How the floor works.
Every coin on Opening Bell has a trading schedule. Inside it, you trade a bonding curve. Outside it, the token cannot move, and orders wait for the bell.
Market hours
A schedule is a time zone, a set of weekdays, an opening and closing minute, an optional lunch break and up to 16 holidays. It is stored on-chain next to the mint and checked against the Clock sysvar on every transfer.
NYSE hours
Mon to Fri, 09:30 to 16:00 New York
Weekends only
Sat and Sun, all day UTC
Power hour
Every day, 15:00 to 16:00 New York
Lunch break
Mon to Fri, 09:00 to 15:00, lunch 11:30 to 12:30 Tokyo
A coin is in one of four states. Closed: transfers frozen, orders queue. Pre-market: same, within the hour before the bell. Auction: the session has started but the opening auction has not cleared, so the curve is locked. Open: continuous trading on the curve.
The opening auction
While a market is closed, buy orders escrow SOL and sell orders escrow tokens. When the session starts, one call clears the whole book at a single price. Buyers and sellers cross against each other and the curve takes whatever is left over.
x = virtual SOL, y = virtual tokens (curve state at the close)
B = queued buys (SOL, after fee), S = queued sells (tokens)
P = (x + B) / (y + S)
buyer i receives b_i / P tokens
seller i receives s_i * P SOL, minus 1%
curve takes u = (B*y - S*x) / (y + S) SOL net
That price is the only one where everybody pays the same and the curve stays on its constant-product line. There is no iteration and no off-chain input, so clearing is permissionless. Anyone can ring the bell.
The curve
Each launch mints 1,000,000,000 tokens straight into the curve vault. Pricing is constant product over virtual reserves of 30 SOL and 1,073,000,000 tokens, so the first token costs about 27.96 lamports. A 1% fee is taken from the SOL side of every fill. Queued buys are capped so the auction can never empty the vault.
The programs
Two Anchor programs ship in the repository with tests.
bell-exchange
Creates Token-2022 mints with the transfer hook and metadata, runs the curve, escrows queued orders, clears the auction and fills orders.
7CwJ5r4PykS4m24kSZrABwffNxfM2jjL18eNPG9gzEho
bell-hook
The transfer hook. Reads the schedule account for the mint and rejects any transfer while the market is closed, except into or out of the two whitelisted vaults.
G4UPiKTL3sG3kmrhcpPFPWdZQHAGKKqfrNDWMfcZibd5
Until the programs are deployed to mainnet, the floor runs in paper mode: identical math, practice SOL, and a keeper that rings bells on schedule. Program ids above are reserved for the mainnet deploy.
FAQ
Can I move tokens to another wallet while the market is closed?+
No. The transfer hook rejects every transfer outside the session, wallet to wallet included. The only accounts allowed to send or receive while closed are the curve vault and the auction vault, so the opening auction can settle.
What happens to my order if I queue it and change my mind?+
Cancel it any time before the bell. Buys get their escrowed SOL back, the 1% fee stays with the exchange. Sells get their tokens back.
Who rings the bell?+
Anyone. The first person to press it after the session starts clears the auction and gets their name in the bell log. If nobody does, our keeper rings it within a minute.
Is there a limit order?+
Not in the auction. Every queued order is a market-on-open order and fills at the single clearing price. During the session you trade on the curve with a 3% slippage guard.
Why are prices in lamports?+
Because 27.96 reads like a share price and 0.00000002796 does not. One lamport is a billionth of a SOL; the price is lamports per whole token.
Does the coin graduate to an AMM?+
No. A pool elsewhere would keep trading after the close, which defeats the point. The curve is the venue, permanently, and the hook binds the token everywhere.
What is the paper floor?+
The same rules, curve and auction math running off-chain with practice SOL, so you can trade it today. Every wallet starts with 100 paper SOL. The house desk is our market maker account and it is labeled everywhere it trades.
Do daylight saving and holidays work?+
Yes. Schedules carry a US daylight-saving rule (New York, Chicago, Los Angeles presets) and up to 16 holidays. Both are enforced by the hook from the Clock sysvar, no oracle involved.