Paired assets
A launch's paired asset, also called its pair token, is what the launch is priced in: on its curve, in its pool after graduation, and in every fee it pays. Creator earnings and holder rewards are paid in it too. You choose it in the Paired asset field when you create the launch, and it cannot be changed afterwards.
What you can choose
| Paired asset | Graduation target |
|---|---|
| ETH, the default | 7.8 ETH |
| GAMA, once it has graduated | 7.8 ETH worth of GAMA at GAMA's price when your launch is created, at most 25% of GAMA's supply outside the dead address |
| Any other token launched in the current release, once it has graduated | Worked out the same way as for GAMA |
The list in the form starts with ETH, then GAMA, both starred (★), then the other graduated launches. Only assets that are switched on appear. While GAMA has not graduated, the form says "GAMA becomes a paired asset once it graduates." On the current testnet release GAMA graduated at block 37,694,055, in this transaction.
GAMA's admin can also approve other tokens with at least 6 decimals, each with its own target. None is approved on the testnet today.
What the graduation target is
The graduation target is how much of the paired asset the curve has to raise to sell all 780,000,000 tokens on sale and graduate. Only what the curve holds counts; fees do not. The supply and the sale are the same whatever the paired asset.
The Token preview shows the target as Graduates at, and the token page shows it as Graduation target next to Raised so far.
Launches as paired assets
A token launched on GAMA becomes a paired asset by itself, the moment it graduates and its locked liquidity is in place. A launch that is still on its curve, or whose graduation has not finished, cannot be one. Only launches of the current release qualify, and the contracts recognise them from their own launch records, never by name. A token that copies another launch's name or ticker is not eligible.
How its target is set
There is no outside price feed. When you create a launch priced in another launch's token, the contracts convert the 7.8 ETH target at that token's current price in its own GAMA pool, and your launch keeps the result for good. If that pool is itself priced in another launch token, the price follows that token's pool, and so on back to ETH. If no current price is available, the launch cannot be created. If the price moves between your preview and your confirmation, the launch is refused and the app asks you to review the new preview.
Why the target is capped
If a paired asset's price falls a long way, 7.8 ETH could be worth more tokens than exist, and a launch priced in it could never graduate. So a converted target is capped at 25% of the paired asset's supply outside the dead address, where burned tokens go.
At its own graduation price, 7.8 ETH buys exactly 22% of a token, the 220,000,000 tokens locked in its pool. So the cap makes no difference for a paired asset trading at 88% or more of its graduation price. Below that, the target stops at 25% of the supply, 250,000,000 tokens when none are burned. For example, if the paired asset's price has halved since it graduated, a launch priced in it raises about 4.4 ETH of value instead of 7.8 ETH, but it can always graduate.
The preview says which applies, for example "7.8 ETH at GAMA's current price, at most 25% of its supply outside the burn address", or "Capped at 25% of GAMA's supply outside the burn address, worth less than 7.8 ETH at its current price."
GAMA's admin can set the cap from 1% to 50%, and can give a paired asset a fixed target of its own and remove it later. A change applies only to launches created afterwards.
Payouts in a launch token
When a launch is priced in another launch's token, its creator earnings and holder rewards are paid in that token. The minimum automatic payment and the payout charge are worked out from the ETH settings at the token's price when it is first used for a payout. See Payouts and claims.
Existing launches keep their terms
Each launch copies its paired asset's target when it is created. Changing or switching off a paired asset affects only launches created afterwards. Existing launches keep trading and graduating on their original terms. A paired asset can be switched off but never removed.