The bonding curve
Constant product over virtual reserves, minting on buy and burning on sell.
Pricing
Pricing is a constant-product curve over virtual reserves, so the first buyer needs no counterparty and price rises smoothly with demand.
k = virtualCoti * curveSupply tokensOut = tokenReserve - k / (virtualCoti + reserve + cotiIn) spotPrice = (virtualCoti + reserve) / tokenReserve
Quotes shown in the interface come from quoteBuy and quoteSell on the curve contract itself, never from a formula recomputed in the browser. What you preview is what the contract will pay.
Why it mints and burns
The curve mints tokens on a buy and burns what it receives on a sell. It never holds a token balance of its own.
On a private token, the curve's own balance would be ciphertext that the curve cannot read. Any accounting that depended on balanceOf would be unusable. Minting and burning keeps the books in plain storage where the contract can actually reason about them.
Fees and graduation
- Trade fee
- 1% on both sides, accrued to the creator
- Fee accounting
- Fees do not count toward the graduation reserve
- Graduation
- Permissionless once reserve reaches the target
- After graduation
- buy and sell revert; the pair takes over
Creators can sweep accrued fees at any time with claimFees, and graduation pays out whatever is outstanding before it seeds the pair.