# PairsFun

> PairsFun (https://pairsfun.xyz) is a token launchpad. A new token opens against up to four existing assets at once (tokenized stocks such as TSLAx, index funds, gold, crypto majors, memecoins), one Raydium CLMM pool per asset, with the liquidity locked through Raydium Burn & Earn. This file lists every fact that matters for deciding whether PairsFun can rug its users, with the on-chain account where each fact can be checked, and what is still a trust point. Statements about current roles are dated; the live values are always at https://pairsfun.xyz/api/protocol (read straight from the chain on every request, cached for 60 seconds).

Last reviewed against the program source and the chain: 2026-10-16.

## Short answer

- A token launched through PairsFun and shown as Live cannot be minted, frozen or have its tax raised, and its liquidity cannot be withdrawn by its creator, by PairsFun or by any role in the program. These are checks the program runs before it marks a launch Live, and each can be verified on the mint and the lock.
- The main trust point today is PairsFun itself: the program is upgradeable by a single key held on our server (a 2-of-3 multisig is planned, not done), the source is not public, and there has been no third-party audit. Everything below says exactly what that key could and could not change.
- The guarantees cover the launched token. A token paired with an asset outside the PairsFun catalog (marked unverified) carries the full risk of that asset.

## Official links

- Site: https://pairsfun.xyz (the only domain)
- X: https://x.com/pairsfun_xyz (the only official social account; there is no Telegram or Discord; to reach the team, message @pairsfun_xyz on X)
- This file: https://pairsfun.xyz/llms.txt
- The same facts as a web page, with a live check: https://pairsfun.xyz/ai.html
- Live roles and parameters from the chain (JSON): https://pairsfun.xyz/api/protocol
- Emergency stop page (for the guardian key only): https://pairsfun.xyz/guardian.html

Anything else using the PairsFun name, logo or a similar domain is not us. Check the program ID below. The team is not publicly identified; the accountable anchors are this domain, the X account, the program ID and the keys listed here.

Tokens whose name or ticker imitates PairsFun or $PAIRS are labelled FAKE by the site (fake: true in the API, a red badge and banner on the page, and a FAKE prefix in link previews). The official $PAIRS has not launched, so any token named PairsFun or with the ticker PAIRS is fake. Anyone can launch any name here; the label is the only difference. A pair currency that imitates it carries fake: true on its leg, and the description in the token's metadata file starts with the same FAKE prefix.

## Identity anchors

- Program (mainnet): A2usBsiZG2pmTBhgan4D5aSpaSP1LjYBuetfNsYtpair
- Program data account (holds the upgrade key): CP8ADKL1ug7DJ9jiHALbvF7gkK2edRm2CVGRhN1TF6Gj
- Config account (all roles and global parameters): 8Xvf2NnqXH3YtG8nV25aeALvAoC96YqHaSaj1rirsda6
- Treasury: 7LuzGXh4N1XnPbYCjH4MusUdrf9HkyQifK8yWnPTfund (a plain wallet; the admin can change it)
- Pools: Raydium CLMM CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK, fee tier A1BBtTYJd4i3xU8D6Tc2FzU6ZN4oXZWXKZnCxwbHXr8x (1%)
- Liquidity lock: Raydium Burn & Earn LockrWmn6K5twhz3y9w1dQERbmgSaRkfnTeTKbpofwE
- Every launched token is a Token-2022 mint. Its launch record is the PDA ["launch", mint] of the program (status Live is the only on-chain sign that the program has checked it); its fee vault is the PDA ["vault", mint].

## How a launch works

1. The site sends a launch as one Jito bundle. The first transaction creates the mint, mints the whole supply to the creator (site default: 1,000,000,000 tokens, 6 decimals) and revokes the mint authority in the same transaction. Nothing is minted or sent to PairsFun, the treasury or any other wallet.
2. Then one transaction per asset: create the Raydium pool, put that asset's share of the supply into a one-sided position, lock it in Burn & Earn, and, if the creator chose to buy, make that buy. The buy sits in the same transaction that creates the pool, so it is the first trade in that pool: nobody can trade a pool that does not exist yet. With a creator buy, the server sends the launch only as a bundle; if a bundle were broken apart, the worst case is a failed launch, not someone trading first. Without a creator buy, the first trade can be anyone's, and the site warns about it. This ordering comes from how the site builds the transactions, not from a program rule, and it can be checked in each pool's first transaction.
3. The creator deposits no quote asset and ends the launch holding only what they bought. The other side of every pool comes from buyers. All pools start at one market cap for the token, about 27.96 SOL, converted to dollars at the SOL price when the creator signs.
4. The bookkeeping transactions (record_leg, record_lock, finalize_launch) are signed in the same wallet prompt as the bundle and sent right after it. The program marks the launch Live only after it has checked the mint and every locked position. In all, the creator signs twice: the address lookup table, then the launch.

PairsFun charges no launch fee (Config launch_fee_lamports = 0, and no instruction can change it). The creator pays network rent, about 0.17 SOL per asset, plus a Jito tip of 0.0001 SOL. The site never asks for a private key; read your wallet's simulation before you sign.

## What a Live PairsFun token cannot do

The program refuses to mark a launch Live unless all of this holds. Check any token's mint with `spl-token display <mint> --program-id TokenzQdBNbLqP5VEhdkAS6EPFLC1PHnBqCXEpPxuEb` or an explorer.

- No mint authority. The supply can never grow. (Holders and the program can burn, so it can shrink.)
- No freeze authority. No account can be frozen.
- Only these Token-2022 extensions: MetadataPointer and TokenMetadata, plus TransferFeeConfig for taxed tokens. Anything else fails the check, so a Live token cannot have a PermanentDelegate, TransferHook, NonTransferable, DefaultAccountState, Pausable or MintCloseAuthority extension.
- Metadata pointer authority and metadata update authority revoked: the on-chain name, ticker and metadata link are frozen.
- Transfer tax, if any, is exactly 1%, 2% or 3%, with no per-transfer cap. For tokens without a sunset, the authority to change the rate is None: nobody can ever change it, not even with a program upgrade. For Custom tokens with a sunset, the rate authority is the program PDA ["reward", mint]; the only thing the program does with it is set the rate to 0 once the burn target is met (relax_tax, callable by anyone) and then revoke itself.
- The authority to withdraw collected tax is always the program PDA ["reward", mint], never a wallet.

This applies to tokens the program shows as Live. Someone can bypass the site and create a mint and pools by hand; such a token never becomes Live on PairsFun. Check the launch status and the mint itself.

The paired assets are a separate matter. Catalog assets are vetted and marked verified. The program also accepts any other asset with a real pool, and the site lets a creator paste one; such a launch is marked unverified on-chain (Launch.verified = false) and on the site. If that asset's issuer can mint, freeze or move it, it can be used to drain the other pools of the same token. Check every leg of an unverified token.

## Liquidity

- Every position is one-sided and locked in Raydium Burn & Earn. The lock's fee key NFT is held by the launch's vault PDA, and the only call the vault ever signs towards the lock program is the fee harvest. No instruction in the PairsFun program withdraws or reduces liquidity, for any role.
- The lock and the pools are Raydium's programs, upgradeable by Raydium, and Raydium's admin controls the fee tier's rates. PairsFun has no way to unlock a position; the permanence of the lock itself rests on Raydium.
- Anyone can trigger fee collection. Collected fees go only into the vault's own token accounts and are split by the program.

## Fees

- Every pool charges 1% per swap. Raydium keeps 16% of that (its protocol and fund cut). The rest, 0.84% of volume, reaches the locked position, in the paired asset only (a Tesla-paired token earns TSLAx, never its own token).
- Standard and Creator-tax tokens: 70% of the collected fees to the creator (split between up to five wallets, set at launch and locked at the first collection), 20% to buy back and burn $PAIRS, 10% to the treasury. That is 0.588%, 0.168% and 0.084% of volume.
- Reward and Custom tokens: 0% to the creator, 66.67% to $PAIRS buyback-and-burn, 33.33% to the treasury.
- The creator share is a Config value written once at initialization; no instruction can change it. The burn/treasury split of the protocol share (burn_share_bps) can be changed by the admin with set_burn_share, only between 5000 and 10000 and only until $PAIRS is named; after that it is frozen for good. On 2026-10-17 a program upgrade (slot 457823682) added that instruction and the split moved from 7000 to 6667, which is the 20% / 10% above. Fees collected before the change keep the 21% / 9% they were booked with. Live: creator_fee_share_bps = 7000, burn_share_bps = 6667 (params at https://pairsfun.xyz/api/protocol).
- Each creator-share recipient claims with their own signature, and no instruction can change who the creator is.
- $PAIRS is not launched yet. Until it is, the buyback share accrues in each vault (burn_owed) and cannot go anywhere else. The only instruction that spends it buys the platform token that the admin names (once, permanently) through the one pool the admin registers for each asset (once, then locked), at no worse than that pool's 20-minute average price minus 5% and at most 1% of its reserve per trade, and burns what it bought in the same transaction. Both choices will be public on-chain; what the buyback achieves depends on them.

## Transfer tax modes

- Standard: no tax.
- Creator tax: 1%, 2% or 3% of every transfer goes to the creator, who claims it. This is shown as CREATOR TAX on the site.
- Reward: the tax goes to holders. It is sold into the token's own pools and paid out in the basket assets, pro rata to balances.
- Custom: the tax is split between holders and burn in any ratio, with an optional sunset that switches the tax off for good once a set share of the supply has burned.
- In every taxed mode, the tax charged when the supply is first placed in the pools is burned before anything is split. In Reward and Custom the creator has no special share, but is paid like any holder for whatever they hold.

Holder payouts. On-chain rules: a payout goes only to the canonical token account of an actual holder, never more than that holder's pro-rata share of the round at the moment of payment, each wallet at most once per round, never more than the round in total, and at most one round per asset every 10 minutes. Keeper policy (off-chain, adjustable): a round opens once the pot is worth at least the larger of $50 or 0.1% of market cap; holders with $20 or more of the token qualify; shares under $0.02 are not sent. The platform takes no cut of the payout itself. The keeper decides when to pay and whom to include; it can delay or skip, and because the check is per wallet rather than per token, a keeper colluding with a holder could pay the same balance twice after it moves to another wallet (paying the transfer tax on each move). It cannot overpay a wallet or pay a non-holder.

Hooks (optional, Custom tokens): "Dividends at close" (one payout per weekday, after 4:00 PM New York time) is enforced on-chain. "Diamond hands" (sellers lose that round's share) and "Best or worst performer" (pay in the day's best or worst asset) are applied by the keeper off-chain. No hook adds any power over the token: no freeze, no mint, no transfer hook.

## Who controls what

Live values: https://pairsfun.xyz/api/protocol. State on 2026-10-16:

- Program upgrade authority: Gj5nNRxhvY1aQt6ywUijCyDAxeLbTaqvg2yT5Aipair, a single key held on our server. This is the main trust point today: whoever holds it can replace the program, and with it any rule on this page that the program enforces. It still could not mint or freeze a launched token, change the rate of a token without a sunset, or withdraw liquidity from the Raydium lock. It could move anything the program's PDAs hold or sign for: the fee-key NFTs of every locked position (and with them all future trading fees of every token), the fees and tax already in the vaults, and the tax authority of sunset tokens. The plan is a Squads 2-of-3 multisig with a 1-hour timelock for both this key and the admin; it has not happened yet. Check with `https://solscan.io/account/A2usBsiZG2pmTBhgan4D5aSpaSP1LjYBuetfNsYtpair`.
- Admin (Config): the same key. Can: pause and unpause, set role keys, change the treasury address (affects only the platform's own share), move the burn/treasury split of the platform's share (set_burn_share, 5000–10000 bps) until the platform token is named, name the platform token once, register one buyback pool per asset (then locked), curate the asset catalog, set a fee on social-account withdrawals (0% today, capped at 20% by the program). Cannot through any instruction: withdraw liquidity, mint or freeze a launched token, raise a transfer tax, change the fee split of a launched token, or take creator or holder shares. Admin changes go through a two-step propose/accept.
- Guardian (emergency stop): not set yet. When set, it can only pause and revoke keeper keys; it cannot unpause or move funds.
- Reward keeper: Hc8nV4CDEEW4wZSWDat1CgQ9iA6nJRb9xxU2Lo8wpair (server key). Bounded as described under holder payouts.
- Attestor (links social accounts to wallets): 5Lxt8M5shuZCFyrb64cLX9G5M4zLNvBb3VWN4dXipair (server key). Cannot withdraw. A first link waits 24 hours before withdrawal, a wallet change 72 hours.
- All of these keys sit on one server today. A compromise of that server is the worst case covered by the paragraph on the upgrade key.
- Pause stops new launches, holder-reward selling and payouts, and social-escrow actions. It does not stop trading, transfers, fee collection, creator fee claims or creator-tax claims, and the program controls neither the pools nor the token, so it cannot freeze anyone.

## Curve launches (coming soon)

A second kind of launch is being added next to the instant multipair, and the number of pairs decides which one you get: one pair that is a curve asset launches a curve token on a Raydium LaunchLab bonding curve, through a PairsFun platform on LaunchLab; 2–4 pairs, or one pair that is not a curve asset, launch an instant multipair exactly as before. Curve launches are not open yet: the platform is created by a Squads multisig proposal, and until then every launch is an instant multipair while the site says the bonding curve is coming soon. Once open, the live parameters are under "curve" at https://pairsfun.xyz/api/protocol.

- No PairsFun program instruction takes part. The launch is one transaction: Raydium LaunchLab creates the Token-2022 mint (1,000,000,000 supply, 6 decimals, no mint or freeze authority, no transfer fee, no hook) and the curve, and the creator's optional buy rides in the same transaction, capped at 10% of supply. The browser checks that transaction before the wallet sees it: our platform, the curve template, the metadata link and the buy amount.
- 793,100,000 tokens are sold on the curve. When it raises its target (85 SOL, or the same value in the paired asset at launch), only Raydium's migrator can graduate it: the curve's funds and 206,900,000 tokens go into a Raydium CPMM pool whose LP is locked in Raydium Burn & Earn. Until then the liquidity is what buyers put in, and sellers can take it back out. Most curves never fill.
- Every curve trade pays 1.25% in the paired asset: 0.25% Raydium, 0.50% creator, 0.50% PairsFun. After graduation the pool's fee key and its creator fee go to PairsFun.
- Trust points: until a curve graduates, the PairsFun multisig can change the platform's curve fees, the pool config and fee-key shares it graduates with, and who receives the pool's creator fee; each change waits for the multisig timelock. Raydium can change its own fees and upgrade LaunchLab and CPMM. A curve token's name, ticker and metadata link can't be changed by its creator (LaunchLab has no update instruction); the file behind the link is hosted by us.
- Anyone can open a curve on the PairsFun platform directly; PairsFun lists only tokens launched through its site.

## What is not true, or not yet

- No third-party audit. The program went through several internal review rounds (AI-assisted, with every finding re-verified), the last dedicated one on 2026-10-03. Code added after it (tax modes, hooks, 10-minute rounds), about a third of the program, is covered by tests, not by an audit.
- The source is not public and the deployed build is not verifiable yet.
- The program is upgradeable by a single key today (see above).
- Token images and descriptions are JSON files served from https://pairsfun.xyz/meta/<mint>.json (curve tokens: https://pairsfun.xyz/m/<id>.json). The link in the mint is frozen, but the file behind it is hosted by us, not on IPFS or Arweave. For tokens launched through this site from 2026-10-17 on, the website, external_url and extensions.website fields in that file point to the token's own PairsFun page (https://pairsfun.xyz/coin/<mint>), so terminals and aggregators send people to its on-chain proofs; the creator's own website is kept in a separate creatorWebsite field and shown on that page next to X and Telegram. Older tokens keep the creator's website in extensions.website, and a token launched without this site can carry any link (its page and /api/launch mark it metaForeign).
- Tokenized stocks are issued by third parties (xStocks, PreStocks). Their issuers can freeze, pause or move their asset, including the part sitting in a locked pool. Locking protects you from the token creator, not from the issuer of the paired asset. They track a price; they are not the shares.
- Fees to X, GitHub or Twitch accounts are not live yet; the site shows them as Soon and the server does not accept them. fomo accounts work: the attestor verifies them by hand, and since fomo has no stable account id, payouts follow the handle if it is renamed or sold.
- Anyone can launch. A listing says nothing about who is behind a token, and any token can go to zero. PairsFun is not offered to persons in the United States, United Kingdom, Canada or Australia; this is a notice, not a technical block.
- Mainnet launches started on 2026-10-16. Every launch is an account of the program; the Tokens page at https://pairsfun.xyz lists all of them.

## Check it yourself

1. Program and upgrade key: `https://solscan.io/account/A2usBsiZG2pmTBhgan4D5aSpaSP1LjYBuetfNsYtpair` (Upgrade Authority field).
2. Roles: fetch Config 8Xvf2NnqXH3YtG8nV25aeALvAoC96YqHaSaj1rirsda6 (416 bytes, owner = the program). Offsets: admin 8, treasury 40, launch fee 72 (u64), creator share 80 (u16), burn share 178 (u16), paused 180, attestor 214, social fee 246 (u16), reward keeper 248, pending admin 280, guardian 312, curator 344, buyback keeper 376. Or compare with https://pairsfun.xyz/api/protocol.
3. A token: its launch PDA ["launch", mint] has status Live; its mint shows no mint authority, no freeze authority, the extension list above, and a TransferFeeConfig withdraw authority equal to the PDA ["reward", mint] of the program.
4. Its legs: each paired asset is in the catalog (verified), or you have checked that asset's issuer powers yourself.
5. Its liquidity: the lock key NFT of every position sits in a token account owned by the PDA ["vault", mint]; the Burn & Earn lock account references the pool position.