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Draft prepared by the PANDA team, not by a lawyer — treat this as a good-faith starting point, not final legal advice, until it's reviewed by qualified counsel in the relevant jurisdiction.
By using PANDA, you agree to these terms. If you don't agree, don't use the app.
Who may use PANDA. You must be at least 18 years old, and it is your responsibility to check that using PANDA and trading crypto-assets is lawful where you live. PANDA is not offered to people who are in, or are residents of, the United States, or of countries or territories subject to sanctions by the European Union, the United Nations or OFAC (the U.S. Treasury's sanctions office). If that is your case, do not use PANDA.
Non-custodial trading and creation. PANDA never takes custody of your funds, tokens, or private keys for trading, coin creation or fee-split setup — each of those is a transaction you review and sign yourself, in your own wallet.
Your responsibility. You are solely responsible for your wallet, its seed phrase, and every transaction you approve. PANDA will never ask for your seed phrase or private key, in the app or otherwise. Double-check every transaction's details in your wallet before signing — PANDA cannot undo a signed transaction.
Fees. PANDA's default trading fee is 1% on every buy and 1% on every sell, on any coin traded through PANDA (Pump.fun's bonding curve, PumpSwap, and other coins routed through Jupiter). A wallet that connects through a recruiter's link or code, or that applies one by hand before its first trade, pays that same default rate until its own cumulative trade volume on PANDA (buys and sells together) reaches $100 — from then on it pays half: 0.5% on every buy and 0.5% on every sell — permanently, for as long as it trades on PANDA; a wallet that was already trading on PANDA before this two-tier system existed was moved onto that same 0.5% rate immediately, automatically, permanently, with nothing to do on its part. Whichever rate applies, it is paid in SOL to PANDA's treasury wallet as a separate transfer inside the same transaction you sign: on a buy it is that rate's share of the SOL you spend, added on top; on a sell it is that rate's share of the SOL you receive, estimated when the transaction is built. If you pay with another token, the fee is still charged in SOL, on top. The same rate applies to the "Buy $PANDA" button once the token exists.
Share of creator fees. Every coin created through PANDA gives PANDA 5% of that coin's creator fees (the part of trading fees that Pump.fun pays to a coin's creator). It is the same on every coin, and it is written into the coin's on-chain fee configuration when the coin is created; it cannot be changed or removed. The remaining 95% is assigned by the creator to the wallets they choose. PANDA charges no separate fee for creating a coin.
What is not PANDA's fee. Solana network fees, account rent, priority fees (a fraction of a cent per trade) and the fees of Pump.fun, PumpSwap, Jupiter routes and DEX pools go to those networks and protocols, not to PANDA. The amounts are shown before you sign, in PANDA and in your wallet. With none of PANDA's optional features switched on, the two fees above are the only ones PANDA charges; the fees of an optional feature are described where that feature is described.
Acceptable use. You agree not to use PANDA to violate applicable law, to manipulate markets, to launder funds, or to infringe anyone else's rights. PANDA may restrict access to the app (though not to the underlying public Solana programs, which anyone can interact with directly) for accounts that clearly abuse it.
Availability. PANDA can pause parts of the service — for example coin launches — for security or maintenance; when it does, the app says so. If the app cannot confirm that it is connected to the right Solana network, it pauses everything that moves money and says so.
No warranty. PANDA is provided "as is," without warranties of any kind. Market data and risk indicators come from third parties (Pump.fun's public API, Dexscreener, GeckoTerminal and RugCheck) and can be delayed, rate-limited, or temporarily unavailable — the app shows this honestly (a "live" indicator) rather than pretending stale data is current, but you should not rely on it for time-critical decisions.
Limitation of liability. To the maximum extent permitted by law, PANDA and its operator aren't liable for losses arising from your use of the app, including losses from market volatility, smart-contract risk, third-party services (Solana RPC providers, Pump.fun, Jupiter, GeckoTerminal, Dexscreener, RugCheck), or your own transaction mistakes.
Changes. These terms may be updated as PANDA evolves; the date of the last change is shown on this page, and continued use after a change means you accept the new terms. Governing law: these terms are governed by Spanish law.
Custodial exception: Stop Loss / Take Profit and Draw Your Trade. Setting one up deposits your tokens (or the SOL / USDC that will fund the buy) into a Jupiter Trigger vault — a custodial account managed by Privy on Jupiter's service, not PANDA's — until the order fills or you cancel it. PANDA has no keys or access to the vault; Jupiter's service executes the order when it triggers, and only you can withdraw, by signing the cancellation, which returns the funds to your wallet. Using this feature is optional and you accept the custody terms of Jupiter and Privy when you do.
Fees of these features. PANDA charges no fee on Stop Loss / Take Profit orders. A Draw Your Trade strategy carries PANDA's same two-tier trading fee, doubled (its buy leg plus its sell leg, both paid up front when you confirm): 2% in total at the default rate, or 1% in total at the referred/legacy rate — it is not returned if you cancel before the strategy buys. Jupiter's own fees and network fees are separate and are not PANDA's.
Holder rewards are paid automatically. Fees a creator assigns to "Holders" are paid to PANDA's Rewards Pool wallet, controlled by PANDA's servers, and sent on to every eligible holder automatically, in SOL, the same run that collects them, once a coin's own Holders balance reaches 0.1 SOL — nothing for a holder to claim or sign. A payout this small it wouldn't survive as a transfer, or that belongs to the bonding curve, the trading pool, a program-owned account, or anyone already paid directly by the coin's own fee split (the creator, PANDA, the Rewards Pool itself), is never sent — it's simply left for the next round. PANDA takes no fee from a holder payout, and the Solana network fee of collecting the coin's creator fees and of sending them on to holders is never taken out of a holder's share either — what is credited to a holder and what actually arrives in their wallet are always the same number. PANDA pays that network fee itself, from the Rewards Pool wallet's own operating balance, which PANDA funds and keeps topped up separately from whatever the pool currently owes holders.
Recruiters program. Every connected wallet has its own link and can pick its own short code (its link becomes launchonpanda.app/r/<code>) once PANDA accepts it (format rules and a reserved/offensive-word check — PANDA can still remove a code by hand if something slips through); a code is permanent once set. The page of any coin launched through PANDA's own Create flow doubles as its creator's link. The wallet that connects through a link or code for the first time is permanently credited to whoever shared it — first one wins, it cannot be changed later, a wallet cannot refer itself, and there is no limit to how many people one recruiter can bring in. A wallet that didn't arrive through a link can instead type a code by hand, on the Recruiters page or when it first connects — but only once, and only before its first trade; after that, no code can be applied. Only one level counts — you are never paid for who your own invitees bring in. A wallet whose very first SOL came from the wallet inviting it does not count as a referral (checked against its on-chain history when the link is created, and retried on a later sign-in if that check can't be completed yet — a referral is never accepted blindly). The direct benefit to being referred: half of PANDA's trading fee, for life, once your own volume reaches the threshold — see the Fees section above.
Trader status and tiers. An invited wallet becomes "active" once it trades on PANDA on 3 consecutive UTC days with its own volume that day at or above the published minimum, and becomes inactive again after 3 consecutive days with no qualifying day (it reactivates the same way). A recruiter earns a share of PANDA's own trading fee — whatever rate the invitee is actually paying at the time (the default rate until that invitee's own volume reaches $100, 0.5% from then on — see the Fees section) — on every trade its invitees make from their very first one, active or not — paid at the tier the invitee would be on if they were active. Tiers are marginal, by live rank among a recruiter's currently active invitees, in order of when each first became active: 30% of that fee (0.15% of the trade once the invitee pays the referred rate, more of the trade before that, since the fee itself is bigger) for the 1st–500th, 25% (0.13% of the trade) for the 501st–1,500th, 20% (0.1% of the trade) for the 1,501st on. When an active invitee goes inactive, everyone who ranked after them moves up — bringing in more people, or someone else going inactive, never lowers the % anyone else already earns. The payment is a separate transfer inside the trader's own transaction, straight from their wallet to the recruiter's, alongside PANDA's trade fee — PANDA never holds this money, not even briefly. If a recruiter's own wallet can't receive the payment, that share goes to PANDA's treasury instead and the trade is never affected, delayed, or changed in any other way for the person trading.
Founders. The first 1,000 recruiters to reach 10 invitees who have each traded at least $100 of their own volume (buys and sells together, anti-abuse already required of every invitee — see above) get a permanent Founder allocation: a flat 30% of PANDA's trade fee on every trade their invitees ever make, for life, regardless of rank or how many tiers would otherwise apply. This advantage is active from the moment the slot is reserved, even before PANDA creates the Founder NFT collection; once created, each reserved slot mints a non-transferable ("soulbound") NFT recording it — the NFT itself carries no promised or guaranteed market value, and PANDA makes no representation that it can be sold or will ever be worth anything. Founders may also accrue a variable, additional share of their invitees' trading activity, automatically converted to $PANDA and claimable on demand once PANDA turns this on — the % and whether it runs at all can change, nothing about its amount or any return is ever promised, and it uses the same signed-session, rate-limited, solvency-checked claim system as PANDA's other rewards.
PANDA can review any account it suspects is gaming this program (self-funded wallets, coordinated wash trading between a recruiter's own wallets, and similar) and can adjust, pause, or close an account's participation if it finds abuse — trading itself, and PANDA's own trading fee, are never affected by this review.
