thing in the system that counts as progress.
Somebody has to hold the openings to those sealed balances, and I did not want it to be me. So forging is public. Any wallet can forge the next ring by posting a bond, and that wallet, the ringmaker, chooses the split and makes the proofs. It cannot move the money anywhere the program does not allow. If it stops proving, its seats are retired by anyone and its bond is burned. It gets paid only when a lap completes.
A seat that cannot prove a clip sixteen times running is spent. Then the ringmaker has to open it: publish what it was forged with and what it ended with, or lose that part of the bond. So every seat is unreadable while it matters and fully readable once it does not. The opened page on this site is that record, and it only grows.
None of it runs on a clock. There are no epochs and no schedules. Trades move the price, the price crosses quotes, quotes become fills and lifts, lifts become passes, passes become laps. If nobody trades, nothing happens and nothing is owed. The rest is in the docs, with the account layouts if you want to check my arithmetic.