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Every launch starts with its own automatic pricing curve. There is no order book. Buys move the price up; sells move it down. The factory sizes the curve in dollars, then converts that depth into the chosen currency using the oracle. A yen launch and a rupee launch therefore start with comparable dollar liquidity even though their token amounts differ.

The launch configuration

  • 1,000,000,000 tokens are minted once.
  • 750,000,000 are sold on the curve.
  • 250,000,000 are reserved for the final liquidity pool.
  • Every buy and sell pays a 1% fee: 70% to the creator and 30% to the protocol. A launch can add a creator tax of up to 10% on top, which goes entirely to the creator and carries on after graduation through a Uniswap v4 hook.
Virtual reserves give the curve an opening price without requiring an initial deposit. They are pricing parameters, not withdrawable funds.

Graduation

When the curve reaches its target, the final buy closes it. The remaining reserve and the reserved tokens seed a full-range Uniswap v4 position at the final price. The liquidity locker owns that position and cannot remove the liquidity. Set a minimum received amount on every trade. Because your trade changes the price, the transaction reverts if execution falls below your limit.