How ICEmarkets works

Every market opens with a fixed supply of 1,000,000,000 tokens, all of it seeded into a Meteora Dynamic Bonding Curve pool quoted in the commodity coin you pick. The curve runs from a $5,000 opening cap to a $35,000 migration cap, with 20% of supply reserved above it so the pool keeps quoting with no cliff. You pick the trading fee (1/2/3%) and make a first buy of at least $1 — everything lands in one on-chain transaction for a USDC or COIN first buy (two for SOL, since it routes through Jupiter first).

The bonding curve is a real Meteora DBC pool, tradable by any terminal or router from block one — Jupiter, Axiom, Photon and GMGN all index it automatically. A market shows % of curve until it fills; then it migrates permissionlessly to a Meteora DAMM v2 pool at the same price and reads Graduated. Trading pauses only for the seconds between curve completion and the migration landing.

A commodity coin (GLD, HG, RSGP, DAYTONA, …) is not backed by a warehouse of gold or a vault of skins — it is a protocol-minted token whose price is enforced by an oracle feed and a reserve of USDC. Buying mints new coins at the oracle price plus a small spread; selling burns coins and pays out from the reserve. The protocol is structurally short every coin it issues, which is why supply is capped per coin and the reserve ratio is watched continuously.

Of the 80% of gross trading fees ICEmarkets keeps after Meteora's fixed 20% cut, 50% (40% of gross) goes to holders of that specific market — paid automatically in the commodity coin, weighted by balance, roughly every 15 minutes. The rest splits 25% (20% of gross) into buying back and burning $ICE, and 25% (20% of gross) to the protocol treasury. There is no creator share. Payouts go straight to wallets that already hold the coin; everything else accrues into a Merkle epoch you can claim any time from Rewards.

Every commodity has a maximum oracle age. If the feed goes stale — a market closes for the weekend, a data vendor drops — the market shows “A current price is unavailable. Market value will return when the price feed recovers.” Some tiers allow sell-only trading at a wider spread while stale so holders can always exit; others halt entirely until the feed recovers.

• ICEmarkets coins are synthetic. They track a commodity's price via an oracle and are not a claim on any physical asset — redemption is only ever against the protocol's USDC reserve, which can be exhausted.
• Trading may be halted at any time if a price feed becomes unreliable or stale.
• Smart-contract risk applies to every program in the stack, including third-party programs (Meteora DBC / DAMM v2) ICEmarkets does not control.
• ICEmarkets is not available to persons in the United States, the United Kingdom, or any sanctioned jurisdiction. Nothing on this site is investment, legal, or tax advice.

Placeholders until mainnet deploy — packages/registry/src/programs.ts and docs/CONTRACTS.md are the source of truth.