Launchpad
Canonical pools
A launch's canonical pool is the trading pool it graduates into and where its locked liquidity sits.
GAMA trading pools
GAMA runs its own copy of Uniswap V4, the trading-pool software used across Ethereum. The pool mechanics are unchanged. GAMA adds its launch rules through a plug-in to each launch's pool, called the launch hook.
Anyone can also create ordinary pools on GAMA's Uniswap V4, with the usual Uniswap features.
Before graduation
A launch's pool exists from the moment the launch is created, but it stays closed until graduation. Until then:
- Nobody can set the pool's opening price. Only graduation can, at the curve's last price.
- Nobody can add liquidity except the graduation step itself.
- Trading is not possible.
After graduation the pool is open to everyone. Other people can add their own liquidity, which stays theirs and is not locked.
Trading fees
The canonical pool charges no liquidity-provider fee. Instead, every trade pays two fees, always in the pair token:
| Launch mode | First fee | Second fee |
|---|---|---|
| Standard | Pool fee, 1% by default | Creator tax, 0% to 10%, set by the creator |
| Reward | Platform fee, 1% by default | Holder fee, 1% or 3% |
Both rates are fixed when the launch is created and never change, even if the launch later moves to another venue. Each fee is capped at 10%, so the two together are at most 20%.
Every trade pays these fees, whichever app or route it comes through. See Fees for where they go.
Two kinds of internal purchase pay no fee: creator buybacks and the protocol's GAMA buybacks.
Protocol fee
The trading-pool software also has an optional protocol fee on each trade. On GAMA pools it is 0% by default. The protocol owner can switch it on for a pool, up to 0.1% of each trade. Anything it collects is protocol revenue. See Protocol revenue.
Locked liquidity
The liquidity from graduation is held by the locker. Nobody can withdraw it, including the protocol owner. It can only move through a migration, which relocks it immediately.
Because the pool charges no liquidity-provider fee, the locked liquidity earns no trading fees. The fees go to the fee escrow instead, as described above.