DocsThe flight manual.

The launch treasury

The three launches share one treasury, one program and one Kamino market (Sentora xStocks, PYUSD debt). Each launch keeps its own vault, its own loan and its own limits, read live from Kamino.

MAX Q is 1 / (1 − (LTV − 1%)), capped at 2.60x, so it differs by stock. The Kamino ceiling is 1 / (1 − LTV), the most leverage Kamino allows at all. A higher LTV leaves more room between 2.0x and MAX Q.

How 2x is held

The vault tracks three numbers from Kamino after every refresh: collateral value C, debt value D, and the share supply S.

Net assets   E = C − D
Leverage     L = C / E
NAV/share    E / S        (the first mint starts at $1.00)

Inside the corridor the debt does not change, so when NVDA moves by x, net assets move by L × x. From 2.0x that is exactly twice the move. As NVDA drifts, leverage drifts too: a rise lowers it, a fall raises it.

Leverage after a move x, from 2.0x:   L(x) = 2(1 + x) / (1 + 2x)
Hits 2.2x at x = −8.33%     Hits 1.8x at x = +12.50%

The flight corridor is 1.8x to 2.2x. Outside it, anyone can call rebalance_swap to bring the vault back to 2.0x at the Kamino oracle price plus a premium. That is a correction. The premium starts at 0.10% of the amount moved and ramps to 1.00% over an hour out of the corridor, counting only time the mint window is open. The keeper runs this with a Kamino flash loan and a Jupiter swap in one transaction, and a correction never pushes leverage past 2.0x.

Every target follows Kamino's current loan-to-value limit. At LTV 62%, MAX Q is 2.56x and Kamino's own ceiling for proportional withdrawals is 2.63x. At or above MAX Q anyone can throttle the vault down at any hour, with the premium fixed at 1.00%. If Kamino lowers the LTV, these levels move down on the next instruction.

Worked examples

NVDA at $239.19 per share (Kamino oracle, 10:25:54 UTC), a $1,000 position at 2.0x, before fees and the borrow cost.

Mint in kind: bring 10 NVDAx worth $2,391.90. The vault deposits it on Kamino, borrows $1,195.95 of PYUSD (half the value at 2.0x) and sends that PYUSD to you. You receive NVDA2X for the $1,195.95 of new net assets, minus the 0.10% mint fee: $1,194.75, or 1194.75 NVDA2X at a $1.00 NAV.

Redeem in kind: burn 1,000 NVDA2X at a $1.00 NAV. After the 0.10% fee, 999 shares count. At 2.0x they stand for $1,998 of NVDAx and $999 of PYUSD debt. You repay $999 of PYUSD and take back $1,998 of NVDAx. The vault's leverage does not change, so holders who stay keep exactly the same position.

Fees and holding cost

Holding cost comes from the loan. At leverage L you pay the PYUSD rate on (L − 1) dollars of debt for every dollar of net assets. NVDAx collateral receives no interest on this market, so nothing offsets it.

Yearly holding cost ≈ (L − 1) × r_borrow
At 2.0x and r = 0.98%:   $9.82 a year per $1,000, $0.027 a day

A correction at a corridor edge moves about 20% of net assets, so each one costs holders roughly 0.02% to 0.20% of NAV, depending on how long leverage sat outside the corridor. The borrow rate floats with Kamino utilization and is read live on the vault page.

Where the fuel goes

$BOOST is the house token, launched on a Meteora bonding curve paired with SOL. When the curve fills it graduates into a Meteora DAMM v2 pool. Both are the official $BOOST pool, and trades on them pay a 4% fee in SOL: the fuel. Meteora keeps a fifth of it, 0.80% of each trade. The program's launch fee authority claims the rest and splits it on chain: up to 2.20% of each trade to the team wallet in SOL, and up to 1.00% to the launch treasury. In market hours the launch treasury's SOL trades for NVDAx at the oracle price, and the NVDAx goes to the treasury's fee account. The treasury belongs to every launch, not to one, so launches added later draw from the same stream.

For the first 10 minutes after launch the curve's fee starts higher and steps down until it reaches 4%. It applies to buys and sells. After that the fee stays at 4%. The exact schedule is read from the chain and shown here once the coin launches.

The split applies to the official $BOOST pool: the Meteora curve, then the pool it graduates into. Anyone can open another $BOOST pool with its own fee, and that fee does not go to the team or the launch treasury. Until the program records the graduated pool, Buy $BOOST on this site opens Jupiter from SOL to the contract address. Jupiter picks the pool, and a trade it sends through another pool does not pay the split. Once it is recorded, the button opens that pool's own Meteora page. After graduation anyone can add liquidity to the official pool. Fees follow liquidity, so the split is a ceiling. The team's SOL share can only go down.

Anyone can call distribute_fees. It moves the treasury's NVDAx to each live launch by its weight. The weights are set on chain, every change waits 24 hours, and a change never reaches back to fees already paid out. While NVDA2X is the only live launch it takes the whole share.

$10,000 of $BOOST trades on the official pool at the 4% fee = $400 of SOL
  Meteora                  $ 80
  Team wallet, up to       $220   in SOL
  Launch treasury, up to   $100   traded for NVDAx
  If the weights are 50, 30 and 20:
    NVDA2X    $ 50.00   pool $25.00, collateral $25.00
    SPY2X     $ 30.00   pool $15.00, collateral $15.00
    QQQ2X     $ 20.00   pool $10.00, collateral $10.00

Inside each launch the share goes two ways, set by its pool setting (50% at launch): part seeds that launch's pool, the rest becomes Kamino collateral, and the vault mints protocol-owned shares of that launch for the net assets it adds, minus the cost of relevering to 2.0x. NVDA2X takes its NVDAx as is. SPY2X and QQQ2X need their own stock, so a keeper brings SPYx or QQQx and takes the NVDAx at the Kamino oracle price plus a premium that starts at 0.10% and rises to 1.00% over an hour. The premium comes out of the fee share, never out of holders' collateral.

NVDA2X opens when launch fees fund its first pool. That happens during US market hours. Once its treasury holds 0.1 NVDAx and the vault sits inside its corridor, anyone can ask the program to open the NVDA2X and NVDAx pool: the treasury's NVDAx and protocol-owned NVDA2X go in at NAV, and minting NVDA2X opens at the same moment. The keeper does it first.

Protocol-owned shares belong to the protocol, not to holders: the admin can move them to the pool, and at the end of a product the admin can redeem them in kind to the team wallet with sunset_redeem. That path cannot touch any holder's shares.

Hours and the oracle

Prices come from Kamino's Scope oracle. Kamino accepts a price only if it is under 300 seconds old, within 5% of its TWAP, and inside a fixed range: today $149.75 to $253.57 per NVDA share. Outside any of these checks every vault action that needs a price waits, including redeem.

The top of that range sits 6.0% above today's price, closer than the 12.5% rise that would trigger a correction upward. If NVDA rallies past it, mint, sweep, correction and redeem stop until Kamino widens the range. The vault page shows this headroom live.

NVDAx uses a Token-2022 scaled amount (multiplier 1.001701 today). Wallets show the scaled figure, which tracks one NVDA share. The program and Kamino count raw units, so all vault math stays in one unit.

Launches and the manifest

Queued launches are designs, not products. Nothing on this site trades them. TSLA, GOOGL, AAPL, META and MSTR are queued without a promised multiple: Kamino's loan-to-value limit for each stock sets how much leverage it can carry, and the multiple is fixed when that launch is proposed. A launch joins through an on-chain proposal that waits 24 hours before anyone can activate it. The program lets one launch skip the wait: a treasury's first NVDA2X, whose minting stays closed until the program opens its pool from launch fees.

Notice and risks

NVDA2X, SPY2X and QQQ2X are experimental software on public blockchains. They are not deposits, not funds and not investment advice. You can lose most or all of what you put in. Read every item below before you hold one.

• Leverage cuts both ways

  A 5% fall in the stock is about a 10% fall in its 2x token: NVDA and NVDA2X, SPY and SPY2X, QQQ and QQQ2X. Correcting at the corridor edges locks in part of a loss after a fall, and a run of moves back and forth costs premium each time.

• Kamino liquidation

  Kamino liquidates at 73% debt to collateral. From 2.0x that is a 31.5% NVDA fall with no correction in between. A gap open, a stalled keeper or a frozen oracle can get there faster than the corridor.

• Kamino can change its parameters

  The Sentora market owner can change LTV, liquidation threshold, the accepted price range, borrow limits and the rate curve at any time. A lower LTV lowers the vault's targets at once and can force a throttle-down.

• The price ceiling stops the vault

  Kamino accepts NVDA only up to $253.57 per share today, 6.0% above the current price. Past it, or when the oracle is stale or more than 5% off its TWAP, mint, sweep, correction and redeem all wait. The pool keeps trading.

• xStocks issuer powers

  The xStocks mints (NVDAx, SPYx, QQQx) have a permanent delegate, a pause authority and a freeze authority held by their issuer. The issuer can move, freeze or pause them, including each vault's collateral. If the NVDAx issuer pauses NVDAx, the exchange and the vault stop. $BOOST keeps trading, because its pool pairs it with SOL.

• PYUSD issuer powers

  PYUSD has a freeze authority, a permanent delegate and a transfer fee setting (0% today), held by its issuer.

• Admin and upgrades

  The admin can pause mint, sweep and correction, but not redeem. Changes that loosen risk settings wait 24 hours on chain before they apply. The program is upgradeable by its upgrade authority, which can change any rule.

• Keeper dependence

  A correction needs someone to call it. The premium pays for that, and anyone can do it, but if nobody does, leverage keeps drifting.

• Pool price

  The pool price can differ from NAV. Minting and redeeming in kind always settle at NAV, minus the 0.10% fee.

• The official $BOOST

  The contract address on this page is the only $BOOST. Other coins created on the same Meteora config are not BOOSTER.

• Meteora upgrades

  Meteora can upgrade the DBC and DAMM v2 programs. Every fee claim checks that the call only added to the program's own accounts, and fails otherwise.

• Meteora's operator

  Meteora's operator can change a pool's fee or turn the pool off. It can also add new configs for graduating curves. The graduated pool address shown before graduation assumes the current config. The program records the actual pool when the curve graduates, and fee claims do not depend on that address. At graduation Meteora keeps 0.2% of the SOL and coins that move into the pool.

• The treasury exchange

  The launch treasury's part waits as SOL until US market hours, then trades for NVDAx at the oracle price. Whoever brings the NVDAx is paid an auction premium of 0.10% to 1.00% of the amount. If bringing NVDAx costs more than that, the SOL waits.

• No independent audit

  No independent audit of the vault program has been published.

Contract addresses

Every address follows from the treasury creator key. On chain the launch treasury is the gearbox account, seeded ["gearbox", creator]; its authority is ["treasury_fee", gearbox], its fee account is that authority's NVDAx token account, and each launch is ["product", gearbox, stock mint, debt mint, gear]. The treasury is fixed before any launch exists, so adding launches never moves the fee stream. The $BOOST launch is the launch account, seeded ["launch", gearbox]; its authority ["launch_fee", gearbox] is the Meteora fee claimer and owns the wSOL account the fees land in.

The contract address on this page is the only $BOOST. Other coins created on the same Meteora config are not BOOSTER.

Data on this site

A server reads the chain once and every visitor shares that read. When a read fails the site shows n/a instead of a guess.

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