§ 1What it is
A promissory note is a written promise to pay a named person. Promipay makes one out of a coin. When you launch a coin you write in an account on X, and the coin is set up so that every trade on it pays that account a share, for as long as it trades.
The account does not need to know. They do not need to have signed up, and nothing has to be sent to them. The fees wait under their handle until they sign in with X, and then they are on a card with their name on it.
§ 2How it works
- Sign in with X. Your card and your wallet come with your account. There is no email and no password.
- Launch a coin. Name, ticker, picture, a line about it and a first buy. It goes live on a PONS bonding curve.
- Name the account. Yourself, a friend, a creator you like, anyone on X. That account is the one the coin pays.
- People trade it. Each buy and each sell pays 2% to the named account.
- They sign in. Their card opens by itself, and what their coins have paid is on it.
§ 3The fee
Every trade on a Promipay coin pays two fees: 2% to the account on X the coin names, and 1% to PONS, the protocol the curve runs on.
| A trade of | To the named account | To PONS |
|---|---|---|
| 1 SOL | 0.02 SOL | 0.01 SOL |
| 10 SOL | 0.2 SOL | 0.1 SOL |
| 100 SOL | 2 SOL | 1 SOL |
Worked examples, not a forecast. What a coin pays depends only on how much it trades.
§ 4Earned and spendable
Fees are counted from the very first trade, but they are not spendable straight away. PONS holds them on the coin's curve until the coin graduates, which happens when ~95 SOL has gone into the curve. At graduation they are released and move onto the named account's card.
So the app shows two figures for every account a coin names: earned, the fees that have been released, and still on the curve, the fees waiting for the coin to graduate.
§ 5Naming someone
Any account on X can be named, whether or not it has ever heard of Promipay. The first time that account signs in with X, a card opens for it by itself, and the fees move onto it.
Fees follow the handle exactly as it was written at launch. If the account later changes its handle, the fees stay with the old one, so name the handle as it is today.
§ 6The card
A virtual Visa with a real number, expiry and CVV. It works anywhere cards are taken online. It belongs to the X account, so you can sign in on any device and it is there.
- To open
- Nothing. It opens the first time the account signs in with X.
- To make it payable
- A first load of $10 or more. The first load costs $6 + 4%.
- Every load after
- $1 + 4%.
- Converting
- Turning SOL into card dollars adds 3%.
- Activation
- After the first load the card takes 1 to 3 hours to switch on for payments. Launching and buying coins do not wait for it.
§ 7The wallet
Every card comes with its own wallet, and whatever is in it is the card's balance. It pays for launches and buys, and anything you sell comes back to it. You fund it with SOL, and you can withdraw from it whenever you like.
§ 8Launching
A launch needs a name, a ticker, the account on X it pays, and a first buy. A picture and a one-line description are optional. It costs the PONS launch fee of ~0.011 SOL, your first buy and a little gas, paid from your card's wallet or in SOL.
The coin starts on a PONS bonding curve: the price moves with every buy and sell, with no presale and no pool to seed. When it graduates it leaves the curve.
After a launch you get the contract address and links to the coin on Promipay, GeckoTerminal, DexScreener and the explorer. The chart sites list a coin once they have indexed its first trades.
§ 9Paying in SOL
Anything you can pay for — a launch, a card load, funding the wallet — can be paid in SOL from any Solana wallet. You are shown one address and one amount. Send exactly that, and it is converted and carried into your wallet by itself, then the launch or load happens once.
You give a Solana address for refunds. If the conversion cannot go through, the SOL goes back there.
§ 10Sign-in and privacy
X is the only way to sign in. Promipay reads your handle, your name and your picture, and it never posts anything for you.
§ 11What can go wrong
- Coins are volatile. A coin can lose most or all of its value, and what you buy you can lose.
- A coin pays only if people trade it. A coin nobody trades pays nothing.
- A coin that never graduates keeps its fees held on the curve.
- Card payments depend on the card issuer. A payment it declines is declined.
- Transactions on chain are final. Check an address before you send to it.