The Curve
Bonding curve
How prices are set before the pool exists.
Before a token has a pool, the launchpad itself is the market. It sells and buys back tokens along a bonding curve, so the price rises with every buy and falls with every sell.
The formula
Prices follow x · y = k on virtual reserves, the same constant-product rule Uniswap uses, priced in the asset the creator paired the token with.
Start and finish
| Market cap | Notes | |
|---|---|---|
| Start | $2,500 | The price of the very first token. |
| Graduation | $50,000 | When the last of the 800M curve tokens is sold. |
The dollar amounts are converted into the paired asset with a price feed at the moment the token launches. After that the curve is fixed in that asset, so its dollar value moves with the asset's price.
Paired assets
Creators choose what their token trades against: AVAX, USDC, or a tokenized stock the protocol has approved. Only standard ERC-20 tokens can be approved, and each needs a USD price feed: Chainlink for AVAX, USDC and USDt, a keeper-updated feed for stocks. Every curve starts at the same USD market cap and graduates at the same one (the values in the table above, set by the protocol), converted into the paired asset when the token launches.
Trading on the curve
Every trade pays the fixed 0.3% protocol fee plus the creator's own fee. Anti-snipe settings also apply on the curve. Until the pool opens, tokens can only move between holders and the launchpad, which stops anyone from creating a pool early at a bad price.
Tip