Token lifecycle
From an empty mint to five live markets, without a listing process.
Launch
Creating a token mints a fixed supply of 1,000,000,000 units and hands all of them to a bonding curve. There is no team allocation, no presale and no vesting — the creator starts with zero tokens and pays a flat fee to launch.
The bonding curve
Before graduation there is no order book. Buyers trade against a curve whose price rises as tokens are sold, so early buyers pay less than later ones. Every purchase adds real USDT to the curve reserve, and selling back is always possible at the curve price.
A 1% fee on curve trades goes to the protocol treasury. The curve is priced with virtual reserves, which gives it a smooth starting price instead of an undefined one at zero supply.
Graduation
When the curve reserve reaches $12,000, curve trading stops and a keeper migrates the token. In one atomic transaction the protocol creates all five venues and seeds the spot pool with the curve reserve plus the remaining tokens.
| Created at graduation | Purpose |
|---|---|
| Spot pool | Constant-product market holding both assets |
| Price oracle | 90-second time-weighted average price |
| Perp market | Leveraged long and short positions |
| Lending pool | Borrow USDT against the token |
| Insurance account | Absorbs bad debt from liquidations |
Curve parameters are chosen so the curve final price equals the pool opening price. There is no jump at the moment of graduation.