What it is
A binnacle is the housing that holds a ship's compass. Binnaclepad is a small launch platform on Raydium LaunchLab: an on-chain platform config with its own name, fee and web page. Coins launched on it trade on Raydium's bonding curve and graduate to a Raydium CPMM pool at 85 SOL. Right now it lists one coin, its house coin.
House coin
Meme coin. No utility, no team, no roadmap, no promise of value.
Contract:
2mE6KiepJ46wQr6mYFoJL4aKU61ZWRzEQJNnPuUtUniMFees
| Platform fee | 1% of each trade, to the Binnaclepad wallet |
| Creator fee | 0.5% of each trade, to the coin creator |
| Raydium protocol fee | 0.25% |
| Supply | 1,000,000,000 per coin, mint authority revoked |
Read this before you buy
The platform wallet and the BNCL creator are the same wallet, so the deployer gets 1.5 of every 1.75 points of fee. The deployer buys about 0.5 SOL of BNCL at creation and sells all of it in one go, usually within seconds and at most after about 30 seconds, possibly into your buy. Trading bots have bought earlier coins from this deployer in the first second and sold within seconds. Prices on bonding curves can go to zero.