Assay

Everything MELT does, and everything it doesn’t.

The short version

Every token launched on MELT is struck in metal. A fixed 20% of every buy is diverted into a vault holding a metal-backed stock token — silver (SLV) or American rare earth (USAR). That vault has one exit. Any holder, at any time, can burn their tokens and take their proportional share of the metal.

So every token has two prices. The melt is the metal per token in the vault. The last is whatever the curve says. We publish the distance between them and call it the premium over melt.

That’s it. That’s the whole product.

Striking a token

You pick a name, a ticker, and a metal. The metal is written into the contract at deploy and cannot be changed — not by you, not by us, not by a vote. STRUCK IN SLV is part of the token’s identity the way its ticker is.

Two metals are supported at launch:

SLV

Silver. Deep, liquid, boring in the good way.

USAR

American rare earth. Thinner, more volatile, moves on its own news.

The choice is a real one. A token struck in USAR has a floor that can move sharply on days when the token itself does nothing. A token struck in SLV has a floor that mostly sits still. Neither is safer; they fail differently.

Where the money goes

On every buy, the net quote splits:

80%  ->  the curve reserve, which is what actually prices the token
20%  ->  the melt vault, which is never priced and never traded

On every trade, 30% of the fee is also routed to the vault.

The vault balance only ever increases. This is enforced in the contract, not by policy — there is no function that removes metal from the vault except melt(), and melt() can only be called by a holder burning their own supply.

The 20% is not free. It comes out of curve depth, which means the token’s price moves more per dollar than an equivalent token launched elsewhere. You are trading liquidity for a floor. If you don’t want that trade, MELT is the wrong launchpad.

Melting

melt(amount)
  -> burns  amount  of your tokens
  -> sends you  vaultBalance * amount / totalSupply  of the metal

Available from the first block. No cooldown. No fee. No pause. No allowlist. It works when the curve is empty, after graduation, and if this website is offline — the function is on-chain and callable directly.

The ratchet. When you melt, your supply is retired but the rounding residual stays in the vault. Every melt therefore raises the melt price for everyone who didn’t melt. The last holder can withdraw the entire remaining vault. This is deliberate: melting is always available, and always slightly rewards the people who don’t.

What happens at graduation

When a token graduates, the curve reserve seeds the Pons pool and the LP tokens are burned, as normal.

The vault is not part of that. It holds no LP, it has no relationship to the pool, and the graduation transaction does not touch it. Melt continues to work exactly as it did before.

This is the entire reason MELT exists. On a normal launchpad, once the LP is burned there is no floor under the token at any price. Here there is, and it is the same floor it was on day one, only higher.

Reading the premium

premium = (last - melt) / melt

A token at +900% is trading at ten times the metal behind it. A token at +12% is trading at almost exactly its metal.

The floor page sorts ascending, cheapest-relative-to-metal first, and everything under +25% is pulled into a separate block marked near melt. This is not a recommendation. It is where the arithmetic is most interesting, and where the risk is most concentrated — tokens usually arrive there because something has gone wrong.

A premium near zero means the market is pricing the token at roughly the value of its metal. That can mean it is mispriced. It much more often means the market is correct and the project is finished. Both look identical on the table.

What can go wrong

The metal itself can fall. The floor is denominated in SLV or USAR, not dollars. If silver drops 30%, your floor drops 30%. MELT removes the risk of going to zero; it does not remove market risk, and it adds exposure to a commodity you may not have wanted.

The metal token is not the metal. SLV and USAR are tokenized stock instruments on Robinhood Chain. Your claim is on those tokens, with whatever counterparty, custody, and redemption assumptions they carry. MELT holds them; it does not issue them and cannot vouch for them. Read their documentation before you read ours.

A low premium is usually deserved. See above.

Melting is one-way. Burned supply is gone. You cannot re-mint into the token afterwards; you would have to buy on the curve at market.

Rounding favours the vault, always. Every melt leaves dust behind. On small positions the dust is a meaningful fraction of what you’re owed. Melting 100 tokens is not economically sensible.

Contracts can have bugs. These are unaudited at launch. The vault has no admin key, which removes one category of risk and removes any ability to fix a problem if one exists.

We can’t help you. There is no privileged role. Nobody can pause a token, reverse a melt, recover a mistaken transfer, or unlock a vault. That is the point, and it cuts in both directions.

What MELT is not

Not a yield product. The vault does not earn anything; it only receives.

Not redeemable for physical metal.

Not staking. Holding does nothing except let the ratchet work in your favour.

Not governed. There is no token, no vote, no treasury, no roadmap that can change the numbers above.

Not a guarantee that you make money. A floor is not a return.

Verifying any of this

Everything above is checkable without trusting us:

VAULT_BPS is a constant with no setter. Read it.

The metal address is immutable. Read it.

Search the vault contract for any external transfer path other than melt(). There isn’t one.

Compare the vault’s on-chain balance to the melt figure shown on the token page. They must match.

Every figure on this site links to Blockscout. If the site and the chain disagree, the chain is right.