Docs

Memecoins run on attention. A KOL posts, snipers fill, and everyone who buys the screenshot becomes exit liquidity. The one steady cashflow a coin has, the fee on every trade, goes to whoever deployed it: the one wallet guaranteed not to be holding the bag.

Sheepd sends that fee the other way. On every coin launched here, 90% of the trading fee goes back to the holders the market just took from: the late, the red, the sheep. The other 10% always buys and burns $SHEEPD.

It is not a yield and it is not a guarantee. It is a refund that drips, paid out of real trading volume, that stops the moment your loss is covered.

• Every buy and sell pays a 1% fee into the coin’s own fee vault, from the first trade on the curve. 90% goes to holders, 10% buys $SHEEPD.
• Every 10 minutes, the shear pays underwater holders pro rata by pain: unrepaid loss × how late they bought.
• Underwater means negative PnL on tokens you bought yourself, and you need at least 100,000 of them. Tokens sent to you don’t count.
• Wallets in profit earn nothing. Nobody is paid more than they lost. Nobody has to claim.
• Creators can switch on a Golden Fleece at launch: an hourly jackpot that one underwater holder wins, odds by pain.
• Each coin’s website is its own Sheepd page, set automatically at mint.

Every trade of a Sheepd coin pays a 1% fee, taken in SOL from the SOL side of the trade. It applies on the bonding curve and keeps applying after the coin graduates to an AMM pool. That is the only fee: no launch fee beyond network rent, and no fee on payouts.

Fees land in a per-coin vault owned by the Sheepd program. The program, not a person, moves them into pools. No wallet, including ours, can withdraw from a vault.

The split is written into the coin’s fee config at mint. Nobody can change it afterwards, including us. There are only two versions, depending on whether the Golden Fleece was switched on at launch. The 10% $SHEEPD buyback is the same in both.

Standard

With Golden Fleece

Either way holders get 90%. The Golden Fleece doesn’t take anything extra; it moves 10% of the fee from the steady shear into an hourly jackpot.

On a coin doing $100k of volume a day, at SOL $180, that is about 5.6 SOL of fees a day: roughly 5.0 SOL to holders and 0.56 SOL to $SHEEPD. With the Golden Fleece on, about 0.56 SOL of that goes into the hourly pots, so each draw is worth around 0.023 SOL on a coin that size, and much more on a busy one.

Each coin gets a fee vault: an account derived from the coin’s mint and owned by the Sheepd program. The launch transaction creates the vault and sets it as the coin’s fee recipient before the first buy can land, so the very first trade on the curve, including the dev buy, already pays into it. Nothing has to be switched on later.

Every 10 minutes the router sweeps each vault and splits what it holds:

on every trade     fee  → vault[mint]           (on the curve, then the AMM pool)

every 10 min:     v    = vault balance
                   buy  = v × 10%                      → $SHEEPD buyback (always)
                   pot  = v × 10%  if Golden Fleece on   → Fleece pot
                   pool = v − buy − pot                → shear pool
                   then: shear pays out of pool

• The percentages are read from the coin’s fee config, which is frozen at mint. The router can’t send to any account other than these three.
• At graduation the AMM pool is created with the same vault as its fee recipient, so routing doesn’t pause or change.
• Anyone can call the router. If our crank goes down, any wallet can trigger the sweep and the split, and the SOL still only goes where the config says.
• Every sweep is a public transaction. Each coin page links its vault and shows what was routed where in the last 24 hours.

10% of every fee on every coin goes to buying $SHEEPD. That number is the same on every coin, with or without the Golden Fleece, and it can’t be changed for coins already launched.

Before $SHEEPD launches, that 10% is routed into a single buyback reserve, a program account that can only do one thing: buy $SHEEPD and burn it. It fills from the first trade of the first Sheepd coin. Its balance is shown on the home page and is checkable on-chain.

When $SHEEPD launches, the reserve is spent buying and burning $SHEEPD in equal hourly tranches over the first 24 hours, so it isn’t one giant candle for snipers to sell into. After that, the router sends the 10% straight to an hourly buy and burn.

before launch:  reserve += v × 10%                   every 10 min, every coin
at launch:      tranche  = reserve ÷ 24             buy + burn hourly for 24 h
after launch:   buy + burn 10% of this hour's fees      every hour

Time on Sheepd runs in 10-minute epochs. At each boundary the shear bot does the same five things for every coin:

1. Snapshot every holder’s counted tokens, their cost basis, current value at the pool price, lifetime payouts and entry point on the curve.
2. Weigh each bag by pain. Wallets in profit, wallets under 100,000 counted tokens and bags younger than 1 full epoch weigh zero.
3. Split the shear pool by weight.
4. Cap each payout at 5% of the pool and at the bag’s unrepaid loss.
5. Push SOL to every wallet in one batch of transfers. Whatever was capped off stays in the pool for the next epoch.

The snapshot slot is chosen at random within the last minute of the epoch, so there is no exact second to buy in front of.

The shear looks at your PnL on the coin, not your balance. Memecoin supply moves between wallets constantly, and a balance on its own says nothing about what someone lost. So the program keeps a small ledger per wallet per coin and only counts tokens you bought yourself and held for the whole epoch:

bought   = tokens you bought on the curve or the coin's pool, minus any sold or sent out
counted  = min(balance now, bought, lowest balance during the epoch)
cost     = what you paid for bought × counted ÷ bought        (fees included)
value    = counted × price now
pnl      = value + already paid − cost

sheep    if  counted ≥ 100,000  and  pnl < 0

• Tokens sent to you never become counted: you didn’t buy them, so they have no cost and add no loss. Moving a red bag to a fresh wallet leaves the loss behind.
• Tokens you send out leave with their share of your cost, the same as selling. Spreading a bag around shrinks each wallet’s cost to match.
• The lowest balance in the epoch is what counts, so buying a big bag a minute before the snapshot, or borrowing tokens for one block, changes nothing until it has sat through a full epoch.
• 100,000 tokens minimum (0.01% of supply). Below that a wallet is too small to be paid, which stops dust wallets from farming the shear and keeps each batch of transfers lean.

Five wallets on the same coin, at 0.8 SOL per million tokens:

The wallet that was sent 4M tokens is only owed for the 500k it paid for. The one that topped up mid-epoch counts its 200k this epoch and the full 3.2M from the next.

Pain is how much a bag is still owed, scaled by how late it was bought:

unrepaid = cost − value − already paid
late     = 1 + 0.5 × entry      (entry = curve % at your average buy, 0..1)
pain     = max(0, unrepaid) × late

payout   = pool × pain ÷ Σ pain
payout   = min(payout, 5% of pool, unrepaid)

Cost and value are for your counted tokens only, as defined above. Partial sells and transfers out reduce cost pro rata. Already paid is every lamport Sheepd has sent that bag, from the shear and the Golden Fleece.

The later you bought, the more each lost SOL counts, from 1× at the very start of the curve to 1.5× at the top. Entry is the SOL-weighted average curve position of the buys that make up your current bag. After graduation, entry is measured against the coin’s all-time high market cap, so buying the post-graduation top counts as late too.

One epoch on one coin with 2 SOL in the shear pool. Five holders, four underwater and one in profit. The 5% cap is 0.10 SOL.

E is in profit, so it weighs zero. A and B and C would earn more than 0.10 SOL uncapped, so they are held to the cap. 0.315 SOL goes out this epoch and 1.685 SOL stays in the pool for the next one. With only a handful of wallets the cap holds most of the pool back. On a real coin with hundreds of red wallets it only bites on the deepest bags, and almost all of the pool is paid every epoch.

Payouts are subtracted from your loss. Once they cover all of it you are fully shorn: that bag has been made whole and drops out of the shear and the Fleece draw until the price falls further and it is underwater again.

That keeps the pool moving to whoever is hurting most right now, not whoever was hurt first, and it means nobody can profit from Sheepd payouts alone.

• Only buys on the Sheepd curve or the coin’s graduated pool create cost basis. Tokens transferred in carry zero cost, so you can’t move a red bag to a fresh wallet.
• A transfer out is treated as a sell: it closes that part of the bag and takes its cost with it.
• Only the lowest balance you held during the epoch counts, so tokens that arrive and leave within an epoch never count.
• Below 100,000 counted tokens a wallet is not paid, however red it is.
• Buys through aggregators that route to the Sheepd pool count. Buys on other venues don’t.
• Cost includes fees you paid, so the fee itself counts toward your loss.

A launch takes a name, a ticker, an image, an optional description, an optional X link and one switch: Golden Fleece on or off.

• The mint address is ground to end in shp, so a Sheepd coin is recognisable from its address alone.
• The coin’s website is set automatically to its own Sheepd page, sheepd.fun/coin/<mint>, and written into the token metadata. It shows the live pools, holders and payouts. There is no website or Telegram field, so nothing on a Sheepd coin points somewhere you can’t verify.
• An optional dev buy happens in the same transaction as the mint.
• Metadata is frozen at mint. Mint and freeze authority are revoked.
• The launch costs about 0.02 SOL in network rent.

When the bonding curve fills, liquidity migrates to an AMM pool and the LP is burned. The 1% fee, the split and the Golden Fleece carry over unchanged, so a graduated coin keeps paying its herd for as long as it trades.

10% of every fee on every coin buys $SHEEPD and burns it. That is the house’s only income and $SHEEPD’s only mechanic. Buybacks run every hour.

Your Herd ID is your wallet’s record across every Sheepd coin, on the Shear page: total lost, total repaid, Golden Fleece wins, coins held and your rank in the herd. It is read straight from the shear ledger, so it can’t be padded.

Badges mark a few things worth bragging about. They are cosmetic and never change your weight.

Every payout and every open bag on your Shear page can be turned into a receipt: the coin, what you lost, what you’ve been paid and how much of the loss is repaid. Golden Fleece wins get a gold one. Post it to X in one tap or copy the text. The link on every receipt is the coin’s Sheepd page, so anyone who sees it lands on the live pools.

Each coin page lists the biggest recent sells by wallets in profit: who sold, how much SOL they took and at what multiple, and whether they still hold. Those are the wallets your loss went to. They earn nothing from the shear, but their selling pays a 1% fee that goes straight to the herd.

• Nothing here guarantees you get your money back. Every payout comes from real volume. Little volume means little paid.
• Memecoins usually go to zero. Payouts slow that loss down; they don’t reverse it.
• The Golden Fleece is a draw. Most wallets won’t win most hours.
• Smart contracts can have bugs. The program will be audited before mainnet, and audits miss things.
• This site is a demo. Coins, prices, holders and payouts are generated in your browser and nothing moves real funds.

Sheep

A holder with negative PnL on at least 100,000 counted tokens.

Counted tokens

Tokens you bought yourself and held all epoch. The only tokens the shear sees.

Fee vault

The program account each coin's fees land in.

Router

Splits each vault every 10 minutes into the shear, the Fleece pot and the $SHEEPD buyback.

Wolf

A holder in profit. Earns nothing.

Pain

Unrepaid loss × late multiplier. The weight for the shear and the Fleece.

Shear

The payout every 10 minutes, and the pool it comes from.

Wool

SOL paid to you by Sheepd.

Shorn

Fully repaid. The bag drops out of the payouts.

Epoch

One 10-minute round.

Golden Fleece

Optional hourly jackpot, one underwater winner per coin.