Coupon market 0
Every bond here points at a fee split that pump.fun has permanently locked. Implied yield = last 7 days of fees to this share × 52 ÷ raise. A snapshot, not a forecast.
How it works
A pump.fun creator fee is paid on every trade of a coin, on the bonding curve and on PumpSwap. coupon turns a locked slice of it into a bond.
step 1: pledge
The creator writes the coupon vault into pump.fun's fee-sharing config, e.g. 30% of creator fees. pump.fun locks that split forever: not even the creator can change it.
step 2: set terms
Raise target, unit price, 72h deadline, 30/90/180-day term, a payout cap (e.g. 2× the raise) and a release schedule for the raised SOL.
step 3: buyers fund
Buyers deposit SOL into escrow. On fill the stream starts and the creator receives the SOL per schedule. Unfilled by the deadline: everyone is refunded in full.
step 4: fees stream
Every 10 minutes a permissionless crank distributes fees to the vault and credits bondholders pro rata. At maturity or cap, the slice flows back to the creator.
risk
Payouts depend entirely on future trading volume. If volume dies, the stream dies. The fee share is enforced on-chain (pump.fun locks the split and nobody can move it), volume is not. A coupon can pay back far less than you paid. Implied yield is a snapshot of the last 7 days, not a forecast. pump.fun's own admin can community-takeover an abandoned coin, which would end its fee split; coupon has no admin key and cannot move funds.