How it works

Overview

SEALPAD is a meme token launchpad on the XRP Ledger. A creator pastes up a token; buyers take it off a ladder of fixed-price offers; a locked pool carries the market from the first ledger on.

The XRP Ledger has no smart contracts on mainnet, so there's no contract to hold funds or run a curve. SEALPAD gets there with the ledger's own parts, then throws away the keys.

• A fixed supply of 1,000,000,000 tokens per launch.
• No tokens for the creator at mint.
• The issuer and vault accounts lock themselves during setup, and no keeper or helper key exists afterward.
• You sign from your own wallet. SEALPAD never holds your keys or your XRP.

Life of a launch

1. Sign once. Your browser makes two throwaway accounts, an issuer and a vault. You sign one payment that funds the vault.
2. Set the rules. The issuer turns on rippling and a tick size of 6, gives up freezing for good, mints the full supply to the vault once, and locks itself: its key points at a blackhole and its master key is turned off.
3. Open the pool. The vault creates the XRP pool itself, with your seed and a slice of the supply, and votes a 1% fee. It holds all the pool's LP tokens, and nobody can create that pool first.
4. Put up the ladder. The vault posts every rung, priced in the pool's own LP tokens, top rung first so the cheapest opens last.
5. Post and lock. The vault sends one drop to the SEALPAD registry with the launch details, then locks itself the same way. It never sets a Delegate. The throwaway keys are dropped from the page.

The ladder

The ladder is 100 offers at fixed prices, each about 2.8% above the last, over a 16-times range. Every rung holds the same number of tokens. It sits in the ledger's normal order book, so any wallet or app can fill it.

The twist: rungs are priced in the pool's LP tokens, not in XRP. To take a rung you first add XRP to the pool, which mints LP tokens, and then pay those LP tokens for the rung. So every XRP that buys off the ladder lands in the locked pool, and the vault, which nobody controls, ends up holding the LP. Nobody ever holds the raise.

Each rung's LP price is set so that, if buyers take rungs in order, the pool's price climbs with the ladder. With a 100 XRP seed:

Buying

A buy off the ladder is one transaction group, a Batch, that your wallet signs once: open a token line if you don't have one, add XRP to the pool for an exact number of LP tokens, then pay those LP tokens for rungs. It's all or nothing: if any step fails, none of it happens and you only pay the network fee.

If your wallet can't sign a Batch, SEALPAD sends the same steps as separate transactions. If the second step fails, you're left holding pool tokens, and your profile offers a button to turn them back into XRP. When the ladder is sold out, or the pool is cheaper, a buy is a plain swap with the pool.

Selling

You can sell at any time, into the pool, with an ordinary swap. Rungs are one-way: a sold rung doesn't come back. The pool is the market both ways, and it grows with every ladder buy.

The pool and graduation

The pool exists from the first ledger. Each launch publishes a target: XRP added to the pool since launch, set at ten times the seed. When the pool passes it, the page marks the token "in the pool" and shows the ledger and transaction that crossed it.

Graduation is a milestone. Nothing moves: you trade in the same locked pool, and any rungs left keep feeding it. It says nothing about quality and promises no future price or buyer.

The trust checks

Every token page runs a public verifier against the ledger. Anyone can repeat these reads with a public node.

• Issuer blackholed. Master key off, regular key a blackhole, no signer list, no Delegate of any kind (a delegate with even one granular permission, such as minting, could still act for a blackholed account), no Checks or Offers it made, NoFreeze on, clawback off, no transfer fee.
• Dev bag 0%. The issuer signed exactly one token payment: the full supply, to the vault. Never more than 1,000,000,000 outstanding.
• LP locked. The vault is locked the same way, has no Delegate, holds the pool's LP tokens, and its open offers match the published ladder.
• The pool. XRP and this token, at the address the launch published, with a 1% fee and the vault's vote in place.

Wallets

Xaman and Joey both document signing a Batch from one account. We built for both and fall back to separate transactions when a wallet refuses. On testnet there's also a throwaway testnet wallet made in your browser; it never exists on mainnet.

What a launch costs

With 100 rungs and a 100 XRP seed, about 123 XRP in one payment: 1.1 for the issuer, 1.0 for the vault, 20.4 in reserves for the rungs and lines, 0.2 burned to make the pool, the seed, and a little for fees. It all stays in locked accounts. Buyers need 0.2 XRP of reserve for each token line.

What we left out, on purpose

• No keeper with delegated pool deposits: a delegated deposit can target any pool, so a keeper could drain the vault through a junk pool. We tested that on testnet.
• No "pool at the top": anyone can create a token's XRP pool first, and the raise would sit in a live account until then.
• No sell-back curve, which would need a live key that could empty the vault.
• Nothing custodial. SEALPAD never holds anyone's XRP.

Risks

• Tokens here are made by strangers, carry no rights, and can lose all their value.
• Clean setup and locked liquidity don't make a token worth anything.
• One buyer can take a large share of a ladder early. The ledger can't enforce per-wallet limits.
• Launch costs don't come back. A launch nobody buys leaves its XRP locked for good.
• Batch is a young ledger feature. Its first version was pulled for a flaw before the current one went live.
• Copycat names are possible. Check the issuer address, not the name.

Nothing here is financial, legal or tax advice. Terms