underwater.fun

The meme launchpad on Zcash. Anyone can launch a token in seconds and trade it instantly: a bonding curve that graduates into a built-in DEX, because Zcash has no Uniswap. Deposit ZEC once; everything after is instant.

Live on Zcash testnet at www.underwater.fun. Mainnet follows once testnet is clean.

How it works

Zcash has no smart contracts, so trading runs in an off-chain engine and the chain handles custody:

• Engine (zec/engine). The launchpad's curve, graduation and constant-product DEX, ported line for line from Solidity and proven identical to the contracts by a differential harness (zec/parity). Every command is atomic, double-entry and appended to a hash-chained, fsynced log.
• Rails (zec/rails). Deposits are credited at 3 confirmations and withdrawable at 10, and reversed if a reorg drops them. Withdrawals are batched, recorded before broadcast, and settled at finality.
• Treasury wallet (zec/wallet-service). librustzcash over lightwalletd, in Rust, reachable only over a private network. It has two accounts: treasury owns every user's shielded deposit address; reserve holds the funds and pays withdrawals.
• API (zec/server) and web app (web). Accounts are Ed25519 keys generated in the browser, and every write is signed. Trades stream live over SSE.

Verify us, don't trust us

• Liabilities. A Merkle-sum tree of every balance is published at /api/solvency, and each user's browser checks its own balance is in it.
• Reserves. The reserve's viewing key is public at /api/audit. Import it into any Zcash wallet to watch what we hold. Withdrawals hide their destinations.
• History. Every hour the log's head hash is written into a reserve memo, so the history the liabilities come from can't be rewritten quietly.

Run it

node --test "zec/test/**/*.test.ts"   # engine, custody, rails, server
node zec/parity/run.ts                # engine vs. the Solidity reference (needs Foundry; git submodule update --init first)
node zec/server/main.ts --sim         # API on :8811 over a simulated chain, with a test faucet
npm --prefix web run dev              # web app on :3000 (copy web/.env.local.example to web/.env.local)

Design and market research: docs/underwater-zec-v2.md (current architecture and build plan), docs/underwater-zec-market.md, and docs/underwater-zec.md (the first spec, superseded).

History

underwater.fun started as a meme launchpad on Ink and Robinhood Chain. That version is retired and archived, with its full history, at kaleidofinance/underwater-evm. Its launchpad and DEX contracts live on here only as the parity reference in zec/parity/reference.