Loading strategies…
Loading strategies…
How it works
A Sweep strategy is a token with one job. Every trade pays a small fee in SOL; half of it buys NFTs from one collection. Those NFTs sit in a shared vault, holders receive fractions of them, and anyone with enough fractions can redeem a whole piece.
This page describes the v1 protocol design. This build is an unaudited prototype running on test networks and demo data; see risks and limitations.
The sequence
In the real flow, purchases are designed to happen only from earned fees, and rewards to be released only after an NFT is proven to be in the vault. This is an unaudited prototype; see risks and limitations.
A creator picks a supported collection and a trading fee from 1% to 5%. The token launches on a Meteora Dynamic Bonding Curve priced in SOL: 1,000,000,000 supply, no creator fee share.
Every buy and sell pays the fee, collected in SOL. When the curve’s SOL reserve reaches its threshold, the pool graduates to Meteora DAMM v2 with permanently locked liquidity and the same fee.
Fees are claimed into the project’s on-chain account. Of gross fees, Meteora keeps 20%, Sweep takes 30%, and the remaining 50% becomes this project’s NFT budget.
When the budget covers a fresh, validated all-in price (listing + marketplace fee + royalty), a keeper buys an eligible floor listing, funded by this one project.
The NFT goes into the collection’s program-controlled vault, which releases a fixed amount of fractions into this project’s reward escrow.
At a snapshot slot after the deposit, the fractions are split pro rata among the project’s eligible holders and sent automatically. Payouts are designed to be exactly-once.
Anyone holding the fixed amount of fractions can return them to the vault and take any NFT in it. Fractions go back to the reserve, not burned.
Fees
The creator picks a whole-percentage fee from 1% to 5%. It is fixed for the project’s life, identical before and after graduation, charged on buys and sells, and collected in SOL. There is no transfer tax: wallet-to-wallet transfers and unrelated pools are not charged.
Sweep’s share is 30% of gross fees. Meteora keeps its 20% protocol share, so the project’s NFT budget is the remaining 50%, not 70%.
| Trading fee | NFT budget | Sweep | Meteora |
|---|---|---|---|
| 1% | 0.5% | 0.3% | 0.2% |
| 2% | 1% | 0.6% | 0.4% |
| 3% | 1.5% | 0.9% | 0.6% |
| 4% | 2% | 1.2% | 0.8% |
| 5% | 2.5% | 1.5% | 1% |
Accounting is integer lamports with rounding carried forward. Non-trading receipts such as curve surplus are tracked separately and never counted as trading revenue. Keeper transaction costs are paid by Sweep’s operational wallet.
Fixed ratio
Each collection vault pre-mints 1,000,000,000 fractions of its collection token (named “s” plus the collection’s short code: sX for Collection X, sFOLK for Pixel Folk) into a program-controlled reserve and fixes, at onboarding, how many equal one NFT: 1,000,000,000 ÷ N, where N is the size of the closed eligible set.
When N doesn’t divide evenly, the per-NFT amount is rounded down in raw units and the remainder stays in the reserve forever. For N = 3,333 that is 300,030.003000300 sX per NFT with 100 raw units segregated. Collections without a closed, fixed eligible set are not onboarded.
Shared vaults
There is one canonical vault per collection. If projects A and B both target Collection X, they share X’s vault and its sX fractions, but never each other’s fee budgets or rewards.
Rewards
The snapshot is the first finalized snapshot at or after the funding deposit’s finalized slot. The slot is published with the epoch.
reward = floor(epoch amount × your balance ÷ eligible supply). All your token accounts count together. Rounding dust carries to the same project’s next epoch.
Fractions are sent to holders automatically. A per-epoch on-chain receipt bitmap is designed to make each payout exactly-once, even across retries and restarts (unaudited; see risks below).
The DBC and DAMM v2 pool authorities (pool custody and unsold curve inventory), every Sweep program account (project authority, reward and epoch escrows), and the incinerator address. Everyone else is eligible, including creator and team wallets, with no bonuses.
Deposits and redemption
Public deposits. Anyone can deposit an eligible NFT and receive the fixed amount of fractions directly. Membership is verified on-chain against the collection and its closed eligible set; look-alikes and unsupported standards are rejected.
Redemption. Return exactly the fixed amount and choose any NFT currently in the vault. There is no rarity pricing and no premium; you pay only network and account-creation costs. The exchange is designed to be atomic: if any transfer fails the whole exchange rolls back, and two people racing for the same NFT cannot both succeed.
Holding the strategy token is not a claim on vault NFTs. Redemption needs fractions, which you receive as rewards, by depositing, or from another holder. Because redeemers pick freely, the most desirable items may leave first.
The vault program holds Metaplex Core assets, Token Metadata NFTs and programmable NFTs (pNFTs, moved with their token record under the collection’s rule set). Compressed and Token-2022 NFTs are not supported. The collection catalog shows every collection’s status and, when one is not supported, why.
Read this first
The Sweep vault program, keepers and this app have not been audited. They run on localnet and devnet for testing. Meteora’s audits do not cover Sweep’s code.
Strategy tokens can lose all of their value. Nothing on Sweep is a promise of returns, purchases or rewards.
NFTs are bought only when earned fees cover a fresh all-in price. If trading slows or the floor rises, a budget may take a long time to reach a purchase, or never reach one.
sX tokens are redemption units, not a quote currency. Sweep does not invent a dollar value for them, and a liquid market may not exist.
Allow-listed keepers spend budgets and validate listings off-chain. Each purchase is capped on-chain by its funded maximum and unspent funds return, but listing selection is trusted.
Rewards use a single cutoff, so short-lived holdings around a known cutoff can be gamed. Time-weighted eligibility is not implemented.
Launch targets of about $5,000 and $35,000 are converted to SOL at launch. The graduation threshold is a fixed SOL amount, so the USD value at graduation will differ.
Meteora’s 20% protocol share was measured on the current programs. If it changes, the NFT budget share changes with it; Sweep’s 30% of gross stays the same.
