The Etheweum Experiment

A bridge is not interesting because it moves tokens. It is interesting because of what becomes denominable afterwards. Wormhole’s gateway put two instruments on Solana that this chain could not previously express: ether, with the depth to absorb size in a single slot, and equity in a listed company as a canonical SPL mint routable through every aggregator here. That pair is a new asset class on Solana, and the striking thing about it is how little is priced in it. Everything on this chain is still denominated in the chain.

Meanwhile the flow is leaving. Retail does not bridge to find the best venue, it opens the app it already has, and the app it already has now settles tokenised equity on a rollup of its own. Every share that migrates is an order this chain clears today and does not clear tomorrow, and none of it requires that rollup to be better at anything; it requires a hundred and fifty million people to keep doing exactly what they do now. The mint stays here. The order flow does not.

The Etheweum Experiment is what you get from taking both facts seriously at once. Fee revenue generated entirely on Solana is converted through the same routes the equity arrived on and paid out as the pair: half Robinhood xStock, half ether, straight into the wallets holding the coin. Holding is what gets you the basket. There is no staking contract, no lock-up, no claim button and no list to join, and a holder who never signs another transaction still ends the month holding two assets they did not have at the start of it.

One line of this is worth reading slowly, because the loose version is false. Nothing here makes this coin’s price track ether or the brokerage. What tracks them is what you have already been paid: it sits in your wallet, it is denominated in the asset class rather than in the coin, and it goes on moving with ether and with a listed company long after anyone stops watching this chart.

Take the claim in the masthead seriously for one paragraph, because it is doing more work than it looks. A rollup is a thing that executes somewhere cheap and settles somewhere expensive, inheriting the security of the chain beneath it and adding rules of its own on top. The Etheweum Experiment executes on Solana, which is neither cheap-and-elsewhere nor slow, and settles into an asset issued by a brokerage. It is not a layer two. It has no sequencer, no prover, no bridge and no block. What it has is the only property anyone actually wants from one: a rule applied above the base layer that the base layer cannot be talked out of.

That rule is immutable in the only sense available on a launchpad, and the sense is narrow enough to be worth stating exactly. create_v2 writes the fee destination once and pump.fun provides no instruction to change it, so where the money goes was decided in the transaction that created the coin. The mint authority was discarded in that same transaction: no more supply can ever exist. Neither of those facts depends on anybody keeping a promise, and both can be checked in a single RPC call by somebody who does not trust a word of this page.

What is not immutable is the crank, and §10 says so at length. The destination is fixed; the act of collecting from it is a person running a loop.

One consequence is worth stating in the open. A holder who never trades still gets paid; a trader who buys and sells inside a block pays the fee and receives nothing. The coin pays the patient out of the impatient, which is the opposite of how this industry usually runs, and it is the only behaviour the mechanism rewards.

$ETHEWEUM lives on a pump.fun bonding curve. One instruction, create_v2, mints a fixed supply into the curve account under Token-2022 and discards the mint authority in the same transaction it uses it. The mint carries an empty extension set: no transfer hook, no transfer fee, no permanent delegate, no freeze authority. That is deliberate, and unlike a promise it is verifiable in one RPC call. There is no allocation, no vesting and no team wallet, because there is nothing left to allocate.

Two properties of that program matter here, and both belong to code we did not write and cannot amend. The creator’s share of the trading fee is a flat 0.3% of quote volume, charged to buyer and seller alike, and it does not scale with market capitalisation or stop at graduation. And coin_creator is written once at creation, with no instruction to reassign it, so the destination of every fee this coin will ever earn was decided in the transaction that created it and is beyond the reach of the person who created it.

A gateway is a valve, and a valve does not care which way the pressure runs. Wormhole built one that turns a share of a listed company into a canonical SPL mint with real depth behind it, and the flow through it has so far been one-directional in the way everybody expected: equity arrives on Solana, trades against the chain’s liquidity, and increasingly settles back to a rollup its issuer controls. Order flow leaves. The mint stays. That asymmetry is the whole opening, and it is an artefact of the plumbing rather than of anybody’s strategy.

The Etheweum Experiment runs the valve backwards. Fee revenue generated entirely on Solana, in a venue with no equivalent anywhere else, is converted through the same aggregator routes the equity arrived on and comes to rest as Robinhood xStock in Solana wallets that never touch the brokerage, never open an account and never sign anything. Every settlement takes a slice of the volume the rollup is competing for and turns it into a position in the rollup’s owner, held here. Nothing is repatriated in any legal sense: the share never moves and the custodian does not notice. What moves is the claim, and the claim is what this chain can actually hold.

Read the pairing as the structure it is rather than as a slogan. The coin is one side of it and the equity is the other, and they are joined not by a pool but by a rule that fires every time somebody trades: 0.3% of the flow, claimed, routed, and distributed pro rata against a snapshot taken at the moment of paying. It is a synthetic pairing rather than a pooled one, which is why there is no impermanent loss to describe, no ratio to defend and no liquidity anybody can withdraw, and why the position accrues in a holder’s own wallet instead of in a contract they have to trust. A memecoin denominated in a brokerage. A brokerage’s stock accumulating in wallets on the chain it is quietly draining.

The measured facts underneath the rhetoric: about $261k routable, one SOL filling at 0.416% price impact, eight decimals, transfers not paused, and a transfer-hook slot that is empty so a payment is an ordinary transfer.3

The only money entering this system is the creator leg of the pump.fun trading fee. If V is cumulative quote volume, the revenue is

and that is the entire monetary base. No emission, no inflation, no treasury sale, no second round, and no promise of a rate: what is distributed is what was earned, and if nothing is earned nothing is distributed. Equation (1) does not depend on price, only on turnover, so a coin trading sideways on constant volume pays at exactly the rate one trading upward does.

A distribution does not run on a clock. Time is not what the crank is waiting for, money is, and paying out dust costs more than the dust is worth. A block closes when the vault holds enough for the run to be worth its own cost.

Two costs set the threshold. The first is execution: below roughly 0.020 SOL the swap into HOODx loses more to fees and slippage than it delivers. The second is rent, and it is the one that governs. A holder who has never held HOODx has no account for it, and somebody must pay about 0.00204 SOL to open one; that somebody is the vault. So a distribution to a thousand new recipients costs roughly two SOL in account rent before a cent reaches anyone, which is why payouts below a floor are not made at all and why the floor is a published parameter rather than a secret.4 The rent is paid once per holder: the second distribution to the same wallet costs nothing.

In volume terms, a steady-state block is 12 SOL of trading against the coin. Not a figure anyone is asked to believe in, just the arithmetic of 0.3% against the threshold. If the market is quiet, distributions are far apart. If nobody trades, none happen, and nothing is lost but time.

Five steps, in order, each signed by the same key: the wallet the coin was launched from, which pump.fun recorded as its creator and which is therefore the only key that can claim anything at all.

1. Read. The unclaimed creator balance is read across both pump programs, the bonding curve and the AMM, because the revenue moves from one to the other at graduation. Below 0.003 SOL nothing is claimed, so a quiet minute costs one RPC call rather than a wasted transaction.
2. Claim. The vault signs collect_coin_creator_fee and the rewards arrive as SOL. After graduation the AMM pays in wrapped SOL, which is unwrapped in the same step.
3. Buy. The distributable share of the block buys the basket, one aggregator route per leg, each bounded at 3% slippage. Legs are independent: a route that cannot fill costs the block that leg and not the settlement, and its SOL waits for a later one. There is no buyback leg, because money spent buying the coin back is money that does not reach a holder.
4. Snapshot. Every token account holding $ETHEWEUM is read, summed by owner, and filtered. §8 is what that means in practice.
5. Pay. Every leg is paid against that one snapshot, so a holder’s share of the ether and of the equity are the same fraction of the same supply. Transfers go out in batches of six, each its own transaction, opening the recipient’s account where one is missing. A batch that fails is recorded and skipped rather than stopping the run, and the amount it was carrying stays in the vault for the next distribution.

A distribution is only as honest as the list it pays, so the list is read from the chain at the moment of paying rather than from any record of ours. Three details decide who is on it, and each of them changes who gets money.

Balances are held by accounts, not people. One wallet can hold the same mint in several token accounts, so accounts are summed by owner before any share is computed. Paying per account rather than per owner would pay someone twice for splitting their own balance.

Some of the largest holders are not holders. A liquidity pool’s vault holds the coin on behalf of whoever trades against it; paying a dividend into that vault pays the pool, which distributes to nobody and quietly leaks the dividend to arbitrage. Pool authorities are excluded by address, as are burn addresses and the vault itself.

Below a floor, a payment costs more than it delivers. Holders whose pro-rata share is under the floor are not paid, and their share stays in the vault and rolls into the next distribution rather than being redistributed by a tie-break nobody can audit. The same is true of what integer division leaves over. Nothing is destroyed and nothing is kept: it is simply distributed later, when it is worth the transaction.

The snapshot is taken fresh every time and nobody accrues a claim between them. A holder who sells before a distribution is not in it; a holder who buys before one is. That is the simplest rule that cannot be gamed by anything except holding the coin, which is the behaviour the mechanism is trying to pay for.

Write b for a holder’s balance, S for the eligible supply after exclusions, and R for the reserve bought in this block. The payment is

computed in integer base units, so the sum of every payment plus the remainder is exactly R and can be checked against the transactions on chain. Cumulative across blocks, the total any holder has received is a non-decreasing quantity that price action cannot reverse: what has been paid has left this protocol’s control and sits in their wallet.

pump.fun fixes the fee destination and the aggregator executes the swap. Neither is ours. The cycle in §7 is: a keeper runs it on a 60-second loop and holds the key to the launch wallet.

That key cannot mint, because create_v2 discards the mint authority at creation. It cannot redirect the fees, because coin_creator is immutable. It cannot freeze or claw back a transfer, because the mint carries no extension that would allow it. What it can do is stop: nothing on chain compels a distribution, and the same key that pays the holders could simply keep the money instead.

Say that plainly rather than in a footnote. Every distribution that has happened is on chain and is listed above; every distribution that has not happened yet is a choice. Until the vault is owned by a program whose only instruction is to pay out, what stands between the fees and the holders is somebody’s intention. Price the operator, not the arithmetic.

Notes

1. Housing and rate figures are published series, read on the day of writing: median sales price of houses sold, $410,700, Q2 2026 (FRED MSPUS, against $165,300 in Q1 2000); Case-Shiller US national index 336.663, June 2026, on a January 2000 base of 100 (CSUSHPINSA); CPI-U 332.813 against 169.300 (CPIAUCSL); real median household income $83,730 in 2024 against $71,790 in 2000, in 2024 dollars (MEHOINUSA672N); thirty-year fixed 6.66% on 27 August 2026 against the 2.65% low of 7 January 2021 (MORTGAGE30US); homeownership 65.0% (RHORUSQ156N); unemployment 4.1% (UNRATE). United States only.
2. The payment figures are arithmetic on those series: $410,700 at 20% down is a $328,560 loan, which at 6.66% over 360 months amortises to about $2,110 a month of principal and interest, roughly $760,000 in total, of which about $431,000 is interest. Taxes, insurance and maintenance are excluded, which flatters the number rather than the argument.
3. The reserve is Robinhood xStock, mint XsvNBAYkrDRNhA7wPHQfX3ZUXZyZLdnCQDfHZ56bzpg, Token-2022, 8 decimals, roughly $261k routable, one SOL filling at 0.416% price impact. It carries a permanent delegate, a freeze authority and a pause switch, and its transfer-hook program slot is empty as this is written; §4 is the disclosure, not this note.
4. Rent for a token account is a chain parameter, about 0.00204 SOL, and it is read from the chain rather than hard-coded. The payout floor and the batch size are both published parameters, imported by this page from the same module the keeper reads.
5. pump.fun charges a total trading fee of which the creator leg is one part; every figure here quotes the creator leg only, the 0.3% of volume this protocol actually receives, never the total the trade pays. The bonding curve program is 6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P.
6. Every parameter quoted in the prose is imported from the module the keeper reads, so the document cannot drift from the process it describes.