The stairs
Raydium concentrated pool, devnetEight sell rungs from $27.11 to $35.09, zero dollars seeded.
Pool price now
Below $27.11 this pool holds nothing to trade against, so a sell that tries to push under it is refused by the chain. The trade log shows the test.
Buyer money in the pool
We seeded none of it. It walked in through buys and walks out when people sell.
SHASH in the pool
Started at 4,602. Buys take tokens out, sells put them back.
Toll the token kept
Every SHASH transfer pays a 2.5% toll to the token itself (zero dollars seeded, 4,720 SHASH placed). It sits on the pool account, outside the market, until the weekly sweep collects it.
Where the liquidity sits
zero dollars seeded, 4,720 SHASH placedGold is tokens for sale, green is standing buy money. Faded means the side has been traded through.
Bars are computed from the recorded size of each position plus the live pool price, the same math the chain uses.
How this shape works
We placed 4,720 SHASH as eight separate sell positions, each 590 tokens wide, stacked from $27.11 up to $35.09. No dollars went in with them. The pool opened with nothing below the price at all.
A buy walks up the stairs: it eats the cheapest rung first, and every dollar the buyer pays stays parked on the rung it bought from. Those parked dollars automatically become the bid side, so selling only works down through money that real buyers left behind.
A sell walks back down the same steps. When it reaches the bottom rung there is nothing left to trade against, and the chain refuses the whole transaction rather than filling part of it.
Where it breaks
The measured floor test: after the series had parked $50,000 of buyer money on the lower rungs, a sell of 3,000 tokens quoted down to $27.11, found no room below, and was refused outright. Nothing moved, the seller kept their tokens, and the price stayed at $31.07.
The honest limit: the floor is geometry, not a promise of exit price. A seller can always sell into whatever buyer money sits on the rungs, but only down to $27.11, and only as much as the parked dollars can absorb.
What it proves for SHASH
This is the launch design. It cost zero dollars, stepped the price gradually on every buy in the series, accumulated $86,210.86 of buyer-funded depth, and physically cannot print a price below the bottom rung.
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, 17:05 UTC | 97.5 SHASH for $2,724.66 | 97.5 SHASH | $27.00 → $27.25 | 5iew…oXUr |
| Bought 500 Aug 11, 17:07 UTC | 500 SHASH for $14,197.99 | 500 SHASH | $27.25 → $28.00 | 4W8i…fQAM |
| Bought 2,000 Aug 11, 17:07 UTC | 2,000 SHASH for $61,312.86 | 2,000 SHASH | $28.00 → $31.64 | 2vVZ…ZjP7 |
| Sold 300 Aug 11, 17:07 UTC | $9,148.34 for 300 SHASH | $9,148.34 | $31.64 → $31.07 | 5AoK…F7tV |
| Tried to sell 3,000 Aug 11, 17:08 UTC | quote stopped at $27.11 | refused by the chain no room past $27.11, so nothing moved | $31.07 → $31.07 | no transaction |
| Sold 500 Aug 11, 17:10 UTC | $14,908.69 for 500 SHASH | $14,908.69 | $31.07 → $30.27 | 53aD…sPdU |
| Bought 1,000 Aug 11, 20:40 UTC | 1,000 SHASH for $32,032.39 | 1,000 SHASH | $30.27 → $32.13 | 3WTy…CUqP |
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 3aaZ…QcPz on Solana devnet, opened with zero dollars seeded and 4,602 SHASH placed.