Abstract
Attention has been one of the most valuable aspects of our daily lives. It moves everything around us: what we see, what we consume, what we trade, and more. It’s the single most valuable asset, difficult to acquire and maintain. Yet, we have seen many fleeting experiments in the industry that have played an important role in distribution but have not yielded a lasting, valuable outcome. However, it has opened doors for others to innovate. And, we’re working in that direction.Problem Statement
Attention is fleeting. In recent years, it has become increasingly difficult to capture attention and turn it into actual usage or a community. Every new project or narrative provides opportunities that flow from one to another in not months but days. Some persistent issues in Web3:- Discovery is broken
Every day, we see new projects, tokens & narratives emerging in Web3. They’re moving at the speed of light. Finding out about the next opportunity starts feeling like a race: scrolling through tweets and x posts, making efforts to get into private communities, expecting to be an alpha, investing money due to FOMO, and sometimes getting caught in scams. - Attention is short-term
Attention is very short-lived these days. With various forms of content available and an abundance of information, it’s challenging for anyone to capture and hold attention.
Market Context (Background)
Attention economy is not a new concept – but in Web3, it is evolving faster than you think, and for the better. Here’s how it has evolved over the year:- 2017-19: Gleam campaigns & Ambassadors
Every project back in those days organised Gleam campaigns & Ambassador programs, with all the manual efforts to create buzz. While these tactics generated attention, they did not develop long-term conviction.
It rewarded a behaviour that led to issues when projects wanted to scale. As managing them manually became difficult, the members involved lost interest. - 2021-23: Questing era
Questing fueled the behaviour nurtured during gleam campaigns and ambassador programs, but it evolved too. Now, it has attracted more organised farming behaviour. This led to inflated metrics that were far from reality and could only be sustained until rewards were flowing in. The moment rewards stopped, projects began to look like ghost towns. Because they didn’t own that distribution, it was merely rented. - 2023-present: InfoFi
InfoFi projects have reshaped how crypto distribution works. Participation in or being on the leaderboard has become more capital-intensive. While it created a level playing field for creators, it has created more noise than conviction. And it only makes sense for those who can splurge millions on rewards and leaderboard access.
Our Approach
At TDL, we’re building the next frontier of InfoFi and putting Finance into it. Thus, we have taken a different approach than existing InfoFi platforms. We’re not relying on social metrics; rather, we’re relying on markets that have real capital invested in them. We believe markets are the true representation of mindshare. We are building rails for it. Our products, Rayo & not.market, sit on opposite ends of the spectrum, solving different problems, but they work in unison. Rayo (rayo.gg) is focused on distribution & discovery. It is a platform where anyone can discover new & emerging projects in Crypto—used by Institutions, Accelerators, Founders, Investors and the everyday audience—catering to 99k+ users across 180+ countries, with 5.6m+ interactions. While Rayo focuses on projects across different phases of the project lifecycle: pre-TGE & post-TGE, not.market is specifically concentrated on the Pre-TGE phase. not.market is creating a marketplace for Pre-TGE projects, turning this opportunity into a speculative market for the community. The pre-TGE stage is crucial and often unclear for every project. It presents the greatest opportunity for speculation, yet there is currently no efficient method to facilitate it. Pre-TGE markets reflect which projects are gaining attention and where the community’s confidence lies. We are developing the necessary infrastructure to support this. not.market operates as an open, onchain trading platform where token price discovery is automated & transparent. $TDL empowers and integrates in Rayo & not.market. Discovery -> RayoSpeculation -> not.market
Value accrual -> $TDL
Technical Overview & Architecture
Both of our products work in unison, while addressing different problems and user bases.not.market
not.market is a decentralised marketplace for trading pre-TGE project tokens using bonding curve mechanics, deployed natively on Solana. It enables global community participants to speculate on emerging crypto projects before they hit TGE, capturing early project momentum and creating continuous liquidity for pre-launch speculation. not.market operates as an open, onchain trading platform where token price discovery is automated & transparent. We are building on Solana. Solana provides infrastructure that facilitates high-frequency trading and, in general, makes trading as a use case possible. By implementing bonding curves, not.market eliminates intermediaries, removes information asymmetry, and allows any user to participate in emerging projects at any time with algorithmic pricing guarantees. High-level conceptual overview not.market is a market creation and trading system built on the Solana blockchain. It introduces a controlled economic lifecycle for trending Pre-TGE projects using the bonding curve mechanism before graduating to an AMM* (open-market trading). The section below provides an end-to-end explanation of how not.market operates at the system level. It focuses on:- All accounts and their roles
- How value and state move through the protocol
- The lifecycle of a token from creation to DEX graduation
- Interactions between users, programs, and PDAs*
- Logical flow of capital, pricing, and control
- not.market is built as a Solana program.
- It acts as a permissioned marketplace for trending Pre-TGE projects.
- For each Pre-TGE project, a liquid, onchain market is created on Solana that purely represents them.
- Markets feature SPL-20* tokens.
- Each market has its own bonding curve, enabling autonomous price discovery. Bonding curve manages buy and sell orders using an arithmetic formula.
- Ensuring each market has a fair and transparent launch & price.
- marketConfig: Account responsible for holding all the necessary information about the market, such as fee management address, token address, and other rules to provide uniformity across all the markets. Admins can update configurations to improve functionality and alignment.
- marketLaunch: The Account maintains data, such as token name, metadata, and description, whenever a new market is created. For each market, a new tokenLaunch account is created, providing information about that market, including the token’s unique details and the bonding curve address.
- bondingCurve: Each market has its own bonding curve when it’s created and holds a quote generated from trades in that market, maintaining data on tokens purchased, sold, and in reserve, and tracking tokens’ eligibility to graduate (migrate) within an AMM. It has a mathematical structure that provides uniformity across all tokens and facilitates a fair launch & price discovery. Also, it serves as a reserve of tokens needed for LP on AMM.
- userPosition: It records trades made by a particular user, including their token holdings, net P&L, platform interactions, and total invested amount (in SOL).
- Mint: Inherited from the SPL token library and used whenever a new token is created. This account is used to mint new tokens during the bonding curve process, which is 1B, of which 800M are available on the curve to trade, and the remaining 200M are reserved for providing liquidity on AMM.
- SOL_VAULT: It maintains SOL earned from token purchases on the curve and provides SOL when a user wants to sell back to the curve. Also, it helps maintain SOL balance for LP creation.
- PythUpdaterV2Account: We use Pyth to fetch the latest SOL/USD quote. It is inherited from Pyth’s Rust crate and used to configure price feed ID and other program details.
[Image]Step-by-Step process
- Market Creation (Admin Action)
- The not.market admin initialises the program by configuring platform fees and feeManager, and by allowing whitelisted wallets to launch new markets. Admins or whitelisted managers can now launch new markets for tradable SPL-20 tokens. For each new Pre-TGE project, a bonding curve account is created that holds the net-minted supply and quote tokens for every purchase.
- The curve holds the full supply of that market’s token (e.g., 1 billion tokens), divided as:
- 80% available for trading via the curve.
- 20% reserved for migration to a DEX once the market matures.
- User buys a token
- The user connects their self-custodial wallet (e.g., MetaMask, Phantom).
- When buying, the user sends crypto (e.g., SOL) directly to the Bonding Curve account, which determines the current price algorithmically.
- The program sends the corresponding amount of tokens (for that Pre-TGE project) directly to the user’s wallet.
- A small protocol fee (1%) is automatically collected and routed to the protocol’s treasury recipient.
- User sells a token
- Users can sell their tokens back to the bonding curve at any time.
- The program calculates the return amount and sends crypto (USDC) directly back to the user’s wallet.
- A protocol fee is automatically deducted and logged to the fee recipient address set by the admin during configuration.
- DEX migration
- Once a market reaches a decided market cap, liquidity migration is processed:
- 20% of the token supply + accumulated liquidity from the bonding curve is moved to a DEX (Raydium/Meteora)
- The public liquidity pool is created to facilitate trading.
- Post-migration, trading will happen through DEX.
- Once a market reaches a decided market cap, liquidity migration is processed:
- Fee Settlement
- Protocol fees are periodically withdrawn to the treasury.
- These funds will be used for operational and product development purposes.
[Image]
Rayo
It is a platform to discover new & emerging projects in Web3/crypto. While it looks simple but it’s much more difficult to achieve in terms of adoption. Rayo relies on community intelligence to scale the platform’s reach across projects & users. Our competitors usually rely on a centrally controlled environment to determine what gets on the platform, which cannot scale in the long run. We’re building with a long-term mindset, allowing the community to participate from day 1. Design goals:- Surface early-stage cultural and technical signals (not price or social hype).
- Preserve authenticity by privileging community curation over vanity metrics.
- Support a broad multi-chain and infra landscape (platform-agnostic across ecosystems).
- Enable predictable, auditable visibility mechanics (transparent rules for how projects surface).
- Scale to hundreds of thousands of users and millions of interactions while maintaining low friction for contributors.
- Client / Frontend: Built using Next.js (React) with TypeScript and Tailwind CSS, optimised for performance, fast rendering, and low-latency navigation.
Provides:- Project profiles & browsing:
Information about the project, Chains supported, Socials & resources, User submitted & voted for it, Category, etc. - Ecosystem + Category filters
- User profiles
- Voting interactions
- Project submission
- Leaderboard
- Base-level data
- Project profiles & browsing:
- Backend & API
Handles all major interactions:- Project listing & retrieval
- User registration & authentication
- Vote submission
- Project submission
- Ecosystem/category metadata
- Curation Engine
A lightweight deterministic engine that computes:- Project popularity (based on votes)
- Action velocity (rate of votes in recent periods)
- Ecosystem/category ranking
- Data (core entities)
Our architecture supports:- Project profiles
- Ecosystem mapping (L1s, L2s, infra, tooling)
- Category & sub-category data (defi, infra, identity, agents, etc.)
- Curation metrics for surfacing early attention
- Activity time-series (daily votes)
- Scoring & Ranking
We prioritise community signals:- Projects can be sorted based on:
- Votes (Most/Least/Recent)
- On the homepage, Votes below 150 are shown in Recent, while votes above 150 have to compete with others to pop up in the Popular section.
- User profiles are sorted based on (Leaderboard):
- Recent: This tab shows 50 accounts that have joined the platform recently.
- Proposers: On this tab, you can find the top 50 who have submitted projects on Rayo.
- All contributors: This tab shows the top 50 users by total points earned from contributions.
- Points: Users earn points based on their contributions on the platform, including Profile updates, submitting and voting for a project.
- Projects can be sorted based on:
Features & Capabilities
Rayo - Capturing Attention- Ecosystem surfacing
- Collective intelligence
- Community-driven signal
- Cultural categorization
- Pre-TGE projects are the core of trending narratives
- Market-based attention (mindshare)
- Conviction (PYMWYMI)*
- Supports both Rayo & not.market in the mission to Supercharge Attention Economy
- Fees / Burn mechanism
- Value flows to $TDL
$TDL is designed strictly as a digital utility token that enables access to specific products, features, and services within the TDL ecosystem, including but not limited to governance participation, protocol interactions, and platform utilities. $TDL is not designed or marketed for investment, speculation, or financial return, and participation in the token distribution should not be interpreted as an investment opportunity.
Use Cases
For Traders: Traders can take positions in Pre-TGE projects when they’re trending, rather than waiting for project tokens to launch—giving them an alternative opportunity to trade when it makes sense. For Projects: Both products create interesting opportunities for Founders & teams. They can watch where people are paying more attention to, for the distribution of their product. For Investors & Analysts: Markets are a much better representation of mindshare, not yapping. They provide real insights into where the community’s conviction is strong or fading. It gives you a much clearer picture of what makes sense.Business & Token Model
$TDL TDL token will accrue value in different ways on Rayo & not.market. Fees: Markets on not.market are facilitated by a bonding curve that enables both buyers and sellers to capitalise on trending Pre-TGE projects while providing a fair pricing model.On not.market, each transaction has 1% fee. Spend: On Rayo, in the near future, we will have spend functionality to provide visibility to projects and individuals. We are still finalising the scale of its impact and the possible opportunities for users to gain visibility. It creates long-term utility-driven mechanisms within the ecosystem. While we will be working on more ways to transfer value back to $TDL and its token holders, the points mentioned above are the initial steps towards a healthy business & token model.
The $TDL token follows a structured and transparent tokenomics framework designed to support long-term ecosystem growth, user participation, and responsible treasury management. The tokenomics model outlines the total token supply, allocation methodology, vesting and release schedules, and any supply-modifying mechanisms associated with the token. Attaching the tokenomics link for reference and clarity. Token Classification Disclaimer: $TDL is a utility token that provides access to certain features, functionalities, and services within the TDL ecosystem. $TDL does not represent or confer:
(a) any equity interest, share, or security;
(b) any ownership, proprietary or controlling interest in any entity;
(c) any right to receive dividends, revenues, profits, or other financial returns;
(d) any claim, entitlement, or interest in the assets or property of the issuer or its affiliates; or
(e) any guarantee of future value or performance. $TDL is not intended to be, and shall not be construed as, a security, investment contract, financial instrument, or any other regulated product under the laws of the British Virgin Islands or any other jurisdiction.
Roadmap
2025 Q4- $TDL launch
- Retroactive drop
- Token Liquidity Experiment (innovative)
- Listing on DEX + CEX
- not.market (Private beta)
- Users onboarding
- Close community for private beta
- Launch initial markets
- not.market (Public)
- Integrating Rayo & not.market
- Rayo: Sentiment (redacted)
Team
Nirbhik Jangid - Founder. Previously, 1st team member at Polygon.Rudransh Singhal - Smart Contract Dev.
Sahil Ranpuri - Product Design & Development.
Anshul Pareek - Business & Ops.
Nayan - Community.
Conclusion
Attention is the visible force driving Web3 - but it has never been structured, measured, or tradable. TDL solves this by building the complete stack for the Attention Economy. With Rayo capturing the early signal and not.market turning Pre-TGE signals into liquid markets; attention becomes transparent, measurable, and tradable. Where others reward noise, we value conviction.Where others build feeds, we build markets.
Where past cycles engineered engagement, we turn it into liquidity. TDL is not just participating in the Attention Economy — it is defining it.
Disclaimer This whitepaper is provided for informational purposes only. Nothing herein constitutes legal, financial, tax, investment, or other professional advice. No part of this whitepaper shall form the basis of, or be relied upon in connection with, any contract or commitment. The whitepaper has not been reviewed or approved by the BVI Financial Services Commission. No Securities Offering - Nothing in this whitepaper shall be construed as an offer to sell or the solicitation of an offer to purchase securities or any other regulated financial product in the British Virgin Islands or any other jurisdiction. Liability Limitation - To the maximum extent permitted by applicable law, the issuer and its affiliates disclaim all warranties, representations, and guarantees, whether express or implied, regarding this whitepaper or the $TDL token. The issuer shall not be liable for any indirect, incidental, or consequential losses arising from the use or inability to use $TDL. Whitepaper Subject to Change - This whitepaper may be updated, amended, or replaced without prior notice. The issuer does not undertake any obligation to provide recipients with access to additional information or to update this whitepaper. Risk Disclosures Risk FactorsGlossary
The acquisition, holding, and use of $TDL involve significant risks. Prospective participants/investors should carefully evaluate and understand the following non-exhaustive risk factors:
(a) Regulatory Risk – digital assets and virtual asset service activities remain subject to evolving laws and regulations. Regulatory actions or changes in applicable law may adversely affect the ecosystem or the ability to use $TDL.
(b) Market and Price Volatility – digital asset markets are highly volatile. $TDL may experience substantial fluctuations in price, demand, and utility. There is no guarantee of liquidity or market stability.
(c) Smart Contract and Technical Risks – Smart contracts, blockchain protocols, and related code may contain vulnerabilities, bugs, or exploits that could result in partial or total loss of tokens.
(d) Operational and Governance Risks – Decisions relating to upgrades, governance processes, or ecosystem changes may impact the functionality or use of $TDL.
(e) Private Key and Cybersecurity Risks – Loss, theft, or compromise of private keys or digital wallets may result in irreversible loss of $TDL.
(f) Network Congestion or Failure – Blockchain networks may become congested, malfunction, or cease operation, affecting the ability to transfer or utilise tokens. These risks are not exhaustive, and participants/investors are strongly advised to seek independent professional advice. Jurisdictional Restrictions
The distribution, purchase, or use of $TDL is not permitted in jurisdictions where digital asset offerings are restricted or prohibited. $TDL is not available to (i) residents, citizens, or entities of the United States of America, (ii) any jurisdiction subject to sanctions or restrictions imposed by the United Nations, OFAC, the European Union, or the Financial Action Task Force (FATF) and (iii) jurisdictions where participation in token offerings is unlawful. The participants/investors are responsible for ensuring that their participation complies with local laws.
- AMM: A protocol used by decentralised exchanges (DEXs) that uses mathematical algorithms and liquidity pools (collections of token pairs) to facilitate automated, permissionless trading without needing a traditional order book or a centralised intermediary.
- SPL-20: SPL-20 (Solana Program Library-20) is a standard for creating and managing tokens on the Solana blockchain. Much like the ERC-20 standard on Ethereum, SPL-20 establishes a comprehensive framework comprising conventions and interfaces tailored for both fungible and non-fungible tokens (NFTs).
- PDA: PDAs provide an easy method to store, map, and fetch program state. A PDA is an address that is created deterministically using a program ID and a combination of optional predefined inputs. PDAs look similar to public key addresses, but do not have a corresponding private key.
- Bonding Curve: A mathematical concept that describes the relationship between the price and supply of an asset. The fundamental idea behind a bonding curve is that when a person acquires an asset in limited supply, each subsequent participant must provide slightly more to acquire it.
- PYMWYMI: Put your money where your mouth is.