Tapir Token

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...which is appropriate because it features a protruding bum, rather like the tapir on the tail side of the token who is pointing his own at the tradfi world.

There's one here on Birdeye.

We put this question at the top for convenience but it's somewhat involved because TAPIR is designed to provide exposure to at least 10 carefully selected liquid staking tokens (LSTs) on Solana. For performance reasons, it shouldn't be paired with any other type of asset (including SOL) in a liquidity pool (LP). Here goes...

Jupiter will work for small swaps from almost any token. It will work more efficiently if you manually swap a little bit at a time, thereby providing it the opportunity to seek out the cheapest TAPIR LP each time. (The same might be true of their dollar-cost averaging (DCA) bot but we haven't tested that.) For maximum efficiency, continue reading.

You need to have one or more of the tokens listed below under "Which LSTs are paired with TAPIR?". You can acquire them for SOL using the Sanctum app, which has an efficient fair value pricing mechanism, as well as other DEXs and corresponding validator websites. To save money, spread your purchase across several LSTs, and in particular those which offer the cheapest price when starting from SOL. Beware that LST quotes are often stale; Sanctum seems to be more accurate.

Next, head over to Fluxbeam, click "Select Wallet", connect your wallet, click SWAP, and click open the dropdown under "To receive". Paste the contract address into the search box. It might briefly say "No tokens found!" but wait a few seconds. Click the token when it comes up. Click the gear icon in the upper right to adjust your slippage tolerance and Solana fees. Click Back. Choose the token you wish to swap for in the "You're paying" dropdown. Enter the amount to pay. Click Swap. Pay careful attention to the amount you'll actually receive as given by your wallet, as Fluxbeam's estimates can be inaccurate. You're now ready to swap! Repeat for each LST you wish to swap.

bonkSOL , cgntSOL , clockSOL , edgeSOL , hSOL , JSOL , JupSOL , picoSOL , pumpkinSOL , and superSOL.

For the latest list, head over to the Birdeye page and click "All pairs" below "TAPIR-USD". Wait a few seconds for the LP list to populate. You should see all of the above LST pairings. Any others you notice may or may not involve LSTs.

Any wallet which supports the Solana Token2022 standard, such as Phantom. You'll have a tapir's rear end protruding from your wallet in a matter of minutes! Live price updates might not work (yet) but you can always check by pasting the contract address into a charting website.

The Discord invite is here. The utterly unofficial X account can be reached at TapirToken. If you happen upon tapirs congregating elsewhere, do spread the word!

TAPIR began as an anarchocapitalist experiment on Solana guided by the principles of laziness, incompetence, and Tapirocracy. You can read all the sordid details here but be advised that the contract address has changed to the one given above. It was the spectacular failure of that experiment which birthed a new token that, true to its roots, is optimized for lazy tapirs who, like us, are incompetent traders. The new TAPIR is paired with a diverse portfolio of LSTs. These are tokens issued by validators which ostensibly track the cummulative performance of their staked SOL plus any additional rewards. For example, clockSOL is the LST of the Overclock validator.

That depends on what you mean by "backed". Initially, roughly equal amounts of TAPIR were paired with each LST so as to diversify evenly across performance risk rather than marketcap. Although SOL issuance is ultimately controlled by consensus, the yield that any given validator retains varies according to how much SOL is actually staked, how well the validator performs, how much if any maximal extractable value (MEV) they're willing to share with their stakers, and other factors. (Staking yield compounds automatically while MEV might not. MEV is the profit resulting from rearranging user transactions, resulting in worse executions locally but sustaining cheaper transaction fees globally.) Because LSTs vary in performance and TAPIR responds dynamically to its own demand, it cannot be redeemed for any predetermined combination of the former. Nevertheless its performance is influenced by that of the LST porfolio.

Any financial instrument could be deemed a security in any jurisdiction at any time through government action. (When they tried to deem watermelon a security, tapirs rioted in the streets!) Nevertheless, TAPIR isn't like a share of stock. It isn't guaranteed to be redeemable for any specific asset. It's deflationary but it doesn't generate profits. It's also managed by the Tapirocracy, which you can join simply by purchasing TAPIR and taking a nap, and thus doesn't quite meet the bar for a corporate management structure. Despite all that, we think that LSTs are securities because they constitute a promise of redemption for staking rewards plus other rewards, the amount of both being dependent upon the operators that run the corresponding validator. If they misbehave, investments could be lost. This would imply that swapping LSTs, unlike merely moving one's Solana stake from one validator to another, could constitute taxable events that result in compounding haircuts for their investors. For its part, though, we think that Solana is a commodity, notwithstanding the absurd claim that it was a briefly a security in 2018 because it was issued to VCs in exchange for seed funding. (VCs had also been observed buying watermelon, which is why it was deemed a security in the first place.) In our opinion, the upshot of all this is that TAPIR is not a security; it's a vehicle by which to gain exposure to a portfolio of LSTs without the problem of compound taxation, in addition to any upside due to deflation. (Technically, briefly passing through an LST on the way between a random token and TAPIR could be a taxable event but the gain would probably be negligible.) But none of that matters nearly so much as the fact that tapirs have protruding bums which can be pointed at other silly financial instruments such as timeshare condos.

By the time you read this, TAPIR might have been paired with something less correlated to the initial LSTs, or even an emotional support alligator. But this would likely result in a substantial loss to the party who did so. That's because, while LSTs are highly correlated to one another, they're not nearly as correlated to any other token on Solana, including SOL itself. This implies that any such LP would be at greater risk of arbitrage, and thus value leakage, as compared to one based on yet another LST. (We won't use the term "impermanent loss" here because it's all too often permanent.) Furthermore, the loss would be magnified by compounded autoburn.

0.25% of every token transfer is burned for reasons explained below. This means that if someone (or some service such as a DEX) sends you 10K TAPIR, you'll receive only 9975. Holders who buy once and sell once are thus all affected equally, so this "tax" doesn't necessarily put you at a disadvantage. It also applies to the LPs themselves, so everytime they receive TAPIR, they receive a bit less than was sent. This causes the amount of TAPIR held in an LP to evaporate, trade by trade, over time. This implies that any tapir foolish enough to contribute paired liquidity to the ecosystem will eventually lose all the TAPIR they invested, to the benefit of the holders. Sometimes it pays to be lazy!

Token2022 facilitates a transfer fee, which is fixed at 0.25% for TAPIR. Normally, the tokens would be sent to a "withdraw withheld" account for later use. But nobody can trust the Tapirocracy to spend its tax revenues wisely! Therefore, as you can see here, "withdrawWithheldAuthority" is set to NULL. Furthermore, there is no authority by which NULL could be overridden. Therefore the withheld tokens are effectively burned. (The LP fee itself is not burned and applies regardless of whether or not a given token employs transfer fees. However, LP fees which are diverted to burned LP claims, such as those which established the initial TAPIR LPs, are in effect also burned.)

The team locked all the liquidity they provided. This was done by burning all 10 LP token batches. Granted, someone might elect to pair TAPIR with another LST in a new LP, but this would likely be done for ecosystem boostrapping purposes rather than swap fee collection because autoburn would erode their TAPIR over time.

None! We put in months of development effort and spent thousands of dollars of our own money setting up all the LPs, only to burn all our claims thereto. Despite that, we had to buy our own TAPIR on the open market just like everyone else, subject to the same autoburn. We're no different than any other holder who is free to buy or sell as they please. Of course, we did have one distinct advantage: we already knew the quality of what we were buying the moment that the LPs became operational. The team wallet is at tapirtoken.sol.

That might be a good idea. Pull up the Sanctum LST list app and see if yours is highlighted with a blue checkmark. Or try to find out if its bridge contract has been audited by a reputable organization. Check out the validator's quality metrics on the Solana Validators app. Look them up on Top Validators and see where they land in the yield rankings. (Tapirs like high yield because it allows them to remain lazy and incompetent! But beware of those which charge no fees because that's usually not sustainable behavior, with rare exceptions where the operators have some other line of business.) And use your proboscis to sniff out scammy narratives on their website and social media. Also, for the sake of consistency with the initial LPs, we suggest using a "Constant Price" LP at Fluxbeam at the 0.2% fee tier ("Trade 0.002"). Despite the name, the price responsiveness is qualitatively similar to that of a conventional AMM.

No. Although it's tempting to think that would enable better performance in a dynamic interest rate environment, who would buy a token when the DEX warns them that the rate might change at any time? That's why "transferFeeConfigAuthority" is set to NULL in the contract. The rate was a compromise designed to reduce arbitrage leakage while being even less intimidating than a snoozing tapir. And, yes, it was actually informed by a multipool LST arbitrage simulation at basis-point granularity. It takes a lot of work to be lazy!

No. Minting is irrevokably locked because "MINT AUTHORITY" is not set, as you can see here. (Note that "FREEZE AUTHORITY" is not set, either.) Supply will thus never exceed the original 1M tokens.

The SolanaFM page seems to be the most accurate source.

No. The Solana core devs are even smarter than the founders of the Tapirocracy! Transfer fees are rounded up to the nearest minimum transfer unit, which in this case is 0.000001 TAPIR.

This works just fine except that the tax treatment of staking rewards is still under debate in various jurisdictions. LSTs have no monetary emissions, so unless one considers them to be passthrough entities for tax purposes, they should be capital assets subject to capital gains taxes. But this is just our theory. Consult a tax professional to determine how this applies to your own situation. In any event, staking SOL requires constant vigilence, lest you fail to realize that the validator to which you had delegated your stake has been chronically underperforming. The same applies to an individual LST, which is why we prefer diversified exposure through TAPIR. That, and the protruding bum.

By doing so, you would avoid autoburn (which might actually benefit you at the expense of frequent traders). But you wouldn't benefit from any price appreciation in TAPIR due to the demand for prepackaged diversified LST exposure, which is a marketable service in itself. By design, its price is largely a function of supply and demand, whereas LST prices are more anchored to staked SOL.

To name a few: Tapirs are lazy incompetent quadrupends who have no business designing a metaLST. Maybe the DEXs stop working. Maybe someone invests too much in a single TAPIR LP, resulting in an LST arbitrage opportunity which drains ecosystem value. Maybe someone opens an LP that pairs TAPIR with a shitcoin (and not even tapir poop, at that). Maybe the LST portfolio underforms expectations due to validator failures. Expand this list by doing your own research.

We realized that it wasn't such a great idea to have USDC as our primary countertoken, especially due to the arbitrage leakage that was occurring in conjunction with the SOL LP. We then realized that we could lay the foundation of a more robust ecosystem for less than the cost of buying everyone out of the USDC trap.

They were airdropped an equal amount of the new TAPIR (less the 0.25% autoburn) from the team wallet (tapirtoken.sol). The team wallet itself was excluded and relocated for clarity.

We think that having a token with correlation to an LST portfolio is a strong enough proposition in itself to induce capital inflows. However, the thrift of the concept itself is likely to induce even smarter ways to be lazy and incompetent. While there are no guarantees, it would thus be reasonable to assume that some of those new ideas would give rise to airdrops on TAPIR holders in the future. After all, they're smarter than your average tapir and therefore a great base from which to boostrap new ecosystems.

Yes!