Introduction to PHBT

The core concept is simple: when you sell any token at a loss on phbt.fun, 50% of your sale proceeds are automatically sent to the treasury. This creates a powerful incentive to avoid selling during dips and rewards patient holders. The collected taxes are then used to grow the ecosystem through buybacks, liquidity support, and development incentives.

Key Features at a Glance

What is PHBT?

PHBT (Paper Hand Bitch Tax) is a decentralized token launchpad and trading platform built on Solana. It allows anyone to create and trade tokens with a unique twist: a 50% tax on all loss-selling transactions.

The platform consists of several key components working together:

Why PHBT Exists

The crypto space is plagued by weak hands who panic sell at the first sign of a dip. This behavior creates cascading sell-offs, hurts long-term holders, and enables market manipulation. PHBT was created to address these problems.

The Problem

• Panic Selling Cascades: One person sells at a loss, triggering more sell orders, creating a death spiral.
• Weak Hand Culture: Short-term thinking dominates crypto trading, hurting legitimate projects.
• Market Manipulation: Whales exploit paper hands by triggering panic sells to accumulate at lower prices.

The Solution

• Financial Incentive to Hold: The 50% tax makes panic selling extremely costly.
• Ecosystem Growth: Collected taxes fund buybacks and development, benefiting holders.
• Natural Selection: Paper hands pay the tax, diamond hands reap the rewards.

Quick Start Guide

Get started with PHBT in just a few minutes. Follow these steps to connect your wallet, explore tokens, and make your first trade.

How It Works

PHBT operates through a three-phase lifecycle for each token. Understanding this lifecycle is crucial for trading effectively on the platform.

Tax Flow Visualization

When you sell tokens at a loss, here is exactly how your transaction is processed:

Profit Sell Flow

When you sell at a profit, you keep everything:

Connect Wallet

To interact with PHBT, you need a Solana wallet. The connection process is straightforward and secure. Your wallet never shares private keys with the website.

Connection Steps

1. Click the "Connect Wallet" button in the header
2. A modal will appear showing all available wallet options
3. Select your preferred wallet from the list
4. Your wallet extension will prompt you to approve the connection
5. Click "Connect" or "Approve" in your wallet
6. Your wallet address will appear in the header, confirming the connection

Connection Security

• PHBT never asks for or has access to your private keys
• All transactions require explicit approval in your wallet
• You can disconnect at any time by clicking your wallet address
• Connection only grants read access to your public address and balance

Supported Wallets

PHBT supports all major Solana wallets through the Solana Wallet Adapter. Here are the recommended options:

Network & RPC

PHBT operates on Solana Mainnet Beta. Understanding network configuration helps you troubleshoot connection issues.

Network Details

UI Overview

The PHBT user interface is designed for simplicity and efficiency. Here is a breakdown of the main components you will encounter:

Header & Navigation

The header provides access to all major sections of the platform. It is fixed at the top of every page for easy navigation.

Navigation Items

• Explore: Browse all tokens launched on the platform
• Create Coin: Launch your own token with Paper Hand Tax
• PHBI: Paper Hand Bitch Index leaderboard
• Profile: View your stats, achievements, and trading history
• Docs: This documentation page
• How It Works: Modal explaining the Paper Hand Tax mechanism

Token Ticker Banner

The scrolling token ticker appears below the header on all pages. It provides a real-time view of active tokens on the platform.

Features

• Real-time token data fetched from blockchain
• Shows token symbol, name, and price/liquidity
• Featured tokens highlighted with special styling
• Infinite horizontal scroll animation
• Pauses on hover for easy reading
• Click any token to go to its detail page

Home Page

The home page is your starting point for exploring and trading on PHBT. It consists of two main sections:

Hero Section

The hero section at the top introduces the platform with the PHBT branding and a brief tagline. Quick action buttons let you jump straight to creating a token or exploring the marketplace.

Explore Section

Below the hero is the explore section showing all launched tokens. Features include:

• Search bar for finding tokens
• Category filter buttons
• Sort dropdown (liquidity, newest, watchlist)
• Grid of token cards

Token Detail Page

Each token has a dedicated detail page with comprehensive trading tools and information.

Page Layout

Mobile Experience

PHBT is fully responsive and optimized for mobile devices. The interface adapts to smaller screens while maintaining full functionality.

Mobile Optimizations

• Responsive header with condensed navigation
• Logo text changes to "PHBT" on small screens
• Stacked layout for token detail pages
• Touch-friendly buttons and inputs
• Optimized chart rendering for performance
• Full trading functionality on mobile

PWA Installation

PHBT can be installed as a Progressive Web App (PWA) on your phone or computer for a native app-like experience.

How to Install

1. Visit phbt.fun in your browser
2. Look for the "Install App" button in the header
3. Click the button to trigger the installation prompt
4. Confirm the installation in your browser
5. The app will be added to your home screen or app launcher

PWA Benefits

• Launch from home screen like a native app
• Full screen experience without browser chrome
• Faster load times with cached resources
• Works on iOS, Android, Windows, and macOS

Explore Tokens

The Explore section is your gateway to discovering all tokens launched on PHBT. It provides powerful tools for searching, filtering, and sorting to help you find exactly what you are looking for.

Features Overview

• Search by token name, symbol, or contract address
• Filter by category (Meme, DeFi, Gaming, AI, NFT, Social, Utility, Other)
• Sort by liquidity (highest first), newest, alphabetically, or watchlist
• Real-time liquidity and price data from blockchain
• Token images and metadata fetched from Metaplex
• One-click access to token detail pages
• Watchlist integration with star icons

How Data is Fetched

Token data is fetched directly from the Solana blockchain using getProgramAccounts to find all tokens created by the PHBT program. Token metadata (name, symbol, image, description) is fetched from the Metaplex Token Metadata program. Liquidity is calculated from the pool reserves.

Search Tokens

The search bar allows you to quickly find specific tokens by multiple criteria.

Search Methods

• By Name: Type the token name (e.g., "Dogecoin", "ShibaSolana")
• By Symbol: Type the ticker symbol (e.g., "DOGE", "SHIB")
• By Address: Paste the full mint address for exact match

Filter & Sort

Combine filters and sorting to narrow down the token list to exactly what interests you.

Sort Options

• Liquidity: Highest liquidity first. Best for finding established tokens.
• Newest: Most recently created first. Best for finding new opportunities.
• Name (A-Z): Alphabetical sorting. Best for browsing systematically.
• Watchlist: Your starred tokens first. Best for quick access to favorites.

Token Categories

Tokens are organized into categories for easy discovery. Category is set by the token creator at launch time.

Watchlist

The watchlist feature lets you save your favorite tokens for quick access. It persists across browser sessions using local storage.

How to Use

1. Find a token you want to track
2. Click the star icon on the token card
3. The star turns yellow indicating it is watchlisted
4. Use the "Watchlist" sort option to see starred tokens first
5. Click the star again to remove from watchlist

Features

• Stored locally in your browser (no account needed)
• Persists across sessions and page refreshes
• Unlimited tokens can be watchlisted
• Works with the sort dropdown for easy access
• Contributes to "Watcher" achievement badge

Token Cards

Each token in the explore grid is displayed as a card with key information at a glance.

Card Elements

• Token Image: Square image from metadata, with fallback placeholder
• Name & Symbol: Full name and ticker symbol
• Category Badge: Colored badge showing token category
• Liquidity: Current SOL liquidity in the pool
• Star Icon: Click to add/remove from watchlist
• Share Buttons: Quick share to X, Telegram, or copy link

Launch Your Own Coin

PHBT makes it easy to launch your own SPL token with Paper Hand Tax built in. No coding required. The entire process takes less than a minute.

Launch Process

1. Navigate: Click "Create Coin" in the header navigation
2. Connect Wallet: If not already connected, connect your Solana wallet
3. Fill Details: Enter token name, symbol (ticker), and description
4. Upload Image: Provide a square image for your token (PNG, JPG, GIF)
5. Select Category: Choose the most appropriate category
6. Review: Double-check all information (cannot be changed after launch)
7. Pay Fee: Pay the 0.02 SOL creation fee
8. Confirm: Approve the transaction in your wallet
9. Live! Your token is immediately tradable on PHBT

Token Details

When creating a token, you need to provide several details. Choose carefully as these cannot be changed after launch.

Required Fields

• Name: The full name of your token (e.g., "Super Doge Coin"). Max 32 characters.
• Symbol: The ticker symbol (e.g., "SDOGE"). 2-10 characters, letters only. Must be unique.
• Description: Describe your token and its purpose. Max 500 characters.

Token Image

Your token image is displayed throughout the platform and is a key part of your token branding.

Image Requirements

• Format: PNG, JPG, JPEG, GIF, or WebP
• Aspect ratio: Square (1:1) recommended
• Size: Minimum 200x200px, maximum 2MB
• Content: No explicit or illegal content

Token Metadata

Token metadata is stored on-chain using the Metaplex Token Metadata program. This includes the name, symbol, description, and image URI.

Metadata Storage

The metadata account is created at the same time as the token mint. It contains a URI pointing to a JSON file with extended metadata including the image URL. This data is immutable after creation.

Creation Fees

Launching a token on PHBT requires a small fee to cover network costs and prevent spam.

What the Fee Covers

• Token mint account rent
• Metadata account rent
• Pool account initialization
• Bonding curve setup
• Transaction fees

Authority Revocation

All PHBT tokens have their mint and freeze authorities automatically revoked at creation time. This is a critical safety feature.

What This Means

• No More Minting: The total supply is fixed forever. No one can create additional tokens.
• No Freezing: Token accounts cannot be frozen. Your tokens are always transferable.
• Irreversible: Authority revocation cannot be undone. It is permanent.

Trading Overview

Trading on PHBT is straightforward but comes with the unique Paper Hand Tax mechanic. Understanding how it works is essential before making trades.

Key Concepts

• Cost Basis: Your average purchase price, tracked on-chain per token per wallet
• Slippage: Maximum acceptable price movement during transaction (default 1%)
• Paper Hand Tax: 50% of SOL output if selling below cost basis

Buying Tokens

Buying tokens on PHBT is tax-free. You only pay the standard Solana transaction fee plus any slippage.

Step-by-Step

1. Navigate to the token detail page
2. Ensure you are on the "Buy" tab in the trade panel
3. Enter the amount of SOL you want to spend
4. The interface shows estimated tokens you will receive
5. Review slippage settings (gear icon) if needed
6. Click the "Buy" button
7. Confirm the transaction in your wallet
8. Wait for confirmation (usually 1-3 seconds)
9. Your new tokens appear in your position

What Happens On-Chain

• SOL is transferred from your wallet to the pool
• Tokens are transferred from the pool to your wallet
• Your cost basis is updated (weighted average)
• Pool reserves and price are updated

Selling Tokens

Selling tokens is where the Paper Hand Tax comes into play. If you sell below your cost basis, 50% of your SOL output goes to the treasury.

Step-by-Step

1. Navigate to the token detail page
2. Click the "Sell" tab in the trade panel
3. Enter the token amount or use percentage buttons (25%, 50%, 75%, MAX)
4. Review the expected SOL output
5. Check if Paper Hand Tax applies (shown in red if applicable)
6. Click the "Sell" button
7. Confirm the transaction in your wallet
8. SOL is deposited to your wallet (minus tax if applicable)

Slippage Settings

Slippage tolerance determines the maximum price movement you will accept during your trade. This protects you from front-running and large price swings.

Default Settings

When to Adjust

• Lower (0.1-0.5%): For large trades where you want minimal price impact
• Default (1%): Good for most normal trades
• Higher (2-5%): For volatile tokens or during high activity
• Very High (10%+): Only if trades keep failing due to price movement

Position Tracking

When you hold tokens, the Position Card shows your current position details.

Position Information

• Holdings: Number of tokens you own
• Value: Current SOL value of your holdings
• Cost Basis: Your average purchase price per token
• Unrealized P&L: Profit or loss if you sold now
• P&L %: Percentage gain or loss

Trade History

Each token page shows recent trades for that token. This helps you understand market activity and momentum.

Trade Information

• Type: Buy (green) or Sell (red)
• Amount: Token quantity traded
• Price: SOL price per token
• Maker: Wallet address (truncated)
• Time: How long ago the trade occurred

Price Charts

Each token detail page includes an interactive price chart showing historical price movement.

Chart Features

• Area chart showing price over time
• Market cap displayed in header
• Auto-updating as new trades occur
• Responsive sizing for all screen sizes
• Powered by Lightweight Charts library

Share & Social

PHBT includes social sharing features to help you spread the word about tokens you discover or create.

Sharing Options

• Share on X (formerly Twitter) with pre-filled text
• Share on Telegram
• Copy direct link to clipboard

Share on X

Click the X icon on any token card or detail page to share on X (formerly Twitter). The tweet is pre-filled with token information.

Pre-filled Content

• Token name and symbol
• Current market cap
• Direct link to token page
• PHBT hashtag

Share on Telegram

Click the Telegram icon to share the token in Telegram. Opens the Telegram share dialog with the token link.

Copy Link

Click the copy icon to copy the direct link to the token page. A toast notification confirms the copy. Paste anywhere to share.

Notifications

Stay updated on your trades and watchlist tokens.

Tax Overview

The Paper Hand Tax is the core mechanism that defines PHBT. It is a 50% tax applied to all sell transactions that occur at a loss relative to your cost basis.

Core Rule

If you sell PHBT tokens at a loss, a 50% tax is applied to your SOL output. That tax is not burned or wasted. It is redirected to the treasury to strengthen the ecosystem.

The Goal

The goal is simple: punish panic selling, reward conviction. Paper hands feed the treasury. Diamond hands keep everything.

Tax Calculation

The tax calculation is straightforward and happens automatically on-chain during every sell transaction.

Calculation Formula

Cost Basis = Total SOL Spent / Total Tokens Bought

Current Price = Pool SOL Reserve / Pool Token Reserve

If Current Price < Cost Basis:
  Tax = SOL Output × 50%
  You Receive = SOL Output - Tax
  Treasury Receives = Tax
  
If Current Price >= Cost Basis:
  Tax = 0 (Diamond Hands!)
  You Receive = Full SOL Output

Example Scenario

Cost Basis Tracking

Your cost basis is tracked on-chain for each token you hold. This data is stored in a Program Derived Address (PDA) unique to your wallet and the token mint.

What is Tracked

• Total SOL Spent: Cumulative SOL spent on buying this token
• Total Tokens Acquired: Cumulative tokens bought (not transferred)
• Average Purchase Price: SOL Spent / Tokens Acquired = Cost Basis
• Total Tax Paid: Cumulative Paper Hand Tax paid on this token

How Cost Basis Updates

• On Buy: Cost basis is recalculated as weighted average of old and new purchases
• On Sell: Cost basis remains unchanged (you are reducing position at same average)
• On Transfer In: No change (transferred tokens have no cost basis)
• On Transfer Out: No change (cost basis is wallet-specific)

Profit & Loss

Your profit or loss is calculated by comparing the current token price to your cost basis.

P&L Calculation

Unrealized P&L = (Current Price - Cost Basis) × Token Balance

P&L % = ((Current Price - Cost Basis) / Cost Basis) × 100

If P&L > 0: You're in profit (Diamond Hands territory)
If P&L < 0: You're at a loss (Paper Hand Tax applies on sell)

Display in UI

• Green: Positive P&L, selling is tax-free
• Red: Negative P&L, 50% tax will apply on sell

Tax Enforcement

Understanding where the tax is and is not enforced is crucial for trading on PHBT.

Where Tax IS Enforced

Where Tax is NOT Enforced

External DEX Trading

After a token graduates and migrates to an AMM pool, it becomes tradable on external DEXs like Raydium and Jupiter.

Why Tax Cannot Be Enforced

PHBT tokens are standard SPL tokens. Once they exist on-chain, any DEX can facilitate trades. External DEXs use their own swap programs, not the PHBT program, so they cannot check cost basis or apply the tax.

Implications

• Before Migration: All trades must go through PHBT, tax is enforced
• After Migration: Trades on PHBT still have tax, external DEX trades do not
• User Choice: Users can choose where to trade based on their preference

Paper Hand Index (PHBI)

The PHBI leaderboard is a hall of shame for paper hands. It ranks addresses by total Paper Hand Tax paid across all tokens.

Leaderboard Features

• Ranks wallets by total tax paid (highest first)
• Shows wallet address (truncated) and tax amount
• Updated in real-time as trades occur
• Top paper hands get special recognition

Diamond Hands Leaderboard

Treasury

The treasury is a program-controlled vault that collects all Paper Hand Tax revenue. It is fully transparent and verifiable on-chain.

Treasury Purpose

All tax revenue is automatically deposited to the treasury. These funds are used to strengthen the PHBT ecosystem and benefit holders.

Treasury Usage

Treasury funds are allocated to several ecosystem-building activities:

Tokenomics Overview

PHBT uses a two-phase tokenomics model: bonding curve for launch and price discovery, followed by AMM pool for sustained trading.

Token Lifecycle

Bonding Curve

Every token launches with a bonding curve. This mathematical formula determines the token price based on the current supply, ensuring fair price discovery during the initial launch phase.

How It Works

When you buy tokens, the price increases along the curve. When you sell, the price decreases. This creates natural price discovery without the need for market makers.

Formula

Parameters

Benefits

• Fair launch with no presale or insiders
• Automatic price discovery
• Always liquid (can always buy or sell)
• Transparent pricing formula

Price Discovery

Price discovery on PHBT happens organically through supply and demand interacting with the bonding curve.

Price Movement

• Buying: Increases price along the curve
• Selling: Decreases price along the curve
• Large Buys: Cause larger price increases (slippage)
• Large Sells: Cause larger price decreases (slippage)

AMM Pool

After graduation, tokens migrate to a constant product Automated Market Maker (AMM) pool. This is the standard x*y=k formula used by most DEXs.

How AMM Works

The AMM maintains two reserves: SOL and tokens. The product of these reserves (k) stays constant during trades. When you buy tokens, you add SOL and remove tokens, changing the ratio and thus the price.

AMM Formula

LP Tokens

Migration

Migration is the process of moving from bonding curve to AMM pool. It happens automatically when the graduation threshold is reached.

Migration Process

What Happens During Migration

• Bonding curve reserves are transferred to AMM pool
• Token trading continues uninterrupted
• Paper Hand Tax still applies on phbt.fun
• Token becomes tradable on external DEXs

Graduation Threshold

The graduation threshold is the market cap or liquidity level at which a token automatically migrates from bonding curve to AMM.

Threshold Details

Why Graduation Matters

• Proves Demand: Reaching threshold shows real market interest
• Unlocks Liquidity: Full liquidity becomes available
• External Trading: Token can be traded on other platforms
• Milestone: Significant achievement for the token community

Liquidity

Liquidity refers to the SOL and tokens available in the pool for trading. Higher liquidity means lower slippage and better trading conditions.

Liquidity Sources

• Initial: Provided by bonding curve mechanism
• Trading: Grows as more people buy
• Treasury: May add liquidity from tax revenue

Liquidity Management

LP Tokens

LP (Liquidity Provider) tokens represent ownership of liquidity in the AMM pool.

Your Profile

Your profile page provides a comprehensive view of your trading activity, statistics, and achievements on PHBT. Access it at /profile.

Profile Contents

• Connected wallet address and balance
• Trading statistics summary
• Achievement badges (visible and secret)
• Scan wallet button to update stats

Profile Statistics

Your profile tracks comprehensive statistics about your activity on PHBT.

Tracked Metrics

Wallet Balance

Your current SOL balance is displayed prominently on your profile. This is fetched in real-time from the blockchain.

Achievements

Achievements are badges you unlock by completing various activities on PHBT. They showcase your trading experience and milestones.

Achievement System

• 20+ visible achievements to unlock
• 24+ secret hidden achievements
• Progress tracking for each achievement
• Special badges for early adopters

Achievement Categories

Achievements are organized into categories based on the type of activity.

Secret Achievements

Some achievements are hidden until you unlock them. They are marked with a lock icon and the description is hidden. Can you find them all?

Leaderboard

Compete with other traders on the leaderboards. See where you rank among the community.

Available Leaderboards

Scan Wallet Activity

If your profile shows zero stats but you have been trading, use the "Scan Wallet" button to analyze your on-chain activity and update your profile.

What Scanning Does

• Fetches your transaction history from blockchain
• Calculates trades, volume, and tokens created
• Updates your profile in the database
• Recalculates achievement progress

Smart Contracts

PHBT is powered by Solana smart contracts (programs) written using the Anchor framework. These programs handle all on-chain logic.

Program Modules

• Token Creation: Creates SPL tokens with metadata
• Trading: Handles buy/sell with tax enforcement
• Cost Basis: Tracks per-user cost basis
• Treasury: Collects and manages tax revenue
• Migration: Handles bonding curve to AMM transition

Program Accounts

The PHBT program uses various account types to store on-chain data.

Account Types

• Global Config: Platform-wide settings
• Token Pool: Reserves for each token
• User Position: Cost basis per user per token
• Treasury: Collected tax funds
• Curve Config: Bonding curve parameters

PDA Structure

Program Derived Addresses (PDAs) are used to deterministically derive account addresses from seeds. This enables trustless account lookups.

Common PDAs

• Mint: ["mint", symbol, creator]
• Pool: ["pool", mint]
• Position: ["position", user, mint]
• Treasury: ["treasury"]

Transaction Flow

Understanding how transactions flow through the system helps you understand what happens when you trade.

Buy Transaction Flow

1. User initiates buy with SOL amount
2. Frontend builds transaction with program instruction
3. User signs transaction in wallet
4. Transaction submitted to Solana network
5. Program validates inputs and accounts
6. SOL transferred from user to pool
7. Tokens transferred from pool to user
8. Cost basis account updated
9. Pool reserves updated
10. Transaction confirmed

Sell Transaction Flow

1. User initiates sell with token amount
2. Program calculates SOL output from curve/AMM
3. Program checks current price vs cost basis
4. If loss: 50% tax calculated
5. Tokens transferred from user to pool
6. SOL (minus tax) transferred to user
7. Tax (if any) transferred to treasury
8. Cost basis account updated
9. Pool reserves updated

On-Chain Data

All critical data is stored on the Solana blockchain for transparency and immutability.

What is On-Chain

• Token mints and metadata
• Pool reserves and prices
• User cost basis and positions
• Treasury balance
• Trade history (in transactions)

Security Overview

Security is a top priority for PHBT. The smart contracts are built using industry best practices and battle-tested frameworks.

Security Measures

• Anchor Framework: Type-safe smart contracts with automatic serialization and account validation
• Checked Math: All arithmetic operations use checked math to prevent integer overflow/underflow
• PDA Validation: All Program Derived Addresses are validated to ensure correct account derivation
• Reentrancy Protection: State changes occur before external calls to prevent reentrancy attacks
• Owner Checks: All account ownership is validated before operations
• Signer Checks: All required signatures are verified

Anchor Framework

PHBT smart contracts are built using the Anchor framework, the industry standard for Solana program development.

Why Anchor?

• Type-safe account structures
• Automatic account validation
• Built-in security checks
• Standardized error handling
• Automatic serialization/deserialization
• IDL generation for frontend integration

Token Safety

All tokens created on PHBT have several safety features built in to protect buyers from common scams.

Safety Features

• Mint Authority Revoked: No more tokens can ever be minted. The supply is fixed forever at creation.
• Freeze Authority Revoked: No one can freeze token accounts. Your tokens are always transferable.
• Immutable Metadata: Token name, symbol, and image cannot be changed after creation.
• No Hidden Fees: The only fee is the Paper Hand Tax, which is transparent and predictable.

Account Validation

Every transaction validates all accounts to ensure the correct accounts are being used and the caller has appropriate permissions.

Validation Checks

• PDA derivation validation
• Account owner verification
• Signer authority checks
• Token account mint matching
• Balance sufficiency checks

Risks & Disclaimers

While we strive to build a secure platform, there are inherent risks in crypto trading and DeFi. Please read carefully.

Scam Protection Tips

Protect yourself from scams by following these guidelines.

Red Flags

• Promises of guaranteed returns
• Pressure to buy quickly (FOMO tactics)
• Anonymous or unverifiable teams
• Copied or AI-generated project materials
• Unusually high concentration of tokens in few wallets

Best Practices

• Research the project and team thoroughly
• Check token distribution for whale concentration
• Start with small test transactions
• Never invest more than you can lose
• Be skeptical of unsolicited recommendations

Frequently Asked Questions

Find answers to the most common questions about PHBT.

Glossary

Common terms and definitions used throughout PHBT and DeFi in general.

Troubleshooting

Common issues and how to resolve them.

Support

Need help? Reach out through these channels:

Community

Join the PHBT community to stay updated, share feedback, and connect with other traders.

Where to Find Us

• Follow @PHBTax on X for updates
• Join community discussions
• Contribute on GitHub

Useful Links

Helpful external resources for Solana development and trading.