The classic
Raydium constant-product pool, devnetThe textbook pool: half tokens, half dollars, every price possible.
Pool price now
No floor exists anywhere on this curve. The measured series printed $645.07 on the way up and $6.27 on the way down, and the pool never refused a single trade.
Dollars in the pool
Includes the $54,000.00 we locked in to open this shape.
SHASH in the pool
Started at 1,950. Buys take tokens out, sells put them back.
Toll the token kept
Every SHASH transfer pays a 2.5% toll to the token itself ($54,000 plus 2,000 SHASH locked in on day one). It sits on the pool account, outside the market, until the weekly sweep collects it.
The whole curve is the pool
The pool keeps SHASH times dollars constant, so it quotes every price from almost zero to almost infinity. Nothing marks a floor anywhere.
Every trade slides the dot along the curve. Buys slide it left and up, sells right and down, and the far right of the curve is where the measured $6.27 print lives.
How this shape works
The textbook automated market maker: we deposited 2,000 SHASH against $54,000 so the pool opened near $27. The pool keeps the product of the two sides constant, which spreads that liquidity across every price from zero to infinity.
That spread is the problem. Almost none of the depth sits near the price you care about. Our first tiny buy of 100 tokens cost $3,005 and moved the price from $27.69 to $30.86. The same buy on the concentrated shapes cost about $2,780 and moved the price 25 cents.
There is no such thing as a refused trade here. When we asked for 2,000 tokens the pool only held 1,334, so an exact request was impossible; the fallback order spent $182,026 and received just 906.9 tokens while driving the price to $645. The pool always executes. It never promises you your size.
Where it breaks
Both directions, measured: the buy leg ran the price from $27.69 to $645.07, then three sells collapsed it to $6.27. No floor exists anywhere on the curve, so a one-machine sale can and did print prices far below hardware parity.
It is also the most expensive shape to run: $54,000 of real dollars locked on day one, plus the 2.5% token toll on the seed, which is why it opened at $27.69 instead of $27.00.
What it proves for SHASH
The shape treasuries fear, demonstrated with real transactions. Buying 500 tokens here cost $21,958 against $14,123 on the tight band: a 55% penalty just for the shape of the pool. This experiment is why SHASH does not launch on a constant-product pool.
Every trade, signed
What the model quoted before sending versus what the chain actually delivered, for every trade of the series, including any the chain refused.
| Trade | Expected | Got | Price | Proof |
|---|---|---|---|---|
| Bought 100 Aug 11, 21:38 UTC | 100 SHASH for $3,005.43 | 100 SHASH | $27.69 → $30.86 | 3Cwy…UNKU |
| Bought 500 Aug 11, 21:38 UTC | 500 SHASH for $21,958.54 | 500 SHASH | $30.86 → $59.16 | 65o8…SaoB |
| Bought 2,000 Aug 11, 21:38 UTC | 906.9 SHASH for $182,026.48 the pool could not deliver the full size, so a fixed-spend order went in instead | 906.9 SHASH | $59.16 → $645.07 | 2JpQ…4cHb |
| Sold 300 Aug 11, 21:39 UTC | $109,337.97 for 300 SHASH | $109,337.97 | $645.07 → $217.51 | aUD3…WUTi |
| Sold 3,000 Aug 11, 21:39 UTC | $122,348.52 for 3,000 SHASH | $122,348.52 | $217.51 → $8.07 | 5nLJ…cBm2 |
| Sold 500 Aug 11, 21:39 UTC | $3,459.91 for 500 SHASH | $3,459.91 | $8.07 → $6.27 | 3BfK…46Eb |
| Bought 1,000 Aug 11, 21:39 UTC | 1,000 SHASH for $8,593.47 | 1,000 SHASH | $6.27 → $11.14 | 3zPD…waiK |
The other shapes
How this page measures: price and pool balances are read straight from the devnet pool accounts every ten seconds where the venue allows raw reads, band bars use the recorded positions plus the live price, and the table replays the signed trade log. Practice network, practice dollars: the mechanics are real, the money is not. Pool FpwW…cyxk on Solana devnet, opened with $54,000.00 seeded.