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about 25,000 coins launched on pump fun every day in april. 0.84% of them graduated, per pumpfundata. every single one of them was long-only. if you thought a coin was cooked, your only move was to not buy it. @fadedrun, which went live yesterday, aims to change that. here's the full breakdown of what it is and what makes it different. what it is faded.run is an overlay on @Pumpfun. you launch a coin through it and it's still a normal pump fun token: same curve, same market, and it graduates to pumpswap like any other. the difference is that every coin launched through faded is born with its own lending pool, so anyone can short it from block one. the lending pool in the same transaction that creates the coin, the treasury buys 20% of supply straight off the fresh curve. one transaction, so no sniper can front-run it. while the coin is alive, those tokens only get lent to shorts. if a coin dies (no trades for an hour, no open shorts), faded can sell the pool back into the curve to free the launch spot. how a short works you put up SOL margin. the program borrows tokens from the coin's lending pool and sells them into the coin's own market right away. when you close, it buys back exactly the tokens you sold, on that same market, and returns them to the pool. no oracle, no perp, no synthetic price. the chart is the only price, and both legs of every short are real trades on pump fun. the numbers a short needs a 45% cushion over its buyback cost to open, and it auto-closes under 30%. interest is 0.1% an hour on your margin (2.4% a day), charged by time only. 1% faded fee to open, 1% to close, on top of pump fun's normal trading fee. no faded fee on liquidations. the minimum margin is 0.01 SOL, and the most you can lose is your margin. your entry and your auto-close line are drawn right on the chart. when a short does get liquidated, that's a real market buy of the owed tokens on the coin's own market, which pushes the price up. the guardrails at most 40% of a coin's lending pool can be out on loan at once, and each extra SOL of margin in a short borrows fewer tokens than the last. the more of the pool is lent out, the higher the short premium, meaning how far above the chart price you borrow. for example: 1.00x with nothing lent, 1.23x at 10% lent, 2.04x at 30%. bears get a door, not a battering ram. new shorts stop once the curve hits 95%. open shorts carry over to pumpswap after graduation. why creators should care every trade on your coin pays you pump fun's creator fee, including both legs of every short and the lending pool buy in block one (you cover the fee on that buy). you claim them from your profile. creators earned 7.5035 SOL in fees on faded in the first ~5 hours. every short is also volume on your coin's own market: the open sells into it, the close buys back from it. why holders should care you can hedge your bag instead of selling into your own chart. and a dev who plans to dump on holders now faces a second side. your keys, your funds you sign every trade, launch and withdrawal from your own wallet. sign in with a wallet, or with email or X and a wallet gets made for you. faded.run never holds your keys or your funds. what it isn't it doesn't let you short any memecoin. only coins launched through faded can be shorted, every one of them from the first block. it's not a perp dex and it's not custodial. where it's at it's live. coin creation is invite-only for now and launch spots are limited, so if you want to launch one, my DMs are open. called the fade? get paid.