The mechanism, and where the money goes.

Every token launches on a constant-product bonding curve (x·y=k) with virtual reserves. Supply is fixed at 1,000,000,000 tokens, pre-minted in full. Of that, 800,000,000 sit on the curve; the rest is reserved for the graduation pool. There is no presale and no team allocation beyond an optional, capped dev buy at launch.

Price rises deterministically as ETH enters and falls as it leaves — buys and sells route through the same curve until the graduation target is reached. From first buy to graduation the price rises roughly 9x. Rounding always floors in the protocol's favor. Quotes are computed on-chain and confirmed before you sign, so the number you see is the number you get.

Anti-snipe. For the first 180s after launch, cumulative buys per wallet are capped at 1% of the curve allocation. A sell in the same block as a buy from the same wallet reverts. Minimum buy is 0.0005 ETH, and any dev buy at create is capped at 5% of supply. The $0.67 launch fee is spam friction, not the real defense — these caps are.

When real ETH raised reaches the graduation target, the curve locks — further buys and sells revert — and the token graduates atomically to a Uniswap v4 pool. Anyone can call graduate() and earn a bounty. There is no manual step, no privileged operator, and no single point of failure.

The pool is initialized at exactly the curve's final price, so there is no arbitrage gap and no snipe profit at migration (the pump.fun zero-arb model). A migration fee of 4.5% of raised ETH (immutable cap 10%) goes to the treasury; all leftover residual supply in the Core is burned. The full-range LP position is minted directly into the Locker, and the Core's operator power over the token is sealed irreversibly.

Pair: ETH (currency0) and the token, at the 1% fee tier. On the token page the moment is marked by a dashed lime line on the chart and the graduation banner — every lock is queryable.

The graduation LP position is locked for 7 years — an immutable 7 · 365 days. Nothing can move the position NFT or reduce liquidity before unlock. This is the anti-rug guarantee, and it is verifiable on-chain from the day a token graduates.

Liquidity is frozen; fees are not. The position keeps earning the 1% swap fee for the entire lock, collectable by a public collectFees(token) that follows the same 40/40/20 split — ETH to the three recipients, token-side fees straight to the burn address. A 7-year lock was chosen over burning the NFT precisely because, in Uniswap v4, fees accrue to the position; burning it would strand them. The lock keeps the fee engine alive while liquidity stays untouchable.

After unlock (2033 and later), management passes to the treasury multisig, documented publicly on Transparency.

Four small contracts, minimal audit surface, none upgradeable: no proxy, no delegatecall, no post-create mint, immutable caps in constants. Solidity 0.8.x checked math, custom errors, CEI plus a reentrancy guard on every ETH entrypoint, and pull payments throughout. The solvency invariant is fuzz-tested. All contracts are verified on Blockscout at deploy — the source is public on-chain.

Launching a token costs a flat $0.67, paid in ETH at deploy. The dev set the price. That is the only cost to create — no listing fee, no subscription, no revenue share on launch.

The figure is quoted in USD and converted to ETH at deploy time via launchFeeWei(), then sent to the treasury. It exists as anti-spam friction: mass-deploying still costs the fee plus gas on every attempt. Sixty-seven cents is deliberate, and it is firm.

Every trade — buy or sell — carries a flat 1% fee (feeBps = 100, immutable cap 200). The split is frozen per token at create: nobody rewrites the rules of a coin that is already live.