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whitepaper 1.0

s0la

s0la is a Solana SPL token issued through a deterministic Reserve Engine. There is no seed AMM, no discretionary market maker, and no manual pricing. Every buy deposits SOL into a program-controlled PDA reserve and mints s0la from the engine's emission path. Every sell burns s0la and releases SOL from the same reserve through the inverse path.

Purpose

The protocol is designed for transparent primary issuance. Price discovery starts inside the program itself instead of depending on an initial liquidity pool. The reserve is the counterparty: it receives SOL on buys and pays SOL on sells according to deterministic state.

Reserve Engine

The engine uses an asymptotic supply path. The cap is approached but never crossed by ordinary minting, keeping issuance deterministic while making late-stage supply increasingly expensive. 

supply(reserve) = K * reserve / (S + reserve)
reserve(supply) = S * supply / (K - supply)

Parameters

Settlement

Buys and sells settle directly against the PDA reserve. A buy deposits SOL and mints s0la through the forward path. A sell burns s0la and releases SOL through the inverse path.

Exhaustion

Full cap is mathematical, not practical: reaching 100% would require infinite reserve. The protocol therefore treats exhaustion as a threshold. Once the configured threshold is reached, new buys stop while sells remain available against the remaining reserve.

Authority

The mint authority is program-derived. The owner/dev wallet is used for initialization and metadata operations. It does not manually price trades and does not mint outside the Reserve Engine.

Protocol fees accrue inside the state PDA as accounted reserve. They can only be withdrawn by the fee authority recorded at initialization, and only up to the accrued fee balance while preserving the rent floor of the state account.

Mainnet Launch

The mainnet deployment uses a fresh initialized state after the final 200 SOL scale constant. The token mint starts with zero supply and the mint authority is assigned to the Reserve Engine state PDA.

Risks

s0la is experimental software. The interface shows deterministic quotes from current on-chain state, but final execution depends on transaction ordering, wallet approval, network conditions, and current reserve state. The Reserve Engine is not an AMM and does not promise secondary-market liquidity. Users should verify the deployed addresses and understand that smart-contract risk, wallet risk, and market risk remain.