Bonding curve
How a launch fills, what the price does, and what happens when it sells out.
Filling the curve
The curve is a constant-product market (x · y = k) seeded with virtual reserves. The initial virtual quote reserve is one third of the target raise, so the coin starts at 1/16 of its graduation market cap and rises smoothly, 16× in total, as the 800M tokens are sold. The progress bar on every card is simply tokens sold / 800M.
Anti-snipe launch fee
The creator's initial buy happens in the creation transaction itself, so nobody can buy before them. Right after that, buys pay a launch fee that starts at 80 % and decays linearly to the normal fee over a window the creator picks between 0 and 300 seconds. The surcharge above the normal fee is not paid to anyone: it is added to the curve's reserves, which benefits every later holder.
Selling
Sells always pay the normal fee and are never blocked on the curve. Slippage protection and a deadline apply to every order.
Graduation
The buy that takes the curve to 800M tokens sold ends curve trading. Anyone can then finalize graduation (a keeper does it automatically within seconds): the 200M remaining tokens and the full raise become a full-range Uniswap v4 position locked forever. Trading resumes in the pool 3 blocks later.