When a holder wants out, their tokens go to someone who wants in, not into the curve. The chart doesn't take the hit, both sides pay less in fees, and they split a reward pool for doing it.
every swap adds a dot. no dump, no dip
0
Token, seller to buyerSOL, buyer to sellerDirect trade on the chart
The same sale, two outcomes
One holder sells 3% of the supply.
same sale. watch the left oneRegular launchpad——
Hype builds on the curve
Price impact
0.0%
Seller receives
—
Other holders
0.0%
VS
Downless——
Hype builds on the curve
Price impact
0.0%
Seller receives
—
Other holders
0.0%
Hype builds
Sell order
Aftermath
How it works
A seller posts an offerClose to the curve price, within the range set at launch. The tokens are locked until they sell or the offer is cancelled.
A buyer takes it firstBuys fill the cheapest offers before touching the curve. No price impact, a 0.25% fee instead of 1.5%.
Both get rewarded0.15% back to each side right away, plus a share of the pool funded by chart trades.
Launching something?
Launches open soon. Direct trading from the very first trade, for 0.02 SOL.
takes about a minute, really
Launches
Every token on Downless will show up here, trading live.
Launching soon
No launches yet.
The first token on Downless will be $DWLS. Launches open to everyone right after, with direct trading on from the first trade.
Buy offersHolders waiting to buy. Sell to them instantly.
Buyer
Amount
Price / 1M
vs curve
Sell offersHolders waiting to sell. Buy from them instantly.
Seller
Amount
Price / 1M
vs curve
Recent trades
Direct trades also show on the chart
Time
Type
Side
Tokens
SOL
Price / 1M
Wallet
SOL
M tokens
M tokens
M tokens
SOL
M tokens
This token has migrated to a DEX.The curve reached its target. Open direct offers were cancelled and locked tokens returned to their sellers. Trading continues on the DEX.
Reward pool
—
—funded by 0.5% of chart trades
Your direct sales—
Your direct buys—
Rebates already received—
Estimated reward—
In short
The seller posts an offerClose to the curve price, within ±5%. The tokens stay locked until they sell or the offer is cancelled.
The buyer takes offersCheapest first, with no impact on the curve. Anything left over can go to the chart.
Both sides get rewarded0.15% back to each side right away, plus a share of the pool at the end of the period.
Launch a token
Opens soon You can preview the form. Nothing is created until launches open.
Your token starts on a price curve. Direct trading between holders is live from the first second: every buyer can buy from sellers before touching the curve.
How it works
Everything about Downless: the price curve, direct trading between holders, fees and the reward pool.
The idea
On a typical launchpad, every sale goes through the price curve and pushes the price down. Every buy pushes it up. Large orders pay a heavy price impact either way.
On Downless, holders can trade the token with each other. Someone who wants to sell posts an offer. Someone who wants to buy takes those offers before touching the curve. The trade settles at the agreed price, with no curve impact for anyone.
The chart stays open: you can always buy or sell straight on the curve. Direct trading is highlighted and rewarded, but it is never required.
The price curve
Every token starts on a constant-product bonding curve. The curve holds virtual SOL and token reserves, and the price is the ratio between the two.
Total supply: 1 billion tokens.
Starting reserves: 30 virtual SOL against 1.073 billion virtual tokens, for a starting market cap of about 28 SOL.
A buy adds SOL and removes tokens, so the price goes up. A sell does the opposite.
Once 85 real SOL have entered the curve, the token migrates to a DEX.
The bigger an order is relative to the reserves, the stronger its price impact. Direct trading avoids that cost.
Direct trading
Seller side
The seller picks an amount and a price. The price starts at the curve price and must stay within the range set at launch, ±5% by default. The tokens are locked while the offer is open. The seller can cancel at any time to get them back.
Buyer side
The buyer enters how much SOL to spend. Downless fills the order in this order:
Buy orderAmount in SOL
→
Offers within rangeOthers are skipped
→
Cheapest to most expensiveUntil the amount is used up
→
Any remainderBought on the curve, if the buyer allows it
If an offer drifts out of range because the curve price moved, it stays visible but can't be taken. It becomes active again if the price comes back.
Buy offers
It works the other way too. A buyer can post a buy offer: an amount of tokens and a price, within the same range. The SOL is locked until the offer is filled or cancelled. A holder who wants out sells to the best buy offers first, highest price first, before touching the curve.
On the chart
Every direct trade shows on the chart as a gold dot at its real price. It doesn't move the curve, but it stays visible so the displayed price never hides a sale.
Fees
Chart trade
Direct trade
Fee paid
1.5%
0.25% per side
To the platform
1%
0.1% per side
To the reward pool
0.5%
—
Rebated right away
—
0.15% per side
Price impact
Yes
None
The share paid into the pool (0.5% by default) is chosen by the creator at launch: 0.25%, 0.5% or 0.75%. The rest of the 1.5% goes to the platform.
The reward pool
Every chart trade feeds the token's pool. At the end of each period, the pool is shared among everyone who traded direct during that period.
Half the pool goes to sellers, half to buyers.
Each trader gets a share proportional to their direct volume.
The reward is capped at 0.1% of volume, which is the net fee after the rebate. A direct trade can cost nothing, but it can never pay more than it cost.
Anything above the cap rolls over to the next period.
The payout frequency is set at launch: hourly or daily.
Worked example
A buyer spends 2 SOL on a token whose curve reserves are around 50 SOL.
On the chart
Fee0.030 SOL
Price impactabout +7.6%
Average price paidabout +3.8%
Direct
Fee0.005 SOL
Rebate−0.003 SOL
Pool rewardup to −0.002 SOL
Net cost0 to 0.002 SOL
The seller on the other side follows the same math: 0.005 SOL in fees, 0.003 SOL rebated, up to 0.002 SOL in rewards. Selling on the chart would have cost 0.030 SOL and pushed the price down.
Safeguards
Price range. An offer can't sit more than ±3, 5 or 10% away from the curve price, depending on the token's setting. The displayed price stays close to the real market.
Transparency. Every direct trade shows on the chart and in the trade history.
Reward cap. No one can earn more than they paid, so trading between your own wallets earns nothing.
Linked wallets. A trade between two wallets that fund each other is not rewarded.
These rules are the same for every token and the creator can't turn them off.
Launching a token
The creator fills in the name, ticker, description, image and links. Then they set three direct-trading parameters: the price range, the share of fees paid into the pool, and the payout frequency. They can also buy first on the curve.
Launching costs 0.02 SOL, plus the launch buy if any. Once the token is live, its parameters can't be changed.
Migration
Once 85 SOL have entered the curve, the token migrates to a DEX. The curve closes, open direct offers are cancelled and locked tokens go back to their sellers. Rewards for the current period are paid out as usual.
Frequently asked questions
The short answers. For the full math, see How it works.
What is direct trading?
It's a trade between two holders that skips the price curve. Sellers post sell offers, buyers post buy offers, and either side can take the other's offer instantly. The curve price doesn't move.
Why buy direct instead of on the chart?
Three reasons: a 0.25% fee instead of 1.5%, no price impact even on a large order, and a share of the reward pool at the end of the period.
Does the chart never go down?
No. Direct sales don't push the curve down, but direct buys don't push it up either. And anyone selling on the chart moves it down like anywhere else.
The price is calmer, not guaranteed. Every direct trade stays visible on the chart.
How much does a direct trade cost?
0.25% of the amount for each side. 0.15% comes back right away. The remaining 0.1% can be covered by the pool reward. At best, the trade costs nothing.
How do rewards work?
Part of the fees paid on the chart funds the token's pool. At the end of each period, the pool is split between direct sellers and buyers in proportion to their volume.
Why is the reward capped?
Without a cap, someone could trade between two of their own wallets to drain the pool. With the cap, the most you get back is what you paid. The excess rolls over to the next period.
What if nobody buys my offer?
It stays open until you cancel it. If the curve price moves too far, it goes out of range and can't be taken. It becomes active again if the price comes back. If you're in a hurry, you can always sell on the chart.
Are my tokens locked when I post an offer?
Yes. The amount for sale is reserved so the buyer is sure to receive it. You get it back as soon as you cancel the offer.
Can I still trade on the chart?
Yes, at any time, buying or selling. Direct trading is highlighted because it costs less, but the choice is yours.
What happens when a token migrates to a DEX?
Once 85 SOL have entered the curve, it closes and the token moves to a DEX. Open offers are cancelled and the tokens returned. Rewards for the current period are paid out as usual.
Another question? How it works covers every mechanism in detail.
Connect a wallet
Solana wallets only. Connecting shares your public address. Downless never asks for your seed phrase.
Trading and launches open with $DWLS. Your wallet will be ready.