How a launch works

The curve is a constant-product market between the token and the pair asset. It opens as if — were already in it, which sets the first price; that amount is virtual and is never paid by or to anyone.

You buy from the curve and sell back to it at any time, in one transaction, at the price the curve gives for that size. There is no order book, no presale and no allocation for the creator. A creator who wants tokens buys them in the launch transaction at the opening price, like anyone else would a moment later.

The token itself is a plain ERC-20: no mint function, no transfer limits, no wallet caps.

For the first seconds of a launch, buys pay an extra tax that starts at — and halves fourteen times before it reaches zero. It makes the first block worthless to bots that buy the instant a token appears.

The tax applies to buys only. The creator, the fee wallet and up to 32 wallets the creator lists at launch are exempt. The list is fixed at creation and shown on the token page.

These are the standard terms. A creator can set others at launch (a different start and window, within the factory's limits) or turn the tax off, and can schedule the opening for later: nobody, the creator included, can buy or sell before that time, and the window starts at the opening. On a launch made with these options the tax is paid to nobody: it buys tokens that are burned in the same trade. On a launch made the original way it joins the trading fees and is split the same way.

Every trade pays one fee: — on the curve and — in the pool. — of it goes to the protocol and the rest to the creator side. Fees are charged in the pair asset on the curve.

A creator may add a creator tax of up to — per trade when launching. It is fixed for the life of the token, shown on the token page, and paid to the creator in full.

Fees are not pushed to anyone. They collect in an escrow contract and are claimed by whoever they belong to.

The buy that takes the raise to — closes the curve. Anything that buy sent beyond the target is returned in the same transaction. From that moment the curve no longer trades.

Graduation then runs in two steps that anyone may call: the curve hands its the pair asset and remaining tokens to the factory, and the factory opens the pool at exactly the curve's last price. Between the two steps the token page reads “Graduating”.

The pool is a standard Uniswap v4 pool between the token and the pair asset, with one full-range position. That position is held by a locker contract that has no way to withdraw, move or shrink it, so the liquidity that graduates stays for the life of the token.

Only the factory can open a launch's pool, so nobody can create it early at a different price.

At launch a creator chooses what share of the creator side of each fee buys the token back from the market, and whether the bought tokens are burned at once or go into a vault that releases them in a straight line over —. That split is fixed for life.

On a launch made the original way, the creator can switch buyback on: while it is on, — of the creator side buys the token back and the tokens vest. Each new lock restarts the clock in proportion to its size. The token page shows the share of supply burned or locked this way.

A creator can send all or part of the creator side of the fees to holders instead of to a wallet. That part collects in a distributor contract for that token, and each period's total is shared among holders in proportion to what they held. Holders claim their share from the token page.

The choice is made by the creator at launch and is fixed: a token that pays its holders is tagged “Community” on the board.