The maker
The maker is a small rule run by the keeper for each coin. It keeps the two prices of one coin, in dollars, inside a band.
The rule
spread = usdPricePump / usdPricePons - 1
if |spread| <= band: do nothing
otherwise:
rich = the dearer chain
cheap = the other one
1. if the pool holds tokens of the rich chain: sell them there until the spread is back near zero
2. else: buy on cheap with that chain's cash until it is back near zerousdPrice is the marginal price of the curve in its own asset times the rate of that asset in dollars.
Cash and inventory are per chain
Money on Solana cannot be spent on Robinhood Chain, and each side holds its own token: pump.fun tokens on Solana, Pons tokens on Robinhood Chain. So:
- selling inventory of the rich chain needs no cash and brings cash back on that chain,
- buying the cheap chain needs cash on that chain,
- a pool with plenty of SOL and no ETH cannot lift a cheap Pons price.
The pool therefore keeps cash on both chains, half and half by default.
The band
| Band | Effect |
|---|---|
| ±2 % | Very tight. The maker trades often and pays more fees. |
| ±5 % (default) | Wider than half the round-trip fees across both chains. |
| ±12 % | Loose. Traders can see a spread. |
A band tighter than the fees makes the maker pay more in fees than it saves.
Why dollars
SOL and ETH move against each other. A fall of 10 % in SOL makes pump.fun 10 % cheaper in dollars with no trade at all. The maker closes that gap like any other, which also means it takes a position when the rate moves. That is part of why the pool is sized and capped.
Who runs it
The keeper, from the pool's wallets on both chains. This is a trust decision: see the operator and the trust model. The rule itself is public and the engine that implements it is open: site/assets/core/maker.js.
What the maker does not do
- It does not set the price. Each curve still prices the coin from its own trades.
- It does not hold the price up. It only closes the gap between the two chains.
- It does not promise a price on either side.
After graduation
When a curve graduates, the maker stops. The keeper sells what the open curve can take, then returns the remaining cash and inventory to the pool.
What it earns and what it can lose
The maker buys on the cheap side and sells on the dear side, a small profit per round trip before fees. It can also lose: if the coin falls while the pool holds inventory, or if the rate moves against a position, the pool loses value. The price of a coin moves far more than the spread between its two chains, so the pool's final value says more about the coin than about the maker, and Glint publishes no profit figure.
What the maker does promise is the band, as far as the pool reaches. See sizing the pool.