Introduction

not.market is building synthetic pre-markets on Solana for the community to trade based on their conviction in projects before TGE. Why? Speculation about a project begins the moment it comes into existence. Everyone speculates on projects months before their TGE through informal channels until the markets are available, while conviction flows inefficiently. There are a few available ways to trade them: Perps, IOUs and OTC. Perps is efficient for price discovery, but not every trader is comfortable with leverage. OTC is great for large volume trades. However, we are seeing some success on OTC markets with whales.markets for retail - while the intensity is lower than perps, it requires patience. IOUs on centralised avenues are a black box - no onchain data to track them. Some experiments were happening on social metrics (mindshare)- based trading, but they’re largely inefficient and pose single-point-of-failure issues. not.market offers an alternative, structured synthetic pre-markets for everyone to speculate on projects before the token goes public. Providing them with exposure to take a position instead of living in hope of the future. Trade what makes sense. Historically proven, traders trading your market are your most active community - it’s a brutal truth. Quests and InfoFi Leaderboards give projects early distribution but no long-term conviction. If we want the entire space to succeed and ICM to become a reality, Premarkets is the way to go for distribution and getting traders’ attention. Existing instruments for pre-markets have observed $1-20M volume potential per project, depending on the market and demand. How does it function? The first and foremost step is to understand the asset’s fair price. While there are a few ways to determine it, the best approach is to rely on the available market or on the team’s current valuations. If there isn’t any data, we follow our own process to determine the price based on the category they’re building in and provide a market at a fair price. In terms of execution, we will leverage Meteora’s DLMM stack for efficient market creation and trading. DLMM excels for pre-markets - concentrated liquidity bins handle volatility, dynamic fees deter snipers and Solana’s speed enables tight spreads. not.market team will curate and launch pre-markets for high-conviction projects, filtering noise to focus on sustained interest.

• Market Launch: Team seeds single-sided liquidity in custom price bins, setting FDV range, supply cap, and parameters (e.g., 25 bps bin step).
• Trading: Users swap USDC/SOL; prices form organically from bin utilisation and order flow.
• Fees: Platform + Protocol fee. Read more: https://docs.meteora.ag/overview/products/dlmm/dlmm-fee-calculation

Market resolution mechanism Resolution ties directly to the project’s stage and delivery for fair outcomes:

• No TGE or Failure: Market closes with pro-rata principal refunds based on final positions.
• Successful TGE: Pooled liquidity converts to DEX LP positions or pro-rata live token distribution to holders.
• TGE with Insufficient Liquidity: Team discretion to refund if the project fails to provide adequate post-TGE pools, avoiding forced bad migrations.
• All settlement happens onchain for transparency.

Differentiation not.market complements perps and provides an option for liquidity carryover, solving the distribution gap. not.market building the missing ICM primitive: structured pre-markets, turning attention → liquidity.

Try out Beta: https://beta.not.market Follow updates: @notdotmarket

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Document updated on February 6, 2026