> ## Documentation Index
> Fetch the complete documentation index at: https://docs.windrose.market/llms.txt
> Use this file to discover all available pages before exploring further.

# Bonding curves

> How Windrose creates a first market for every launch.

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: 30% to the creator and 70% to the protocol.

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.