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How a Primitive becomes a market

A creator chooses a financial Primitive. That choice decides the quote mint of a native Meteora DBC market, the asset every trade deposits, the asset every fee is paid in, and the asset the graduated DAMM v2 pool holds.

The lifecycle

Creator

Creates HOUSE
Chooses Mortgagea financial Primitive, not a ticker

PrimerPad

Primitive RegistryMortgage resolves to USDX (verified mint)
Certified Primer configPrimer Standard v1, fee policy, LP lock, threshold

Meteora DBC

Virtual pool createdHOUSE / USDX, curve priced by config
Traders buy and sellreal USDX enters the quote reserve
Curve progressesprice rises along the configured curve
Migration threshold reachedcurve complete

Meteora DAMM v2

Graduated poolliquidity moves from the curve
Permanently locked LP77% Primer position, 23% creator position
DBCHOUSE / USDXbonding curve phase
the Primitive remains the quote
DAMM v2HOUSE / USDXgraduated, locked liquidity
  1. 01Creator chooses a PrimitiveMortgage, Japan, Long Treasuries. The user sees the financial exposure, not the ticker.
  2. 02Primitive Registry resolves the quote mintMortgage resolves to USDX, mint verified against the issuer and on-chain data.
  3. 03Primer config selectedOne certified Primer Standard config per quote mint: fee policy, curve normalised to the quote price, LP lock, migration threshold.
  4. 04Meteora DBC creates the virtual poolThe config fixes quote mint, curve and fees. The base token is minted with a fixed supply and immutable authorities.
  5. 05Traders buy with the real quote assetEach buy transfers USDX into the pool quote vault. The curve prices the trade from its virtual reserves; the real quote reserve grows by the post-fee amount.
  6. 06Fees accrue in the quote assetTrading fee 1.625%: Meteora takes its fixed 20% share, then PrimerPad and the creator split the remainder 77/23.
  7. 07Real quote reserve reaches the migration thresholdSwaps stop at the migration price. The pool is now curve complete.
  8. 08Migration to DAMM v2Permissionless instruction; PrimerPad runs its own migration watcher so graduation never depends on an external keeper.
  9. 09Locked marketAll migrated liquidity is permanently locked in two positions (PrimerPad 77%, creator 23%). Fees remain claimable.
  10. 10Same pair, new venueHOUSE / USDX continues on DAMM v2. The Primitive remains the quote.
userPrimerPadMeteoraquote assetSolana

See also: DBC mechanics, Graduation, Fees

Pair the world: Primitive to quote mint to config

The launch engine is the same for every Primitive. What changes is data: the registry entry that maps a user-facing Primitive to a verified quote mint, and the Primer config compiled for that mint. Adding a Primitive never adds launch logic.

User-facing PrimitiveActual Solana quote mintPrimer DBC config
U.S. Mortgage CreditUSDX Stableprimer-standard-usdx
JapanEWJon Ondo Global Marketsprimer-standard-ewjon
U.S. Housing MarketVNQon Ondo Global Marketsprimer-standard-vnqon
Long TreasuriesTLTon Ondo Global Marketsprimer-standard-tlton
High Yield CreditHYGon Ondo Global Marketsprimer-standard-hygon
S&P 500SPYx Backed Finance (xStocks)primer-standard-spyx
Nasdaq-100QQQx Backed Finance (xStocks)primer-standard-qqqx
U.S. Total Stock MarketVTIx Backed Finance (xStocks)primer-standard-vtix
U.S. Small CapsIWMx Backed Finance (xStocks)primer-standard-iwmx
South KoreaEWYx Backed Finance (xStocks)primer-standard-ewyx
BrazilEWZon Ondo Global Marketsprimer-standard-ewzon
ChinaFXIon Ondo Global Marketsprimer-standard-fxion
IndiaINDAon Ondo Global Marketsprimer-standard-indaon
GermanyEWGx Backed Finance (xStocks)primer-standard-ewgx
United KingdomEWUx Backed Finance (xStocks)primer-standard-ewux
FranceEWQx Backed Finance (xStocks)primer-standard-ewqx
EuropeVGKx Backed Finance (xStocks)primer-standard-vgkx
Emerging MarketsIEMGx Backed Finance (xStocks)primer-standard-iemgx
Developed Markets ex-U.S.SCHFx Backed Finance (xStocks)primer-standard-schfx
U.S. Treasury BillsTBLLx Backed Finance (xStocks)primer-standard-tbllx
Intermediate TreasuriesIEIon Ondo Global Marketsprimer-standard-ieion
U.S. Single-Family RentalsINVHx Backed Finance (xStocks)primer-standard-invhx
West Coast ApartmentsESSx Backed Finance (xStocks)primer-standard-essx
Sun Belt ApartmentsCPTx Backed Finance (xStocks)primer-standard-cptx
Treasury Yield DollarUSDY Ondo Financeprimer-standard-usdy
Private CreditsyrupUSDC Maple Financeprimer-standard-syrupusdc
One launch engine. A new Primitive is a registry entry plus a config, never new launch logic.

Example 1: HOUSE / USDX (Mortgage)

SIMULATIONPrimer Standard v1 production config for USDX

  1. The creator opens PrimerPad and creates HOUSE.
  2. The creator chooses Mortgage.
  3. The registry resolves Mortgage to USDX (9Gst2E…nkCFhA, Stable, spl-token, 6 decimals).
  4. PrimerPad selects the certified USDX config: curve from a $5,000 to a $60,000 market cap, migration threshold 13,440.55 USDX.
  5. Meteora creates HOUSE / USDX.
  6. Traders buy HOUSE with USDX. Actual USDX enters the quote vault.
Sequential buys on a fresh pool after the anti-sniper window. Reserve counts the post-fee amount that enters the curve.
TraderUSDX inFeeHOUSE receivedReal quote reserveGraduation
Trader A1001.62519,326,43898.375 USDX0.73%
Trader B2504.062545,447,283344.3125 USDX2.56%
Trader C5008.12580,233,941836.1875 USDX6.22%

Trader A's fee of 1.625 USDX splits exactly as the program does it: Meteora 0.325, PrimerPad 1.001, creator 0.299 USDX. PrimerPad and the creator claim their shares in USDX.

  1. More trades move the curve toward the threshold.
  2. At 13,440.55 USDX of real quote reserve the curve is complete.
  3. The PrimerPad migration watcher simulates and submits the DAMM v2 migration.
  4. Migrated liquidity is locked in two permanent positions.
  5. HOUSE / USDX continues on DAMM v2 as the canonical pair.

The same lifecycle with the real USDX mint ran end to end on the mainnet fork as MORTTEST / USDX FORK PROOF. See transactions.

Example 2: TOKYO / EWJon (Japan)

FORK PROOFJAPANTEST / EWJon

  1. 01Japan
  2. 02EWJon mint verifiedOndo Global Markets, token-2022
  3. 03Token-2022 extensionsScaledUiAmount, MetadataPointer, Pausable, DefaultAccountState(initialized), ConfidentialTransferMint, TransferHook(program=None), TokenMetadata
  4. 04Meteora TokenBadge validbadge 4JyDa3…
  5. 05Primer configprimer-standard-ewjon
userPrimerPadMeteoraquote assetSolana

EWJon is Token-2022 with extensions beyond metadata, so DBC accepts it as a quote mint only with a Meteora-issued TokenBadge. The badge exists on mainnet, and the fork run cloned it as is. On the fork, the first buy paid a fee of 44,230 raw units of EWJon: Meteora 8,846, PrimerPad 27,246, creator 8,138, matching the policy to the unit. The graduated DAMM v2 pair kept EWJon as token B (C6c7Vcxu…).

Launch availability: limited

EWJon passes engine certification. Its current Solana inventory is about $1,396, while the standard graduation target is $2,403 (172.2% of supply). The Config Factory therefore scales the graduation profile to 15% of inventory, and the Primitive remains operationally limited until inventory grows.

Example 3: BOND / TLTon (Long Treasuries)

FORK PROOFBONDTEST / TLTon

Long Treasuries resolves to TLTon (KaSLSW…Z9ondo), the same Ondo Token-2022 family as EWJon, with its own Meteora TokenBadge. The Primer config is compiled from the same Primer Standard template, normalised to TLTon's price. Graduation is HEALTHY: the standard target needs 11.3% of current Solana supply. The fork run graduated into a DAMM v2 pool whose token B is TLTon (KaSLSWBy…).

A sovereign duration instrument and a mortgage-backed stablecoin go through the same DBC engine. Only the registry entry and the compiled config differ.