A small set of rules that runs itself.

$UNLISTED is a Pump.fun coin whose creator fees are shared, in full, with Unlisted’s automation wallet. Every 15 minutes the engine claims them once they reach 0.003 SOL: 100% goes to the $UNLISTED pool.

When the pool holds 0.25 SOL, it runs a round: it buys every token in the Pre-IPOs by weight (even, unless the platform sets otherwise) and pays them to $UNLISTED holders.

The Pre-IPOs are 10 pre-IPO tokens from PreStocks and Tessera. Each is checked on chain before it is bought. A PreStocks token must be a Token-2022 mint whose mint, freeze and metadata authorities are PreStocks’ issuer wallet, with its metadata served from prestocks.com. A token from any issuer must have supply, be transferable, open new accounts unfrozen, run no transfer hook program, and charge a transfer fee of at most 5%. It also needs a Jupiter route for 0.01 SOL within the 3% impact cap, and an admin confirms the company is still private.

What each issuer can still do to its tokens (mint more, freeze an account, pause transfers) is listed per token on the Research page.

The hourly watcher. Every hour a watcher checks the paused tokens on file, PreStocks’ product list, Jupiter’s PreStocks and Tessera tags, and the wallets of PreStocks, Tessera and Republic for new mints. A token it finds goes through the same checks and is shown to an admin, who links it to its company with one signed click. The watcher never enables anything by itself.

Every cycle the engine checks which tokens have a Jupiter route. A token without one keeps its share: the SOL is set aside for that token and spent on it as soon as a route exists. The same happens to a share under the minimum buy (0.01 SOL).

The price impact cap is 3% per token per cycle. Every buy of a token in one cycle, from any coin, draws on that one budget, so together they move its price no more than a single buy at the cap. The engine buys what fits and keeps the rest for the next cycle. Nothing set aside is ever lost.

A coin can also pair with a company that has no tradable token. There are 28 on the Reserved list: 15 whose token its issuer paused, and 13 with no token yet. That company’s share of each claim is swapped to USDC and held for it, coin by coin. A reserved round needs no holders and pays nothing out.

When a company’s token trades and passes the checks, an admin links it. From then on every coin paired with it spends its own reserved USDC on the token and airdrops it to its own holders, largest reserve first. Whatever does not fit under the cycle’s impact budget waits, in the same order, for the next cycle. A reserve under the minimum buy is spent whole; under $0.05 it stays booked for its coin. Before any reserved USDC is spent, the wallet must hold at least what every coin’s reserve adds up to.

Anyone can launch a Pump.fun coin here and pair it with 1 to 5 pre-IPO companies, live or reserved. There is no limit on coins per wallet or per company. The launch is one bundle of three transactions that land together or not at all: the coin is created with Unlisted’s automation wallet as its creator, a fee sharing config sends all creator fees to that wallet, and your first buy goes in before anyone else can trade.

Pump.fun pays a coin’s creator 0.3% of its trading volume, on the bonding curve and in its pool alike, read from Pump.fun’s fee config on chain. Each claim of a launched coin’s fees is split once:

The burn share buys $UNLISTED (on its bonding curve, or through Jupiter once it trades in a pool) and burns exactly what was bought. The holder share buys the coin’s paired companies, split evenly. The platform share goes to the platform wallet. The platform can change this split; the page always shows the one in force.

What a launched coin’s holders receive, from its daily volume and the rates above.

Who is paid. Holders are weighted by time-weighted balance since the previous round, so buying just before a round earns little. Positions worth less than $20 of the coin when the round starts are left out of that round.

Enable payouts. Pre-IPO tokens arrive in a token account in your wallet. Unlisted never opens accounts for holders: you open your own with the Enable payouts button and pay the rent (about 0.002 SOL each), which comes back to you if you ever close the account. If you have no account for a token when a round pays it, your share stays in the pool and goes out in the next round.

Transfer fee. Issuers charge a fee on every transfer: PreStocks 1% and Tessera 0.2% today. Each payout reads the fee from the token’s on-chain config for the current epoch and sends it with the transfer, so you receive your share minus that fee. The pool is debited the full amount it sent, so it can never promise more than it holds.

Dust. A share worth less than $0.05 after the fee waits in the pool for a later round.

Every transaction the engine sends is recorded with its signature: claims, buys, reserves, releases, buybacks, burns, payouts and platform transfers. The Payouts page lists them with Solscan links. Each step is also saved before the next one starts, so an interrupted run resumes exactly where it stopped and never pays twice. The Status page shows when the engine, the claims, the rounds and the watcher last ran.