Glossary
Key terms used throughout Runner Protocol documentation, listed alphabetically.
Auction Block A discrete time interval (measured in Solana slots) during which new token supply is released according to the supply schedule. Each auction block has a single clearing price.
Base Token The token being sold in the auction -- the newly launched token that bidders are acquiring. Contrasts with the quote currency used to pay for it.
BPS (Basis Points) A unit of measurement equal to 1/100th of a percent. 10,000 BPS = 100%. Used to configure allocation splits between auction, liquidity pool, and team.
CCA (Continuous Clearing Auction) The auction mechanism used by Runner Protocol. A CCA computes a single clearing price per slot where all available supply can be sold, ensuring all participants pay the same fair price. Based on the Uniswap CCA specification.
Checkpoint An on-chain snapshot that records cumulative supply unlocked and cleared at a specific point in the auction. Used to track auction progress and compute settlement amounts.
Clearing Price The single price at which all tokens in a given slot are sold. Computed as the highest price where total bid demand at or above that price meets or exceeds available supply. All winning bids fill at the clearing price, regardless of their individual max price.
CPI (Cross-Program Invocation) A Solana mechanism where one program calls instructions on another program. The Launchpad program uses CPI to invoke CCA V2 auction instructions.
Escrow An on-chain account controlled by a program (via PDA) that holds funds or tokens on behalf of participants. Neither the creator nor Runner Protocol can directly access escrow funds.
Floor Price The minimum clearing price configured for an auction. The clearing price can never drop below this value. Acts as a safety net for creators.
Graduation The event that occurs when an auction's total currency raised meets or exceeds the configured graduation threshold. Graduation triggers the settlement process and the creation of a liquidity pool.
In-Range A bid whose max price is at or above the current clearing price. In-range bids are actively participating in the auction and cannot be withdrawn.
MetadataPointer A Token-2022 extension that embeds token metadata (name, symbol, URI) directly in the mint account, rather than requiring a separate metadata account.
MPS (Milli-Basis Points per Slot) The rate at which token supply is released per Solana slot. Defines the supply schedule. Higher MPS means faster token release.
Out-of-Range A bid whose max price is below the current clearing price. Out-of-range bids are not actively participating and can be withdrawn at any time.
PDA (Program Derived Address) A Solana account address derived deterministically from a program ID and a set of seeds. PDAs are controlled by programs (not private keys) and are used for escrow, vaults, and configuration accounts throughout Runner Protocol.
Pro-Rata A proportional allocation method. When multiple bids share the same max price at the clearing price boundary and demand exceeds supply, tokens are distributed proportionally based on each bid's amount relative to total demand at that level.
Q96 (Fixed-Point) A fixed-point number format using 96 fractional bits. Used internally by the CCA program for precise price calculations without floating-point arithmetic. Prices displayed in the UI are converted from Q96 to human-readable decimals.
Quote Currency The currency used to pay for tokens in an auction (e.g., USDC or SOL). When you place a bid, you commit quote currency.
Raydium CPMM The Constant Product Market Maker pool on Raydium where launched tokens trade after settlement. The initial pool is seeded with auction proceeds and LP token allocation, with LP tokens burned for permanent liquidity.
Settlement The multi-step process that transitions a graduated auction into a live token: Finalize (lock prices), Sweep (collect proceeds), Pool Creation (seed Raydium), and Settle (enable claims). All steps are permissionless.
Tick A discrete price level in the auction. Bids are placed at tick levels determined by the tick spacing parameter. Each tick aggregates all bid demand at that price level.
Token-2022 Solana's modern token standard (also called Token Extensions), maintained by the Solana Program Library. Provides enhanced features including metadata embedding, transfer hooks, and more. All tokens launched through Runner Protocol use Token-2022.