How ringpad works

Overview#

ringpad is a token launchpad on Solana. It is the first launchpad to make Privacy Rings part of the launch itself: by default, your coin is created and registered with Privacy Rings in a single transaction, signed once.

What ringpad is#

ringpad is built on the pump.fun SDK. A coin launched here is a standard pump.fun coin: it trades on a bonding curve, a contract that sells tokens at a price that rises as more are bought, and it moves to the pump AMM (pump.fun's exchange for graduated coins) when the curve fills.

The token itself is the same token any pump.fun launch produces:

Because the coin is a normal pump.fun coin, it shows up on pump.fun and can be routed by Jupiter like any other. ringpad does not run its own exchange.

What is different from a normal pump.fun launch#

Two things.

• Privacy Rings are part of the launch. The default launch is one transaction that creates the coin and registers its mint with the Privacy Rings program, so the coin can be held in a Ring balance from its first block. An initial buy, and depositing that buy into your own Ring balance, are optional extras that change the launch into several transactions. This is what the first four sections of these docs are about.
• The curve is quoted in hSOL instead of SOL, with a fixed 1% creator fee. hSOL is Helius staked SOL. Buyers pay hSOL and sellers receive hSOL. The creator fee goes to the ringpad treasury, not to the person who launched the coin. See Fees and hSOL in brief.

What ringpad does not do#

It is easier to trust a tool when you know its edges. ringpad does not:

• Conceal the launch. Creating the coin, the initial buy, registering the mint and depositing into a Ring are all public transactions. Your wallet is visible on every one of them. The exact picture is in What is public and what is encrypted.
• Lock tokens. A Ring balance can be withdrawn and sold at any time. Putting tokens in a Ring is not a vesting schedule or a commitment of any kind.
• Hold your keys. You sign in your own wallet. The server builds transactions and broadcasts the ones you signed.
• Offer a swap screen. Coins trade on pump.fun and through Jupiter. Each coin page links to both.
• Offer a Ring wallet, yet. There is no screen on ringpad for viewing a Ring balance, transferring from it or withdrawing. For now you do that with Helius's own tooling. See Reaching your Ring balance.

How to read these docs#

If you only read one section, read What is public and what is encrypted. If you are about to launch, read Launching a coin step by step and Risks and limitations. Addresses, limits and links are collected in the Reference at the end.

Privacy Rings in plain terms#

Privacy Rings are a zero-knowledge layer on Solana mainnet, built by Helius. This section explains them without the cryptography. Helius's own documentation is the authority on how they work.

What Privacy Rings are#

Normally, a token balance on Solana sits in a token account that anyone can read. You can look up any wallet and see what it holds and every transfer it has made, with amounts.

Privacy Rings add a second place to hold tokens: inside a program, as an entry that only the owner's keys can read and spend. Moving value between those entries uses a zero-knowledge proof, a piece of cryptography that lets the network check a transfer is valid (the sender has the funds, nothing is created from nothing) without publishing the asset or the amount.

ringpad uses the default Ring, which Helius calls the confidential Ring. It is permissionless: no one has to approve you or your coin.

Helius Privacy Rings documentation ↗

Ring balances#

A Ring balance is a private balance held inside the Privacy Rings program rather than in a wallet's token account. When these docs say your tokens are "in a Ring", this is what is meant: the tokens sit in that mint's vault account under the program, and your claim on them is recorded in the program's own state.

Your Ring balance belongs to your Ring address, a set of public keys derived from your wallet. Only the matching secret can spend or view the balance. Your Ring address and keys explains where those keys come from.

Deposit, transfer, withdraw#

There are three things you can do with a Ring balance.

Each of the three shows a different amount of information to the public. That is the subject of the next section, and it is the most important thing to understand before you put anything into a Ring.

Registering a mint#

Before a token can be deposited, its mint (the account that defines the token) has to be registered with the Privacy Rings program. Registration creates two accounts for that mint: a registry account, and the vault token account that will hold deposited tokens.

• It is permissionless. Anyone can register any mint.
• It happens once per mint. After that, every holder can deposit.
• Whoever registers pays the rent for the two accounts: about 0.0024 SOL (2,382,520 lamports). Rent is the deposit Solana requires to keep an account alive.

On ringpad, registration is part of the launch and the launcher pays that rent. By default it is in the very transaction that creates the coin. Holders never have to do it themselves.

Alpha status#

These are the programs ringpad talks to. They are live on Solana mainnet.

Privacy program   ring1GaLCuJnkUMVkX2JeZLTTX17wKsV4fZmPVzXANW
User Registry     regy3WAeRXMYuMYxr5iK3Bf9Arr3PcxGxyzAddbiqDQ
State tree        777pvSGe5LaBd9nCczvE2FXEauiwtfGJ5XRpjKyniGor
SDK               @heliuslabs/spr 0.9.0-alpha

Privacy Rings are alpha. The program is upgradeable, which means its code can be replaced by the holder of its upgrade authority. Behaviour described on this page is what was observed when the page was written. It may change. See Risks and limitations.

What is public and what is encrypted#

Privacy Rings do not make a launch invisible. They encrypt one specific thing: the asset and amount of a transfer between two Ring balances. Everything else is as public as any other Solana transaction.

Operation by operation#

Read the fourth row twice. Even on a transfer, the two parties stay public. What an observer loses is the ability to see how much moved, and of which token.

A token's journey#

Follow a batch of tokens from a launch onward and the public and encrypted steps look like this.

Right after a deposit, anyone can work out your Ring balance, because the deposit that created it was public. The balance stops being readable from the chain only once transfers happen, since those do not reveal amounts. And whenever tokens leave a Ring through a withdrawal, the amount leaving is public again.

What an observer sees at launch#

On a default Privacy Ring launch, someone watching the chain sees one transaction:

• Your wallet created the coin.
• Your wallet paid to register the mint with Privacy Rings.

That is all. No tokens moved, so there is nothing else to see. The launch itself is exactly as public as a launch on pump.fun. What the registration adds is a capability: from then on, holders can deposit the coin into Ring balances and send it between them with the asset and amount encrypted.

If you turn Privacy Ring launch off, make an initial buy and choose to deposit it, the observer sees more:

• Your wallet swapped SOL for hSOL on Jupiter.
• Your wallet created the coin and bought a specific number of tokens with a specific amount of hSOL.
• Your wallet registered the mint with Privacy Rings.
• Your wallet deposited a specific number of tokens into a Ring balance tied to your wallet.

So at the end of that launch, the public knows who launched, what they bought, and that the tokens went into a Ring. What differs from a normal launch is what can happen next. If you later transfer part of that balance to other Ring balances, observers see that transfers took place and between whom, but not how the allocation was divided.

The coin page on ringpad reports the same thing in plain words. A registered coin carries a "Privacy Ring" badge. A coin whose initial buy was deposited carries one that reads "Privacy Ring · dev buy in", and its Privacy Ring section gives the number of tokens deposited.

Common misreadings#

The launch transaction#

By default, a launch on ringpad is a single transaction, signed once. It creates your coin and registers it with Privacy Rings together. This section explains that transaction, why an initial buy cannot ride in it, and what changes when you choose to buy.

One transaction, one signature#

The launch form has a switch called Privacy Ring launch. It is on by default. With it on, pressing Launch produces one transaction that holds two instructions:

1. Create the coin

   This creates the mint and its pump.fun bonding curve, quoted in hSOL with the 1% creator fee. It is the same instruction any pump.fun launch uses.

2. Register the mint with Privacy Rings

   This creates the mint's registry account and vault inside the Privacy Rings program. From then on, any holder can deposit the coin into a Ring balance.

A transaction on Solana is atomic: either every instruction in it succeeds or none of them takes effect. So on this path a coin cannot exist without its Ring registration. It is registered from its first block.

You approve one transaction in your wallet. There is no message to sign and no second step. The transaction carries two signatures: yours, and the new mint's own key, which the server adds before it reaches your wallet.

The size limit: why the initial buy is locked#

While Privacy Ring launch is on, the Initial buy field is locked. The reason is the size of a Solana transaction, which can be at most 1,232 bytes. That has to fit every instruction, every account address and every signature.

Creating a coin together with an initial buy already takes about 1,154 to 1,200 of those bytes, depending on the length of the coin's name and ticker. The instruction that registers a mint with Privacy Rings does not fit in what is left. Creating the coin and registering it, with no buy, takes 937 bytes in a measured launch and fits comfortably.

So one transaction can hold creation and registration, or creation and a buy. It cannot hold all three.

With an initial buy: three transactions, still one prompt#

Turn Privacy Ring launch off and the Initial buy field unlocks. If you enter an amount, the launch becomes three transactions. Your wallet shows them together and you approve once.

1. Swap SOL to hSOL

   You pay for the buy in SOL and the curve is quoted in hSOL, so your SOL is swapped first, through Jupiter (a swap aggregator). You spend exactly the SOL you entered. Details are in Paid in SOL, swapped to hSOL.

2. Create the coin and buy

   The coin is created and your buy is made in the same transaction, so the buy fills at the opening price before anyone else can trade.

3. The Privacy Rings transaction

   The mint is registered with Privacy Rings here, in its own transaction. If you also turned on the optional deposit, this transaction moves the tokens you just bought from your wallet into your Ring balance.

The coin is registered with Privacy Rings on every path. The difference with a buy is that registration is no longer in the same transaction as creation, so there is a short gap between the coin existing and the registration landing. A panel beside the form, headed "One prompt signs", lists the transactions for your current choices before you sign.

Order and confirmation#

With a single transaction there is nothing to order. The server sends it and waits for the network to confirm it.

With three, the order matters, because each transaction depends on the one before it. The buy needs the hSOL from the swap. The mint has to exist before it can be registered, and a deposit needs the tokens from the buy. The server sends the first transaction, waits for it to confirm, then sends the next. It waits up to about a minute for each confirmation. Your wallet has already signed all of them, so you do not need to do anything while this happens.

A coin appears on ringpad only after its launch transaction has confirmed. Until then it is held as pending and is not shown anywhere on the site.

What happens when a step fails#

On the default path there is one transaction, so there are two outcomes: the coin exists and is registered, or nothing happened.

With an initial buy, transactions are sent one at a time, so a failure stops the sequence at a known point. Nothing is rolled back, and nothing needs to be: each transaction that landed is complete on its own.

Each attempt creates a brand new mint address. A failed attempt does not reserve a name or a ticker, and nothing from it is shown on the site.

Launching a coin step by step#

The whole process takes a minute or two. You need a wallet, an image, and a little SOL.

Before you start#

• A Solana wallet. Wallets connect through Reown AppKit, which detects standard browser wallets and supports WalletConnect. The default launch needs the wallet to sign one transaction, which every wallet can do.
• SOL for fees and rent. Every launch pays network fees and account rent in SOL, including about 0.0024 SOL to register with Privacy Rings.
• An image. PNG, JPEG, WebP or GIF, under 5 MB.
• Optionally, SOL for an initial buy. Only if you turn Privacy Ring launch off. You do not need to hold hSOL.

The form#

Open the launch page and connect your wallet. The fields:

Some things are not choices. Beside the form, "Your coin gets" lists them: the Privacy Ring registration, a pump.fun bonding curve that graduates to the AMM, a 1% creator fee on every trade paid to the ringpad treasury, and the coin's own page on ringpad.

The same panel lists what you are about to sign under "One prompt signs". Read it before you press Launch. Until the form is complete, the Launch button tells you what is missing.

Signing#

On the default path:

1. Press Launch

   The server pins your coin's metadata to IPFS, picks a new mint address and builds the transaction. If something is wrong you are told now and no prompt appears.

2. Approve one transaction

   Your wallet shows a single transaction. Approve it. If you reject, nothing is sent.

3. Wait for it to confirm

   Keep the tab open. When the transaction has confirmed you are taken to the coin's page.

With an initial buy, the prompt in the second step lists three transactions instead of one, and the server then lands them in order. If you also turned on the deposit switch, your wallet is first asked to sign a message. That is covered in Your Ring address and keys.

After you sign#

Your coin is live the moment its launch transaction confirms. It has a page at /coin/<mint>, it is listed on Explore, and it can be traded on pump.fun and through Jupiter straight away.

The coin page shows the Ring status as a badge, a shield with a check:

• Privacy Ring. The mint is registered with Privacy Rings. Any holder can deposit the coin into a Ring balance.
• Privacy Ring · dev buy in. The mint is registered and the launcher's initial buy was deposited into their Ring balance at launch.

The badge is shown only when the mint really is registered on chain. A coin whose registration did not land does not carry it.

The page also links to the launch transaction, and to the Privacy Rings transaction when that was separate, so anyone can check what happened on chain.

Your Ring address and keys#

You only need this section if you plan to hold tokens in a Ring balance, for example by turning on the optional deposit of your initial buy. The default launch does not ask for any of it. A Ring balance is controlled by keys that come from your wallet, but are not your wallet's key.

How the address is derived#

Your Ring address is a set of public keys. They are derived from one signature: the signature your wallet produces over a fixed message. The message is a Solana off-chain message (a format for signing text that is not a transaction) with this payload:

TSPP/derive/v1

The payload is the same for everyone. Your wallet's signature over it is unique to your wallet, and a wallet produces the same signature every time it signs the same message. That is what makes the scheme work: sign again later, with the same wallet, and you arrive at the same keys.

The Ring address that comes out is 99 bytes long and contains public keys only:

The signature is the secret#

The signature is not just a login. It is the secret from which the spending and viewing keys for your Ring balance are derived. Anyone who obtains that signature holds the secret material for viewing and spending the balance.

ringpad treats it accordingly:

• The signature is used only in your browser, to compute the public keys.
• It is overwritten in memory as soon as the public keys have been computed.
• It is never sent to the server and never stored.

What is stored, and where#

The local copy is keyed by wallet address, so two wallets in one browser each get their own. In a private browsing window the copy may not be kept, in which case you are asked to sign again next time. Nothing is lost either way, because the same wallet always derives the same address.

# key                                        value
ringpad.ring-address.v1:<your wallet>        <99 bytes, base64, public keys only>

Before it builds a deposit, the server checks that the Ring address it was given really belongs to the wallet that is launching. If that wallet has already published a Ring address in the on-chain User Registry, the two must match, or the launch is refused.

Wallets that will not sign#

Not every wallet will sign the derivation message. Phantom refuses it. The wallet returns this error:

You cannot sign solana transactions using sign message

The Privacy Rings SDK accepts no other message format, so there is no way around this from ringpad's side. A wallet that will not sign the message cannot derive a Ring address, and without a Ring address there is nowhere to deposit to.

The form handles it as follows:

• With Phantom connected, the deposit switch is locked and says why.
• If any other wallet refuses the message, the form turns the deposit off, tells you, and stops before anything is sent. It remembers that wallet in your browser and keeps the switch locked for it from then on.
• In both cases you can still launch with an initial buy. The tokens simply go to your wallet.

These docs do not list wallets that do sign the message, because none has been verified. None of this affects the default Privacy Ring launch, which needs no message from any wallet.

What this means for you#

• Use the same wallet later. Your Ring balance can only be viewed or spent with keys derived from the wallet that made the deposit. A different wallet derives a different Ring address.
• Keep that wallet's recovery phrase. If you lose the wallet, you lose the ability to derive the keys, and with it the Ring balance. ringpad cannot recover it for you. Nobody at ringpad ever had the signature.
• Clearing browser data is harmless. It removes only the cached public keys. You will be asked to sign the message again.

Reaching your Ring balance#

ringpad does not yet have a screen for viewing a Ring balance, transferring from it or withdrawing. The launch can put tokens into a Ring. Getting them out, or sending them on, currently happens outside ringpad.

Use Helius's documentation and tooling for that. You will need the same wallet you launched with, since it is the only thing that can derive the keys.

Helius Privacy Rings documentation ↗

The initial buy#

The initial buy, often called the dev buy, is a purchase of your own coin made inside the launch. It is optional, it is not part of the default Privacy Ring launch, and choosing it changes the shape of the launch.

Optional, and off by default#

The default launch has no initial buy. The coin is created and registered in one transaction, and you hold nothing until you buy on the open curve like anyone else.

To buy at launch, turn Privacy Ring launch off. The Initial buy field unlocks. If you enter an amount, the purchase is in the same transaction that creates the coin. It fills at the curve's opening price, before any other trade is possible. The number of tokens is worked out from the curve's starting state when the launch is prepared.

What you give up is the single transaction. The trade-off:

An initial buy is a trade like any other. It pays the 1% creator fee and pump.fun's protocol fee, and it is public: the coin page shows the launcher's initial buy.

Paid in SOL, swapped to hSOL#

You pay for the initial buy in SOL. The curve only accepts hSOL, so the buy starts with a swap: ringpad builds a Jupiter swap from SOL to hSOL and puts it first in the sequence your wallet signs. The form has no option to pay in hSOL directly.

• Exact amount in. You spend exactly the SOL you entered. What varies is how much hSOL comes out.
• 0.5% slippage. Slippage is how far the price may move against you before the swap refuses to go through. The swap is guaranteed to deliver at least a minimum amount of hSOL or fail.
• The buy uses the guaranteed minimum. The launch has to be built and signed before the swap runs, so it cannot know the exact amount the swap will deliver. It buys with the minimum, which is certain to be there.
• Anything above the minimum stays in your wallet as hSOL. It is usually a small amount.

As you type, the form shows about how much hSOL your SOL becomes. The swap is your own transaction with Jupiter. ringpad adds no fee to it.

Limits and balance checks#

Your balance is checked twice: in the form as you type, and again on the server when the launch is prepared. If the wallet cannot cover the buy, the launch stops with a message before your wallet shows a prompt.

Depositing the buy into a Ring#

Once you have entered an initial buy, a second switch appears: Deposit the initial buy into a Ring balance. It is off by default. With it off, the tokens you buy stay in your wallet.

With it on, the Privacy Rings transaction that registers the mint also deposits the tokens from your buy into your Ring balance, right after the launch confirms. The deposit is for the exact number of tokens the buy was built to purchase. This is what these docs call shielding the buy.

What to keep in mind:

• It needs a Ring address, so your wallet is asked to sign a one-time message first. Some wallets refuse, Phantom among them, and the switch is locked for those. See Wallets that will not sign.
• The deposit is public. Your wallet, the coin and the amount are all visible.
• The tokens are not locked. You can withdraw them to a wallet and sell them whenever you like.
• For a moment between the two transactions, the tokens are in your wallet. If the second transaction fails, they stay there.
• Getting the tokens back out is not something ringpad has a screen for yet.

After launch: the curve and graduation#

Once a coin is live, ringpad steps back. The coin trades on pump.fun's contracts under pump.fun's rules, exactly like a coin launched on pump.fun itself, except that the curve holds hSOL.

The bonding curve#

A bonding curve is a contract that acts as the only seller and the only buyer of a new coin. Buying from it pushes the price up. Selling back to it pushes the price down. There is no order book and no liquidity provider. The price at any moment follows from how many tokens the curve has sold so far.

On ringpad the curve's quote asset, the asset the coin is priced in and traded against, is hSOL. Buyers pay hSOL into the curve and sellers take hSOL out. A coin page shows how much hSOL is sitting in the curve at the moment.

Curve progress#

A curve has a fixed number of tokens to sell. Progress is the share of those tokens that has been sold, shown on each coin as a percentage and a bar. It goes up when people buy and down when they sell back.

Market cap on ringpad is the coin's price multiplied by the full supply of 1,000,000,000 tokens, in US dollars.

Graduation#

When the curve has sold everything it has to sell, the coin graduates: pump.fun moves it from the bonding curve to the pump AMM, where it trades against a liquidity pool. This is pump.fun's standard behaviour and ringpad has no part in it.

After graduation:

• The coin page shows "Graduated to the pump AMM" and a full bar.
• The coin can still be traded on pump.fun and through Jupiter.
• The mint does not change, so its Privacy Rings registration is unaffected. Ring balances of the coin stay as they were.
• Creator fees keep accruing to the same creator, and the keeper collects them from the pool as well as from the curve.

Where to trade#

ringpad does not run a swap screen. Each coin page has two buttons:

• Trade on pump.fun opens the coin on pump.fun.
• Jupiter opens a Jupiter swap from hSOL to the coin.

Tokens held in a Ring balance cannot be sold from inside the Ring. To sell them you withdraw to a wallet first, and the withdrawal is public.

Fees#

There is one fee that is specific to ringpad: a 1% creator fee on every trade, paid in hSOL to the ringpad treasury. Everything else is what any pump.fun launch on Solana costs.

The 1% creator fee#

pump.fun lets a coin carry a creator fee: a cut of every buy and sell that goes to the coin's creator. A launch can set it as high as 3%. ringpad fixes it at 1%, which is 100 basis points (a basis point is one hundredth of a percent).

On most launchpads the creator is the person who launched the coin. On ringpad it is not:

• The coin's on-chain creator is the ringpad treasury. The 1% goes there, not to the launcher's wallet.
• It is paid in hSOL, because that is what the coin trades against.
• It applies to every buy and every sell, including the launcher's own initial buy.
• It is fixed when the coin is minted. Neither ringpad nor the launcher can change the rate or the recipient afterwards.

pump.fun's protocol fee#

pump.fun charges its own protocol fee on trades of every pump.fun coin. It applies here too, on top of the creator fee. pump.fun sets the rate and receives the fee. ringpad neither sets it nor shares in it. For the current rate, see pump.fun.

Network fees and rent#

These are paid in SOL by the wallet that launches.

• Network fees. Solana charges a base fee of 5,000 lamports for each signature on a transaction (a lamport is one billionth of a SOL). The launch transaction has two signatures. Each ringpad transaction also requests a small priority fee so it lands promptly: 0.0001 SOL on the launch, less on the Privacy Rings transaction.
• Rent for the coin's accounts. Creating a coin creates accounts on chain, and Solana requires a rent deposit for each. The amounts come from Solana and from pump.fun's program, not from ringpad.
• Rent for the Ring registration. About 0.0024 SOL (2,382,520 lamports), once per coin, for the two accounts that registration creates.
• The swap, if you make an initial buy. Jupiter sets the network fee on its own transaction, and the swap can deliver up to 0.5% less hSOL than quoted.

ringpad charges no separate launch fee, and adds nothing to the swap. No protocol fee was observed on deposits into Privacy Rings. When you make an initial buy, the form sets aside 0.03 SOL for fees and rent. That is a margin, not the price.

How fees are collected#

Creator fees do not arrive in the treasury trade by trade. pump.fun holds them in a creator vault, an account that belongs to the coin's creator, until someone collects.

On pump.fun, collecting does not need the creator's signature. Another wallet can trigger it and pay for it, and the fees still go to the creator. ringpad runs a keeper, a background process, that does this on a schedule. It pays the transaction fee itself, and the hSOL lands in the treasury's own hSOL token account.

This is why the site holds no key for the treasury. The treasury is only ever a destination. The keeper's wallet holds SOL for transaction fees and nothing else.

Each coin page has a Fees section showing the rate, the address the fee is paid to, how much has been collected for that coin so far, and the collection transactions.

Cost summary#

The table lists only figures that are fixed in ringpad's code or were measured on mainnet. Where a third party sets the amount, it says so.

hSOL in brief#

hSOL is the asset every ringpad coin is priced in. You do not need to hold any to launch, and this section is short.

What hSOL is#

hSOL is Helius staked SOL. It is a liquid staking token: a token that represents SOL staked with a validator. Staked SOL earns staking rewards, and those rewards build up inside the token, so the amount of SOL that one hSOL is worth grows over time. One hSOL is not equal to one SOL.

About hSOL, from Helius ↗

How it is used here#

pump.fun keeps a list of quote assets its bonding curves can use, and hSOL is on it. ringpad creates every curve with hSOL as the quote. In practice:

• Buying a ringpad coin on its curve spends hSOL. Selling returns hSOL.
• The creator fee is taken in hSOL.
• The hSOL held in a curve keeps its staking value while it sits there, since that value is a property of the token.
• A coin's dollar price depends on the dollar price of hSOL as well as on trading in the coin.

The quote asset is set when the coin is created and is the same for the life of the coin.

Getting hSOL#

Three ways, from least to most effort:

• Let the launch do it. An initial buy is paid in SOL and the swap to hSOL is part of the launch.
• Swap on Jupiter. Swap SOL to hSOL ↗.
• Stake with Helius. See Helius staking ↗.

To buy someone else's coin, use pump.fun or Jupiter from the coin page.

Explore and coin pages#

Besides the launch form, ringpad has two kinds of page: a board of every coin, and a page for each coin.

Explore#

Explore lists every live coin.

Coin pages#

Every coin has a page at /coin/<mint>. When the coin's metadata carries a website link, it points here, so this page is where its links on other sites lead.

The mint address at the top of the page copies in full when you click it. Check it against the address in your wallet or on pump.fun before you trade. Names and tickers are not unique. Mint addresses are.

A coin shows the Privacy Ring badge, a shield with a check, only when its mint really is registered with Privacy Rings on chain. The badge is never shown on the strength of a setting alone.

The site can also list pump.fun coins that the team added from elsewhere. Those keep their own quote asset and their own creator, and their page shows the actual pair and fee recipient. Their mints are registered with Privacy Rings by the platform's keeper wallet, and the same rule applies: no badge until the registration is on chain.

Where the data comes from#

Figures are cached for a few seconds, so the site can trail the chain slightly. A brand new coin may not be priced by Birdeye yet. Until it is, its market cap is worked out from the curve.

Wallets#

Wallets connect through Reown AppKit. Phantom, Solflare, Backpack and other wallets that follow the Solana Wallet Standard are detected in the browser, and WalletConnect covers mobile wallets.

Connecting is enough for the default launch. One optional feature, depositing an initial buy into a Ring balance, needs a message signature that some wallets refuse. See Wallets that will not sign.

You only need to connect a wallet to launch. Browsing coins needs no wallet. Connecting does not move funds or grant any standing permission: every transaction and message is shown by your wallet for approval.

Security model#

ringpad is designed so that its server never needs your trust with funds. It builds transactions and broadcasts them. Signing happens in your wallet, and the server can only send what you signed.

Who holds which key#

The mint's key deserves a note. Once pump.fun has created the coin, that key has no power over it: the mint authority is removed at creation, so the key cannot mint tokens, and it never owned any.

What the server does#

• Pins your image and your coin's metadata to IPFS through Pinata.
• Builds the launch transactions for your wallet address, with your wallet as the fee payer.
• Signs the launch transaction with the new mint's key, which pump.fun requires for creating a coin.
• Receives the transactions back after your wallet has signed them, and broadcasts them in order.
• Records the outcome, so the coin appears on the site with the right Ring status.

Broadcasting from the server, rather than from your browser, keeps the site's RPC credentials private and means the result of every launch is recorded even if you close the tab.

What the server refuses#

The endpoint that broadcasts transactions is public, so it checks what it is given before sending anything. It refuses:

• A launch transaction that does not reference the mint that was prepared for that launch.
• A launch that was never prepared, or one that is already live.
• A swap transaction that is not paid for by the launcher's wallet, or that does not call Jupiter's program.
• A Privacy Rings transaction that is not paid for by the launcher's wallet, does not call the Privacy Rings program, or does not involve that launch's mint.

All of these checks happen before the first transaction is sent, so a rejected request leaves nothing half done. One step earlier, when the launch is prepared, the server also refuses to build a deposit to a Ring address that does not belong to the launching wallet.

What the server cannot do#

• It cannot move your funds. It has no key of yours. Changing a transaction after you sign it invalidates your signature, and the network would reject it.
• It cannot read or spend your Ring balance. It holds only the public half of your Ring address.
• It cannot change a coin after launch. The supply, the creator and the creator fee are fixed on chain.
• It cannot redirect creator fees. They go to the coin's on-chain creator. The site has no key for that address.

What the server could do is show you something other than what these docs describe. That is true of every web app, and it is why the last line of defence is your wallet: read what it asks you to approve.

Verify it yourself#

You do not have to take this page's word for anything that is on chain.

• Before you sign, your wallet shows what it is asked to approve. On the default path that is one transaction. With an initial buy it is three. Wallets preview a transaction by simulating it against the chain as it is now, and the later transactions depend on the earlier ones having landed, so your wallet may not be able to preview all three. What it shows should match the list under "One prompt signs" beside the form.
• After a launch, open the launch transaction and the Ring transaction from the coin page. An explorer shows the programs called, the accounts involved and the amounts.
• For any coin, compare the fee recipient shown on its page with the creator recorded in the coin's bonding curve account on chain. For a coin launched here, both are the ringpad treasury, 6NJQ2Rs5QKZqp8pNeCbdmZJEqnCjVA3yoiRqSFGGHnYE.
• For the Ring step, check that the program called is the Privacy Rings program listed in the Reference.

ringpad can also write its own terms into a coin's public metadata, next to the name and image. Whether new launches carry this block and the website link is a setting on ringpad's side, and the launch form says when it is off. Metadata is fixed once a coin is minted. When present, the block looks like this:

"ringpad": {
  "quote": "hSOL",
  "quoteMint": "he1iusmfkpAdwvxLNGV8Y1iSbj4rUy6yMhEA3fotn9A",
  "creatorFeeBps": 100,
  "feeVault": "6NJQ2Rs5QKZqp8pNeCbdmZJEqnCjVA3yoiRqSFGGHnYE",
  "ringRegistered": true,
  "ringShielded": false
}

ringShielded records what the launcher chose when the launch was prepared. The chain, not the metadata, is the record of what actually happened.

Risks and limitations#

Read this section before you launch or buy. None of it is boilerplate. Each item is a specific way things can go differently from what you might assume.

Alpha software#

Privacy Rings were announced on 10 November 2026 and Helius labels them alpha. The SDK ringpad uses is version 0.9.0-alpha. Alpha software can have bugs, including ones that affect funds, and its interfaces can change without notice.

ringpad's integration was tested by simulating against mainnet. That shows the transactions are well formed and accepted. It is not an audit of Privacy Rings, and these docs make no claim about the security of the Privacy Rings program itself.

An upgradeable program#

The Privacy Rings program has an upgrade authority. Whoever holds it can replace the program's code. An upgrade can change how the program behaves, including the behaviour these docs describe. Tokens in a Ring balance are held by that program, so their safety depends on it and on its upgrade authority.

pump.fun's programs, which hold the curve and the pool, are likewise outside ringpad's control.

Deposits are public#

A deposit into a Ring shows the depositor, the asset and the amount. So does a withdrawal. The launch and the initial buy are ordinary public transactions. If you make an initial buy and deposit it, the world can still see that you launched the coin, how much you bought, and that you put it in a Ring.

Transfers between Ring balances encrypt the asset and amount but still show who sent and who received. Nothing about ringpad or Privacy Rings separates your wallet from your launch.

A Ring is not a lock#

A badge that reads "Privacy Ring · dev buy in" is telling you where the tokens went at launch. It is not telling you they are still there, and it is not a promise by the launcher. A Ring balance can be withdrawn to a wallet and sold at any time, and it can be transferred to other Ring balances in amounts nobody else can see.

No in-app Ring wallet yet#

ringpad can deposit an initial buy into a Ring during a launch. It has no screen for viewing a Ring balance, sending from it or withdrawing. Until it does, you depend on Helius's tooling to reach tokens you shielded, and you need the same wallet you launched with.

If you are not comfortable with that today, leave the deposit switch off, which is how it starts. The coin is registered with Privacy Rings either way, and you can deposit later.

Helius Privacy Rings documentation ↗

Coins are speculative#

• Most new coins lose value. Coins launched on bonding curves are speculative. A coin can go to nearly zero, and many do. Nothing on ringpad is financial advice.
• Anyone can launch anything. ringpad does not review coins before they launch. A name, ticker or image can imitate another project. Verify the mint address.
• hSOL is not SOL. It is a liquid staking token with its own price. You are exposed to it while you hold it and through any coin priced in it.
• The site relies on other services. pump.fun for the curve, Jupiter for the swap, Helius for RPC and Privacy Rings, Pinata for images and metadata, Birdeye for market data. If one is unavailable, part of ringpad may not work. Coins that already exist keep trading on pump.fun regardless of ringpad.
• Launches are final. There is no way to edit or cancel a coin after it is created.

FAQ#

Short answers, each linking to the section with the full one.

Privacy#

Launching#

Fees and trading#

Troubleshooting#

Glossary#

Terms as these docs use them, in alphabetical order.

Reference#

Addresses and constants, in full. Each one copies with its button.

Programs#

• Privacy Rings: Privacy programring1GaLCuJnkUMVkX2JeZLTTX17wKsV4fZmPVzXANWUpgradeable. Holds Ring balances and processes deposits, transfers and withdrawals.View on Solscan ↗
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• Privacy Rings: User Registryregy3WAeRXMYuMYxr5iK3Bf9Arr3PcxGxyzAddbiqDQWhere a wallet can publish its Ring address.View on Solscan ↗
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• Privacy Rings: state tree777pvSGe5LaBd9nCczvE2FXEauiwtfGJ5XRpjKyniGorThe account deposits are appended to.View on Solscan ↗
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• pump.fun program6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6PCreates coins and runs their bonding curves.View on Solscan ↗
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• Jupiter swap programJUP6LkbZbjS1jKKwapdHNy74zcZ3tLUZoi5QNyVTaV4The only program a launch's swap transaction is accepted for.View on Solscan ↗
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Mints and token standards#

• hSOL minthe1iusmfkpAdwvxLNGV8Y1iSbj4rUy6yMhEA3fotn9A9 decimals. Original SPL Token program.View on Solscan ↗
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Every coin launched on ringpad has the same shape:

Treasury#

• ringpad treasury6NJQ2Rs5QKZqp8pNeCbdmZJEqnCjVA3yoiRqSFGGHnYEThe on-chain creator of every coin launched here, and the destination of the 1% creator fee. A public address: the site holds no key for it.View on Solscan ↗
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Limits and constants#

Links#

• Helius Privacy Rings documentation ↗
• Helius staking and hSOL ↗
• Swap SOL to hSOL on Jupiter ↗
• pump.fun ↗
• ringpad on X (@ringpadfun) ↗
• userings.fun ↗
• Launch a coin
• Explore coins

Last updated 10 November 2026. Coins are speculative. Nothing on this page is financial advice.