Liquidity for tokenized stocks, across market hours.
Bellcurve is a Solana devnet AMM prototype. It uses different pricing rules when the reference market is open, closed or halted, based on updates from a keeper.
Keeper-reported market states · Token-2022 support · Unaudited prototype
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NVDA simulated LP value vs holding · 2.9 years, 3 seeds, 2s oracle delay
NVDA simulated average trade cost while open · with uninformed flow
NVDA historical weekend moves beyond 30 bps · not a guaranteed trading opportunity
Open, closed and halted use different pricing rules.
One pool, three market states
Tracks the exchange
Quotes around the keeper’s reference price while it is fresh enough. Delays and data-source failures remain risks.
Finds the price itself
Trades move virtual reserves, with a capped spread that widens as time passes since the last trusted price.
Stops with the exchange
When the keeper posts Halted, the program rejects swaps. Withdrawals remain permitted by the market-state rules.
Compare assumptions, costs and outcomes
The repository includes simulations using historical hourly prices, interpolated to one-minute paths. Pools start with the same capital and use matched order flow. Results vary by stock, oracle delay and market state.
In the baseline TSLA simulation, Bellcurve underperformed the 0.30% constant-product pool. Closed-market costs can also be higher. Simulated outcomes are not forecasts.
Controls implemented in the prototype
The prototype includes market-state checks, optional trader passes and volume limits. These features do not establish regulatory eligibility, approval or compliance.
- ✓Keeper-reported market statesKeeper reads Nasdaq's halt feed
- ✓Volume limitsDaily cap enforced on-chain
- ✓Optional trader access checksPermissioned mode with trader passes
- ✓Public trading activityEvery swap is an on-chain event
- ✓Source available for inspectionAnchor program in the public repository
Explore the prototype and its market-state rules.
Test tokens only. Wallet actions may submit Solana devnet transactions. The faucet is currently unavailable; transaction experiments require existing devnet funds and have not been verified end to end for this release.