P-Token

P-Token

P-Token is the re-implementation of the classic SPL Token program, active since epoch 971 (13 May 2026). It runs under the same program ID TokenkegQfeZyiNwAJbNbGKPFXCWuBvf9Ss623VQ5DA as the older program — the swap occurred via the feature gate ptokFjwyJtrwCa9Kgo9xoDS59V4QccBGEaRFnRPnSdP.

What is different

P-Token is written in Pinocchio instead of the classic solana-program crate. That makes token operations substantially cheaper: a transfer costs 76 instead of 4,645 compute units. Account layouts remain 1:1 identical — existing wallets, dApps, and indexers need no migration.

Three new instructions

• batch — multiple token calls in one invocation
• unwrap_lamports — direct transfer from wrapped-SOL accounts
• withdraw_excess_lamports — recovery of SOL accidentally sent to mints

Impact

Token program usage drops network-wide from roughly 10 to 0.5 percent of block compute units. That creates block space for more complex DeFi routes. Indexers must switch their log parsers to instruction-data decoding because P-Token no longer logs instruction names.

Deep dive

Pillar P-Token explained.