Learn/the case for $USDe, USD earn
Your next coin can now pair with dollars that earn.
Your coin sits on $USDe, USD earn: dollars that earn. Every trade on a $USDe coin adds to it, and $USDe lifts every coin on it, yours included.
kept by pumpfun’s protocol from traders’ fees since March 2024. factDefiLlama
kept by the protocol from the fees on a $USDe coin. design
of every $1 of fees on a $USDe coin’s curve goes into $USDe, for everyone holding it. design
factmeasured, with source and datesimulationA simulation of the past, not a promise.samplereal coins read on-chain, run through each fee griddesignhow sole is built
01
Dollars that earn, under your coin.
Your next coin can now pair with dollars that earn: $USDe, USD earn.
A coin paired with $USDe is priced in dollars from its first trade. It grows two ways: the dollars inside earn, and every trade on a $USDe coin adds more.
Why now. We could have kept $USDe, USD earn, for later. It’s ready, so we’d rather put it in the community’s hands now.
Our focus hasn’t changed: $SOLe, and all the SOL that works for free on pumpfun.
Same method as $SOLe: a simulation of the past first, then the real numbers, on-chain, as they come in.
02
The simulation of the past.
What if coins on $USDe had done a part of pumpfun’s real trades? Same days, same trades, from 1 March 2024 (the first day DefiLlama counts) to 22 October 2026, through the fees on sole. Nobody moves all of pumpfun overnight: the numbers here are the 1% line.
Start with the fees: they need no assumption
Since March 2024, pumpfun’s protocol kept $1.35B of the fees on its trades: 59 cents of every dollar. factDefiLlama
On a $USDe coin, the protocol keeps 0. Of every $1 of fees on its curve, 48 cents go into $USDe for everyone holding it, 32 to the coin’s creator and 20 to Meteora, the pool infrastructure: a trade’s fee is 1.25%, of which 0.60% into $USDe, 0.40% to the creator and 0.25% to Meteora. After graduation: 16, 64 and 20 cents. design
Every dollar of trading feesWhat pumpfun kept, and where it goes on a $USDe coin’s curve
Run through pumpfun’s real trades, the mix of curve and graduated trades sets the split: 34 cents of every dollar of fees into $USDe, 46 to creators and 20 to the pools since March 2024; 25, 55 and 20 from 23 October 2025 to 22 October 2026, as graduated coins trade more now. 0 kept either way. simulationSimulated on pumpfun’s real trades, through the fees on sole.*
Every day. Had coins on $USDe done 1% of pumpfun’s volume from 23 October 2025 to 22 October 2026, $2.66M would have gone into $USDe, about $7,282 a day ($15,602 a day at the pace of that period’s last 30 days), and $5.74M to their creators, built up in $USDe. simulationBased on pumpfun’s real trades from 23 October 2025 to 22 October 2026, as if coins on $USDe had done 1% of its volume.*
If every pumpfun trade since March 2024 had been on $USDe coins: $775.8M into $USDe, and $1.05B to creators. simulationBased on pumpfun’s real trades since March 2024, as if every one of them had been on a $USDe coin. At 1%: $7.76M into $USDe and $10.5M to creators.*
What those fees would have done to 1 $USDe
At 1% of pumpfun’s volume, 1 $USDe would have grown from $1.00 to $1.663 by 22 October 2026. The same dollars lent, with no trades on top: $1.170. A plain dollar: $1.00. simulationBased on pumpfun’s real trades since March 2024, as if coins on $USDe had done 1% of its volume. It assumes more people join $USDe while $USDe beats lending the same dollars. More people then share the same fees, so this assumption, more than trading volume, sets how much 1 $USDe grew in this simulation. In two other versions of that assumption: $1.398 if more people join, $1.825 if they join slowly. With outside holders already in place on day one: $1.641.*
1 $USDe in dollars, if coins on $USDe had done 1% of pumpfun’s volume since 1 March 2024To 22 October 2026, against the same dollars lent with no trades on top, and a plain dollar
What that means per person
from $1,000 held since 1 March 2024, by 22 October 2026. In two other versions of the assumption: $1,398 if more people join, $1,825 if they join slowly; with holders in place on day one, $1,641. simulation*
$1,170 lent · $1,000 as USDCon $1,000 of a coin over the median 30-day hold from 23 October 2025 to 22 October 2026, on top of the coin’s move. simulation*
on a USDC pair: nothingfor a typical graduated coin over its life, built up in $USDe. sample
pumpfun: $391 to $1,188If you trade. A bag on a $USDe coin gains in dollars on top of whatever the coin does, because the coin is priced in $USDe: +$9.58 on $1,000 over the median 30-day hold from 23 October 2025 to 22 October 2026. On a USDC pair: nothing. The step between USDC and $USDe costs 0.10% each way: in the simulation, the bag was ahead after about 6 days, and after about 8 days from SOL (about 16 and 23 at the pace of the dollars lent alone over the last 30 days). simulationBased on pumpfun’s real trades from 23 October 2025 to 22 October 2026, as if coins on $USDe had done 1% of its volume. It assumes more people join $USDe while $USDe beats lending the same dollars. More people then share the same fees, so this assumption, more than trading volume, sets how much 1 $USDe grew in this simulation. Before the pool’s own price moves on bigger swaps.*
If you create. A typical graduated coin’s creator: $1,011 on sole, built up in $USDe, against $391 to $1,188 on pumpfun, depending on its market-cap tier.
| Coin | Creator on sole | Creator on pumpfun |
|---|---|---|
| Median coin | $2.87 | $2.15 |
| Top tenth of coins | $33.62 | $25.22 |
| Typical graduated coin | $1,011 | $391 to $1,188 |
| Strong graduated coin | $7,969 | $3,061 to $9,378 |
03
Each pair has its season.
SOL running? $SOLe rides it. Want your coin priced in dollars? Pair it with $USDe, USD earn.
We marked SOL’s big moves since March 2024 with one rule, on its daily close: a top counts once SOL closes 30% under it, a bottom once it closes 30% above it. Moves that start in the first 90 days are left out. Then we read the pair under a coin on the first and the last day of each move.
The pair under a coin, through SOL’s big moves$1,000 of each where a move began, read where it ended
SOL running? $SOLe rides it.
SOL’s big rises since July 2024: $1,000 of $SOLe under a coin, then SOL alone and $USDe over the same days.
- 4 to 28 July 2024$1,470SOL alone $1,449 · $USDe $1,015
- 6 September 2024 to 18 January 2025$2,285SOL alone $2,098 · $USDe $1,090
- 26 February to 2 March 2025$1,324SOL alone $1,322 · $USDe $1,001
- 8 April to 18 September 2025$2,512SOL alone $2,347 · $USDe $1,054
- 6 June to 25 September 2026, its high so far$2,070SOL alone $1,964 · $USDe $1,047
Rather count in dollars? $USDe.
SOL’s big drops since July 2024: $1,000 of $USDe under a coin. If the four dollars inside $USDe had kept their value.
- 28 July to 6 September 2024$1,021$1,015 if more people join
- 18 January to 26 February 2025$1,018$1,012 if more people join
- 2 March to 8 April 2025$1,009$1,007 if more people join
- 18 September 2025 to 6 June 2026$1,082$1,053 if more people join
In each of SOL’s big rises since July 2024, $1,000 of $SOLe under a coin ended at $1,324 to $2,512, ahead of SOL alone each time. In each of its big drops since July 2024, $1,000 of $USDe under a coin ended at $1,009 to $1,082. If the four dollars inside $USDe had kept their value. simulationBased on pumpfun’s real trades since March 2024, as if coins on each pair had done 1% of its volume, each pair in its own simulation.*
04
Four dollars that earn.
Top dollars that earn, in one token. Not tied to a single issuer.
About a quarter each at the start. Each of the four earns on its own. Nothing to claim: it shows up in the value of every $USDe. See what is inside, live.
You can take out the four dollars inside: they come back in kind. Or sell your $USDe for SOL on its page.
05
$SOLe stays our main road.
On pumpfun, the SOL behind a coin works for free. On sole, it’s $SOLe, and it earns. Bringing all of that SOL here is still our focus.
We’ll take $USDe, USD earn, to the stablecoin market later, with its own numbers, shown as they come in.
From its first day, $USDe’s real numbers are live on its page: what 1 $USDe is worth, the dollars inside, and what was added since day 1. Anyone can redo the division from Solana.
06
FAQ
Is the simulation a promise?
No. It’s a simulation of the past: pumpfun’s real trades since March 2024, as if coins on $USDe had done 1% of its volume. No fixed rate, ever. From its first day, $USDe’s real numbers are live on its page.
Why is $USDe out now?
Because it’s ready, and we’d rather the community has it now than later.
Is $SOLe still the focus?
Yes. On pumpfun, the SOL behind a coin works for free. On sole, it’s $SOLe, liquid-staked SOL that grows with every trade on its coins. Bringing all of that SOL here is still our focus.
What’s next for $USDe?
We’ll take it to the stablecoin market later, with its own numbers, shown as they come in. Each pair has its season: $SOLe rides SOL, and $USDe keeps your coin priced in dollars, whatever SOL does.
Which pair should I pick?
$SOLe if you want your coin to ride SOL: it’s our main pair, and where most of sole is. $USDe, USD earn, if you want more stability: your coin is priced in dollars from the first trade. Each grows with every trade on its own coins.
Can it go down?
It holds the four dollars as they are. If one of them loses value, or its issuer freezes it, $USDe feels it. Four dollars instead of one spread that risk. They don’t remove it.
Can I get out?
Sell your $USDe for SOL on its page, or take out the four dollars inside: they come back in kind.
How does sole make money if the protocol keeps 0%?
We earn like everyone on sole. We hold $SOLe, and we provide the $SOLe/SOL liquidity and the $USDe/USDC liquidity, so we earn their swap fees like any liquidity provider. If sole grows, we grow. Same side as you. That’s PvE.
Pick your pair at launch.
$SOLe rides SOL: our main pair. $USDe keeps your coin priced in dollars. Each grows with every trade on its own coins.
Sources and method
* Simulations use pumpfun’s real trades (1 March 2024 to 22 October 2026, DefiLlama) as if coins on $USDe had done 1% of that volume, through the fees on sole. It assumes more people join $USDe while $USDe beats lending the same dollars. More people then share the same fees, so this assumption, more than trading volume, sets how much 1 $USDe grew in this simulation. Each value comes with two other versions of that assumption: more people joining, or people joining slowly. The simulation counts the four dollars inside at what lent USDC earned, over the whole period, and never lets one lose value or freeze. A simulation of the past, not a promise. No fixed rate, ever.
- DefiLlama: pumpfun’s daily volume, fees and revenue, SOL’s daily close (its 00:00 UTC price), and the daily supply rate of lent USDC on Solana’s main lending pools, before any incentive; the prices of the four dollars inside, as a check.
- Solana mainnet: the random sample of pumpfun coins behind the $SOLe simulation (lifetime volume, read on-chain), here in dollars.
- The simulation: the twin of the $SOLe one, a Python script (standard library) and the table it writes, one row for each day, counted in dollars instead of SOL. Separate code redid every number from the raw files, and the framings that flattered $USDe are handled here: every amount dated, the fee split with its period, one bag hold in dollars, and the stability line on every amount in one of SOL’s drops.
- What could make these numbers wrong: who joins $USDe, more than trading volume, sets the value of 1 $USDe, so every value comes with the two other versions; lent USDC stands in for the four dollars inside over the whole period; nobody would have moved all of pumpfun’s volume; traders might trade differently on coins priced in dollars; the simulation never lets a dollar inside lose value or freeze.