The MIFI Token

MIFI is the token at the center of Magic Internet Finance. It is a plain SPL token on Solana with 6 decimals and a fixed total supply of 1,000,000,000, launching on Meteora's Dynamic Bonding Curve and then trading in a Meteora DAMM v2 pool with a 3% liquidity fee. Holding MIFI does nothing on its own: no transfer tax, no rebasing, no hidden mint. Its one special trick is that exactly 100,000 MIFI can be locked to conjure an Internet Wizard, and that lock is fully redeemable. This page covers the token itself. For what Wizards do with it, see Internet Wizards: Conjure, Own, Dispel; for where revenue comes from and how it is split, see The Mana Pool.

At a glance#

Ordinary transfers, nothing hidden#

MIFI uses the standard SPL Token program that every Solana wallet, explorer, and DEX already understands. There is no protocol transfer tax, no transfer hook, no rebasing balance, and no hidden mint mechanism; the intended end state is a mint with no mint authority at all (see below, and verify it in the app). Sending 10 MIFI to a friend delivers 10 MIFI, minus the ordinary Solana network fee paid in SOL.

This matters because the 3% fee you will read about below is a pool fee, charged by the liquidity pool when someone swaps in it. It is not a tax on the token. Moving MIFI between your own wallets or gifting it costs nothing beyond network fees; conjuring has its own SOL action fee and rent, but no tax on the MIFI itself.

The intended end state is a mint with no mint authority, meaning nobody can create more MIFI. The app reads the mint authority directly from chain and displays it; if you want to check, the explorer link on the mint address shows the same thing.

Decimals and exact amounts#

MIFI has 6 decimals. On chain, balances are whole numbers of base units, and 1 MIFI is 1,000,000 base units.

The protocol does not hard-code the number 6. At initialization it reads the decimals from the actual mint and stores them, then derives the collateral amount as 100,000 multiplied by 10 to that power. Every amount in the program and in the app is handled as an exact integer, never as a floating-point approximation, so the quote you approve is the amount that moves.

How MIFI launches#

MIFI launches in two phases on Meteora, then settles into ordinary pool trading. If you have never used a bonding curve, here is the plain version.

Phase 1: the bonding curve#

A Dynamic Bonding Curve (DBC) is a smart contract that holds the MIFI supply allocated to launch and sells it according to a fixed price formula. There is no order book and no market maker. You send SOL to the curve and receive MIFI at the current curve price; you can also sell MIFI back into the curve for SOL. As more MIFI is bought from the curve, the price moves up along the formula; as MIFI is sold back, it moves down. The SOL that buyers pay in stays inside the curve.

The venue charges its own trading fee on each buy and sell during this phase. The portion of that fee configured to go to MIFI (Meteora calls these partner and creator fees) is paid to an account controlled by the MIFI program, not to a person. That recipient is fixed when the curve is created and cannot be re-pointed later. The fee is collected in SOL and routed to the Mana Pool split described in The Mana Pool.

The curve's shape, starting price, and migration threshold are launch configuration and have not been decided. The plan is to publish them before the curve goes live.

Phase 2: migration to the DAMM v2 pool#

Every DBC has a migration threshold: an amount of SOL that, once raised, ends the curve phase. When MIFI's curve reaches its threshold, trading on the curve stops and the venue moves the SOL it collected, together with the MIFI reserved for liquidity, into a new Meteora DAMM v2 pool. The pool is a conventional automated market maker where price is set by the ratio of MIFI and SOL it holds. Trading continues there from then on.

From your point of view, migration is a non-event:

• Your MIFI does not change. Same mint, same balance, same wallet. There is nothing to claim, swap, or upgrade.
• No new MIFI is created. Migration moves tokens that were already reserved for liquidity; the supply stays at 1,000,000,000.
• Trading pauses briefly on the curve and resumes in the pool. The venue is designed so the pool opens close to where the curve ended.
• The app switches its Buy MIFI link from the curve to the pool and shows the pool address with an explorer link.

The liquidity position created at migration for the protocol is locked and owned by a MIFI program account. It cannot be withdrawn; only the trading fees it earns can be claimed, and those go to the Mana Pool split. How much liquidity is placed in that position, and whether any liquidity sits outside it, is part of the undecided launch configuration.

Phase 3: life in the pool#

After migration, MIFI is a normal Solana token trading in a normal pool. Anyone can buy or sell through the pool directly or through an aggregator. Anyone can also add their own liquidity to the pool; fees earned by other people's liquidity belong to them, not to MIFI.

Where the 3% pool fee goes#

The DAMM v2 pool charges a 3% liquidity fee on every swap, paid by the trader in SOL. That fee is distributed to the pool's liquidity positions in proportion to the liquidity they provide. MIFI's revenue from trading is the share earned by the protocol-owned locked position, and only that share.

Here is the path a fee takes from a trade to a Wizard vault:

1. Someone swaps MIFI and SOL in the pool. The pool keeps 3% of the trade as a fee.
2. The protocol-owned locked position accrues its proportional share of that fee, in SOL, inside the venue.
3. The keeper service claims the accrued fees into the protocol's fee inbox, a program-controlled account fixed when the venue was set up. Until this happens the SOL is "claimable on venue," not yet MIFI revenue, and the app labels it that way.
4. The protocol ingests the inbox and splits it: 80% to the Mana Pool reserve, 20% to the protocol treasury (proposed default).
5. The Mana share is allocated equally across every Wizard that is active at that moment. This is receipt-time entitlement: a Wizard earns from a fee when the fee is received by the protocol, not when the underlying trade happened. Fees are claimed frequently to keep the gap small.
6. Each Wizard's share sits as SOL until its spell runs: kept as SOL (Sol Spell), swapped to the configured tokenized BTC asset (Orange Spell), or swapped to MIFI (Infinity Spell). See Spells.

Two honest caveats. Trading fees exist only when trading happens; a quiet week produces a quiet Mana Pool. And the 3% is the pool's fee schedule, not a promise about volume, so no number on this page should be read as an earnings estimate.

Locked is not burned#

MIFI is never destroyed by the protocol. When you conjure a Wizard, 100,000 MIFI moves out of your wallet and into a vault that belongs to that Wizard. Think of it as a safe with the Wizard's name on the door, not a bonfire.

Locked MIFI is out of circulation only for as long as its Wizard exists. Dispelling releases it, and someone else can lock the same tokens into a new Wizard with a new serial. Stats in the app count MIFI in Wizard vaults as locked, never as burned, and show the total separately from the fixed supply.

MIFI bought by an Infinity Spell Wizard is also held in that Wizard's vault, tracked separately from the 100,000 principal, and also returned in full on dispel. It is purchased on the open market, not minted.

Because MIFI in Wizard vaults, liquidity pools, and other people's wallets cannot simultaneously be used as collateral, the number of Wizards that can exist at once is bounded by available MIFI. The absolute ceiling is 1,000,000,000 divided by 100,000, which is 10,000 simultaneous Wizards; the practical number is lower.

The 100,000 MIFI rule#

The conversion is fixed: 100,000 MIFI in, one Wizard out; one Wizard in, 100,000 MIFI out. It does not vary with market price, time, or how many Wizards exist.

This rule is set when the protocol is initialized and is not a tunable parameter. The protocol's administrative instruction for adjusting fees and limits cannot change the collateral amount, the token decimals, the MIFI mint, or the Wizard collection. The 100,000 figure is also what makes a Wizard easy to reason about: every active Wizard is backed by exactly the same principal, and every active Wizard has exactly one share of revenue regardless of its art, age, or spell.

For completeness: the program has an upgrade authority held by a multisig, as every upgradeable Solana program does, and the upgrade policy is disclosed in the project's authorities documentation. The design intent is that collateral and reward weight are never casually changeable by configuration.

Launch parameters#

The table below separates what is fixed from what is a proposed default and what has not been decided. Proposed defaults are the values the protocol is being built with; they may be adjusted before launch once real costs are measured, and the app always shows the live on-chain values.

Things worth knowing#

• Revenue depends on activity. Conjure fees come from new conjures. Trading fees come from trading. If activity stops, revenue stops. Locked MIFI stays redeemable either way, but its market price can fall.
• A Wizard's value is an estimate. The app shows token balances first and an estimated NAV second. Redemption returns tokens, not a guaranteed dollar amount.
• Fees are earned at receipt time. A Wizard conjured today shares in fees the protocol receives from now on, including fees claimed from trades that happened before it existed but were not yet claimed. It does not share in fees that were already received.
• Mint and program addresses are published in the app with explorer links once they exist. Treat any address you see elsewhere with suspicion until you have checked it against the app.
• MIFI is a new project. It is inspired by an old internet wizard drawing and is not affiliated with any prior "Magic Internet Money" project, any Bitcoin organization, or any exchange.
• Independent review is on the pre-launch checklist and has not yet happened. Passing tests are not an audit.

Related pages#

• Magic Internet Finance: Overview: what Magic Internet Finance is, in one sitting
• Internet Wizards: Conjure, Own, Dispel: conjuring, owning, transferring, and dispelling a Wizard
• Spells: the Sol, Orange, and Infinity Spells
• The Mana Pool: the Mana Pool, revenue sources, and how shares are allocated