Docs

What Smelt does

Smelt opens one real, disclosed leveraged position per three-minute round on a third-party perps venue, from an account that is funded only by the launchpad creator fees of $SMLT. Nobody deposits anything. You watch the position live. When a round resolves in profit, the profit stays on the venue as margin for the next rounds and the same amount is mirrored into a buyback-and-burn of $SMLT from the fee wallet. Every past round, win or lose, stays on the record.

The fee-funded loop

1. Creator fees. Trading $SMLT on its launchpad pays a creator fee in SOL to the fee wallet. Depending on the launchpad this either arrives by itself or is claimed by a transaction the keeper signs. Both are listed on the app page.
2. Bridge. Surplus SOL, never the fee reserve and never SOL a queued burn still needs, is sent through Unit to the Hyperliquid account in lots of at least 0.25 SOL, under a daily cap. Every transfer is verified against the guardians' signatures before it is sent.
3. Convert. The bridged SOL (spot USOL) is sold for USDC on Hyperliquid. On a unified account that USDC is immediately usable as margin. Nothing moves anywhere else.
4. Rounds. Every three minutes the keeper opens one isolated long with half of the free margin (capped), holds it for the round, then closes it. IOC orders only, priced at mid with a 50 basis-point cap.
5. Mirrored burn. A win queues a burn for the round's net profit (after venue fees). The fee wallet buys $SMLT with SOL through Jupiter and burns it on-chain. Both transactions are linked on the app page.

There are no withdrawals from Hyperliquid, ever. The keeper cannot make one: it holds an agent key that can only trade, and the code contains no withdrawal action (a test fails the build if one appears).

Terms

Round

A fixed-length, three-minute cycle. It opens with one disclosed leveraged long and resolves when the keeper closes it: win, loss or liquidation.

Fee wallet

The one Solana wallet that created $SMLT on the launchpad. Creator fees land here as SOL; it is also the wallet that bridges SOL to the venue and the wallet that buys and burns.

Venue account

The Hyperliquid account the rounds are traded from. The keeper holds only an agent (API) key for it, which can trade but cannot withdraw. The account runs in unified-account mode, so its spot USDC is the round margin.

Mirrored burn

Realized profit never leaves the venue; it stays there as collateral. Instead, after each winning round the fee wallet spends the same USD amount of SOL buying $SMLT on the open market and burns it. Losing rounds burn nothing.

Round history

Every resolved round's collateral, entry, exit, result, fees and burn stays visible permanently, under this name, nothing resets.

What fast rounds cost

Three-minute rounds mean up to 480 rounds a day. Each round pays the venue's taker fee twice (open and close, about 0.045% of notional each on the base tier) plus whatever the IOC order crosses inside its 50 bps cap. At 3x leverage that is roughly 0.27% of the round's collateral per round before slippage. Over a full day of rounds the fee drag can exceed the collateral itself. This is disclosed, not hidden: rounds are a spectacle with a real cost, not a yield.

What this isn't

• Smelt never asks you to connect a wallet, deposit funds, or hand over a seed phrase or private key. There is no such input anywhere on this site.
• No round outcome, price, return or yield is promised in advance. A round can lose its whole collateral.
• Figures on the app page reflect real, checkable state, never simulated or invented numbers.

Current status

The dashboard, the round engine, the fee-funded treasury steps and the mirrored burn are built and tested against fakes; they have not yet run against live accounts. See the status section on the homepage and the keeper status panel on the app page.