Pairs
A pair is the asset your token trades against and the asset its holders earn. Shares checks every pair against Meteora’s rules before anyone can launch on it.
Pair categories#
Listed pairs are grouped into categories. On the create form, Paired with shows a category once Shares' registry lists at least one pair in it, next to a Custom mint option for any other token.
| Category | What it covers |
|---|---|
| Solana | SOL and Solana-native assets such as staked SOL. Holders earn that asset. |
| Currencies | Stablecoins and currencies, e.g. USDC, USDT, EURC. |
| xStocksEquity | Tokenized stocks issued by Backed, e.g. NVDAx, TSLAx, SPYx. |
| PreStocksEquity | Tokens tracking private companies before IPO, issued by PreStocks. |
| TesseraEquity | Private-company tokens issued by Tessera. |
| Sunrise · Backpack | Sunrise assets (stocks, commodities and crypto) available through Backpack. |
| Leverage | Leveraged tokens such as xSOL and XBTC. |
| Collectibles | Tokens tracking collectible indexes. |
| Crypto | Curated Solana tokens, e.g. JUP, BONK. |
| Custom | Any compatible SPL or Token-2022 mint, checked on chain before launch. |
Whatever the pair, buys are paid in SOL: on a non-SOL pair the SOL is swapped to the pair asset through Jupiter in the same transaction. The pair decides what the token trades against, what fees are taken in and what holders earn. Paying in SOL
Listed and custom pairs#
- Listed pairs come from Shares' curated registry (Solana, Currencies, xStocks, PreStocks, Tessera, Sunrise · Backpack, Leverage, Collectibles and Crypto). Every entry is inspected on chain when it is registered (token program, decimals, extensions, transfer fee, authorities and Meteora badge), and the registry is re-inspected periodically.
- Custom pairs: paste any SPL or Token-2022 mint address on the create form. Shares inspects the mint live and shows its state, warnings and errors before you can launch. A custom pair that gets prepared is added to the registry as an unverified Custom pair.
What a pair must pass#
Listed and custom pairs go through the same pair validator, which follows Meteora Dynamic Bonding Curve's rules for quote (pair) mints.
| Pair mint | Result |
|---|---|
| SPL Token mint | Supported |
Token-2022 with only TransferFeeConfig, MetadataPointer and TokenMetadata | Supported, as long as the transfer fee is 0% |
| Token-2022 with a non-zero transfer fee | Unsupported: Meteora DBC rejects it |
| Token-2022 with any other extension (e.g. a transfer hook) | Needs a Meteora token badge |
| Token-2022 native SOL | Unsupported: use SOL |
| An address that is not a token mint, or a mint not found on this network | Unsupported |
Warnings that do not block a launch#
- Mint authority is active: the issuer can increase supply.
- Freeze authority is active: the issuer can freeze balances.
- No USD reference price: values show in the pair token only, and the pair needs a manual review before it can be prepared.
- No Jupiter route for the pair asset. Buys on a non-SOL pair swap SOL through Jupiter, so they depend on a route existing.
- Unverified token: check the mint address carefully.
Pair states#
| State | Meaning |
|---|---|
| Pair ready | A verified Meteora config exists for this pair and reward option. You can launch. |
| Meteora badge required | A Token-2022 mint with extensions outside Meteora’s permissionless set. It needs a Meteora token badge first. |
| Pair preparing | Compatible, but its one-time config does not exist yet. Press Prepare pair and Shares creates it. |
| Pair unsupported | Incompatible with Meteora DBC. It cannot be used as a pair. |
Preparing a pair#
- 1One config per pair and reward optionEach pair needs a reusable Meteora DBC config for each fee option (2% to fee wallet, 4% to fee wallet). Every later launch on that pair reuses it.
- 2Shares creates it, not youPrepare pair queues the config. Shares’ config authority key creates it on chain; the creator never signs anything for it, so the launch itself stays one signature.
- 3Checked again before creationThe mint is re-inspected right before the config is created (transfer fee and Meteora badge), and the parameters are validated with Meteora’s own SDK validator.
- 4Curve sizingThe curve’s USD market-cap targets are converted into the pair asset using its USD reference price. A pair without a price needs curve sizes set by the Shares team before it can be prepared.
Tokenized equities#
Pairs in the xStocks, PreStocks and Tessera categories are tokenized equities: tokens issued by third parties that track a company's shares. They are not shares of the company and carry no shareholder rights through Shares. Holding a token paired with NVDAx earns NVDAx tokens, not NVIDIA shares, and each issuer's own terms, authorities and restrictions apply. See Safety & risks and the Stocks page.