Launchpad

Bonding curve

Each launch has its own bonding curve, which sells the token at a price that rises as more is bought, until the sale allocation is sold out.

#Supply

#Price

The price starts low and rises as tokens are bought. Selling tokens back to the curve lowers it again. The curve is designed so that:

• Selling the full 780,000,000 tokens raises exactly the quote target.
• The last price on the curve equals the opening price in the pool after graduation, so there is no jump at graduation.

For an ETH launch, the first token costs about 0.0000000028 ETH and the last costs about 0.000000035 ETH, 12.57 times more.

Rounding always works against the trader by at most the smallest possible unit per trade. That leftover stays in the curve permanently.

#Buying and selling

You can buy and sell on the curve at any time before graduation. You always pay or receive the pair token.

When you buy, the fees are taken from what you pay, and the rest buys tokens. When you sell, the fees are taken from what you receive. Every trade lets you set a minimum amount to receive and a deadline, so a trade fails instead of filling at a worse price than you accepted.

If a purchase is larger than what is left on the curve, you buy only what is left and the rest of your payment is refunded in the same transaction. That purchase completes the sale and triggers graduation.

After graduation the curve closes permanently. The token then trades only in its pool.

#Fees

Every curve trade pays the 1% base fee. Standard launches also pay the creator tax, if one was set. In the first few blocks after a launch, purchases may pay the anti-snipe tax. Sales never pay it. A launch's fee rates are fixed when it is created. See Fees.