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How stock pairing works

The mechanics of quoting a coin in a tokenized stock on Meteora's Dynamic Bonding Curve, from config to pool.

Quote mints on Meteora DBC

Meteora's Dynamic Bonding Curve (DBC) is a bonding-curve program where every pool is defined by a config. A config fixes the quote mint, the fee, the curve shape, the graduation threshold and where fees go. owned creates one config per stock × fee mode (for example NVDAx / Holders and NVDAx / Creator) and every coin launched on owned is a DBC pool created on one of those configs.

Because the quote mint is the stock token, the pool holds two vaults: the coin's supply on one side and the stock on the other. Buying moves stock into the pool and coin out; selling does the reverse. The price you see is the ratio of the two, shown as shares per coin and converted to USD using the stock's live price.

Why a token badge matters

Stock tokens are Token-2022 mints with issuer extensions (permanent delegate, pausable, scaled UI amount, confidential transfers). Meteora only accepts such mints as quote assets after its team issues a token badge for the mint. owned only lists stocks whose badges exist for both DBC and DAMM v2; the audit of every supported mint is published in the repository and the result shows on each stock page.

The launch transaction

The launch transaction

1. The app uploads the image and metadata to Arweave through Irys and reserves a pre-ground mint keypair whose address ends in own.
2. Your wallet signs a single versioned transaction that calls the own program's launch instruction. The program checks the config is on the allowlist and calls DBC to create the pool, the token mint, the vaults and the Metaplex metadata.
3. If you chose an initial buy, the same transaction swaps your SOL or USDC into the stock through Jupiter and buys from the brand-new curve, so nobody can trade before you.
4. DBC revokes the mint authority at creation and the metadata is immutable. Supply is fixed at 1,000,000,000.

Buying when you do not hold the stock

Most people do not keep NVDAx in their wallet. The trade panel accepts SOL, USDC or the stock. For SOL and USDC it builds one atomic transaction: a Jupiter swap into the stock, then the curve swap, with slippage protection on both legs. If the first leg returns slightly more stock than the curve leg consumes, the difference stays in your wallet; the panel shows it and spends it on your next buy.

Selling works the same way in reverse: the curve pays you in the stock, and you can optionally route it to SOL or USDC in the same transaction.

After graduation

When the curve reaches its threshold, the pool migrates to a Meteora DAMM v2 pool with the same quote mint. The liquidity position is permanently locked. Trading continues at the same 1% fee, now collected by the DAMM v2 pool, and Jupiter routes the pool automatically. See Graduation.

True Ownership and the Treasury

Owned’s treasury is not just a smart contract—it is a regulated, audited vault managed by Interactive Brokers, holding the real-world stocks that back your onchain tokens.

Prices in two units

Every price on owned is shown twice: in the stock (shares per coin) and in USD. The USD figure uses the stock's live secondary-market price from Jupiter, so it moves with both the coin's curve and the stock's market. See Layered price exposure.

How It Works

1. Stock Acquisition: When you purchase an onchain stock token (e.g., NVDAx), Interactive Brokers acquires the equivalent real NVDA shares and adds them to the treasury.
2. 1:1 Backing: Each token is fully backed by a real share, ensuring no dilution or misrepresentation.
3. Redemption: Users can redeem their tokens for the actual shares at any time, subject to KYC/AML checks (handled by Interactive Brokers).
4. Transparency: Regular audits are conducted to verify the stock holdings, and the results are published transparently.