snek-fun

snek.fun

snek.fun is a fair-launch token launchpad on Cardano. Anyone can launch a new token at the same fixed starting valuation; the token trades on its own bonding-curve pool from the moment it exists, prices rise with demand, and once the token reaches a 69 000 ADA market cap it graduates — liquidity migrates to Splash DEX and the LP position is burned, locking the liquidity forever.

The launchpad is designed around the same playbook popularised by Solana's pump.fun: zero pre-sale, no team allocation, no liquidity bootstrapping events. Token creators pay a small launch fee, get a "dev buy" allocation, and the bonding curve handles price discovery. Traders use snek.fun's UI to buy or sell into the curve until graduation. See docs.snek.fun for the protocol overview.

This tx3 covers the user-facing flow of the v1 protocol: placing buy / sell orders against a token's bonding curve, cancelling orders, and launching new tokens. Pool fills (the actual bonding-curve trades) are executed by snek.fun's permitted-executor batcher and are out of scope.

Overview

Each token launched on snek.fun has its own bonding-curve pool. Trades follow a two-step model:

1. User submits an order — sends ADA (buy) or tokens (sell) to a per-user order validator address with an inline datum describing the desired swap.
2. Permitted executor processes the order — the snek.fun batcher consumes the order UTxO together with the bonding-curve pool UTxO, fills the trade, and returns funds to the user.

Scope of this tx3:

• Implemented: user-side place_buy_order, place_sell_order, cancel_order, plus the admin-ish launch_token (mint + seed + metadata + fee in one tx).
• Not implemented: pool spends. Filling an order requires the permitted-executor signature plus dynamic input/output indices against the pool UTxO — both blocked by current tx3 limitations.

Transactions

Transaction	Description
place_buy_order	Deposit ADA at the order validator; the batcher will return tokens
place_sell_order	Deposit tokens at the order validator; the batcher will return ADA
cancel_order	Spend a user's own order UTxO back to their wallet (Cancel redeemer)
launch_token	Mint a new token (1B supply), seed its bonding-curve pool, deposit metadata, and pay the launch fee

Important considerations

• Order submissions are script-free. place_buy_order and place_sell_order are plain payments to the order validator address with an inline datum — no validator runs. The script only fires when the batcher fills or the user cancels.
• Per-user order address. OrderScript is (payment = order validator script, stake = user's own stake key). Because the stake side changes per user it cannot live in env — callers must pass the concrete bech32 per call as the orderscript party.
• Per-launch token policy. launch_token requires a parameterised minting policy (new policy id for every token). The caller must apply the seed outref to the on-disk template off-chain and pass both the resulting token_policy (script hash) and token_script (CBOR) per call.
• Flat address structure. OrderDatum.owner_addr is modelled as a chain of single-field structs (CardanoAddress → OrderPayment + OrderStakeJust → OrderStakeCred → OrderPayment) to reproduce Cardano's nested Constr(0, ...) address layout while sidestepping the tx3 resolver's current issues with deeply-nested enum variants.
• Pre-summed ADA amounts. tx3 has no * or /, so every aggregate (total_escrow_ada, pool_seed_ada, creator_min_ada, etc.) must be pre-computed by the caller. The launch tx alone takes 6 separate pre-summed figures.
• Direction marker fixed at 1. OrderAmount.direction is hardcoded to 1 (exact-input variant). The direction=0 "buy-with-output" mode is not implemented.
• Pool spends not implemented. Buy/sell fills against the bonding curve are done by the snek.fun batcher and require the permitted-executor signature + dynamic input/output indices — they cannot be modelled in tx3 today.

Caller preparation

place_buy_order

Parameter	Source
orderscript party	Bech32 of (order validator script + user's stake key). Must be assembled per user.
user_pkh, user_stake_key	Raw 28-byte hashes from the user's wallet, also embedded in the datum's nested owner address.
token_policy, token_name	The token information the user is buying (queried from snek.fun for that pool).
ada_input	Lovelace the batcher may spend on tokens (caller chooses based on slippage tolerance).
total_escrow_ada	ada_input + executor_fee + min_order_out_ada. Pre-summed.
deadline_ms	Unix millis after which the batcher rejects the order.
empty_bytes	Placeholder "" for the ADA asset id (policy = "", name = "").

place_sell_order

Same as place_buy_order, with a token_amount for the quantity being sold instead of ada_input. The escrow ADA is fixed (sell_escrow_ada from env, observed = 2 600 000 lovelace) so callers don't pass it.

cancel_order

Parameter	Source
order_utxo: UtxoRef	The order UTxO to reclaim. The user must also have a separate pure-ADA UTxO available for fees and collateral.

launch_token

The most parameter-heavy transaction. The caller precomputes everything off-chain.

Parameter	Source
seed_utxo, seed_tx, seed_idx	A spendable UTxO from the creator's wallet — used to parameterise the token policy and as the input to the pool NFT mint redeemer.
token_policy, token_script	Apply the on-disk token mint template (investigacion/scripts/token_mint.v3.template.cbor.hex) to the seed outref. The resulting blake2b-224 hash is token_policy; the applied CBOR is token_script.
pool_nft_name	32-byte hash the pool NFT policy expects, derived from (seed_outref_tx, seed_outref_idx).
metadata_nft_name, ticker, logo_cid, description, launch_type, socials, metadata_version	Token metadata — passed as raw bytes (hex-encoded UTF-8 for text fields).
creator_pkh, creator_stake_key, pool_witness_pkh	Wallet identity values, recorded in both the pool datum and metadata datum.
ada_cap_thresh_for_pool	Per-pool graduation threshold (close to 18_188_400_000 ± per-launch jitter).
launch_fee_ada	Fee paid to the snek.fun collector (observed = 1 825 000).
metadata_min_ada, creator_min_ada, pool_seed_ada	Min-ADA values for the metadata, creator, and pool outputs.
initial_buy_tokens, curve_tokens_remaining	Split of the 1 000 000 000 supply between the creator's "dev buy" and the bonding-curve seed. Must sum to token_emission.

Token policy application snippet (Python):

import hashlib
tpl = bytes.fromhex(open('investigacion/scripts/token_mint.v3.template.cbor.hex').read())
seed_tx  = bytes.fromhex('<your seed tx hash>')   # 32 bytes
seed_idx = 0                                       # 0..23
applied  = tpl[:475] + seed_tx + bytes([seed_idx]) + tpl[475+33:]
policy   = hashlib.blake2b(b'\x03' + applied, digest_size=28).hexdigest()
# feed `applied.hex()` as token_script and `policy` as token_policy

References

• Smart contracts: PlutusV2 order validator (reference script at e2ed9e953ebf98ca701fc93588d73cb9769f87b9d13712474f566a0743963e8b#0) + PlutusV2 bonding curve & pool NFT policy + PlutusV3 per-launch parameterised token mint. Source closed; on-chain shapes reverse-engineered.
• Homepage / app: snek.fun
• Docs: docs.snek.fun
• Migration target on graduation: Splash DEX
• Research notes: investigacion/snek-fun-research.md